INNO9014 Solving Grand Challenges: Applying frugal, inclusive and reverse innovation

2019

4.5

1 x 3-hour workshop weekly

None

Core in Master in Leading Innovation for Transformation

This topic stretches students beyond innovations driven solely by Western, profit-centric ideas of efficiency and value and onto a search for a new paradigm of shared value and co-creation - one that results in a new venture or partnership in an under-served market to meet a “Grand Challenge.” Students will examine models of frugal and reverse innovation from emerging markets, bottom-of-the-pyramid business models, and strategies for managing the logistical and cultural challenges inherent in underserved markets and emerging economies, whether local or global. Based on these models, students will learn how to make innovations more affordable, accessible and agile. These concepts will be combined with skills developed in earlier INNO topics to work with local partners to investigate and solve “wicked problems” in underserved markets and economies, ideally by creating opportunity and prosperity, in monetary and non-monetary terms, across society. In the process, students will explore how emerging markets are forcing firms to re-examine products, services, innovation approaches and business models.

In this capstone topic, students will draw on contemporary theory and research and best-practice methods in the domain and apply this knowledge in the field, through project work. Students will gain detailed knowledge of different innovations, innovation processes and business models that are evolving in emerging markets. By identifying the management challenges and opportunities that exist in under-served markets, and by delving into the factors that lead to success or failure in those contexts, students will be equipped to discover, evaluate and influence the pursuit of opportunities in emerging markets and at home, in a sustainable and inclusive way. Students will hone their understanding and skill through a collaborative project, with a local problem, to design an innovative, viable and sustainable solution to a challenging social and economic problem. The combination of theory, examples and challenging practice will consolidate the learnings, skills and competencies developed throughout the INNO degree.

On successful completion of this topic students should be able to:

• Recognise, describe and apply innovations and business models that deliver shared value and blend social and profit motives.
• Understand and apply bottom of the pyramid strategies to a variety of opportunities in underserved markets and locales.
• Describe and utilise the paradigms of reverse and frugal innovation to tackle challenging problems in underserved markets and locales.
• Explain the challenges, both internal and external, in implementing and scaling such initiatives.
• Establish structures and processes to promote innovation and to scale such initiatives.
• Work collaboratively with a local partner to design and develop a shared value innovation and/or business model that meets a need in an underserved area.
• Work effectively across cultural distances to accomplish shared innovation goals.