MB M1V1 Frugal Innovation and Economic Challenges

Frugal innovation is defined as an approach that uses limited resources to create innovative, cost-effective solutions tailored to local needs in developing countries.

• It is an approach that uses limited resources to create innovative, cost-effective solutions tailored to local needs in developing countries.

• It involves reducing production quality to minimize costs.

• It focuses on replicating high-end technology in developed countries only.

• It applies generic, off-the-shelf technologies without local adaptation.

Describe the invention created by Mansukh Prajapati and its significance.

• It is a device that revolutionizes the process with its unique design and application.

• It is an innovative solution that improves efficiency in its field.

• It is a groundbreaking invention that has significant practical impacts.

• It is a novel creation with important implications in its area of application.

Entrepreneurs in regions with scarce resources find solutions to problems by leveraging creative problem-solving and resourcefulness.

• They rely on abundant resource supply.

• They obtain external funding exclusively.

• They utilize creative problem-solving and resourcefulness.

• They wait for government assistance.

Which statement best explains the concept of 'Jugaad' and its importance in innovation?

• Jugaad refers to a flexible approach to problem-solving that uses limited resources creatively to innovate.

• Jugaad is a traditional method without relevance in modern innovation.

• Jugaad implies replicating existing solutions without any creativity.

• Jugaad refers to formal innovation processes with significant financial investments.

The solution developed by Neusoft to help doctors in Chinese villages is:

• Telemedicine Platform

• Digital Health Record System

• Remote Diagnosis System

• Mobile Health Application

What is the cost of the M-KOPA solar kit in Kenya?

Frugal innovation helps the global South by offering affordable and sustainable solutions. This question is an MCQ; choose the short and concise answer.

• By offering affordable and sustainable solutions

• By increasing production costs

• By replicating expensive technologies

• By hindering economic growth

The main difference between frugal innovation and conventional business models in the West is that frugal innovation emphasizes affordability and resource efficiency, while conventional models focus on premium features and higher cost structures.

• Frugal innovation emphasizes affordability and resource efficiency, while Western models focus on premium features and higher cost structures.

• Frugal innovation is more expensive than conventional business models in the West.

• There is no significant difference between the two.

• Frugal innovation solely focuses on luxury markets, unlike Western models.

What are the reasons mentioned in the passage for people in the West being unable to afford expensive products?

• High cost of living and low disposable income

• High cost of living

• Low disposable income

• Not enough income to afford high prices

How is frugal innovation helping Western companies according to the passage?