Frugal innovations take-off
The 2012 teams showcased their solutions and business models for the selected projects they tackle with the last 4 months, corresponding to brackish water filtration (EcoWater), aquaculture and fish farming (Tasty Fish), processing at the source of fish fillets (EZFilet), fast potato-harvesting machine (Quick Harvest), and cooling materials for buildings (Frugal Coolers) . I met these 5 great teams (mix of students in engineering & business) in October when I was providing them with the basics in business model design (see post): nice to see the evolution of these projects and the spectacular prototypes.
The Frugal innovation lab is about applying creativity and pulling together technologies to solve an outstanding specific problem and doing it frugally (see post). Prototypes are developed by working closely with customers in the emerging markets. At the same time the teams create business models and test their viability.