Fundamentals of Islamic Finance explained through Islamic Contracts

How the principles of Islamic finance could possibly help in building an egalitarian society from the perspective of creating wealth either through the entrepreneurial spirit of individuals in a start-up or by driving new product development in an established organization, while “box-ing” the unbridled self-interest during the process of wealth creation? Through a series of ...

Can ECV method be used to value pre-revenue companies?

Typically, a pre-revenue company is valued using a combination of financial and non-financial methods viz.: Venture Capital (financial) Dave Berkus (non-financial) Scorecard (non-financial) Risk Factor Summation (non-financial) etc… From the above methods, it seems that the valuation process is more about rationalizing subjective decisions to be taken due to unavailability of financial data. While we ...

Building depth of expertise in functional team structures in NPD – Our field experience

What kind of team structure is most appropriate in an SME (Small and Medium Enterprise) while working on a new product? And, if the team members in the identified structure does not have depth of expertise in their respective functions, how do we build expertise and apply this expertise towards developing the new product? Here ...

Estimating Sales for an innovation using A.T.A.R. financial forecasting model

How do you estimate sales for your product during the fuzzy front end of innovation (stages from ideation to prototype development)? Here’s how we have done for one of our products that we conceived and field tested functional prototypes: The product is a surgical blade developed using high grade alloy steel with precision machining. Note: ...

What is the difference between Creativity, Innovation and Invention? Can creativity be taught?

There are a plethora of definitions for the words Creativity and Innovation. I’ve listened to people using these words, which imply a limited meaning that possibly inhibits a comprehensive understanding of the whole meaning of these words. Even the legendary CEO of GE, Jack Welsh, uses the word Innovation to imply continuous improvement! More on ...

Estimating market size for an innovation with data from Primary and Secondary Research

How do we estimate market size for an innovation? Here’s how we did it for one of our innovations – first, using data from secondary research and later, primary research (Survey). The innovation is an IT solution that addresses the IT needs of SMEs (Small and Medium Enterprises) who use Microsoft Excel to capture their ...

A different perspective of Innovation that questions the differences in understanding of Science, Religion and Scientific Knowledge in an Indian society

While critiquing a book on Jugaad innovation, where authors were citing an example of a grassroots innovation called MittiCool, which means a home made Fridge, I was stuck by a powerful vibe about the differences between a man’s approach to understand Science and Religion. And, this blog is a meta-physical perspective to understand the differences ...

Critic of Jugaad Innovation

This is a critical review of the book titled ‘Jugaad Innovation: A frugal and flexible approach to innovation for the 21st century‘ authored by Navi Rajdou, Jaideep Prabhu and Simone Ahuja. The effort of the authors in building a theory of 6 principles from their observations of both grassroots and corporate innovators is laudable. The ...

Changing the jugad mindset of innovators in India – Need for attitudinal change to build differentiated products

I start with a story about the journey taken by an innovator, Mr.Bheem (name changed). Bheem is a Senior faculty member in a reputed engineering college and Director of the college’s technology lab (with industry interaction). He is an innovator with a jugad mindset. He comes out with locally built solutions for the need he ...

An alternative to Stage-Gate process?

As a NPD practitioner associated with Product Development Management Association (PDMA) of USA, I take a passionate interest in knowledge related to the practice of innovation in organizations. I recently bought a book titled – 8 steps to innovation – Going from Jugaad to Excellence by Mr.Vinay Dabholkar and Rishikesha T. Krishnan. And, I will ...