Social Innovations with Islamic Finance – Part II: Crypto-currencies for an economically integrated whole of assorted communities

This is the second part of a three part series of articles on how the principles of Islamic finance could be applied for macro economic growth. (For first part, click here). One of the pillars of modern economic growth in a country is the common currency that is used as a means of exchange and ...

Social Innovations with Islamic Finance – Part I: Islamic finance principles are progressive 6

This is the first part of a three part series of articles on how the principles of Islamic finance could be applied for macro economic growth. Social Innovation refers to new ideas that resolve existing social, cultural, economic and environmental challenges for the benefit of people and planet. A true social innovation is systems changing ...

Using Tawarruq, an Islamic contract, to build high-tech “local” manufacturing industries

Tawarruq is a debt instrument offered in Islamic finance in which a financial institution sells a commodity to a consumer on a deferred payment at cost plus profit, and the customer then sells the commodity on a spot basis to a third party for cash. Tawarruq was often linked to cases of individuals with dire ...

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 ...

Proficiency in NPD and NPDP accreditation

In my earlier post, I was talking of a challenge in getting a good knowledge of NPD to a degree where I can customize it to suit my industry verticals (IT and Manufacturing), while at the same time, get this knowledge certified with the title NPDP. It was quite a challenge that is typical of ...

A beginner’s approach to getting NPDP certified

If you are one of those kindred souls bitten by the bug of innovation over the past decade, we can make good friends! With my natural inclination to think outside-the-box, I’ve delivered several innovations (most of them being product or line extensions) while working with my employers in India and USA. Over the past 5 ...