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Rebooting America's Innovation Engine: Using Jugaad to Innovate Faster, Better, and Cheaper

Navi Radjou

May 09, 2012

"The motto 'innovate or die' held true for American firms in the 20th century. In the 21st century, 'innovate faster, better, and cheaper—or die' will be your new mantra. Indeed, in today's hypercompetitive, ber-connected, and globally integrated economy, you need to crank out new products faster than you can spell 'R&D,' or else your customers will switch their allegiance to more agile rivals. Plus, your products need to deliver more value to customers—value no longer being defined by the bells and whistles in your product, but by the experience customers get from using your product. Finally, given the rapidly-shrinking purchasing power of the American middle class, your products got to be affordable to meet the frugal needs of thrifty US buyers. In sum, you need to innovate faster, better, and cheaper. Sadly, Corporate America is just not equipped to do that."

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