Senior executives across the world are now asking their workforce to invest more in innovation. This goes beyond mere original concepts, encompassing adaptations and new applications of existing tools as well. In fact, experts agree that startups must spend 75% of allocated timelines on developing new ideas for long-term impact.
Inspired by this philosophy of continual innovation, yet considering ground realities like resource and timeline limitations, HCL has defined a unique formula for success – the Frugal Innovation Framework. Our whitepaper outlines 9 principles to help companies thrive in a hyper-competitive marketplace:
- Defining a backlog
- Selling debt to buy time
- Fostering an innovation culture,
- Leveraging interest in unique ideas
- Adopting a frugal approach to discovery sprints
- Embracing open source and cloud to become data-led businesses
- Acquiring “Things” from the high street and foraging among internal departments
- Tapping into big investment projects via cross-functional teams
- Identifying the ‘low hanging fruit’ for individual requirements
HCL discusses how shorter development sprints, coupled with the team’s risk appetite and professional enthusiasm, can lead to tangible outcomes. Each principle carries its own set of benefits and costs, while being aligned to a modest CAPEX of £10,000 a year. From leveraging open source to using idle hardware, we demonstrate that great ideas can come to fruition without heavy investments.
Download the whitepaper to know how firms can progress from a culture of “No” to “Yes, but” and finally to “Yes, and”, making innovation a part of their DNA.