Abstract

A discussion hosted by Prof David MacKay and Prof Jaideep Prabhu. Prof Prabhu is based at the Cambridge Judge Business School and is the Jawaharlal Nehru Professor of Indian Business & Enterprise and Director of the Centre for India & Global Business (CIGB).

Abstract: Many Indians, perhaps a majority, live outside the formal economy and face significant unmet needs in core areas such as health, education, energy, food, and financial services. For years this very large part of the population was either the target of aid or was left to the mercy of central and state government plans. More recently, however, private sectors firms, both large and small, have begun to see the bottom of the pyramid as a market opportunity and have begun to design market-based solutions to meet their needs. This talk will discuss the Indian phenomenon of jugaad—the ingenious creation of good-enough solutions that employ minimal resources—to solve the unmet needs of Indians (as well as others around the world). The talk will highlight examples of jugaad by social entrepreneurs, domestic Indian firms and multinationals, and discuss the implications of this activity for global development and growth.