Once Covid-19 is over, the world will enter a prolonged recession that could last till 2022.
All nations and industries will need to contend with a triple-challenge: reboot the economy, reduce social inequality, and preserve and regenerate the environment.
The 200-year-old capitalistic economic paradigm based on profit maximization and “more with more” (using more resources to create more products) is coming to an end. Instead, digital technologies, new regulations, anti-globalization movements, and millions of value—and values—conscious Gen Y and Z consumers and employees are giving rise to the frugal economy.
A frugal economy generates greater value for all stakeholders in a highly efficient, socially inclusive, and eco-sustainable manner—using fewer resources and without polluting. This new economy is fueled by 3 mega-trends—circular and regenerative business principles, distributed manufacturing and hyper-local value chains, B2C and B2B sharing—and digital technologies such as blockchain, AI, 3D printing, IoT and digital twins.
Award-winning innovation expert Navi Radjou joined the Innov8rs Community for a Trending Topic Talk, showing us how to proactively reinvent our organizations—and our entire ecosystems—to thrive in the frugal economy.
Specifically, he gave us the new perspectives, principles, and techniques we need to adopt to “do more—and better—with less”—so we become more agile and can profit from doing business in a socially and environmentally responsible way.
Innov8rs Community Live session - recorded on 11 June 2020