Jugaad Innovation - Jugaad King

In times like these it is very important for a company to initially survive and then grow. Jugaad Innovators know this fact very well and act accordingly. There are four crucial ways in which they think and act flexibly in response to the environment they face. Think the Unthinkable Harish Hande dared to think the unthinkable and succeeded. Hande founded India’s Solar Electric Light Company (SELCO) in 1995. He started his business with very little seed money, as conservative banks were not ready to invest in an unproven business model in an unknown industry. He started with investing his own money, Rs. 1500 to be specific. However he soon hit the wall, he soon learnt that many of his potential consumers earn less than Rs. 50 a day and could not afford an upfront payment that was required. Even if these systems somehow got installed, there was no economic way for him to maintain them for rural consumers scattered across multiple villages. To overcome these twin problems, ...