The podcast by EGADE Business School and the Undergraduate Business School at Tecnológico de Monterrey is available on Spotify, Apple Podcasts, Amazon Music, and YouTube.

By JOSÉ ÁNGEL DE LA PAZ | EGADE BUSINESS SCHOOL

Episode 187 of Territorio Negocios, titled “How to Innovate with Limited Resources,” explores how frugal innovation is reshaping how companies can compete and thrive in emerging economies like Latin America.

Eva Guerra, the Associate Academic Dean of EGADE Business School, hosted the episode, which featured Cristian Granados, a Research Professor in the Department of Entrepreneurship and Technological Innovation at EGADE Business School, and Erica Chávez Ordóñez, the Research & Development Operations Leader for Mexico at 3M.

The guest experts explained how "doing more with less" can be a powerful tool for overcoming challenges and creating value.

“Frugal innovation is about creating novel solutions that add greater value to users but at a lower cost, by utilizing fewer resources. That’s why we say it’s a philosophy of doing much more with much less,” Granados explained during the episode.

Chávez highlighted Latin America's cultural focus on efficiency: “In Latin America, we have this mindset of always doing more with less. Today, using innovation to address community challenges is a great tool for development.”

The episode also delved into success stories such as Ben & Frank and Rappi, which have leveraged local knowledge, agility, and creativity to compete in markets dominated by tech giants.

Granados noted: “The case of Ben & Frank is a clear example of how a startup with a frugal philosophy can disrupt the market by offering quality products at more accessible prices.”

Additionally, Chávez emphasized the importance of addressing local needs and fostering strategic collaboration: “Local businesses have a deep understanding of community needs, allowing them to quickly adapt to market changes and develop low-cost, innovative solutions.”

The experts asserted that frugal innovation can catalyze sustainable development and reduce inequalities.

“We cannot and do not want to be Silicon Valley. In Latin America, we need to compete with a different philosophy based on efficiency, collaboration, and purpose,” Chávez concluded.

Territorio Negocios is available on Spotify, Apple Podcasts, Amazon Music, and YouTube.