More than three billion people in the developing world live outside the formal economy and face unmet needs in areas such as health, education, energy, food and financial services. Meanwhile in the developed world, consumers are becoming both value- and values- conscious. The Jawaharlal Nehru Professor of Business and Enterprise at the Judge Business School addresses how frugal innovation – the creation of faster, better and cheaper solutions that employ minimal resources – can help solve some of the big problems of poverty, climate change and inequality that stalk the planet.