Jugaad (जुगाड़), a Hindi word, which means innovative fix / creative solution in crisis / problem solving in available resources. Indians are known for their “Jugaad” practices. New term Jugaad Innovation is a result of using “Jugaad(u)” ability to solve technical/business problems and innovate.
An attitude of finding quick, creative, less cost, local market solutions in available resources, test locally and apply same solutions to other markets is roughly called as Jugaad (Frugal) Innovation process in world business community.
See interesting slide-show @ Jugaad (Frugal) Innovation from India:
Note: Please use next (>) button at bottom of slide above to move to other slides and watch using “Full screen/expanded” view to select hyperlinks on each slides. Click on “slideshare” to view at new window.
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Image Credit: http://en.wikipedia.org/wiki/Tata_Nano
Sources: Slideshare, Wikipedia, Google search, Youtube, IBNlive, Mitticool, and other links provided in the post.