IoT needs frugal innovation if it wants to live up to its promise of connecting billions of devices and helping people improve their lives.
Frugal Health Innovation
Probably the area where most frugal innovation is needed is the healthcare sector. More and more countries have an aging problem. Social security schemes for retirement are becoming unreliable in even the most advanced countries. Instead of excellent but expensive healthcare solutions for the elite we need cheap good enough for the masses. Frugal IoT innovation should focus on driving down the cost of equipment, avoiding people from having to go to a doctor or hospital via remote healthcare or better prevention. We need a Bluetooth stethoscope for under $20 that can be used in any remote area.
Fugal IoT Innovation in energy
The other critical area where the world needs better and cheaper solutions is energy. Forget $3000 home batteries. Ideally cheap energy harvesting. Building a wind turbine for $50 from ready available components. Reducing the cost of solar. A way to build your own solar panels for $50-100 to boil water would eliminate a lot of diseases and avoid expensive wood being burned and the associated deforestation.
Fugal innovation is going to make more money because it has the potential to change habits of a lot larger population…