Doing More with Less – the Products of the Future
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Video: Paul Hodges discusses the implications of the Megatrends
The global economy is moving into a difficult period, as it transitions to the New Normal. Debt levels are high, and incomes are under pressure, particularly for the large numbers of people moving into retirement.
Cost must be the key criteria when examining the opportunities for Research and Innovation. Equally, the money that is available must be spent wisely. We cannot afford to waste precious resources in satisfying mere ‘Wants’, when ‘Needs’ are still unmet.
Chapter 8 examines the application of this philosophy to the 4 megatrends that we have identified as being key to sustaining future demand:
- Improving water availability
- Improving food production
- Increasing life expectancy
- Reducing carbon footprint
It argues that the key need is to be practical. Companies should focus:
- In the fields of water/food, on reducing the amount of waste, and the output that is lost when product is moving to market
- In developing new products and services for the over 55s, on core needs such as food, water, health, shelter and mobility
- In turn, this will enable them to ‘do more with less’. Carbon footprint will be reduced, and products will be more affordable