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Some other affordable innovations in the automotive industry include the use of lightweight materials to reduce fuel consumption, the development of efficient engines that offer better mileage, and the integration of advanced safety features at a lower cost. Additionally, the rise of electric vehicles and hybrid technology has also made eco-friendly options more affordable for consumers.
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Tata Motors of India is an example of how collaboration created an affordable innovation that fills a real need. The car company worked with other countries like Germany, Italy, Japan, and the United States to create a $2,000 Nano car. Each country contributed cost-effective components that reflected their particular area of expertise. The result of this collaborative effort is a quality-built, more affordable car.
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Innovation is more than creativity; it is a process that is structured, with rules and best practices. This summary gives you some of the key takeaway...
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