DENVER —In a culture and market in which entrepreneurialism is increasingly prized (and attempted), one person is urging credit unions to get involved.
Navi Radjou, author of “Frugal Innovation: How to Do More with Less,” believes that credit unions have a unmatched opportunity to position themselves as more than a financier within the world's emerging frugal economy.
"This is an economy empowered by inventors and entrepreneurs around the world," said Radjou in remarks to the joint World Credit Unoin Conference and America’s Credit Union Conference. “You have to be creative to do more with less."
Radjou suggested credit unions learn to play what he called a “transformer role” to help entrepreneurs turn their ideas into products quicker and scale them up to value. By offering a ‘maker space' environment for entrepreneurs to prototype their new solutions, credit unions can co-create value that, in turn, values citizens. He said “maker spaces” are a way to enhance relevance of branches.
Radjou also suggested a role for credit unions as connectors to build communities of entrepreneurs to share best practices on a local and global scale. "Share your assets, resources and data with each other," said Radjou. "This could be extended to sharing "next" practices globally."
As citizens become more frugal, value conscious and aware of social inequality and growing resource scarcity, they will push the innovation process forward, he told CUs. "The citizens are going to build the frugal economy by erecting two pillars. The first is sharing and the second is making," Radjou shared.
Young adults in particular are driving the frugal economy. "Millennials will be 70% of the work force in the next decade," said Radjou. Millennials are cost conscious and are more interested in sharing products than owning. Two-thirds of Millennials want to be their own boss. The credit union industry should consider these traits when looking to grow youth membership around the world.”