Frugal innovation isn't just about cutting costs; it's about to technology and services. It allows companies to:
: Open new market segments by making high-quality products affordable.
: Maximize value while minimizing the environmental footprint. Examples in Practice Frugal Innovation: How to do more with less - Goodreads Frugal Innovation: How to do more with less
is the art of doing more—and better—with less. It is a strategic mindset that shifts the focus from high-cost "over-engineering" to high-value, affordable, and sustainable solutions.
Based on the seminal work by Navi Radjou and Jaideep Prabhu, these principles guide leaders in creating high-quality products with limited resources: Frugal innovation isn't just about cutting costs; it's
: Practice "hyper-collaboration" by partnering with startups, NGOs, and even competitors to share knowledge and scale impact. Why It Matters Now
: Sustainability is no longer optional. Use circular economy principles to design products that minimize waste and resource consumption throughout their lifecycle. Examples in Practice Frugal Innovation: How to do
: Leverage existing resources like the sharing economy or frugal manufacturing to improve execution agility without massive capital investment.