Why Frugal Innovation Is of Strategic Importance to Business in the World Today

In this note, we draw on recent pieces of research for bringing out the more important implications of frugal innovation for managers and various practitioners. Our study enables us to rethink the foundations of technology management through the notion of a technological paradigm to provide fresh prospects on the main characteristics of frugal design, to show the salient differences between standard innovation and frugal innovation, to note the strategic process of value creation in economic contexts poor in resources, and to acknowledge reverse innovation as a new business opportunity for corporations from developed economies.