Frugal Innovation-Innovative Solutions with Minimal Resources

Abstract

In a constantly evolving society, innovation has become an indispensable element of progress, present in both everyday life and the business world. Frugal innovation has emerged as relevant approach to modern management and sustainability. This concept refers to the ability of organizations to develop, design products and services to meet essential consumers needs by using limited resources and less costs.. By using frugal innovations, organizations support and contribute to Sustainable Development Goals, economic growth of countries, especially emerging and resourceconstrained countries. This article explores the definition of frugal innovation, highligts examples of products and services developement with frugal innovation and its impacts on economies and organizations performance. CZU: 001.895; JEL: O31, M10, O14