Customers are increasingly seeking "low-cost, high-quality" or what is known as frugal products that meet the buyer’s needs while reducing the associated cost of ownership. This book examines the developing principles and theories of frugal innovations across the globe. The authors identify frugal innovation (FI) using a multi-method approach to data analysis. They argue that the concept of frugality as a societal/ethical value has undergone several changes and propose a differentiated model of frugal innovations. They address frugal innovations that have never been accessible to the public.
Hands-on case studies across various industry sectors and countries, supported by theory, provide multiple learning opportunities. The authors explore the relationship between FI and digitalisation and technology, and discuss how FI can be applied in the context of contemporary issues such as food security. Further, they articulate the mechanisms by which FI beliefs and values can be incorporated into organisational culture. The final chapters address both ethical and controversial views of frugal innovation.
The book is a valuable resource for students in business courses, for industry professionals wanting to improve their triple bottom line, and for educators wanting to influence and change the mindsets of the younger generations to effectively deal with today’s and tomorrow’s challenges.
PART I: CONCEPTUAL FRAMEWORK OF FRUGAL INNOVATION Chapter 1: What is Frugal Innovation? Chapter 2: The Frugality 4.0 Paradigm: Why Frugal Innovations are Transcending beyond Emerging Economies? Chapter 3: How the Society Perceives Frugal innovation: Insights from a Content Analysis of German-language Publications PART II: FRUGAL INNOVATION IN APPLICATION CONTEXTS Chapter 4: From Benchtop to Bedroom: How Frugal Innovation Practices Can Drive Innovation within the Condom Industry Chapter 5: Frugal Innovation and Digitalization: A Platform Ecosystem Perspective Chapter 6: What Drives Frugal Innovation in an Economically Developed Economy? Results of a Qualitative Study in Germany PART III: INNOVATION AND LEADERSHIP IN NEW CONTEXTS Chapter 7: The Role of Frugal Innovation in Ensuring Global Food Security Chapter 8: New Technologies for Frugal Innovation Chapter 9: A Literature Review of Required Adaptations for Successful Implementation of Frugal Innovations in Emerging and Developing Markets Chapter 10: Vision for Frugal Innovation: The Power of Mindsets for Transformation PART IV: FRUGAL INNOVATION: HOW TO DO MORE WITH LESS Chapter 11: Doing More with Less in a Financially Restrained Market: Motives, Processes, and Outcomes Chapter 12: Linking Frugal Innovation and Sustainable Development: Leveraging Corporate Accountability Mechanisms PART V: INNOVATION CULTURES Chapter 13: Frugal Innovation: Organisational Climate and Culture Chapter 14: Developing and Implementing Frugal Innovation Mindsets in Organisations PART VI: INNOVATION AND ORGANISATION ISSUES Chapter 15: An Indirect Metric of Frugal Innovation from Product, Open, Cost, and Sustainable Innovation Scales Chapter 16: Innovation Trade-offs and People Management PART VII: FRUGAL INNOVATION, ETHICS, AND SUSTAINABILITY Chapter 17: Ethics and Sustainability in Frugal Innovation Chapter 18: Frugal Innovation Practices in Start-ups: The Case of a Frugal Medical Device for BOP and Middle Markets in Indonesia Chapter 19: Exploring the Dark Side of Frugal Innovation