Frugal innovation can mean a product or service innovation, but it’s also a philosophy, a strategy and a mindset. It is a mindset that sees limited resource as an opportunity for creative growth . Organizations that want to apply a frugal strategy aim to deliver just the right value through products that solve the customer pain points rather than having feature rich product or services that could be of use one day...
It’s important to understand the frugal innovation philosophy before trying to create frugal innovation strategy. A frugal innovation thesis should drive strategy and will also keep the organization flexible in difficult markets or conditions.
Tactics and rituals are useless when a strategy doesn’t follow a philosophy.
For optimal execution, a sound strategy is required and for which a sound philosophy is the base. Intention and values are the essence of a sound philosophy.
Simply put, frugal innovation is a problem solving mindset which aims at providing systemic solutions for inclusive and sustainable growth through respect for people and the environment.
To further your interest please refer to Harward review articles by Navi Radjou: