Frugal innovation-past, present, and future

Alexander Brem*, Nivedita Agarwal

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Resumé

Over the last two decades, frugal innovations have garnered the attention ofmanagement scholars due to their high economic potential and rapidly growing adoption in businesses (George et al., 2012; Nakata & Weidner, 2012; Zeschky et al., 2011). This concept of frugal innovation has come a long way from the initial focus on Bottomof the pyramid (BOP) customers in emerging markets to being explored as a concept in combating challenges at a global level. Environmental and demographic (e.g., ageing population) as well as socio-economic changes (e.g., growing cross-bordermigrations) are being identified as sources of this contextual shift beyond Bottomof Pyramid (BOP) markets. Further, the growing traction towards resourceful and minimalistic consumption in advanced economies also encourage the applicability and potential exploration of 'frugality' in these markets. This widening of perspective definitely shows that the concept of frugal innovation, overcoming association with specific geographical segments based on purchasing power parity (Prahalad & Hart, 2002) is increasingly being explored as a global phenomenon with potential of higher socio-economic impact. This progressive change inmindset is also leading its association to go beyond being cheap innovations to being more 'resourceful' (in terms of minimal utilization of resources such as water, electricity, time etc.) and sustainable innovations with higher value propositions (better quality, accessibility etc.).

OriginalsprogEngelsk
TidsskriftIEEE Engineering Management Review
Vol/bind45
Udgave nummer3
Sider (fra-til)37-41
ISSN0360-8581
DOI
StatusUdgivet - 1. jul. 2017

Fingeraftryk

Innovation
Economics
Purchasing
Electricity
Aging of materials
Water
Industry

Citer dette

Brem, Alexander ; Agarwal, Nivedita. / Frugal innovation-past, present, and future. I: IEEE Engineering Management Review. 2017 ; Bind 45, Nr. 3. s. 37-41.
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Frugal innovation-past, present, and future. / Brem, Alexander; Agarwal, Nivedita.

I: IEEE Engineering Management Review, Bind 45, Nr. 3, 01.07.2017, s. 37-41.

Publikation: Bidrag til tidsskriftTidsskriftartikelForskningpeer review

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