Frugal Innovation a strategy or philosophy ?
Frugal innovation is more than a strategy. It is a growth mindset that sees resource constraints as an opportunity rather than a liability— it favors agility over efficiency and experimentation over perfectionism. Frugal organizations don’t aim at impressing their customers with technically sophisticated products, but instead want to create good-quality solutions that deliver the greatest value to customers at the lowest cost.
It’s important to understand the frugal innovation philosophy before trying to create frugal innovation strategy. The core beliefs around frugal innovation 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.