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Frugal Innovation as a Worldwide Concept? - Trend Analysis for the Industrialized Economy

  • The rapid pace of change is posing a series of challenges both in industrialized and in emerging economies. Throughout history, one important measure to deal with change was to further develop technology, to find the right solution, to improve the current standard, in one word: to innovate. Over the past decades, different types of innovation have emerged. One fairly recent form is frugal innovation. The principle of frugal innovation is to build a strategic fit between affordability, quality and sustainability with the aim to create a greater value for customers while using fewer resources as capital, time or material. In view of contemporary developments like globalization, climate change, or increasing poverty which create issues across countries, industries and social classes, frugal innovation can offer solutions. Existing literature mainly reports about frugal innovation as an option to serve consumers from low income markets in developing countries. However, the concept might be already or might become in future equally crucial for industrialized economies. The purpose of this research is to investigate the future development of frugal innovation in industrialized economies. A critical question in this paper is to identify how much innovation concepts in industrialized economies differ from innovation concepts in emerging countries and in the following, to assess to what extend the frugal innovation concept would imply a reorientation for industrialized economies. The results indicate that innovators in industrialized economies still follow the typical “higher, faster, further strategy” and that different mind-sets might be necessary to introduce a frugal innovation approach. Moreover, the results show that frugal innovation offers a unique combination of principles that respond to a very high degree to present consumer, market or eco-political trends. A limitation of this paper is that in industrialized countries, hitherto there exist very few examples of frugal innovation concepts. Subsequently, the theoretical and empirical literature, which can be reviewed, is limited.

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Metadaten
Author:Isabelle Staiger
Advisor:Eva Kirner
Document Type:Bachelor Thesis
Language:English
Year of Completion:2019
Granting Institution:Hochschule Furtwangen
Release Date:2019/10/23
Tag:Frugal innovation; Industrialized economy
Degree Program:IBM - International Business Management
Functional area:Business Strategy
Licence (German):License LogoEs gilt das UrhG