FRUGAL INNOVATION – A META STUDY OF JUGAAD MINDSET IN INDIA

Frugal innovation is the ability to generate considerably more business and social value while significantly reducing the use of scarce resources. It’s about solving even transcending—the paradox of “doing more with less”. Frugal innovation is a game-changing strategy for an “Age of Austerity” in which firms are being compelled by cost-conscious and eco-aware consumers, employees, and governments to create offerings that are simultaneously affordable, sustainable, and of high quality. Even more than a strategy, frugal innovation is a whole new mindset, a flexible approach that perceives resource constraints not as a debilitating challenge but as a growth opportunity. This conceptual paper attempts to study about the frugal innovators in India, their background and achievements. Also the need and scope of Frugal Innovation is highlighted in this study.