ABSTRACT
This chapter introduces who are the people in the business of carrying out frugal innovation (FI). It explores the literature and examines the process and its consequences of FI, within a 4-P framework, with aims to develop a better understanding of who, what, and how to innovate frugally and why FI strategy can be implemented to balance the needs and demands from internal and external stakeholders to enable organisations to compete effectively both in the domestic and global marketplace. Most innovation performance is often measured by patents, rates/speeds of products reaching the market with operating margins, net present value, time to profit, ownership and control, manufacturing efficiency, and known markets. Organisations need to build a frugal culture supported by visionary leaders and devoted followers/employees who have human-centric focus in the process of developing their products and services.
