As cost-conscious and resource-conscious consumers demand products that are equally affordable and sustainable, the concept of “frugal innovation” has stretched from developing countries to developed countries, according to a new book.
In the book, “Frugal Innovation: How to Do More with Less,” the concept is defined as the ability “to create significantly more business and social value while minimizing the use of diminishing resources such as energy, capital and time.”
The book, authored by Navi Radjou, Jaideep Prabhu and The Economist, highlights the principles behind frugal innovation, as well as techniques to implement it. Among the specifics, the book details how companies can develop sustainable practices and convert their corporate culture into a more frugal one.
“The new frugal economy is growing by leaps and bounds in the developed world not only because it meets the needs of cost-conscious consumers, but also because it responds to their aspirations to give back to society and be environmentally responsible,” the book states.
“Frugal Innovation” is available on www.800ceoread.com for $15.19.