With inflation rising all over the world, businesses must think of innovative ways to lower the cost of production or the solution they are offering, this is what we call frugal innovation.
The International Center for Frugal Innovation describes it as “the development of smart design solutions. That can bring relatively advanced products and systems services. Within the reach of millions of people with a minimal income. It is about (re) designing products, services, and systems at substantially lower costs. And with a longer lifespan while there is no loss of functionality”.