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Reviewing Implications of ‘Economics of Frugal Innovation’ on Developing Countries, A Comparison to Inspiration Economy Labs |
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PP: 1-13 |
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doi:10.18576/ijye/070101
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Author(s) |
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Mohamed Buheji,
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Abstract |
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| This paper reviews the work of Le Bas (2023), which introduced the ‘Frugal Innovation’ (FI) from the inclusion and sustainability economics perspectives. The book shows how FI is integrated into different industries to ensure this low-cost innovation process can create a paradigm shift similar to what the Nano Car made in the different industries.
Frugal products and process innovations and their importance to emerging and developing economies markets are synthesised and then compared to their impact on the developed economies. This new direction in optimising resources to benefit developing countries and underprivileged communities is compared to what the author has developed as a new paradigm in dealing with challenges through inspiration economy approaches and, specifically, inspiration labs. |
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