Frugal Innovation and CSR Interactions: Creating Value for development
Frugal Innovation is mainly centred around designing and redesigning of products and services and also the business models that come up with less complexity and reduced costs with increased functionality to have more user value at affordable costs, particularly for low-income groups. Frugal Innovation from the perspective of Management literature has been addressing business opportunities among the marginalized society to sell and produce products at a lower costs through frugal innovation. On the other hand Frugal Innovation from Development Economics perspective has incorporated both top-down and bottom up approaches. Frugal innovation for livelihood enhancement are delivered by people at the Bottom of the Pyramid themselves as an outcome of resource constraints.