Frugal Engineering of Advanced Frugal Innovations for Global Sustainability Entrepreneurship

Abstract

The advent of advanced frugal products has paved the way for gearing engineering and its constituents for frugality from here onwards. Therefore, frugal engineering (FE) is accomplished by setting constraints on both material consumption and cost at all stages of product development. This article expounds on the entrepreneurship that will be unleashed by relevant entities, companies and countries embracing FE. The features of advanced frugal products that positively influence quality, resources and cost will have serious ramifications for entrepreneurs of all stripes. This article describes the challenges faced by entrepreneurs of small and midsize businesses (SMBs) in going frugal and some possible solutions. Large enterprises (LEs) have also been studied for the impact of their ample resources on the effective creation of advanced frugal innovations (AFIs). Although LEs can utilise the ample resources at their disposal for effective implementation of FE of advanced frugal products, SMBs can use the natural scarcity to their advantage. Overall, this article establishes the need for entrepreneurs to become knowledgeable about science, technology and other knowledge areas. Such awareness in this age of climate change will greatly help entrepreneurs in maximum leveraging of science for the creation and diffusion of advanced frugal products. Large-scale entrepreneurial activity with AFIs will greatly aid in finding sustainable solutions to the various challenges thrown by climate change and other crises.

Managerial Proactiveness, Frugal Innovation and Firm Performance

“…By targeting emerging markets, FIs contribute to firms' financial and environmental performance. As mentioned earlier, FI meets the criteria of being costeffective, providing essential functionalities and promoting sustainability in product use, as emphasised by researchers (Dost et al, 2019;Rao & Liefner, 2023;Weyrauch & Herstatt 2017). These characteristics of FI contribute to the overall performance of firms.…”