Frugal innovation in the business environment: a literature review and future perspectives
Introduction: This research aims to explore the growing field of frugal innovation within the business environment, particularly its intersection with sustainability and artificial intelligence.Methods: Through a comprehensive literature review, the study analyzes key research trends and methodologies from 420 scholarly articles published between 2012 and August 2024. A bibliometric review traces the evolution of frugal innovation, while a content analysis provides insights into its practical applications across various industries, especially in resource-constrained settings.Results: The findings highlight the significant role of frugal innovation in addressing global challenges, such as reducing environmental impact and promoting social inclusion, especially through the adoption of cleaner technologies and socially responsible business practices. The study also emphasizes the transformative potential of AI in enhancing the scalability and efficiency of frugal solutions.Discussion: This research contributes to the ongoing conversation on sustainable development by identifying knowledge gaps and proposing future strategies for leveraging frugal innovation to drive inclusive growth. The implications of this research are valuable for academics, practitioners, and policymakers aiming to foster sustainable innovation in diverse socio-economic contexts.