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Frugal innovation is the ability to “do more with less” – to develop high-quality products and create more business and social value while minimising the use of diminishing resources such as energy, capital and time.

Once the preserve of business in developing markets, its tried and tested techniques are now being adopted by global companies, large and small. It is not only a game-changing business strategy but also a new frame of mind – one that sees resource constraints as an opportunity, not a liability.

With an estimated trillion-dollar global market for sustainable products and huge cost savings to be gained, frugal innovation is revolutionising business and reshaping management thinking.

Identifying the best practices employed by frugal pioneers across sectors including manufacturing, retail, financial services, health care and education, Frugal Innovation: How to Do More with Less explains the principles, perspectives and techniques behind frugal innovation. It looks at six basic frugal principles and how companies have profited from them.

Authors Jaideep Prabhu and Navi Radjou were interviewed by Stian Westlake, Executive Director of Policy and Research at Nesta.