Frugal Innovation - New Paradigm in Innovation Management

This paper presents an in-depth systematic review of frugal innovation in businesses, using a systematic literature review (SLR) approach to perform a comprehensive literature review. The study aims to research the concept of frugal innovation, its paradigms and approaches, and how they affect businesses processes. The review process involved an extensive search across several reputable databases, including Directory of Open Access Journals (DOAJ), EBSCO, Emerald Insight, IEEE Xplore, JSTOR, ScienceDirect, Scopus, Springer, Taylor & Francis, and Wiley. An initial identification process yielded 461 articles. Following a rigorous filtering process based on relevance, quality, and alignment with the research objectives, a total of 162 articles were selected for the final analysis. The findings of this review provide critical insights into how businesses leverage frugal innovation to achieve cost efficiency, competitiveness, and sustainable growth.