Academic entrepreneurship and frugal innovation are emerging concepts that, although still under development, are increasingly seen as key tools for advancing the achievement of the Sustainable Development Goals (SDGs). This study, based on a literature review, aims to analyze the academic evolution of both concepts and to identify the SDGs to which they contribute the most. The findings suggest that frugal innovation is primarily present in territories of the Global South and that, within the university context, its outcomes are strongly oriented toward economic and social development—two fundamental pillars of the SDGs. A strong connection is identified with SDG 7 (affordable and clean energy), SDG 8 (decent work and economic growth), and SDG 17 (partnerships for the goals). The main limitations of this study are the scarcity of empirical research directly addressing the relationship between academic entrepreneurship and frugal innovation, as well as the limited number of publications that allow for in-depth exploration of this topic.