Within worldwide attempts to implement and foster sustainable development, recent efforts to benefit from frugal innovations in the context of developed nations are gaining momentum. However, currently the majority of attempts in this direction are based on what is referred to as reverse innovation, that is, taking ultra-low-cost innovations that originated in developing nations and transferring them to, as well as diffusing them successfully in, developed countries. These strategies are pursued mostly by multinational corporations. Hence, those efforts are mostly considered under, as well as driven by, market- and business-oriented policies. Further academic studies are necessary to advance insight into and understanding of reverse innovation. In particular, it is necessary to gain sufficient knowledge and insight to support the creation of frameworks and methods which permit the systematic development of reverse innovation. To address some of these shortcomings, in this chapter, a novel framework and approach are presented. The aim is to facilitate a better understanding of the various facets of reverse innovation, while also enabling the formation of knowledge that is required to systematically adapt and transfer effective frugal solutions to the actual productive resolution of problems in the context of developed nations.