Rise of Frugal Innovation as a Response to Populist Pressures on Businesses and Governments, The

Frugal innovation, defined as the development of low-cost products and services that meet the needs of underserved or emerging markets, has gained increasing attention as a response to populist pressures on businesses and governments. This entry examines the rise of frugal innovation in the context of global economic and political shifts and argues that it has the potential to create more inclusive markets, contributing to socioeconomic development and strengthening democratization and state-building. Through a review of the literature and case studies, the entry demonstrates how frugal innovation can address pressing societal challenges such as inequality, poverty, and environmental sustainability while providing opportunities for economic growth and competitiveness. This entry suggests that frugal innovation has the potential to be a valuable tool for addressing complex global issues, and we recommend further investigation into its potential to drive positive change in the world.