What is frugal innovation?
For the last 200 years, the capitalist model has been based on maximising profits, with the motto being to use more and more resources to create more and more products. But now more than ever before, many of us have realised that the planet’s resources are limited and quickly running out, or already used up in some cases. Such observations should in theory gradually weaken capitalist ideals, but they continue to thrive. It’s like humanity is in a state of denial; our house is burning, but we’re looking elsewhere! The alternative is learning to do more with less, even if that may seem counterintuitive. That’s known as frugal innovation.
It all sounds pretty abstract! What are we talking about in concrete terms? How can companies move towards a more frugal model these days? Will the frugal innovation movement have a big impact on the economy in the future? In under 3 minutes, we answer your questions!
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