Frugal Engineering of Advanced Frugal Innovations for Global Sustainability Entrepreneurship

verfasst von

Balkrishna C. Rao, Ingo Liefner

Abstract

The advent of advanced frugal products has paved the way for gearing engineering and its constituents for frugality from here onwards. Therefore, frugal engineering (FE) is accomplished by setting constraints on both material consumption and cost at all stages of product development. This article expounds on the entrepreneurship that will be unleashed by relevant entities, companies and countries embracing FE. The features of advanced frugal products that positively influence quality, resources and cost will have serious ramifications for entrepreneurs of all stripes. This article describes the challenges faced by entrepreneurs of small and midsize businesses (SMBs) in going frugal and some possible solutions. Large enterprises (LEs) have also been studied for the impact of their ample resources on the effective creation of advanced frugal innovations (AFIs). Although LEs can utilise the ample resources at their disposal for effective implementation of FE of advanced frugal products, SMBs can use the natural scarcity to their advantage. Overall, this article establishes the need for entrepreneurs to become knowledgeable about science, technology and other knowledge areas. Such awareness in this age of climate change will greatly help entrepreneurs in maximum leveraging of science for the creation and diffusion of advanced frugal products. Large-scale entrepreneurial activity with AFIs will greatly aid in finding sustainable solutions to the various challenges thrown by climate change and other crises.

Organisationseinheit(en)

Institut für Wirtschafts- und Kulturgeographie

Externe Organisation(en)

Indian Institute of Technology Madras (IITM)

Typ

Artikel

Journal

Journal of Entrepreneurship

Band

32

Seiten

S69-S88

ISSN

0971-3557

Publikationsdatum

11.2023

Publikationsstatus

Veröffentlicht

Peer-reviewed

Ja

ASJC Scopus Sachgebiete

Betriebswirtschaft und Internationales Management, Volkswirtschaftslehre und Ökonometrie, Strategie und Management

Ziele für nachhaltige Entwicklung

SDG 13 – Klimaschutzmaßnahmen

Elektronische Version(en)

https://doi.org/10.1177/09713557231201130 (Zugang: Geschlossen)