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Frugal innovation, which originated in emerging economies, has recently gained attention in developed countries as a means to address societal challenges while minimizing costs. This
Frugal innovation, which originated in emerging economies, has recently gained attention in developed countries as a means to address societal challenges while minimizing costs. This article will evaluate the enablers and barriers of frugal innovation in developed countries, using information from recent studies.
Paragraph : Frugal innovation refers to the creation of lowcost resourceefficient solutions to address global challenges. Developed countries, such as the United States and Europe, are increasingly adopting frugal innovation to address their own societal challenges, such as healthcare and environmental sustainability.
Paragraph : Enablers of frugal innovation in developed countries include the availability of funding and support from governments and private organizations, as well as the presence of a strong entrepreneurial culture. Additionally, the presence of established markets and access to resources, such as raw materials and expertise, facilitate the adoption of frugal innovation. Paragraph : Barriers to frugal innovation in developed countries include a lack of awareness and understanding of frugal innovation, as well as resistance to change from established industries. Additionally, regulatory barriers, such as those related to intellectual property and standards, can hinder the adoption of frugal innovation.
Paragraph : In conclusion, while frugal innovation has the potential to address societal challenges in developed countries, barriers such as a lack of awareness and resistance to change must be addressed to fully realize its benefits. Final answer: Therefore, The introduction is constructed using the information provided, and the sentences in red and bold are used to reference each paragraph.
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