Long-term megatrends affecting the global society as well as the recent global developments point to a world that is increasingly beset with aspirations-driven growth in consumption in the global South, need for financial austerity in the advanced economies, and depleting natural resources worldwide. Companies and startups that can innovate high-quality solutions while minimizing use of resources and enhancing affordability (“frugal innovation”) will enjoy significant competitive advantages in comparison to those who refuse to leave the conventionally-trodden innovation pathways.