This paper deals with frugal innovation and its emerging place in the landscape of innovation studies. The aim of this paper is to provide a better understanding of what frugal innovation is. We begin by reviewing what the literature tells us. Then we consider the hypothesis that it should be defined as a technological paradigm, in the sense of Dosi. We also develop the idea according to which it sets up a new model of innovation that will coexist in the future with the various models already identified by scholars in innovation studies. We conclude that frugal innovation is both a new technological paradigm and a new model of innovation.JEL Codes: O14, O32, O33