Frugal innovations enable companies to access new markets because of some specific characteristics. Typically, they focus on existing solutions as a blueprint, changing parts of their functionality while reducing the costs. Many companies are faced with the question how to find ideas for such frugal innovations. For this purpose, we introduce a method for the identification of frugal invention candidates and their qualification as frugal patents. We provide a general outline of a process and apply it to the medical engineering technology. By use of semantic analysis, we shed light on the moderating role of frugal attributes to qualify a frugal invention candidate as a frugal patent. The application produces a comprehensive set of frugal patents. Our approach deepens the understanding of frugality by providing an appropriate assessment based on a newly developed frugal thesaurus. Managers will have the option to adapt our method to their particular fields of experience.