Is Your Company Ready for the Reverse Innovation Revolution?

A growing number of companies are finding that developing low-cost innovations to meet the needs of customers in emerging companies can later be leveraged into disruptive innovations for their most competitive markets in rich countries. Low income countries represent the next big wave of innovation, predicts Greg Satell.

In past years, multinational companies profited by expanding their existing products into emerging markets where there were few consumer products. Now, the reverse is increasingly happening: Major multinationals are finding that products developed in emerging markets are demonstrating that they can become global brands.

While companies like Google and Facebook like the brag about the Hacker Way, in poor countries hacking is as natural as breathing. It is, in fact, a necessity. When you live in a society that doesn’t fill your needs, you find a way to fill them yourself and you learn to do it in a low cost way, the author explains. The author implies that having a hacker aesthetic is crucial to developing products that meet the needs of emerging countries.

Does your company have a strategy to develop lower-priced products and services that meet the needs of emerging markets around the globe? If not, it should.

Read full article » www.digitaltonto.com/2012…

 

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