Why would a rich man want a poor man's product?

Bigthink.com talks about the concept of reverse innovation - that is... creating value for many rather than value for money.

Vijay Govindarajan, Professor of International Business at the Tuck School of Business, defines it as innovation that starts in poor countries and brought to people in wealthy countries. He argues that poor countries have unique problems that inspire solutions usable throughout the world, regardless of economic status.

Reverse innovation, however, is not about making cheap products, says Govindarajan. "It's about giving value because poor people, their hard earned money, they want value they don't want cheap products." he said.

This means the onus is on innovators to find creative ways to drive down the cost of material and labor and add features that cater to the needs of the community. It's about doing more with less.

Click here to read the full article.

Can India's National Manufacturing Policy create 100M jobs?

Sourced from the Manufacturing Executive - this is an interesting post that outline India's plans for manufacturing up to 2025.

* * * *
As proposals for its National Manufacturing Policy continue to move through India’s government committees, industry groups are expecting a potentially massive impact on employment and a substantial boost in manufacturing - up to 25% of GDP by 2025.

Chandrajit Banerjee, director general of the Confederation of Indian Industry commented: "It aims to create 100 million jobs and put the manufacturing sector into a high growth trajectory, making India a favored destination for manufacturing."

Currently the manufacturing sector contributes 15% to India's GDP,compared to other emerging economies such as China with 34%, 40% in Thailand and 26 to 30% in South Korea, Poland, Turkey and Malaysia.

* * * *Click here to read the full post.