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.
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.
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