One of the most interesting topics of the evening was reverse innovation. Radjou explained that traditionally, new technologies and gadgets were produced in the developed world, and then exported and adapted to developing markets. Now, that is changing. Because the growth potential for lots of industries is now in developing countries such as India and China, innovation is shifting: new things are now invented for developing markets, and then imported and adapted to the quirks of developed nations.
Radjou used GE as an example to explain the reverse innovation phenomenon. When he explained the concept, the first thing that came into my head was… mobile, of course.
Mobile reverse innovation