Rethinking Global Innovation Strategy: Emerging Market Perspectives

Abstract

The prosperity of emerging markets is challenging the traditional global innovation strategy. The unique characteristics—market fragmentation, demand heterogeneity, shortage of resources and inadequate infrastructure—of emerging markets impel their emergence as a source of innovation and disruptive force. Only the innovation with attributes of accessibility, acceptability, affordability and sustainability can match these characteristics and contribute to the rest of world. After revisiting the reality and dilemmas in today’s world, it is suggested that the essence of innovation should be solving everyday problems, eradicating poverty and hunger, and helping the people attain an inclusive-and-sustainable future. Therefore, this paper develops a grand revolution paradigm and provides a top-down-and-bottom-up approach to explore the untapped “Fortune at the Bottom of the Pyramid”.