Vijay Govindarajan on Reverse Innovation

Benchmark VisionariesI came across this video by the Tuck School of Business on Reverse Innovation with Vijay Govindarajan the other day and I would highly recommend that you watch it.

It talks about how global companies are changing the way that they come up with ideas, innovate and view the world economy with regards to emerging markets vs established ones and gives examples on how large multinationals have started to tap into this growing market share.

The key take aways for me were:

When it comes to R&D and innovation, don’t be afraid of failure, you will learn more from the mistakes your organisation makes than the successes it has. Many a person has said something along similar lines. Chris Barez-Brown (former Director at the WhatIf Innovation company) said 1 success will pay dividends against the 100 failures to get there.

Vijay states – Keep the cost of failure cheap when it comes to R&D. “Fail early, fail fast , fail cheap.”

Organisations can keep to 3 simple key points – 1. Have a big dream. 2. Amplify weaknesses and signal core competencies. 3 Change the centre of gravity in your organisation; localise talent, delegate power, utilise geographies IE emerging markets.

“Reverse Innovation is not optional, it is the oxygen that will fuel the future.”

Hope you find the video as insightful as I did.

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