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Adopting Open Innovation to Stimulate Frugal Innovation and Reverse Innovation

document Open Innovation
Summary
To boost frugal innovation in emerging markets and bring them into rich countries as reverse innovation, open innovation may play a crucial role.Considering open innovation as radar to catch frugal innovation and subsequently bring it into western countries seems pivotal for western companies.It will benefit western countries to satisfy their customers with low-cost quality product.On the other hand, open innovation may bring-partnership among various sources in developing countries so that new products with low-cost can be offered towards the customers who otherwise remain unserved.Customers in western countries will get more affordable products. More global competition to innovate will emerge, too.
Description
Frugal innovation and reverse innovation have very recently emerged as interesting concepts. Frugal innovation is based on cost constraints to serve low-income customers in developing countries. When frugal innovation comes to developed countries and becomes commercially successful it is considered as reverse innovation. Recently, many companies, such as GE, Siemens, Procter and Gamble, etc. have engaged heavily in frugal innovation and in reverse innovation. This study aims to illustrate why western companies need to be aware of and take step to become successful in the turbulent business world.



SOURCE:http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2197782

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