Maxims and Personal Mantra
10 reverse innovation ideas from Vijay Govindarajan
1. Reverse innovation is about imagination, not money.
2. Serious entrepreneurs should focus on solving biggest problems facing developing countries.
3. Poor countries are laboratories for rich countries.
4. Focus on the fast evolving countries – India, China, Russia, Brazil and Turkey.
5. Reverse innovation is a paradigm shift from value for money to value for many.
6. Entrepreneurs should seek local partners to leverage capabilities and manage risk.
7. Cautiously find a partner with different capabilities but has shared values.
8. The only way to innovate in a poor country is to spend less & impact more people.
9. Reverse innovation will only work if you set aside your dominant logic of the past.
10. Move people, power, and money to where the growth is-the developing world.
Core Insight: The most promising entrepreneurial future is far from home.
Best Advice: When you separate who you are from what you accumulate, you'll be a happy person – Dad!
Vijay Govindarajan ( @vgovindarajan on twitter ) , known as VG, is widely regarded as one of the world’s leading experts on strategy and innovation. He is the Earl C. Daum 1924 Professor of International Business at the Tuck School of Business at Dartmouth College. He was the first Professor in Residence and Chief Innovation Consultant at General Electric. He worked with GE’s CEO Jeff Immelt to write “How GE is Disrupting Itself”, the Harvard Business Review (HBR) article that pioneered the concept of reverse innovation – any innovation that is adopted first in the developing world. HBR rated reverse innovation as one of the ten big ideas of the decade. He has been ranked #3 on the Thinkers 50 list of the world’s most influential business thinkers. VG writes about innovation and execution on his blog, Harvard Business Review, and Bloomberg BusinessWeek his latest book is titled Reverse Innovation: Create Far From Home, Win Everywhere