Global Innovation For Local Markets
I enjoyed speaking at the Economist’s Innovation Forum in Chicago last month. I joined business thought leaders to discuss what innovation in local markets looks like in today’s globalized world.
We shared our thoughts on how companies are preparing to serve developing markets and how to balance local and global approaches in an effort to become competitive producers of innovation.
I believe the competitive picture has changed. Increasing consumer awareness and global connectedness requires emerging-market strategies. Companies must develop products and services specifically for those emerging markets and look for opportunities to leverage those products in the developed market.
Design has become democratized, and no longer does one design fit all. It doesn’t matter whether you are in Mumbai, Michigan or Madrid, innovation is no longer a linear process with a single use case or workflow because our innovations live in a more complex world, interacting with other products, systems and an array of users, all interconnected and generating massive amounts of information and points of engagement.
How do you think innovation effects businesses in today’s globalized world? Leave your thoughts in the comments section below.