Innovation Inspiration : Can America Keep Up With The New World Order?

11 Dec 2012|jhall

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The question of the economy was at the heart of the recent US election, and with it, innovation as the fuel for economic growth. But Apple aside, hasn’t America lost its way, and aren’t companies from other countries increasingly setting the innovation pace? What can be learnt and re-applied from new ideas, models and processes coming out of the New World Order of Innovation?

US growth depends on innovation
America is no longer at the innovation frontier.  According to one report, the US came in dead last in improving its innovation capacity over the past 10 years.  Strengthening the American innovation ecosystem – which includes companies, academia and government – is a must for economic growth.

Disruptive innovation is brewing in emerging markets
A recent survey of global executives by KPMG found that 45% named China the next tech innovation centre, followed by India.  The sheer scale of Chinese investment is breathtaking. But how disruptive will innovations from emerging markets be?  Can they sustain their price advantage?  And how will customers in developed markets perceive product quality? 

Overcoming Not Invented Here Syndrome and making Reverse Innovation work
Reverse. Frugal. Jagaad. Or, developing ideas in emerging markets that are almost as good but at a fraction of the cost, and introducing them into a developed market. Vijay Vaitheeswaran argues that this approach can lead to transformative changes:

Fast Company’s most innovative BRIC companies
From agricultural to technological businesses, the companies that made the Top 10 (Brazil, India, China) no longer look to the US for new ideas. What can we learn from them?

Innovation across multiple industries
Innovations from emerging countries aren’t limited to single sectors: they range from mobile banking to microfinance to healthcare to appliances. 

Locally-made cars go global
Heard that BMW makes cars in China to sell in the Gulf? Manufacturing automobiles in and for overseas markets can generate new products that not only benefit the local markets but others as well (including luxury markets). 

New ideas from the Middle East
It’s not just the BRIC economies: other parts of the world, including the Middle East and Africa, are using seemingly entrenched obstacles as inspiration points for innovation

US examples of Reverse Innovation
P&G, GE and Levi’s already have successes to share, crediting Reverse Innovation for a range of recent wins. 

The last word
Innovation inspiration from across the world: 8 of the best ideas to jump-start innovation.

The Global Innovation 1000: an interactive visualization of R&D spending by region and industry.

 Written by Jonathan Hall, MD Added Value Cheskin

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