“Necessity is the mother of invention” or so it is said. I believe “necessity is the mother of innovation” and if U.S. and Western European companies wish to remain competitive in the future they’ll need to look to China, India, Brazil and Africa not just for new markets but for new ideas!
In the food and beverage industry, McDonald’s and KFC are getting into home delivery in China and Africa, while in Latin America PepsiCo is applying data analytics to boost sales.
Elsewhere, innovative healthcare applications are exploding in India because they are not fighting “tradition” (or the “way things have always been done”) and are instead focused on getting people to buy or use something for the first time–which, as Seth Godin explains in this insightful piece, is an entirely different issue.
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