In the March 2009 issue of Fast Company, Michael Fitzgerald writes about a new form of innovation. Call it “trickle-up innovation,” where ideas take shape in developing markets and then make their way back to the west. An example is Nokia’s recognition that poor Kenyans use their cell phones for banking and paying for things. So Nokia has developed Mosoko (mo for “mobile,” soko from Swahili for “market”). Mosoko allows its users to execute payments from their cellphone. Coming to the US? Perhaps, depending on whether Mosoko can break through the West’s cluttered retailed market. But more important is the recognition of developing markets as fertile grounds for innovation. Read the full article here.
>> Developing markets have low-cost, high-quality workers who can both create and execute great ideas.
>>> These markets have hard-to-reach consumers who force companies to come up with new ways to serve them.
>> Emerging-market consumers don’t want Western retreads but their own unique products and services, some of which may also appeal to Westerners.
>> There are suppliers in developing markets who are rapidly accessing developed markets.