A Study on “Reverse Innovation” – A Rising Phenomenon from Indian Perspective

Author Name(s):

DR.D.THIRUMALA RAO M.Com, MBA, M.Phil, Ph.D.,

Vice-Principal (Academic), Indian Institute of Management & Commerce, Khairatabad, Hyderabad – 500004, Telangana State

Abstract

Discoveries and Innovations are not new to this world and the contribution towards discoveries and innovations are taking place since time immemorial. Man invented “Wheel” which created a history and which resulted in bringing the world together by reducing the distance, expanding the domain of shelter, business, trade and so on. This has paved way for many inventions and today what we are observing is the contribution of manmade achievement in taking the development to higher level and bringing the world nearer to each other with the advent of technology.

Innovation in technology, human capital, availability of finance for expansion and growth resulted in the developed countries to export their products and services to the developing countries and growing to great heights. The strategy is initially started in home markets, then export with little changes to address the developing economies needs. This phenomenon gained good momentum for several years in the past. But, now the scenario is different. The economy of many countries is on rise. This strategy will not work anymore. The Global Corporations are recognizing the efforts of emerging markets. The global corporations should motivate the emerging markets to “Innovate” rather than increasing the market of developed countries.

In this context, it is imperative to focus on “Reverse Innovation” which is a rare and rising phenomenon, which emphasizes on “flowing downhill” from rich countries to developing countries. This paper focuses on the emerging significance of reverse innovation in developing countries and serving at low-cost price to the western buyers.

Key Terms: Discovery, Innovation, Globalization, Economy and Developing Countries. 

Please cite this article as: DR.D.THIRUMALA RAO (2021). A Study on “Reverse Innovation” – A Rising Phenomenon from Indian Perspective . International Journal of Recent Research and Applied Studies, 8- 4(19), 115-121