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Finshots Daily
What is Reverse Innovation?
Apr 9, 2024
Exploring the concept of reverse innovation in global markets, focusing on how multinational companies customize products to meet local market needs in emerging markets. Highlighting examples from GE Healthcare and Harmon, shedding light on the challenges and benefits of this approach.
06:22
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Quick takeaways
- Reverse innovation involves tailoring products for local markets, like GE Healthcare's ECG machine in India.
- Harmon successfully leveraged emerging markets for cost-effective product development, changing innovation direction.
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Reverse Innovation: GE Healthcare in India
GE Healthcare's approach to selling medical equipment in India started with importing products designed for developed markets. However, they realized the need for innovation tailored to local needs. By creating an ECG machine with features like portability and cost-effectiveness specifically for India, GE achieved success. The concept of reverse innovation, exporting products created in developing markets to the world, proved effective for GE.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode