How can companies from emerging markets innovate without the technology, expertise or cash of incumbents?
This is a really important question, so I will tackle it in some depth. When most people think of innovation, they envision developed world companies such as the USA’s Microsoft and IBM, Japan’s Sony, South Korea’s Samsung, Finland’s Nokia, or Switzerland’s Novartis, technology leaders that have stayed at the cutting edge of dynamic industries such as computer hardware and software, consumer electronics and pharmaceuticals. These companies enjoy a stockpile of important patents and boast internal research and development laboratories that rival the best universities in the world. Moreover, they are headquartered in countries with myriad institutions that support innovation: Liquid financial markets and venture capitalists to fund big bets on technology, research universities that mint PhDs, and a clear legal framework which protects intellectual property. These factors have fueled relentless innovation among high-tech industries in the developed world. What about companies in developin
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