INNO2002 Emerging Market Innovation

2017

4.5

1 x 3-hour workshop weekly

None

Core topic

This course explores how we can learn from emerging markets to make innovations more affordable, accessible and agile. We will explore innovation and entrepreneurial initiatives that address inclusive growth objectives in that they create opportunity for all segments of the population and distributes the dividends of increased prosperity, both in monetary and non-monetary terms, fairly across society. We will learn about novel solutions, new business models, and strategies of ‘frugal innovation’ that are delivering world class products and services in extremely resource-constrained settings. We will also explore two key dimensions of managing in emerging markets: One, how emerging markets are forcing firms to take a long hard look at their existing practices and business models due to the need to address inclusive growth objectives; and two, how by doing so, these companies are laying the foundation for the next generation of competitive advantage. This course will interest students interested in disruptive innovation, social entrepreneurship, new healthcare models, big data, human capital, sustainability and moral capitalism or “Doing good while doing well.”

Through a mix of cases, readings and discussion, the course will attempt to identify the principal challenges and opportunities in serving low income, under-served markets, and the key factors that lead to business success or failure. Prospects for a more inclusive and sustainable form of capitalism remain elusive, yet critical. Indeed, the condition of the bottom of the pyramid, or the 5 billion low-income population living in the developing world, is increasingly viewed as an unacceptable outcome of the current economic system.

On successful completion of this topic students should be able to:

1. Describe new models of shared value that converge social and profit motives
2. Understand Bottom of the Pyramid strategies, the opportunities and challenges of serving the under- served
3. Apply the paradigm of reverse innovation, and appreciate the power of frugal innovation
4. Identify the challenges, both internal and external, in implementing and scaling such initiatives