REVERSE INNOVATION-I
Over the years the flow of innovation is assumed to be from Developed markets to developing markets. But many of the product innovation had broken that notion. For this a new term is coined as “Reverse Innovation”. It is basically a strategy or a plan to innovate a product or service for the developing economies and then selling it in developed markets. Companies like P&G and Nestle are doing it for a good span of time. The idea and the term was first discussed by Vijay Govindarajan, Professor at the Tuck School of Business. Examples of Reverse Innovation: S. No. Product Company Target Market Marketed in 1. Vicks Honey Cough P&G Mexico Europe and US 2. Low-cost dried noodles Nestle Rural India and Pakistan Australia and New Zealand 3. Chotukool Refrigerator Godrej Rural India Singapore and