Currently in India at the India School of Business and had the opportunity meeting an amazing group of Young Global Leaders from 20 countries where the discussions were about Innovations for Emerging Markets. Reason for being at the event was to speak on a panel about Rethinking Technology for Emerging Markets.
The ubiquity of technology brings an important shift for most businesses and governments, especially in emerging economies – simply because the stakes as well as the opportunities are so high. Some of the key lessons that I’ve learnt through my work with RLabs and Mxit Reach are:
- It has to be community driven and co-creation is important
- It needs to be contagious allowing for quick adoption
- Cost is a factor but not at the price of quality
- You find unlikely innovators. The communities you want to serve will disrupt your product and you should be agile to adapt appropriately.
- Sustainable and Scalable is key in emerging markets because the numbers an need are much higher than developed markets.
- An environment for re-invention
- External factors to consider such as lack of infrastructure
- One size does NOT fit all
- Difference between ownership and access
- Different and disruptive business models are required