The time was Saturday, March 2, 3:25 p.m., and the local Hult International Business School team was worried. The MIT squad had already received $40,000 in funding, and there was a star team from the prestigious Indian Institute of Technology. Two doors down they’d seen the Stanford group rehearsing like old pros with printouts of their slides posted on a wall.
We Americans may think of poorer nations as hotbeds of war and disease, a place to send our charity checks. But emerging economies are actually an invaluable breeding ground for innovations that could change lives in the U.S.In a process known as “reverse innovation,” multinational corporations are rolling out cheap, easy-to-use products in Africa, India, and China and then bringing them “home” to Western markets.