What we can learn from emerging market businesses
Since developing and emerging countries are among the fastest growing economies, their underserved markets gain increasing importance for European companies. However, in most cases the latter stick to familiar ‘home-grown’ market entry strategies and only allow for limited adjustments. Looking at firms that successfully targeted the low-income segment in these regions provides a strong argument for a different approach: providing innovative products and services with a distinct customer benefit at a previously unparalleled price point. Frequently those firms don‘t simply enter but create a completely new market to begin with.
While many European companies master efficiency innovations that improve the input-output relation of existing products, they have not yet grasped the full potential of market creating innovation – a concept that requires firms to disrupt established processes, strategies and business models that are the key pillars of their past and current success. When it comes to entering future growth markets, European companies can learn from emerging market firms with regards to creating a market in the first place. They will have to face challenges such as developing a thorough understanding of future customers’ needs and habits, translating them into a marketable product and developing a suitable business model.
The corporAID Multilogue “Market Creating Innovation” looked at how companies can
- change their mindset towards creating radically new products and services;
- create new markets in developing countries that contribute to sustainable development;
- be encouraged and supported to take these steps.
Keynote & Discussion
Deepa Prahalad | CEO, Anuvaa LLC, Member of the Drucker Forum International Advisory Board
Ludovit Garzik | Managing Director, Rat für Forschung und Technologieentwicklung RFTE
Leo Schiefermüller | Director, RP Global Africa
Hans Stoisser | Associate, Peter Drucker Society Europe
Georg Wagner | Founder and Managing Director, Spirit Design
Time & Place
Tuesday, 19th November 2019, 6 to 8 p.m.
WKO, Wiedner Hauptstraße 63, 1040 Wien
This was an event in preparation of the 11th Global Peter Drucker Forum „The Power of Ecosystems“ Vienna, 21st & 22nd November 2019 and took place in cooperation with Außenwirtschaft Austria and the Peter Drucker Forum.