At the same time, companies will be facing new competitors in these markets that may have a better understanding of the local markets’ needs. And some of these new competitors will soon be competing with the multinationals in global markets. So multinational firms face a challenge: to innovate by rapidly integrating their global knowledge with local relevance.
The whole idea that innovations can come from different places, that innovation can happen in different ways, and that it can move and travel in different directions is something that companies will have to adapt to, and prepare themselves for.
Reprint No. 00100
- Rob Norton is executive editor of strategy+business.