Polycentric Innovation: The New Global Innovation Agenda for MNCs
blog, Global business, India, Innovation | Comments Off
Recently I delivered a talk a the Council on Foreign Relations titled "Managing the New Trajectory of Global Innovation" explaining why and how multinationals must revamp their Western-centric innovation strategy in order to effectively leverage global ideas, talent, and markets.
In our increasingly multi-polar world characterized by the inexorable rise of emerging markets like Brazil, China, and India, I believe multinationals (MNCs) must abandon their ethnocentric innovation model — which concentrated all their R&D resources in the West. Instead, MNCs must embrace a "polycentric" innovation model in which R&D capabilities are distributed globally to swiftly seize regional opportunities and ...