Three Innovation Trends in Asia

Scott Anthony recently participated in a panel discussion hosted by the Economist Corporate Network in Singapore about innovation in Asia.

He started his portion of the discussion by sharing three observations about what he had found unique about innovating in Asia: its unbelievable diversity, both between and within countries (and sometimes even cities); the historical focus of many Asian organizations on replication and cost reduction; and Asia's inconsistent infrastructure (Singapore is amazing, but don't try to schedule more than two meetings a day in Mumbai).

But what he really wanted to discuss was the three biggest trends he sees affecting innovation in the region, according to a report in Bloomberg.

The race for the middle. As his colleagues noted in a Harvard Business Review article earlier this year, the extremes in most Asian markets are well served. Wealthy consumers can enjoy luxury brands, world-class restaurants, and high-end automobiles. Cost-conscious consumers can access incredibly affordable, often inventive solutions. But the middle class remains overlooked. And that middle class is surging. A recent OECD study projected that spending by Asian middle class consumers will have grown from $4.9 trillion in 2009 to more than $30 trillion in 2020. That latter figure would constitute about 60% of global middle class spending (compared to 20% in 2009). >>More here

SOURCE:  bloomberg.com