“To effectively identify and address the explicit and unmet needs of the broader consumer base in emerging markets, I believe multi-national companies [MNCs] must adopt a new global innovation model. Let’s call it global R&D 2.0.
This global R&D 2.0 strategy calls for a talent recalibration in MNCs’ R&D labs in emerging markets. I suggest that multinationals, besides employing technically-oriented engineers and scientists, begin to staff their R&D units in developing nations like India with two other types of experts, namely:
Anthropologists and ethnographers. By having anthropologists study and interact with end-customers in their natural settings, Western firms can learn to tailor their business models and offerings to match users’ socio-economic and cultural context. [...]
Development economists. [...] To effectively lure low-income buyers into procuring their low-end goods and services, multinationals need the help of development economists who can concoct creative pricing and financing mechanisms, such as microcredit schemes.”