Chasing Growth in the Global Economy: Why Emerging Markets are the Future for U.S. Businesses
As American business leaders continue to worry about the aftermath of the 2008 crisis – slow recovery, unsteady job market and losing the race with China among other concerns – they must realize that to bring growth back to the U.S. they must go where the growth is: fast-moving emerging markets. These markets will soon represent more than half of the world’s output and are growing three times as fast as Western markets. Surprisingly, American companies make less than 10 percent of their revenues from these dynamic markets. American globalization is a myth. Dig deeper and we realize just how far behind American businesses are and how much business growth potential they are missing. Bhaskar Chakravorti discusses the reasons for this puzzle, what business leaders can do about it and how to find profitable growth by expanding horizons beyond the Western hemisphere.
Bringing Innovation to Market: Strategies for Scaling Up
Innovative ideas start small. They can emerge within start-ups, multinational corporations, or non-profit organizations. Often, they hold the promise of deep impact. But innovation itself is not a magic bullet. Ideas and approaches that thrive in controlled environments can fail when scaled to regional, national and global levels. Drawing on experience in industry, research and development and consulting to global businesses, Bhaskar Chakravorti shares business models and strategies that enable rapid growth. He outlines how to plan for scale by working backward from a plausible endgame and leveraging interconnected individual choices in ways that ensure your innovation will win when it meets the market.
The New Abnormal: Finding Competitive Advantage in Adversity
The “new normal” has meant doing more with less in adverse circumstances – austerity in a slow growth environment, frugality in fast growth but poorer environments, a desire for smaller carbon footprints, simplifying for aging or first-time consumers, tailoring for micro-customization without the redundancy using new technologies. How do some entrepreneurs, corporate innovators and investors turn adverse conditions to competitive advantage? Bhaskar Chakravorti identifies four areas that the most successful innovators consistently explore.
1. Reroute resources that become redundant to meet new needs, as Jonathan Bush did at athenahealth. The company is now a leader in internet-based revenue-cycle management tools.
2. Round up unusual suspects and break industry orthodoxy, as Iqbal Quadir did with Grameenphone in Bangladesh.
3. Find small solutions to big problems, as Trey Moore and Cameron Powell did with their AirStrip OB smartphone app for mobile physicians who needed a major advance in wireless health care.
4. Focus on platform, not just product. That’s how Fred Khosravi and Amar Sawhney broadened the field of surgical applications for Incept’s hydrogel technology.
The entrepreneurs who survive in the “new normal” will be those who find counterintuitive solutions to the bottlenecks, constraints and other difficulties that adversity engenders. Chakravorti calls them the “new abnormals” and draws out practical insights from their stories.
The Death of Cash
While the U.S. is quickly adopting digital and mobile payment systems, our economy still relies heavily on cash transactions. Surprisingly, the cash economy carries a price tag of approximately $200 billion annually, including billions of dollars lost by businesses to cash theft. Each year, retail businesses lose an estimated $40 billion – equivalent to nearly one percent of their revenues. Bhaskar Chakravorti explains why businesses still rely heavily on cash, despite greater risks, outlines opportunities for innovators to introduce new payment methods to the market and identifies how businesses can benefit from exploring cash alternatives such as mobile payment services.