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Masters of Innovation
The second day of class was very interesting, even more so than the second. Like the first day, we
discussed why and how innovation is a central part of the economy. Job growth, competitive nations,
improving the standard of living, graduate education, and patent processes all drive innovation. We
also discussed skills that were necessary for innovators. Firstly, good customer interaction was
important. Without a good relationship with your market base or end user, a company has no
opportunity to profit or grow. Critical thinking, problem solving, collaboration, risk-taking, and
curiosity are all important skills for innovators to utilize as well. We also discussed various types of
innovation. One type that particularly caught my eye was reverse innovation. The traditional model is
a glocalization model. Everything about a product is centralized and distributed to customers all
around the world. However, this is not at all how reverse innovation works. Reverse innovation is
innovation that occurs where the customer base is. The customers needs are perceived in a less-
developed country, and met with a lower cost, more simplistic version of the tool used in developed
countries. The service or product then becomes so cost efficient that its use in developed countries
spikes and the more advanced tools are left behind for the cheaper ones. A wonderful example of this
is GEs portable ECG machine. Originally designed for use in China and India, it is widely used around
the United States, largely because it delivers the same information for about of the price. I hope to go
to medical school one day and work for humanitarian aid organizations. I am also interested in the
technology market, so I could potentially be a part of a story like this one day.
Another type of innovation that we discussed was disruptive innovation. Often reverse innovation can
also be disruptive innovation, but it does not have to be. Disruptive Innovation is how top industry
firms become predictable toppled by new competitors.
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After
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