Also, the $23 stove, the $2,200 automobile, the $43 water-purification system, and the $20 cell phone with 2¢-per-minute rates—all courtesy of India, where engineers and innovators are coming up with ingenious products that are within reach of the country’s poorest citizens.
The gist from a WSJ story:
Such inventions represent a fundamental shift in the global order of innovation. Until recently, the West served rich consumers and then let its products and technology filter down to poorer countries. Now, with the developed world mired in a slump and the developing world still growing quickly, companies are focusing on how to innovate, and profit, by going straight to the bottom rung of the economic ladder. They are taking advantage of cheap research and development and low-cost manufacturing to innovate for a market that’s grown large enough and sophisticated enough to make it worthwhile.