Short of a radical transformation to a more competitive and popular capitalism, Asia’s scope to innovate within its existing business model depends on how one defines innovation.
Asian firms are well placed to scale up the ideas of pioneering businesses. — Unsplash
If, by innovation, we mean the discovery of something new, such as a new technology, product or business model, then Asia may not be well-placed to lead the next century. But if we mean an economy driven by scaling up new discoveries into a big mass market – something that big, established firms do well – then there is no need to worry.
Chux created a new market niche when it invented the disposable diaper in 1935. In 1961, the idea transformed from a small niche to a mass market when Procter & Gamble entered the competition with its own disposable diaper called Pampers. Both of these activities are, in their own way, innovations. But in most cases the same firm cannot perform both activities well: one type of firm is good with discovery and a different type of firm is good with scaling up .
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