Reverse Innovation

Vijay Govindarajan in an HBR article ‘How to Build a reverse Innovation’, talks about Stanford University’s BioDesign program, where students are going to developing economies and figuring out how the reverse innovations can be done from there.
Reverse Innovation is nothing but frugal innovation ,where you have rigid constraints like resources and cost and you have to deliver may be 50% of the functionality of a sophisticated product at say 15-20% of the cost of the higher end solution. Most of these innovations have happened based on the ‘Necessity is the mother of Invention’ principle. 
Till now this has happened more to serve the markets that will not be able to afford the full blown solutions. In other words, these were the plain vanilla versions of the solutions that are sold to the richer economies. Now with the world economies moving towards a more equanimous environment, the reverse innovations may become standard solutions.