Transforming Business Models in Fast-Emerging Markets–Lessons from India |
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| Authors: | Sandeep Goyal Mark McCord Amit Kapoor |
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| Affiliation: | 1. Institute for Competitiveness U 24/8, DLF Phase 3, Gurgaon, Haryana, India 122002;2. Innovations and Economic Specialist, Arlington, United States;3. Institute for Competitiveness Strategy and Competitiveness, Gurgaon, India |
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| Abstract: | There is a need for understanding the entrepreneurship and business models in the emerging economies, especially the fast-expanding ones, from a different perspective as compared to the developed economies. The consistent gross domestic product (GDP) growth rate, significant socioeconomic potential, untapped needs of the population, and economic growth potential in the fast-expanding emerging economies like the BRIC nations (Brazil, Russia, India, and China) have changed the paradigm for investment, thereby creating a new economic development reality and focus for the global companies. However, achieving success in these emerging markets has its own unique mix of challenges. This requires a transformative and innovative mind-set toward conceptualization of a working business model that can fit into the reality of the socioeconomic and cultural challenges of these emerging markets. Further, the business model changes and alignment in these emerging markets require closer analysis and understanding of the global trends as well as ability to leverage the emerging technologies and linkages. The objective of this article is to explore the magnitude of opportunities and emerging business models transforming the socioeconomic landscape in fast-expanding emerging markets. In doing so, the article attempts to provide an overview of the emerging business model typologies and patterns that will enable the global companies to make better-informed decisions and build their presence in the fast-expanding emerging markets. © 2015 Wiley Periodicals, Inc. |
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| Keywords: | fast emerging markets transforming business models emerging economies business model innovation fast expanding markets |
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