The Strategy Skills Podcast: Management Consulting | Strategy, Operations & Implementation | Critical Thinking

Vijay Govindarajan, Coxe Distinguished Professor at Dartmouth's Tuck School of Business and co-author of Global by Design, explains how innovations developed for emerging markets can also serve wealthier countries. Building on his earlier work on reverse innovation, he argues that successful innovation requires business strategy and engineering science to be considered together. Vijay places this work within his Three Box Solution, a framework for improving the efficiency of the core business while simultaneously creating new businesses. The central challenge is developing the capabilities to manage efficiency and exploration at the same time. He describes effective innovators as "tempered dreamers." They think ambitiously without becoming detached from what is possible. This requires leaders to understand their current capabilities, determine which capabilities they can acquire, and remain humble enough to learn from others. Innovation should begin with a clear understanding of the customer's problem, indepe