December 8, 2016

Reverse Innovation: a way to shift the paradigm on price

By Joe Perez

Do you think not having enough money is a problem for you? Maybe you’re overestimating the power of money. By following a process of “Reverse Innovation,” you may just find a way to bootstrap your dreams.

According to “Business Lessons from a Baby Elephant,” in Fast Company:

Baby ElephantIn the U.S., artificial legs cost $20,000. In Thailand, a doctor named Therdchai Jivacate wanted to create an artificial leg for the bulk of the population, where the average person makes $2 a day. He created a $30 artificial leg by making it from recycled yogurt plastic containers. He converted waste into wealth. He found that it was lightweight, durable, and comfortable.

Two years ago, a baby elephant in Myanmar stepped on a land mine, and lost one of her limbs. Dr. Jivacate fitted a $30 artificial leg on Baby Mosha. There’s a YouTube video: Baby Mosha is very happy now. My point simply is this: He was able to create a $30 artificial leg for an elephant! Why do we assume in the U.S. that an artificial leg has to cost $20,000?

It’s not about making something “cheap.” The quality of an artificial leg in Thailand, where many people don’t wear shoes and walk on uneven roads, has to be better than in the U.S. It’s about shifting the price/performance paradigm: about offering a lot of value at an affordable price.

Read the whole thing.

Don’t let excuses like “I don’t have enough money” get in the way of giving Your Unique Gift.

Photo Credit: Arno & Louise Wildlife

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