Globalization has come under fire in recent years, with people in some countries becoming increasingly frustrated with the uneven distribution of its gains. But weaknesses in management or execution should not be allowed to obscure globalization’s far-reaching potential benefits, including its promotion of productivity-enhancing technology transfer and innovation worldwide.
How are innovation and globalization related? Any team must develop a broader sense of cultures with which it interacts. Food products are a good example here. If you’re considering multiple markets, you need to speak with experts on local food traditions and taboos to understand both the raw material available to you and how your market eats it.
“It’s also worth asking what each culture sees as its challenges and opportunities, and what tools they’re willing to use to overcome them”
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A recent example is the General Data Protection Regulation, a law passed by the EU that is one of the most detailed privacy laws on the planet. Clearly, the challenge seen by European authorities is the impact of data collection on its citizens, and any data product you design should consider that beyond just complying with the law. Where do the challenges with privacy versus benefit lie in this market, and how can you better align your product with them?
Political concerns will also play a role. One of the downsides of a global economy is that, for better or for worse, we’re all connected. A wobble in one country is felt in another, and this makes politicians and regulators nervous. After all, they’re the ones who will pay for another country’s mistakes if their economy gets pulled down. This may impact everything from shipping regulations to how and where you can do business in a certain market.
Globalization, like any approach, has benefits and drawbacks. However, tying ourselves more closely to each other seems to be more likely to be the rule rather than the exception, and that should be a central driver of your innovation strategy. To learn more about innovation strategy and globalization.