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date: 25 March 2019

Abstract and Keywords

Multinational companies (MNCs) have traditionally conducted R&D and other innovation activities in developed countries. At the same time, most local companies in emerging markets (EMs) have traditionally imitated and adapted rather than innovated. But recent years have seen a new phenomenon of MNCs conducting R&D activities in emerging markets, and EM companies becoming significant innovators. This chapter examines the reasons for this change, especially the increases in EMs of science and technology capability, per capita incomes, customer sophistication, unique local needs, and market size. The chapter examines the innovation activities of both local and foreign companies, focusing on the two most dynamic EMs, China and India, as well as briefly reviewing other major EMs such as Brazil, Russia, Turkey, and South Africa. It concludes that innovation in EMs for both home and foreign markets is now an established and growing factor in international business.

Keywords: innovation, R&D, emerging markets, China, India, BRICS

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