The inventions and business processes produced by the emerging markets of Asia and Latin America have turned the world upside down.
Emerging markets, also known as the South, are experiencing the most spectacular growth in history with their share of GDP increasing from 36 per cent in 1980 to 45 per cent in 2008 and 51 per cent in 2014.
Key reason behind this emerging market innovation explosion is that countries from the South are no longer solely investing in manufacturing products for the North but are now also engaging in extensive, innovative thinking and undertaking a lot of process innovation.
The focus on elite university education in emerging markets has birthed an educated labour force that has brought forth high-end breakthrough innovation that South Africa cannot attain because of the many challenges we still face at the basic education level.
For South Africa’s participation in these innovation trends, there must be an attitude of self-reliance amongst the general population that it is up to them to find solutions for the challenges they confront.