3.1 Grameen bank
Looking at the history, banks have been always focusing on the “rich” by addressing their needs and wants. Internationally, most of the banks which are well-known and successful failed in considering the opportunity in lending smaller amount of money to the poor and for small business purposes. In Bangladesh, the Grameen bank have reverse the conventional banking practices by eliminating the collateral system and have created a system in which it is based on accountability, mutual trust, creativity and also participation (Grameen Bank, 2018). The brainchild behind this innovation is Professor Muhammad Yunus, a noble prize winner in Bangladesh for pursuing this microfinance revolution.
Grameen bank are now borrowing micro-loans in the range of $27 to $500 to the poor people, so that they could start up or expand their business in order to allow them to come out of poverty (Hays, 2013). This has really helped millions of people in Bangladesh in stepping out from the poverty situation to a better living. Moreover, Grameen Bank have received a global attention, as they are providing loans to the ultra-poor women’s in starting up a “micro-enterprises. The microcredit programs of the Grameen bank has created opportunities for the women’s in beneficiaries which has helped them in improving their standard of living (Ara & Seddiky, 2015). Now women’s can also start up their own business and become an entrepreneur by utilizing the opportunity that has been given.
3.2 GE Healthcare
GE Healthcare have launched two new products for the newborns baby which focused mainly in India and certainly billed as “designed in India, for India, that can also benefit the world (Kannan, 2013). “India produces 30million newborns baby annually but then most of the births actually happens in a manner which is unsupervised, lacking of affordable equipment as well the hospitals always deal with an erratic electricity situation” says GE Healthcare’s Manoj Menon (Kellner, 2012). In results, India is one of the highest mother and also infant mortality rates. Therefore, GE Healthcare has attacked the problem and created the Lullaby baby-warmer, which could help to save many lives in a country that have a rate which is high pre-term of baby deaths globally. The device which GE has developed in Bangalore in 2009, costs only $3000 in India. It termed as a low cost invention and have save almost 22,000 premature and low birth-weight infant lives. The products are not being sold but is being donated in order to impoverish the community’s needs (Kannan, 2013). As in the domestic market it was very successful, now GE has started to sell the warmer across more than 80 countries. Now every woman and their baby has a chance of having a healthy life style.
3.3 Tata Nano
The company which has truly signifies the ideology of reverse innovation is the market are Tata Motors. In 2009, the company has manufacture a car which is known as “Tata Nano” the world’s cheapest cars which only costs approximately US$2,500. This looks upon as capability of fulfilling each individual dreams of owning their own personal car with an affordable price. The power of the technological innovations of “Tata Nano” has met the aspirations of each people at the “bottom of the pyramid” (Prahalad, 2004) have been appreciated well, by both of the acknowledged management in experts and also renowned scientists (Mashelkar, 2009). This low cost car were a result in which new designs were created, frugal engineering as well advanced supply chain enterprises.