Innovate On A Shoestring : Product development for the Least Developed Countries and what we can re-use in the Established Markets

Abstract: By understanding current approaches and methods of product development (PD) combined with knowledge of the needs and know-how of customers in the least developed countries (LDCs) associated risks and excessive costs can be avoided. The main purpose of this thesis is to highlight the important need of developing products and services for the LDCs and to look at current practices for PD and to distill these into one method for developing products pertinent to LDC needs and markets. Conversely, the second purpose for this thesis is to examine possible LDC based development tools that can be applicable when designing for the more established markets. There are also crucial social, cultural, economic and political reasons for addressing LDC related issues. The goal is to show companies of all sizes that it can be profitable to expand to new markets in the LDCs and also that the steps used there can help generate new revenue when implemented in their current markets, as well as to provide them a model for it. This thesis includes and clearly demonstrates the importance of development involvement on the local level and the benefit of using complementors. The thesis data and conclusions are based on literature studies and an extended stay in the Dominican Republic. It is here observed that by getting closer to the end customer, a company will get an increased understanding and knowledge that provides an advantage over the competition. And for companies to succeed in the LDCs, the three most significant things to consider are: 1) to find the specific needs of the customer, 2) design for affordability, and 3) to source and manufacture locally. It will be seen that the benefits to such an approach extend outward in essentially all directions.