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In it's simplest form, there are three main types of innovation: 1) pioneering innovation, 2) best practice innovation, and 3) technological innovation. Pioneering innovation is often the method most associated with the term innovation.
Reverse Innovation is the strategy of innovating in emerging (or developing) markets and then distributing/marketing these innovations in developed markets. Many companies are developing products in emerging countries like China and India and then distributing them globally. Examples of Reverse Innovation: