Reader’s Speak

The scope of this book’s research is broad and deep, the authors’ thinking is deliberate and well tested, and the result is a compelling must-read for any leader who is seeking sustainable growth in dynamic emerging markets.


Muhtar Kent
, Chairman and CEO, The Coca-Cola Company

Learning to compete in emerging markets is one of the greatest challenges facing global businesses today. In this book, Tarun Khanna and Krishna Palepu show leaders how to navigate the different operating conditions in these markets and how to take advantage of the tremendous growth opportunities they offer in the twenty-first century.


Dominic Barton
, Worldwide Managing Director, McKinsey & Company

Emerging markets have piqued the interest of many business scholars. Much has been written about them, but this book is unique in that it proposes an actionable framework for assessing the challenges and opportunities associated with the institutional voids in such markets.


N. R. Narayana Murthy
, founder and Chairman, Infosys

Where others have failed, Tarun Khanna and Krishna Palepu have succeeded in providing an elegant framework for executives to identify and benefit from the unique attributes and vast opportunities of the ‘emerging markets’—their expert ability to provide structure to so many unstructured issues makes this a compelling read for any executive seeking to operate on a
global basis and capitalize upon the almost limitless potential in the emerging markets in the twenty-first century.


Steven Denning
, Chairman, General Atlantic

Treating emerging markets as nothing but underdeveloped economies ignores the innovation and opportunities within these markets. This book will enhance the understanding of emerging markets and their potential.


Phumzile Mlambo-Ngcuka
, former Deputy President, South Africa

Tarun Khanna and Krishna Palepu lucidly explain the roles that entrepreneurs and the government can play in helping countries ‘emerge’ and contribute to regional and world well-being. Filled with real-life examples with which the authors have personal experience, this is a valuable read for leaders of all persuasions and geographies.


Süleyman Demirel
, former President of Turkey

In this important book, Tarun Khanna and Krishna Palepu suggest a fundamentally new approach to strategy in emerging markets; they first define the structure of these markets and then break new ground by suggesting ways to exploit the institutional voids in that structure. This is a powerful approach for practitioners.


Victor Fung
, Chairman, Li & Fung

Tarun Khanna and Krishna Palepu’s groundbreaking work on what differentiates emerging markets gives businesses a new way to look at opportunities and risks. Their book is a must-read for executives and board directors whose enterprises operate in Latin America and other dynamic regions, as well as the policymakers working with these leaders.


Luis Alberto Moreno
, President, Inter-American Development Bank

Tarun Khanna and Krishna Palepu offer toolkits to explain how entrepreneurs in emerging markets can not only catch up with the developed world, but also learn from each other—from Chile to China, India to Indonesia—and contribute to a new world order.


Andrónico Luksic Craig
, Director and Vice-Chairman of the Board of Directors, Banco de Chile, and Vice-Chairman, Quinenco

I am often asked about doing business in emerging markets such as China and Vietnam. My recommendation for practitioners would be to read this book—so that they can easily understand the basic structural issues involved in formulating strategies for these markets.


Margie Yang
, Chairman and CEO, The Esquel Group


Have you read the book? Looking forward to your comments and opinion…

63 Responses to “Readers Speak”

  1. Amit Kumar says:

    As a former strategy consultant, I have worked with several clients on topics ranging from India / emerging markets entry strategy and growth strategy. Having spending a decade working on these issues in Asia, I am quite familiar with the local issues / context. In spite of this background, I found the book to be a fascinating read – There was lots of new ground that it covers and even when the examples are relatively well known, the treatment is refreshingly new.

    I highly recommend this book to everyone.

    Amit

  2. admin says:

    amit, thanks for the kind words, please disseminate the part you found useful as you see fit, Tarun Khanna

  3. Anjali Raina says:

    The book is well written and easy to read.Provides a framework for new entrepreneurs in emerging markets to think about what opportunities exist .

  4. himanshu says:

    The book is a very interesting perspective to emerging markets. Most young entrepeneurs in these markets try to bring business models in the Developed world to their markets. I think one needs to look beyond and work towards filling the voids the authors talk about.

  5. Nisarg Sutaria says:

    I am a strategy consultant now for more than 5 years. This book is very lucid with two ace professors from Harvard Business School and with the help of world-class case studies of other HBS Professors’. Methodology is very systematic and simple. Questions, their voids and the response logically feels the gap which normally arises in various Business Scenarios of Discussion. The tables, forms and other guiding material to fill the widening gap are very interesting and can give direct help to a Strategy consultant like myself.

  6. Amuleek Bijral says:

    Where there is a void there is also an opportunity. Talking at an institutional level, the void may present a tremendous opportunity if a business appreciates the reality or goes ahead and addresses it. A precise and a very practical view for an entrepreneur like me.

  7. Steve Watkins says:

    Fantastic book. If I had “Winning in Emerging Markets” in 2004 when I started an engineering firm in Baghdad, it would have saved me a great deal of time and money. Although Iraq’s far from being an emerging market, much of the book applies. I believe Toolkit 2-3 is especially valuable for strategizing entrepreneurs and Toolkit 3-1 is an excellent way to frame the business landscape.

  8. The book gave a good opening and exposure to the emerging markets. The way the project has been authored is simply superb such that poor readers like me found it interesting and could complete the book. The book not only gave ideas about the present trend, challenges and opportunities but also gave an insight into the tips and tricks of assessing these inputs. A guide that gives the framework, which if followed scrupulously, will lead us to the zenith. It was a good reading and thanks for the well spent time. This also will help me while discussing and teaching the students on the Challenges, Opportunities of the century alongwith certain guidelines on how to handle these issues successfully. I sincerely appreciate the authors for having taken lot of pain in delivering a guide filled with toolkits to the growing community. with warm regards, D.M. Ezhil Buddhan. I.T.S., Director (Southern Region), Telecommunication Engineering Centre, Department of Telecommunications, Bangalore.

  9. admin says:

    Steve, thanks for your note. In fact, one of the companies we did some work with were the cellphone companies spreading across the Middle East and Africa. Zain (earlier MTC) for example has Iraq operations, and we used the framework to understand some of its challenges. Zain now has its Africa assets purchased by India’s Bharti and it will be interesting to see whether emerging market companies like Bharti do better than western cellphone operators in Iraq-like markets. Tarun

  10. Looked at the sample download. As the book says – “For some workers in the developed world, however, these markets are a source of job security angst”, I guess there is big shift taking place as far as some classes of workers are concerned.

    Earlier, large manufacturing firms in the US provided decent middle-class employment to high-school grads. This is no longer the case as there are better-trained and cost-effective workers available in the emerging economies. Also there is a limit to productivity increase that can be achieved in developed economies. Other way out is to thrive on innovation — may not be a viable option for employees with only high-school education. Hence the only way out seems is to tilt exchange rates in favor of exports from developed economies. Not sure if that is possible?

    - Shailendra Jain, EPGP 2010-11, IIMB

  11. If the alluring story of the emerging markets is looked at with a certain investigative and curious mindset, it becomes largely apparent that a fair part of the so-called growth potential of these countries stems from the inherent strength of the rich and developed economies. For, as all of us know, demand precedes supply. Come a financial crisis, the inherent demand from the developed economies might recede or at least turn inwards. And in a more long-term sense, with the larger economies slowing, the only way for them to shake their economies from slumber will be to try and have their demand for manufacturing, services etc satisfiied indigenously as far as possible and practicable.

    Will the emerging economies’ dream-run then come to a grinding halt?

    Chinmaya Kumar Sharma
    PGP 2009-2011
    IIM Bangalore

  12. Although emerging markets is one of the most talked about topics in global business domains, the sample chapter download is very different and much more interesting from the literature I have usually seen. I would look forward to read the complete book.
    Just wanted to share quick thoughts that I always had about these markets

    a) The positive indicators in emerging markets have been visible for quite some time now, but the status quo in global economy has not changed much. Is the apparently promising future of emerging markets a temporary idea or will the growth in these economies stagnate in 5-10 years of time, especially when the fundamentals (such as education, health, high dependence on service sector, etc) are still weak?

    b) Although the rise of middle class and service sector in emerging economies has grabbed attention, the economic divide in society has not improved. Will this be a roadblock for these economies to be the future leaders?

    I look forward to reading the book and get a better perspective

  13. In the current fast growing city like Bangalore, where mostly IT and BPO services are the predominant industry. How is it possible to grow a silicon valley i.e more technology focussed and giving birth to many fortune 50 companies. I am thinking loud, can Bangalore sustain or there needs to be an ecosystem developed say in a tier 2 city like Mysore.

  14. Aditya Mukherjee says:

    The book’s focus on institutional voids gives clarity and definition to the idea of emerging markets. It can help set the mental framework for business leaders to interact with these markets in a coherent manner, and not be overwhelmed by the uncertainties prevalent.

    Such a perspective on the reason for persistent, deep risks in such markets can also help stakeholders other than business. For example, governments of developing countries may be able to better consider what they need to do to compete globally. Since institutional voids can’t be fixed too quickly, one of the major competitive factors among developing countries becomes the size of the market under uniform economic, trade and labor laws. It comes as no surprise that the only developing countries becoming buzzword examples of ‘emerging markets’ are the countries with the four of the largest populations in the planet. Institutional voids mean that only that large a market makes it irresistible despite the risk. Smaller countries may find that increasing labor movement among neighbors and synchronizing economic laws may be easier in the short term compared to filling enough of the institutional voids in their country.

    Aditya Mukherjee
    IIM-B

  15. Atish Negi says:

    Having a look at the sample pdf, I can say that it will definitely provide a structured way of looking as emerging markets, not just as an investor but also an entrepreneur .

    It provides interesting dimensions to understand the working as well as the impediments prevalent in the emerging markets. Putting forward frameworks and ways to overcome institutional voids provides for an interesting read

  16. Nitin Laxman Bandgar says:

    Navigating the terrain of ‘Emerging Market’, full of difficulties and barriers posed by institutional voids and exploiting multiple latent business opportunities, demands considerable strategical planning and execution. And the book gives us exactly this- a “Roadmap” to navigate this terrain without getting lost!
    For local companies and budding ‘Entrepreneurs’ wanting to make a mark in ‘Emerging economy’, despite the stiff competition caused by big multinationals, this book will immensely help in ‘how they can use their local information- advantage to the maximum benefit’.
    For MNCs the book will help in understanding the rules of new game of ‘Emerging market’ with ease and thus helping them to become ‘the winner’ in ‘Emerging market’.
    Can’t wait to read this book….

  17. Ram S says:

    Overall the book explains lot of issues explaining why ‘emerging’ markets are, well, emerging. I have gone through only the preview of the book, so if my point is redundant; apologies. As the book explains, Institution voids present both opportunity and challenge to business executives; though I would like to point out a few peculiarities in emerging markets. These markets are characterized by both Institutional voids and Institutional labyrinthine, mostly in different Industries but sometimes these anomalies exist across different processes in the same Industry. Dependent on the intrinsic characteristic of the countries, the pace of change is determined by the relative pushes and pulls from the various pressure groups in the Industry. Therein, I think, lies a challenge for executives to navigate steadily while simultaneously looking for any abrupt change in the Institutional regime.This might also explain the seemingly incoherent decisions of developed economies MNCs exiting and entering an emerging economy almost simultaneoulsy in the same Industry!

    Thanks
    Ram S, PGP 2009 -11, IIMB

  18. Nitin Laxman Bandgar says:

    Navigating the terrain of ‘Emerging Market’, full of difficulties and barriers posed by institutional voids and exploiting multiple latent business opportunities, demands considerable strategical planning and execution. And the book gives us exactly this- a “Roadmap” to navigate this terrain without getting lost!
    For local companies and budding ‘Entrepreneurs’ wanting to make a mark in ‘Emerging economy’, despite the stiff competition caused by big multinationals, this book will immensely help in ‘how they can use their local information- advantage to the maximum benefit’.
    For MNCs the book will help in understanding the rules of new game of ‘Emerging market’ with ease and thus helping them to become ‘the winner’ in ‘Emerging market’.
    Can’t wait to read this book….

    Nitin,
    PGP1,IIM Bangalore

  19. I am a 2nd year student at IIM Bangalore and came to know about the up coming event and Launch of the Book at my institute. Just went through Chapter 1, and feel the book is a must for all students getting ready to enter into the consulting and management world.
    I am excited to know that Prof. Tarun Khanna is coming himself to my campus and eagerly waiting to witness a panel discussion and if lucky, purchase a handsigned book.

  20. R K Rajiv says:

    I had the opportunity to go through the first chapter of the book and I find it an interesting read. The author has prepared a good framework through which managers from emerging markets as well as managers of firms competing in these markets can take sound strategic decisions. Looking forward to read the entire book

    - R K Rajiv, PGP 2009-2011 IIM Bangalore

  21. Theoretical distinction apart, more or less every multinational company knows today what is an emerging market. Earlier thought of just a cost saving destination to soar up the profit numbers and a market for their second grade products, the emerging markets have become a welcome value addition and a large market for all sorts of products(luxe to economy) manufactured by these firms.
    Definitely the market dynamics is quite different compared to developed markets. This can be attributed not only to to the so called “institutional void” as pointed out in the sample download chapter 1 but also to the varied taste owing to the inherent diversity in these markets(specially India). This diversity calls for a more customized approach (for product, brand communication etc) for specific country or even within the country as compared to the commonality in developed markets. Add to it the people\management related challenges and we have a daunting task asking for very sincere and dedicated effort from the company side.Looking at the large consumer base and growing consumption it seems that companies waiting for right opportunity will miss the train because it will take time for them to grab the pulse of the market once they decide to enter. In my opinion, the sooner they take the plunge, the better; provided they learn the nitty-gritty of these markets. Hopefully this book will help them in understanding these markets better.

  22. Shankar R says:

    Nowadays, we see many U.S based companies doing a lot of work in India, producing goods that are cheaper than those produced in the west. However, some of these companies sell these Indian made goods only in India and not in the west, as they feel the low cost of the products would lower their brand image in the west. Hence, while there is an east-to-east product development, east-to-west products are yet to come in a big way. Is this expected to be this way, or will the customers in the west become cost-conscious, and force these companies to introduce low cost Indian goods there?
    Shankar R, PGP 2010-12, IIMB

  23. Vikas Bansal says:

    I’ve just gone though the book excerpt covering the introduction. The definition of emerging market seems novel and interesting – “institutional voids make a market emerging”. Can you help me understand the frame of reference of institutional structure considering that there would be some differences between the market institutions even among developed countries? If the frame of reference is the US or any other developed country, how does that make a perfect model of the required institutions?

  24. Pushpendra Pratap Singh says:

    It is indeed true that emerging markets have attracted the attention of the whole world and everyone wants a share of the big pie. Working for a major I Bank for last 3 years, i have myself felt that the perception of the “developed” economies and markets has changed drastically over last few years. India for instance now holds a lot more of FDI compared to late 90’s .
    But, i must say that the book has pointed out a very valid but majorly being neglected point as to how these developing markets bahave and operate in a different way than the other economies and markets and how neglecting those voids can lead to unfavourable output.
    Proving the whole point with relevant facts makes it easier to access the challenges that lie within.
    I am definitely waiting for the launch of this book.

  25. Shivani Pal, PGP 2010-12, IIMB says:

    The book,for a management student like myself, gives a fine insight into the politico-economic dynamics of world’s emerging economies ,and an interesting perspective on how to work in these challenging markets. But during these fevered times, what would be a safe bet for an investor or strategist ? To invest in a country which does not grow fast but is deemed to be safe for lenders or rather one which shows stability and strong legal institutions?

  26. Robin John says:

    With respect to emerging markets, the book says that “managers know that operating a business in an emerging
    market is different from doing so in a developed economy”.

    The emerging markets are also unique from an R&D perspective because they would need products that may be different form those required for the other markets. The companies could have a local R&D unit or still conduct research in their old establishments. Technology companies have R&D centres in the emerging markets but they largely cater to the research needs of the overseas markets. Can a new emerging market bring about new R&D centres too which research on the problems of the emerging markets?

  27. Sivram S D says:

    Hello Sir,
    I believe that the day when the countries in the West, adjust their work hours (by staying up late in the night), to talk to their counterparts in the East, is the day when the there has been actual shift in power from the West to the East.
    My question is, When do you believe the emerging markets would be accepted into the League of developed countries??

    - Sivram S D

  28. Ayesha Jaggi says:

    Read the first chapter download – the book essentially captures a theme central to most global debate today. While conventional super powers give way to the emergence of the so called “emerging economies” it is essential to understand the context in which these economies are still emerging and why they are – yet to arrive.

    However, most of these economies do throw up interesting opportunities for entrepreneurs and investors alike and those willing to tap into these markets must understand the setting that these markets offer – as the writer points out- we need an understanding of the institutional voids that will possibly afford us a first mover advantage in these markets.

    Very aptly timed – it will shape and influence the thinking of many who are still looking beyond the developed markets for newer opportunities but need to grasp the realities of changing world dynamics.

    Although in a globalised world- will not interdependence between markets mar the growth prospects of the emerging economies if developed economies take longer to move out of the financial crisis?

    - Ayesha Jaggi, PGP 2010-12, IIM B

  29. Vivek Kumar Vasu says:

    As said in the Introduction to the book about the challenges of doing business in emerging markets, it is indeed a fact that even though emerging markets like India are opening up , foreign firms still find it hard to setup ventures and do business. Government controls and regulations have to be cited as the main reasons here.
    However, as also highlighted in the book, some of the emerging markets like India, China and Brazil have weathered the storm of the financial crises well and without significant effect on the economy. Suffice to say that India is waking up from its License Raj hangover and ‘emerging’ at the right time in the global arena.

  30. Sai Prasad v says:

    Read the first chapter of the book and found it quite interesting, especially regarding the voids and the opportunities. Had a quick question- Who is in a better position to win in an emerging market, a big market leader or a small start-up? In other words, would adopting a “fast second” strategy work better than being an innovator?

  31. Ankita Agarwal says:

    Read the introduction to the book. The structural definition of emerging markets and the factors differentiating it from the developed markets helps in clearly outlining these market spaces. The questions on strategic choices, around entering the emerging markets, adoption and collaboration, posed to companies belonging to both the developed and emerging markets make us look at the developing markets from a different point of view.

    Will this changed perception about emerging markets result in increased activity to fill the institutional voids in these markets, with the result of evolving them into developed markets or will they continue to grow at the current pace?

    -Ankita Agarwal, PGP1 2010-12, IIMB

  32. Arun Kapur says:

    The short introduction and the way the discussion is being built up on how to win in emerging markets reminded me of another book, “The Fortune at the Bottom of the Pyramid” by Late Dr. C.K. Prahalad. The books take different approaches, or so it seems to me, to be successful in emerging markets, with one emphasizing the need to engage consumers and the other of recognizing and working with institutional voids. What I am puzzled about is whether there is a linkage between the two? Are institutional voids the reason for the oft-lamented peculiar behaviour of consumers in emerging markets? Would presence of consumer credit in the deep interiors help consumers trade up to better value products?

  33. Jitesh Khanna, PGP 2010-12, IIMB says:

    ‘Winning in Emerging Markets’ seems to be the much awaited answer to the apt strategy towards succeeding in the potential economic powerhouses of the future. The exquisite introduction takes you through a comprehensive thought process which helps one answer a host of questions on the actionable framework companies need to follow towards these markets. Its exemplary approach towards explaining the facts from the very basic terms promises one that it holds a wealth of information for readers to contemplate and appreciate.

  34. I read the introduction to the Book. Seems to present a completely different perspective to approach the challenge/opportunity presented by emerging markets to the MNCs. I would definitely like to read the book.
    However, after reading the introduction, i was left wondering whether the authors also provide insights, perspectives and strategy for the local companies in these emerging markets.
    Also, how should the MNCs deal with the predisposition of local consumers towards products of local companies which is also called “patriotism” by some people.

  35. As explained in the book institutional voids are deterring the multinationals to operate in the emerging markets. But the same institutional voids more or less saved these so called emerging markets from going into financial meltdown. So, are not these institutional voids are somewhere connected to the basis socio economical structure of these emerging countries?

  36. “Compete alone or collaborate?”

    This is an issue I have personally seen many MNCs struggle with. On one hand is the potential that emerging markets like China and India offer. Local partners offer them strategic advantages in operating here and opening up the huge market opportunities.

    On the other hand, there are issues like intellectual property leak and violation which threaten their techology advantage in other markets as well. Local companies are usually adept at reverse engineering technology that took years (and millions in cost) to develop for the MNC.

    Indeed a fine line to tread!

    - Anish Nazimudeen, PGP 2010-12, IIMB

  37. Rohit Goel says:

    The introduction is very well written, with some interesting perspectives on the ‘institutional voids’ that define the challenges and thus the opportunities in emerging markets. A must read for entrepreneurs and policy-makers. Personally, I look forward to some structured approach to the otherwise unstructured business in such markets, as these markets very much will define the new world order.

  38. PRASANTH KUMAR RAJU P V says:

    The book is unique in providing indepth analysis of institutional voids & exploiting the same as entrepreneurial opportunities in emerging markets.The authors correctly stated “Success in emerging markets is difficult but a strong commitment and a systematic approach to the challenges,understanding the laws,politics,business environment and culture of each market is key—not just country by country,but region by region as well.”
    No multinational company has mastered emerging markets across the board.One has to understand the market structure and develop a strategy to gain competitive advantage or the business unit will be left saddled with a delivery system that is not only uncompetitive with respect to cost but also well behind the competition in customer service levels.
    How should multinationals need to weigh the benefits of local knowledge against the risk of empowering a partner that could turn into a well-trained and well-informed competitor?

  39. Read the introduction of the book. As the book correctly pointed out, many of the “developed” countries view the developing markets as competitors (as detailed by Fareed Zakaria in The Post-American World) while other corporations view the developing markets as opportunities. The role of negating the “threat” from the developing countries is generally taken upon by the Governments of the Western world while the opportunities are explored by corporations who enter these Emerging Markets. This will eventually lead to some sort of tension between Corporations who want to maximize revenues (or minimize costs through off-shoring) and the Government who want to go in line with public sentiment (by keeping jobs in their own country).
    The question is when will we reach a tipping point (if ever)? and how should corporations deal with this conflict of interest? Should each Developed country choose an Ally Emerging nation – with whom off-shoring is to be permitted, and a “challenger” Emerging nation with whom off-shoring should be discouraged? (Fareed Zakaria suggested India be the Ally and China be viewed as the Challenger).

  40. Does a global supply chain provide the efficacy that it was supposed to?

    How do we modify the break even models based on the different “institutional void” contexts in different countries? How do the assumptions change? How does a firm decide the break even point for initial investment, considering that institutional voids can increase the CAPEX requirement?

    In market where corporates are increasing looking forward to localisation, how does a firm decide whether the industry it wants to enter is sustainable for the long run?

  41. Arpit says:

    I have only read the first chapter, and am very much interested in getting my hands on the book. Thank you sir for an easy to read yet precise narrative. I am sure I would be able to use a lot from this in my future.

  42. How important is the role of education in emerging markets? How exactly does it help in bringing in holistic growth, alleviating poverty, improving structural efficiency of emerging markets?

    - Narayanan Venkataraman, EPGP 2010-11, IIMB.

  43. Kishore babu says:

    As authors expressed, the emerging markets have become the focal point of various interest groups. It is interesting to note different dimensions of the subject from the authors point of view. But with my limited knowledge my inputs are as below.

    ‘ The term is often reduced to the unhelpful tautology that emerging
    markets are “emerging” because they have not “emerged.” ‘

    It is rightly said in continuous tense that they are “emerging”. Probably this is the case with every developing country having either human or mineral resources or both but still not exploited the resources to the full.

    One fact that we can not miss but often missed when comparisons are drawn on how these emerging markets are growing in comparison with developed countries is, high growth rate does not mean that they are growing in real terms as a society. Because this growth only reflects in monetary terms and not in terms of holistic growth where the development is sustainable. For example human rights violations, social equity in terms of opportunities and resources distribution are no where near the growth as we are perceiving as growth in terms of economy in the developed markets.

    In the so called developed countries materialistic growth might have reached its peak, but the interesting thing is the systems of state, market have attained maturity at a higher level. Consumerism and produce growth alone could not be taken as yardstick for measuring the development as a whole as this may not be sustainable as long as resources are unequally distributed. In the emerging markets this is what is leading to social unrest either in terms increased violence, terror threats in spite of market success stories. These issues may get escalated to any level and may even cause economic breakdown.

    Further though these emerging markets are big, they have not created the enough local market to consume the goods. So there is always dependency to export either goods, services for internal growth.

    This is similar even in the so called developed countries, as they develop core technologies to retain the economic supremacy. (for ex. Nuclear technologies)

    This market imbalance may continue and the word emerging may remain as “emerging till there is growth in non tangible areas such as human development.

  44. Pushpendra Kumar Meena says:

    I am really impressed with the premise of ” institutional voids” – the inefficiencies which do let easy and effective transactions happen in the market. The ingenuity of authors is well-reflected in the fact that this premise has been used in the book,doing away with several other different criteria, to differentiate emerging markets from developed ones.
    This single premise let the reader align their thinking with the authors approach very well as the reader would not feel confused and lost in the translation and applications of other economic criteria for these markets. Moreover, the premise is again well-justified given the existence of structural inefficiencies in these economies.

  45. Looked at the sample download. Just observed that the institutional void present in emerging markets are also source of new business ideas that could be transported to the developed world. Classic example would be the Grameen model which now works in many developed countries including US. Emerging markets thus provide new market opportunities that would otherwise go unnoticed in the developed world.

    Looking forward to laying my hands on the book.

  46. Abhirup Ganguly PGP 2009-11 IIM Bangalore says:

    Considering the fact that the institutional voids in the emerging markets prove to be a bottleneck for their economies, since it might deter the entry of some international players into these markets, I would like to know the authors’ recommendations for the governments in these emerging economies to mitigate these voids. Which are those emerging economies which are moving in the right direction towards filling these voids and how exactly is it happening – is it driven by a infrastructure creating move by the governments or is the private sector in these economies able to recognise the market that exists for filling these voids and able to come up with solutions? What are the features of the economy that do or do not facilitate this? And hence, what are the recommendations that emerge for the governors of this economy ? It is evident that a particular economy’s ability to fill up these voids will enable it to get ahead of another – how is this competition shaping up and what are the strategic moves the different players are playing ?

  47. Kishore babu says:

    It is good to see various view points and observations.

    Kishore babu PGPPM 2010-2010, IIMB

  48. Siraj Singh, PGP 2009-11 IIMB says:

    The fact that emerging markets mean different things for the two halves of the world was brought out in a brilliant perspective in the introduction portion of the book. It was refreshing to see a broader definition of developed economy by assigning importance to the market structure. However, I have always pondered on various issues pertaining to the growth of emerging markets:

    1. How conducive is the current socio-economic framework of the developing economies to sustain and accentuate the emerging market phenomenon?
    2. How long will the emerging markets take to be in a league of their own? Right now even though there have been success stories but sceptics feel that the the hype attached is mainly due to the fact these markets need to be encouraged rather than these markets doing something stupendous.
    3. How long does it take a developing market to become a developed market? How can the social equality be ensured to increase the chances of better percolation of resources/riches to the lower strata?

  49. In a world where the emerging economies are still viewed as exotic and mystic locations, more like a Bermuda Triangle for multinationals from developed economies, this book is light-house guiding the confused souls to success at these lands of limitless opportunities. The opening chapter is in itself very exciting, giving varied perspectives on the emerging markets.Looking forward to reading the entire book…to understand our own market better…

  50. Nazeer says:

    The books gives an interesting perspective on developing markets and seeks to exploit the entrepreneurial opportunities that arise out of the limitations in these markets. So are these institutional voids a boon to the developing economies ?

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