An inverse innovation for photovoltaic (PV) industry

Abstract

Photovoltaic (PV) has become a vital source of energy in an era when oil is depleting, carbon emission should be contained, and nuclear power will slow down due to the disaster at Fukushima. Today, technology innovations are instantly diffusing globally. Blessed with this, emerging PV companies without R&D capabilities are dwarfing advanced PV companies. The recent PV market expansion despite its high cost, is by favor of Feed in Tariff (FIT). But, FIT disappears sooner or later, since it is mere transfers of incomes. In post FIT era, real market growth surely requires drastic cost cut. In this regard, advanced PV companies with R&D capabilities are required to establish a new innovation strategy. This paper proposes an Inverse Innovation in which innovation starts in developing markets with achieving very cheap and affordable products in very low income markets, and then those products diffuse globally. In order to accomplish Inverse Innovation, advanced PV companies should establish integrated value chains for R&D, products developments, manufacturing, and marketing in low-income markets such as India.

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