The Tata Nano is a prime example. Companies tend to innovate for the environments they are embedded in. Thus, Indian companies innovate for the Indian context which is characterized by relatively less affluent consumers, fragmented distribution,… Understanding this, smart MNCs are locating in India to innovate for India and the emerging markets more broadly as they are able to contextualize the research. A great example is GE Healthcare with its R&D lab in Bangalore India that has produced such innovations as the MACi ECG machine that is priced at US$500 and can produce an ECG for the same price as a bottle of water!