President Obama's mission to Asia earlier this month was touted by US media primarily to highlight the 50,000 jobs created by deals signed in India during his visit. It's a shame Obama — and the Western press — didn't pay attention to the far bigger story happening in many of the countries on his visit: real, game-changing innovations from emerging markets that could point the way for currently stagnant Western firms. The good news for the world economy is that, with economic development occurring in a more dispersed fashion, experiments are underway in more diverse institutional settings than ever before. So, with the right attitude and mindset Western economies should expect to see the emergence of viable models from all over the world, not just their backyards.