The world’s most recognizable multinational corporations—McDonald’s, Procter & Gamble, and General Electric, among others—spent many decades building their vast global footprints and brands. They invested massively over the years in physical assets, local talent, on-the-ground operations, and marketing in scores of countries. Over time, many of them constructed globe-spanning supply chains designed to make, transport, and sell their offerings to customers around the world.

Now, companies can expand globally at astounding speed, and with dramatically less investment, thanks to new business models. China’s Xiaomi, for example, teamed up with an e-commerce company in India to become the second-largest player in that country’s crowded smartphone market in just two years—despite having no local manufacturing or physical retail presence. Uber was able to enter 77 countries in six years, also with little investment in value-adding assets, by reaching digitally connected consumers through its global platform, while Netflix penetrated more than 190 countries just seven years after launching its streaming service.

Established companies are also taking advantage of new business models to expand their offerings. Rolls-Royce and Philips, for instance, are using their products as platforms for selling services, rather than just equipment, to global customers.

Understanding which business models can succeed in these challenging times is a critical area of concern for corporate leaders. The macroeconomic statistics are sobering: global GDP growth continues to hover at 2% to 3%, and the contribution of trade to global GDP has stalled in the past decade. Moreover, rising protectionism is making it harder to compete in many of the world’s most alluring emerging markets, and Brexit and threats to major trade agreements in the West have spurred declarations that globalization is in retreat.