670: How Innovative Companies Help Frontier Markets Grow

Efosa Ojomo, global prosperity lead at the Clayton Christensen Institute, argues that international aid is not the best way to develop poor countries, nor are investments in natural resource extraction, outsourced labor, or incremental improvements to existing offerings for established customer bases. Instead, entrepreneurs, investors, and global companies should focus on market-creating innovations. Just like Henry Ford in the United States a century ago, they should see opportunity in the struggles of frontier markets, target non-consumption, and create not just products and services but whole ecosystems around them, which then promote stability and economic growth. Ojomo is the co-author of the HBR article "Cracking Frontier Markets" and the book The Prosperity Paradox.