Innovation in Developing Markets
What does this Innovation Focus Topic cover?
In order to address what Innovation in Developing Markets covers we will focus on Africa for a moment, as a developing market, it is a ‘poster child’ for ground breaking opportunities and innovation. Typically, established organisations are well oiled machines, set in their ways and more often than not, still resist the injection of innovation and innovative ideas into their market. We have all heard the phrase ‘necessity is the mother of invention’ and this best explains developing markets. When a need becomes essential, one is forced to find creative and innovative ways of fulfilling that need. Developing Markets are a blank sheet of paper, which means there are ample opportunities to be innovative across all markets and sectors.
What are the new and emerging areas of Innovation in this area?
There are many new and emerging areas of Innovation in Developing Markets, however, one example is agriculture. Agriculture introduces Innovation in Developing Markets, as people will always need to eat. With one in four people in the developing world suffering from undernourishment, there are plenty of opportunities’ in this market sector to develop and the only way to address this is through Innovation. Blockchain technology solutions for example empowers farmers by facilitating access to the wider global market via mobile platforms. It allows the farmers on the ground to receive their money and in some cases bypass the middle man with the ultimate goal of improving the income and quality of life of farmers and boosting local economies
What new value could Innovation deliver in this area over the next 3-5 years?
According to a recent study, by 2050 Africa will house a third of the world’s population. This is down to the fact that Africa is one of the most actively developing continents today – a statistic which shows the size of the opportunity available here. In these developing countries, we will see and witness individuals becoming savvier as they seek the knowledge to develop their area of expertise. A continent that houses over 450 tech hubs, Africa is demonstrating leadership and innovation in the technology area with countries like Kenya being at the forefront of providing financial services through mobile technology, eg Mara phone being the first smartphone manufactured entirely in Africa – all highlighting this growing innovative flare which is certainly set to increase in the next 3-5 years.