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Risky business: how to de-risk your fintech startup before it’s too late

Posted By Akansha Kasera, Bankable Frontier Associates, Friday, April 6, 2018
Updated: Friday, April 6, 2018

By Maelis Carraro and Elizabeth Davidson

If you’re a fintech entrepreneur, it’s probably not news to you that failure is more likely than success. After all, an estimated 70% of tech startups fail, typically within the first two years after their first round of financing.

Catalyst Fund has been working with inclusive fintech startups, a field that presents unique challenges for entrepreneurs, over the past two years. In many countries, it is a sector that presents more regulatory constraints, limitations as to how companies can handle information, and stringent operational and capital requirements.

Different startups, common risk challenges

Despite working with a wide variety of fintech startups across different geographies and sectors, we have seen some themes emerge on the most common risks that can pose a threat to the success of the business at the early stage. All startups mention they lack the financial and human capital they need to grow their businesses. “Finding funding is a huge burden. The average startup CEO spends 70% of his time fundraising, which remains the number one challenge faced by local startups,” says Yoann Berno of Flowigo.

Finding people with the right skill sets who are willing to give up more secure job alternatives is also big barrier, yet fundamental to raising capital and ensuring smooth execution. “The biggest challenge is getting the team with the right skill set at first, especially when you’re a young company and don’t have a system or protocol for hiring and then you start growing rapidly,” says Destacame’s Jorge Camus. “It then gets challenging to manage the team, train them and really build a culture that allows you to get to your goals.”

Over 70% of our fintech entrepreneurs also noted that not getting to product-market fit is a major challenge they face. They felt they did not have a full understanding of their customers needs to build strong value propositions. Additionally, 40% mentioned they faced technology risks, including lack of accessible data to refine their products, and 33% pointed to specific ecosystem dynamics that might threaten their business ability to scale.

Want to mitigate risks? Start early!
Early identification of key risks can help fintech startups invest in the business support they need early on before a risk takes down the business. These risks can scare off investors, who want to ensure that entrepreneurs understand the key challenges they face. Instead of waiting for entrepreneurs to identify key risks, early stage investors can work with startups to tackle these risks before or in conjunction with their investment.

Catalyst Fund has taken just this approach. By working with our entrepreneurs to identify risks, we can tailor technical assistance to solve these risks so that investors are more confident in the future success of the business.

Taking an honest look at their own key risks can be difficult for entrepreneurs, who may be too deep in the weeds to step back and look at the bigger picture. This is why the Catalyst Fund developed a risk diagnostic to help startup leaders get a better grasp on their challenges, and understand those within or outside of their control. The tool offers a checklist of possible mitigation strategies for the entrepreneur. Here are a few strategies we applied through our technical assistance engagements:

Understand your customer to offer strong value propositions
For Miguel Duhalt at Comunidad 4uno, that meant better understanding what his customers valued most about its product in order to focus on high value customers and tailor their offering. When we first met 4Uno, a financial services distribution platform offering insurance, health benefits and payments services for domestic workers in Mexico, they struggled with picking the right product offering for the right customer segment. After working with them on customer research, we helped them segment their customer base to refine their product offering and marketing strategy. Since then, they tailored product packages for insurance to specific client profiles and also offer salary payment services via an app, which resulted in a growth spurt.

Figuring out the right way to engage with customers is also a challenge for entrepreneurs in these markets and a big risk to the company’s ability to take off. How can a mobile-based startup communicate its value proposition clearly and consistently with a rural customer base when only 50% own phones and only 20% are literate? WorldCover, a platform providing insurance to low-income farmers around the world, used a marketing MVP, or minimal viable product, composed of simple and clear images to cater to the illiterate majority of potential customers. They tested various solutions, from SMS systems to a “microphone man” going to communities to play a recorded message and frequent community meetings. Community meetings, with 95% attendance rates, allowed WorldCover to maintain a human touch with customers. Farmers trusted WorldCover more after more face-to-face interactions because “an impostor wouldn’t show up at your house every week after taking our premium money,” said WorldCover’s CEO, Chris Sheehan.

Build a product vision and roadmap that meets your business needs
On the other hand, PayGo, a pay-as-you-go gas solution in Kenya, realized they were struggling with technology risks. They needed to integrate with a scalable payments solution, track key gas system indicators, and find tools to measure, monitor, and run their field sales team and customer service, yet they did not have the tech skills in the team build the necessary back-end software technology. We worked on designing their product architecture and built a new version of the app they are still using today. “The architecture we built with Catalyst still holds,” says Nick Quintong, PayGo’s CEO. “It was fundamental for a team that doesn’t have software expertise to bring someone in to show us how it can be done with off-the-shelf software modules.” Without these key technology investments early on, PayGo would not be poised for the growth it’s enjoying today.

In Colombia, we helped Escala, a savings fund for corporate employees and their children, with similar challenges. Initially, technology was holding Escala back and preventing them from reaching more clients who could benefit from their services. We worked with Escala to identify and integrate the right tech processes to match their stage and helped them avoid spending important resources on expensive and unnecessary CRM tools. 


“We believe ESCALA Educación’s story proves that a model like CF is very valuable to get a company investment-ready.” 

Escala used their new tech structure to more successfully manage their two sets of clients — companies and their employees — and to raise a seed round, which included members of Catalyst Fund’s Investors Committee such as Accion Venture Lab. “We believe ESCALA Educación’s story proves that a model like CF is very valuable to get a company investment-ready,” said Tahira Dosani, co-managing director of Accion Venture Lab, at the SOCAP conference this year. “ESCALA combines a strong management team and exciting customer acquisition and engagement strategies” says Vikas Raj, co-managing director of Accion Venture Lab.

Get the timing right
Unfortunately, not all risks can be mitigated. For Flowigo CEO Yoann Berno, “timing is everything.” Flowigo, a SaaS company seeking to enhance operations of pay-as-you-go product distributors in Africa, faced timing risks that ultimately backfired. Its markets lacked the client density necessary from them to scale, and key infrastructure issues like connectivity posed an ongoing challenge. SaaS companies like Flowigo need dense networks of businesses to flourish, but in Africa, industries that count more than a few dozen major players are rare. Scaling a SaaS business while addressing 10 to 15 customers is a hard sell. Ultimately, Flowigo succumbed to the timing risk, deciding to pivot and wind down this line of business.

Overall, while not all risks are avoidable, you can’t avoid the risks you don’t know about or aren’t focused on. So for fintech startups and investors alike, identifying and mitigating risks early is key to success. To get started on identifying your fintech startup’s key risks and think of your mitigation plan, check out Catalyst Fund’s new risk diagnostic.

You can also check out De-risking your Fintech startup webinar where we go over the toolkit and risk assessment for Catalyst Fund companies here

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Tags:  Business  emerging markets  entrepreneurship  finance  impact investing  inclusive business  inclusive innovation  Incubation  Risk; Risk Assessment; ANDE Members  SGBs; Environment; accelerators; energy  social business  social enterprise  social entrepreneurship 

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Three Powerful Tools for Fintech Practitioners

Posted By Jane Del Ser, Bankable Frontier Associates, Tuesday, January 16, 2018
Updated: Wednesday, January 17, 2018

By David del Ser

(Watch our video)

Since we launched the Catalyst Fund in 2015, we have helped 15 fintech entrepreneurs deploy novel approaches to bring products and services to their customers. We have distilled the successful patterns and behaviors we have observed into toolkits and posts for those considering fintech methods for their businesses, whether they be startups or established players.


At a high level, successful fintech startups adopt principles of Design, Risk Management and Product Management, and also put modern technologies like smartphones, artificial intelligence and cloud computing at the core of their value propositions. At successful fintech startups Designers, Product Managers, CEOs and Engineers reinforce each other in multidisciplinary teams to explore the overlap between what customers find desirable, what engineers can build, and what the business requires to grow.

Design

The function of Design is to represent the voice of the customer at all times to make sure a company stays centered on what matters most. Design is not a one-off process. In the spirit of customer validation, designers keep tight feedback loops with customers throughout the product development process, from early prototypes to usability testing of new features.


Through user research (UX) techniques like online surveys and one-one-one interviews, designers invest heavily during initial stages in order to know their customers like the back of their hand; what are their problems and pain points, and how can their company help? In fact, designers segment customers into personas to allow the team to constantly keep in mind different user profiles and needs.


Aesthetics matter. Designers work hard to perfect a product’s UI and its look and feel, so it can live up to the high expectations created by WhatsApp or Google. But great design goes beyond just user research and visuals during early product design stages. Successful inclusive fintech startups map out the Customer Journey and Service Blueprint in detail to fully understand the perspective of the user each time they  interact with the company.


Ultimately, great design creates trust, that elusive quality that all startups are chasing and that distinguishes them from their competitors. We’ve captured our lessons for startups to build trust with their customers through their products or services in our Design for Trust Toolkit.


Product Management

But designers can’t work in isolation; they need someone to lead the orchestra - and that’s where a product manager comes in. The PM takes a big picture view and works to ensure that designers, engineers and marketers all work towards the same goal. Crucially, she makes sure the product or service goal is backed by data and evidence. She keeps the whole process nimble through quick agile iterations focused on the activities of users, from initial onboarding to the retention phase. For example, using A/B Testing and usage analytics she captures details of how each users is interacting with every screen to inform engagement.


The effective product manager is very focused on the key metrics for the business, such as customer lifetime value or acquisition costs. She also works hard to explore the best channels to find new customers, including viral referrals and social media. As an example, our portfolio company Destacame has seen lead acquisition costs dropping to less than $3 through these types of digital channels. We explore some of the different tools and frameworks to help startups focus as they chart their journey from idea, to minimum viable product (MVP) and growth in our upcoming product/market fit toolkit.

Modern Technologies

And finally, you can’t have good fintech without the “tech” that is enabling these new approaches.


Most important are the smartphones, which run fintech apps and also act as channels to find and interact with users. For instance, several of our startups use WhatsApp to offer customer support and drive virality, communicating with users in the way they prefer. Smartphones can also be used to generate and capture user data, which is particularly valuable when targeting low-income consumers who traditionally have been anonymous. In that vein, our portfolio company Smile Identity validates and authenticates customer identities using selfies taken on their phones.


In addition machine learning and other artificial intelligence systems can improve customer value propositions and to automate internal processes like credit scoring using data from smartphones and other new sources like satellites. As an example, our portfolio company ToGarantido is exploring chatbots for sales of their insurance policies and customer support. Harvesting is using satellite data to understand credit and insurance risk with just a GPS read. Worldcover doesn’t even need customers to file a claim as their satellite systems award them automatically.


And software engineering helped Escala and Paygo Energy to automate most of their back-office processes to be responsive to their customers. It is easier and more affordable than ever for startups to leverage affordable SaaS solutions to architect their systems. Likewise, cloud computing is also a powerful technology that offers simplicity, lower costs and flexibility. There is no need to commit capital to purchase hardware and the team requires less engineering talent to keep the servers going.

Conclusion

In our experience, companies that harness the powerful combination of design, product management and modern technologies create better and more tailored value propositions. That makes for happier customers, which is what makes businesses thrive. By driving more usage, the fintech triad can create more impact in low-income populations. And digital channels and automated processes can significantly lower costs of serving customers, allowing for expansion to new markets and reducing exclusion.


Learn more by joining us for our webinar on the Catalyst Fund toolkits during the ANDE Sector Update call in January. Register here.


Tags:  Acceleration  accelerator  accelerators  Africa  ANDE Africa  Base of the Pyramid  brazil  Business Models  capacity development  early stage ecosystem  emerging markets  entrepreneurship  finance  financial inclusion  fintech  Grants Rockefeller  impact investing  impact investment  inclusive innovation  India  India; ANDE members  innovation  Kenya  Latin America  mentoring  Mexico  SGBs; accelerators; East Africa  smaholder farmers  smes  social enterprise  social entrepreneurship  social innovation  webinar  West Africa 

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Crowdsourcing innovations that enhance economic stability. Submit by September 15!

Posted By Phil Psilos, FHI 360, Wednesday, August 16, 2017

Have your organization, investees, or clients created a product, program, or policy that enhances economic stability for poor and vulnerable people?  We'd like to hear about it!

FHI 360 is working with support from The Rockefeller Foundation to surface global innovations that improve economic stability for individuals, communities, local governments and businesses .

The research team is looking for innovations that enhance several dimensions of economic stability: (1) income and asset stability through more consistent employment, wages, and safety nets; (2) specific financial products, skill development approaches, or other means that help people plan for and invest in the future (3) innovations that improve people’s confidence in economic management, regulatory quality, and dispute resolution, or allow them to participate more effectively in shaping these environments in ways that enable better decisions at the household and business levels.  

Top innovations will be featured in an Atlas of Stability Innovation published by FHI 360 in early 2018, in our online media campaigns, and promoted in global media.

Please submit your innovations by September 15, 2017 at at the submission page or visit the project website to learn more. You can also reach us at innovation4stability at gmail dot com          

Tags:  crowdsourcing  emerging markets  Global. Development  inclusive business  inclusive innovation  innovation  Microfinance  social enterprise  social innovation 

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Bringing Food Safe Technology in Guatemala: Fair-Fruit & InspiraFarms

Posted By Paula Rodriguez, InspiraFarms, Tuesday, February 21, 2017
Updated: Tuesday, February 21, 2017

Guatemala is now positioned as the world’s third-largest exporter of peas, and indigenous farmers living in the highlands produce 99 percent of these peas.

Guatemala’s participation in the global fresh vegetables and fruits market has required a rapid technological adaptation to changes in food safety requirements. When implemented, these technological adaptations ensure access to high-value and regulated markets such as USA and the EU.

The lack of availability of this kind of technology, such as food-safe cold storage, bulking and processing spaces, has become one of the major limiting factors in the competitiveness of smallholder farmers in export supply chains.

Small and growing agri-food companies and exporters have played an important role in facilitating the compliance of food-safe and quality certification standards of the smallholder production base. This is true in the case of Fair-Fruit, a Guatemalan company, who specialize in fresh fruit and vegetables destined for European markets.

In the past Fair-Fruit had been collecting all their produce from Salamá and transporting it to its main plant in Ciudad Vieja (Sacatepeqez) for processing, a six-hour trip which often resulted in produce spoiling and a loss of revenue.

In 2015 Fair-Fruit decided to place an InspiraFarms satellite Cold Storage and Food Processing Facility (an FP180) at their production site in Salamá. Fair-Fruit hoped to reduce produce spoilage and dehydration due to long distance transportation, as well as save money on their overall processing and transportation costs as their motivation for installing the FP180 at their production site.

According to Miguel Basterrechea at Fair-Fruit, “For many years we’ve budgeted 30% in quality and dehydration carrying the product for such long distances. Cooling down the product and working on quality close to harvest fields can reduce these losses in between 10% and 15%. With around 2,000,000 pounds harvested in a year we are talking of 240,000 more pounds per year, and at a US$0.73 per pound, this generates a net total of US$175,000 per year”.

 

To know more about InspiraFarms visit us at www.inspirafarms.com

You can know more about Fair-Fruit here

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Tags:  Agriculture  central america  Guatemala  inclusive innovation  postharvest technology  small and growing agrobusiness 

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Partnerships to impact low-income markets in Kenya and East Africa

Posted By Chandrakant Komaragiri, Ennovent, Friday, June 3, 2016
Updated: Friday, June 3, 2016

Ennovent is seeking partners who work in sectors including Education, Healthcare, Agri-business, Finance, WASH,  Energy and others, who are interested in collaborating on business opportunities in Kenya. Partners can be individuals and organisations including consultants, development agencies, foundations, investors and corporations.


Benefits for partners will include the opportunity to collaborate with a diversified network, develop and implement innovation projects to address business opportunities, and build on knowledge and expertise on pertinent issues.


If you are interested in partnering with Ennovent, please fill out this short form, and we will be in touch with you.


We would also like to request you to share this exciting partnership opportunity widely in your network and help in making a sustainable impact in Kenya together.

Tags:  Africa  Agriculture  Base of the Pyramid  Creating Shared Value  East Africa  entrepreneurship ecosystems  inclusive innovation  Kenya  Private sector development  social innovation  sustainability  sustainable development 

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Online Bootcamp Inclusive Innovation

Posted By Nicolas Chevrollier, BoP Innovation Center, Tuesday, February 16, 2016

Are you an entrepreneur looking to create or improve a product or service together with low-income groups?

 

Join the bootcamp on ‘Inclusive Innovation’ and learn from the best inclusive innovation cases and experts!
 
The online bootcamp, organized together with the “empowering people. Network” of the Siemens Stiftung, will take you through modules in which you get access to the latest industry insights on Inclusive Innovation. You will have the chance to strengthen your capabilities and use a variety of tools to discover, define, develop and deliver inclusive innovations. Participants get to interact with experts and participants from businesses around the world.

Who?

The Bootcamp is designed to fit the needs of entrepreneurs working in developing countries. Members of the “empowering people. Network” of Siemens Stiftung, members of the IB Accelerator, members of the Engineering for Change community and everyone who is interested in social entrepreneurship is welcome to register.

Structure

The online bootcamp will be structured in 4 modules over a 4-week period. Each module consists of videos, background reading material and an assignment. In each module there is room to interact with other course participants. Experts are also active on the forum and will provide feedback on assignments. You will spend approximately 3 hours per week including ~1 hour of individual online reading.

When?

Registration is open up from February 3rd until March 31st 2016. The online bootcamp will take place from April 4th until May 1st 2016. You will be able to go through the material and submit the assignments in your own time and pace.

April 4th, 2016: MODULE 1 – Discover your capacity to innovate
April 13th, 2016: MODULE 2 – Define your innovation space
April 20th 2016: MODULE 3 –Develop your prototype
April 27th, 2016: MODULE 4 –Deliver your market solution

This bootcamp is developed by:
Bootcamp partners Inclusive Innovation

Register by clicking  going to https://iba.ventures/bootcamp/ and clicking on the REGISTER button at the bottom of the page. You need to be logged in to your IBA account to register, please create an account below if you are not an IBA member yet.

We hope to see you online soon!

The teams of Siemens Stiftung, Engineers for Change and the IB Accelerator

Join the bootcamp!

Download File (PDF)

Tags:  bootcamp  inclusive innovation  online 

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Have got an innovative solution to make SME finance work for the missing middle? DGGF/SCBDFacility may help you kick start!

Posted By Julia Brethenoux, Triple Jump, Monday, December 7, 2015

The Dutch Good Growth Fund (DGGF)/Financing Local SME is a “fund of fund” investment initiative from the Dutch Ministry of Foreign Affairs that aims to improve financing for the “missing middle” i.e. entrepreneurs that have outgrown micro financing but do not yet have access to regular financial services.

To this aim, DGGF has a Seed Capital and Business Development (SCBD) facility that can support innovative early-stage finance actions reaching underserved SME markets with up to 1 million Euros. The SCBD facility is especially interested in innovative, sustainable and scalable proposals that address one or more of the interrelated fundamental challenges of SME finance, namely high information asymmetry; lack of collateral; high transaction costs; and limited deal flow/growth potential. Of particular interest to SCBD are nascent finance vehicles that make SME finance work for female entrepreneurs, young entrepreneurs and entrepreneurs in fragile states.

Curious about the first SCBD transaction making debt financing available to African health SMEs? More details are available here 

You have an innovative SME finance solution just starting? DGGF/SCBD Facility might be able to support your efforts! More details about the opportunity, including application and selection process are available in the enclosed one pager.

Twitter: Professionals eager to close the financing gap for the missing middle, follow @SCBDFacility

Download File (PDF)

Tags:  Access to Finance  DGGF  early stage ecosystem  Entrepreneurship  impact investing  impact investment  inclusive innovation  innovation  Private sector development  Women 

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IDEO.org's Urban Resilience Challenge: Add Your Ideas

Posted By IDEO.org, Tuesday, October 27, 2015

Almost 4 billion people live in the world’s cities. By 2045, that number is expected to reach 6 billion. As the earth gets warmer, sea levels rise and weather patterns become more erratic, the fates of billions will rest on the ability of cities to transform in response to these pressures. People living in urban slums already struggle to access safe housing, water and other basic resources, and will be disproportionately impacted by these changes.

We believe this presents a tremendous opportunity for design. How might urban slum communities become more resilient to the effects of climate change? Our fourth Amplify challenge focuses on the opportunity to design solutions that enable communities in urban slums to adapt, transform, and thrive as they meet the challenges presented by climate change. We're looking for solutions related to sanitation, water management, energy, communications technology, community development and more!

For the Urban Resilience Challenge, we're partnering with OpenIDEO, the UK Department for International Development and the Global Resilience Partnership. Winners of this challenge are eligible for a share of up to $800,000 in funding and technical design assistance to bring some the best ideas to life.

There's only ONE WEEK LEFT to add your idea (a few short paragraphs will do!) to be eligible to win the challenge, so check out the challenge and add your voice today: http://ideo.to/AmplifyURC

Tags:  communities  conflict affected states  East Africa  Entrepreneurship  Environment  inclusive innovation  innovation  Kenya  Poverty  Prize  social enterprise  Social Entrepreneurship  sustainability  West Africa  Women 

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Inclusive Innovation: From Idea to Impact

Posted By Nicolas Chevrollier, BoP Innovation Center, Tuesday, October 6, 2015

In the next month, BoPInc innovation experts will share insights on their inclusive innovation journey via blog posts on their experience in developing innovation in BoP markets.

1- What is inclusive innovation?

Inclusive Innovation is the entrepreneurial development of something new with impact together with low-income groups. Inclusive innovations create impact whether incremental or game changing and go beyond the pure invention process. They balance financial and social return for the entrepreneur or corporate company developing and implementing it as the objective is to create positive economic and social impact for entrepreneurs, corporate companies and consumers.

In this mini-serie of 4 blog posts that will be published this month, we will set the scene of what inclusive innovation is, of what defines an inclusive innovator and what processes and tools should be in place to successfully develop inclusive innovations. We will refer to tangible  inclusive innovations that BoPInc has helped to develop.

2- What to innovate on?

Inclusive innovations come in many forms:

  • a new business model (for example, Pay per use model of energy provider MKopa in Kenya http://www.m-kopa.com/) 
  • a new value chain actor (for example, JITA in Bangladesh distributing to rural places http://www.jitabangladesh.com/ or Guts Agro Industry Plc  in Ethiopia http://www.bopinc.org/updates/news/a-new-innovative-distribution-model-for-nutritious-food).

Inclusive innovation can sustain existing practices of a company, provide them with a competitive advantage, extend it by venturing in new markets or by developing new products. Beyond this, it can radically change how a company operates. To strategize where to innovate, a number of key breakthrough areas of innovations can be identified that could significantly impact low-income populations,  such as low cost farming systems for precision fertilization and irrigation, possible using the Internet of Things to measure soil, crop and weather conditions and apply the inputs accordingly. We were inspired by the 50 scientific and technological breakthroughs listed in this report: https://www.ligtt.org/50-breakthroughs. While these could benefit different geographies in the world, the real innovation challenge lies in the contextualization of these technologies by matching them with the local demands, market mechanisms and institutional deployment factors.

Our inclusive innovation expert Gerwin Jansen will describe in the second blog of the series how this contextualization process is facilitated Bangladesh. For instance, how the business case for potato cold storage was developed to fit the specificities of the context of Bangladesh.

3- The inclusive innovator DNA

 Implementing inclusive innovation at scale is challenging in multiple ways. From a market perspective, creating a demand is often as challenging as developing or contextualizing a technology. From a business ecosystem side, BoP markets offer an innovation environment that generally lacks relevant appropriate policies, infrastructure, human capital and access to finance.  For instance, off-grid refrigeration for farmers offers a good maturity from a technology, market and ecosystem perspective, whereas new fertilizer production methods, that are extremely capital intensive and have significant environmental footprints, require a revamp of an entire value chain, making the innovation much more challenging.

To cope with the challenges, a new breed of inclusive innovators is rising, featuring a number of intrinsic characteristics essential for innovation entrepreneurship at the BoP:

  • Purpose driven: Inclusive innovators are relentlessly looking to address major issues with new solutions.  They look beyond the financial return to understand the long term impact of their actions;
  • Frugal: BoP markets are full of constraints. Inclusive innovators turn these tensions into fuel and develop low-cost and easy to access solutions that increase acceptance and affordability;
  • Empathic: Behavior of BoP consumers is often unknown and by looking through the lens of reciprocity (understanding motivation and drives of a counterpart), inclusive innovators identify the real job to be done by their innovation;
  • Agile: Inclusive innovators have the ability to rapidly change directions and adapt in order to cope with sub-optimal conditions, limited knowledge of customers and context, as well as rapid changes in the environment. Combined with empathy and visualization, design thinking is often employed by inclusive innovators; and
  • Collaborative: One cannot innovate alone at the BoP as the range of skills required can often not be found  within one person or even within a single organization. Inclusive innovators master the art of partnering and collaboration, and often integrate contradictory views (working with NGOs for a corporate professional) into a winning innovation.

In blog 3 of this mini-series on inclusive innovation, I will paint a full picture of an inclusive innovator.

4- Getting inclusive innovation implemented

Inclusive innovation is not just a matter of inspiration or individual talent. It requires

specific structures and processes that can be facilitated by tools, for instance to develop an innovation strategy, to develop (or contextualize) an innovation through rapid prototyping or to efficiently identify needs and demands of low-income groups. Furthermore, companies, particularly corporations, are structuring inclusive innovation programmes to better harness the potential of impact internally. Philips for instance is doing impact corporate venturing via their newly Africa Innovation Hub in Nairobi through which they aim to develop innovations and bring them to the market. In blog 4, inclusive innovation enthusiast Benjamin van der Hilst will give you a sneak peak in the Inclusive Innovation Toolkit that will become available early next year, and describe examples of inclusive innovation programmes currently implemented by BoPInc.

Join the inclusive innovation journey in the coming 2 months and stay tuned for the next blog post on October 15th in which innovation expert Gerwin Jansen talks about the need for inclusive innovation.

5- Mini-serie

The inclusive innovation serie will include 3 additional blog posts published every 2 weeks on the following topics:

- Blog 2 What to innovate on? You will read how we were able to contextualize inclusive innovations around improved agriculture (cooling systems for instance) that radically changed how farmers operate in Bangladesh

- Blog 3 The inclusive innovator DNA: we will introduce to the best BoP innovators from our network and reveal how they succeeded in. Come meet K.C.Mishra from Ekutir in India!

- Blog 4 Getting inclusive innovation implemented: in practice, you can manage inclusive innovations towards success. Our prototyping cycle will be unravelled that allows you higher change of impact of your inclusive innovation. 

 

Tags:  DNA  inclusive business  inclusive innovation 

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