- Provide a product or service to the Base of the pyramid that meets an important need for an affordable price.
- Look for innovation among your target market, and think how to leverage it. People live with limited resources every day, and largely the same drives and desires (food, health, shelter, love, fun communication) regardless of their income. People can be very inventive in meeting those needs.
- Be patient: Investors may need to wait for years while products become affordable, and eventually reach a large scale. But when this happens, the payoff can be huge, and the successful may then be well entrenched in a large market which is growing wealthier.
- Don't re-invent the wheel: Is there a way you can innovate in the way you use existing infrastructure? E.g. Mobile phones are constantly changing, but they don't need a new cellular grid each time a new phone comes out.
- Make people happy: Practical products are great, but there's nothing wrong with providing some fun and beauty at the same time.
External links[edit | edit source]
- Innovate Today: 8 Ways Business Can End Poverty, tonic.com.
