Base of the Pyramid markets
Sustainable and user-oriented innovations for BOP markets
Aalto University: Minna Halme
The role of the emerging market has increased during the recent years; it is expected that in the near future more than 70% of MNCs growth is coming from emerging markets. In addition, emerging markets offer not only new growth opportunities but also act as a source of innovation. Unfortunately not many Finnish companies are operating in these markets without couple of exceptions. Successful business in these low income markets (also Base-of-the-Pyramid, BOP) demands from companies to develop new innovative solutions, relating to products, services but also new kind business model are needed. It is necessary that companies will gain deep knowledge on the local conditions, about users' need and preferences. This kind user-driven innovation cannot be done far away from Finland; local engagement is essential. Besides new kind of innovation knowledge, companies need to develop partnerships with the local organizations from different sectors. Hence, this kind of partnership development is a challenging task for Finnish companies.