Emerging Markets

Emerging Markets,
Emerging Models
MARKET-BASED SOLUTIONS TO THE CHALLENGES OF GLOBAL POVERTY
Ashish Karamchandani Michael Kubzansky Paul Frandano
March 2009
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FOR MORE INFORMATION PLEASE CONTACT:
Michael Kubzansky
mkubzansky@monitor.com
+1.617.252.2486
Ashish Karamchandani
akaramchandani@monitor.com
+91.22.6658.2000
www.mim.monitor.com
www.monitor.com
Emerging Markets,
Emerging Models
MARKET-BASED SOLUTIONS TO THE CHALLENGES OF GLOBAL POVERTY
Ashish Karamchandani Michael Kubzansky Paul Frandano

with the assistance of Victoria Barbary, Anamitra Deb, Davis Dyer,
Nishant Lalwani, Varad Pande, and Suchitra Shenoy
Executive Summary ............................................................. 2

Introduction .......................................................................... 8
New Approaches to Low-Income Markets.......................... 16
Business Models That Work .............................................. 34
PAY-PER-USE .................................................................................................. 40
NO FRILLS SERVICE ..........................................................................................47
PARASKILLING ................................................................................................. 55
SHARED CHANNELS .........................................................................................64
CONTRACT PRODUCTION.................................................................................. 77
DEEP PROCUREMENT...................................................................................... 86
DEMAND-LED TRAINING ...................................................................................95
What the Models Teach .................................................... 102

Recommendations and Concluding Thoughts ................... 120
APPENDIX: OVERVIEW OF THE INDIA STUDY .............................................. 131
ACKNOWLEDGEMENTS ............................................................................ 135
NOTES .................................................................................................... 136
Executive Summary
Appendix
EMERGING MARKETS, EMERGING MODELS
Executive Summary
THIS REPORT INVESTIGATES MARKET-BASED SOLUTIONS!

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READING BY SOLAR LANTERN

The poor participate daily in markets, whether for livelihoods, food,
social services, or basic products like lamps and stoves. But these
markets are often informal and provide low quality goods and services
at a penalty. Market-based solutions are delivering better outcomes.
MONITOR COMPANY GROUP, L.P. 2009

Executive Summary
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Executive Summary
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Executive Summary
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Introduction
Introduction
SEVERAL YEARS AGO,!"#$%&'()!&!(*&''!+,*-&./!0.!12#..&0)!3.40&)!0.5$,6

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A SELF-HELP GROUP IN ANDHRA PRADESH

Village women meet regularly to manage credit and savings for
purchases of dairy cows and other income-generating assets.
10

Introduction
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Introduction
11
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A great product idea

married to a noble mission
is rarely enough to make
meaningful progress in
the face of massive social
challenges like improving
the lives and livelihoods of
billions worldwide living in
impoverished conditions.
12

Introduction
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We found many examples
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of market-based approaches
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that seemed promising on
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Introduction
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13
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GRINDING FLOUR
Among low-income families, food preparation is often laborious and
time-consuming. Today, market-based solutions offer better ways to
simplify traditional chores like cooking or securing clean water.
17
18

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21
22

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Where the Formal Economy Reachesand Doesnt.
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23
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Some large corporations
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do participate in lowKK
income markets,
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especially in industries
like telecommunications,
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pharmaceuticals, and fast
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moving consumer goods.
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Just How Big, Really, is the Opportunity?
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24

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Education in India: Market Size Comparison (US$B)
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25
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The sheer size of the
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market alone may be
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a deceptive signal of
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whether large companies
will rush in.
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26

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Whom Can We Expect to Find in These Markets?
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27
The Imperative to Scale

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29
30

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NEST Lanterns Have Sold Slowly Despite Superior Price/Cost Performance

Comparison of Cost/Lux hr of Various Lighting Technologies
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39
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potential customers.
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44

Two-Thirds of Byrraju Plants Are Profitable Without Significant Marketing Effort

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73
74

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The benefit to Calypso of
this form of sourcing is
an assured supply that is
less expensive to acquire
than if it had to purchase
or lease the land, hire the
workers, and centrally
manage production
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Gherkin Cultivation Accounts for a 125 Percent Increase in a Farmers Income

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risks, contract production
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business model that
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86

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Costs of Intermediation and Wastage Represent Significant
Opportunities to Increase Incomes of Tomato Farmers
SYSTEM COSTS
OPPORTUNITY
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Several innovators are
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that engage small
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producers in supply chains.
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other sectors such as
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1.#)"&'$20"'+/#4'N?8???')#4E,E#+"&'#'$24+/8'20'24"'"-"03'92*0'$,4*+"&'20'&28'#02*4E'
+/"').2)C<'V4E'#'522E'1"0)"4+#5"'29 '+/"'+0#,4,45',+'102-,E"&',&'0*E,$"4+#03';!'+6#4E6
!'4,&/='B';.#&+6$,."'*4"$1.23#:,.,+3=',&&*"&8',4')2$1#43'1#0.#4)"'B'24'&*)/'+/,45&'
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720C<'V42+/"0'1#0+',&':#&,)'D!'+0#,4,45'24'121*.#0':*&,4"&&'&29+7#0"<>X
100 EMERGING MARKETS, EMERGING MODELS

!"#$% "& % '()*% )*% +,-')./0,-01% #$2% "-% +,'(34-$,5)#6% ,+,-'% &-"7% '($% *.,0$% ,'% 2().(%
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*+)-)'$:%>$,0%/#,4,*($:01%2)'(%."77$-.),0%7"')<$*?%@)'(%)7,6)#,')"#%,#:%,%7$,*/-$%
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$."#"7).%+1-,7):%'"%'($%A/,*)3&"-7,0%*$.'"-%,#:%$<$#%7"-$%:$$+01%)#'"%'($%)#3
&"-7,0%*$.'"-=%$)'($-%)#%*)#60$%."77$-.),0%$#'$-+-)*$*%"-%)#%+,-'#$-*()+%2)'(%+/40).%
*$.'"-%,6$#.)$*?%B"-$"<$-=%'($%7":$0%)'*$0& %)*%7,#)&$*'01%*.,0,40$=%,#:%*,0,-)$*%&"-%
'$7+"-,-1%2"-5$-*%,-$%."#<$-6)#6%2)'(%'("*$%"& %C+$-7D%$7+0"1$$*EF%G%,%&,.'%'(,'%
2)00%0""7%0,-6$-%,*%4"'(%*5)00$:%,#:%$#'-130$<$0%'$7+*%4$."7$%,%7"-$%,''-,.')<$%"+3
')"#%,7):%'($%0,4"-37,-5$'%.(/-#%"& %,%!%/.'/,')#6%$."#"71?%
8($%7":$0%#$<$-'($0$**%(,*%)#($-$#'%0)7)',')"#*?%H0'("/6(%:$7"#*'-,401%*/..$**3
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A/,*)3&"-7,0%,#:%)#&"-7,0%*$.'"-*=%'($%7":$0%(,*%1$'%'"%4$%,:,+'$:%."7+$00)#601%
'"%)#:/*'-)$*%'(,'%7)6('%$7+0"1%2"-5$-*%)#%0"2$-%)#."7$%*$67$#'*?%8($*$%2)00%4$%
,07"*'%$;.0/*)<$01%-/-,0=%0$**%0)'$-,'$=%,#:%0$**%*5)00$:?%I-"6-,7*%*$-<).)#6%'($%4,*$%"& %
'($%+1-,7):%2)00%#$$:%'"%&"./*%"#%."#*'-/.')"#=%'$;')0$*=%."77$-.),0%:-)<$-%*$-<).$*=%
,#:%"'($-%7"-$%)#&"-7,0%*$.'"-%+"*)')"#*?%J"-%"../+,')"#*%0)5$%."#*'-/.')"#=%2($-$%
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4$%*0)7?%N'($-%"../+,')"#*%G%*$./-)'1=%:-)<$-%*$-<).$*=%,#:%'$;')0$*%G%("0:%6-$,'$-%
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!"#$%&'(O%8NIP%P$./-)'1Q%)*+,-./01*%234%!"#'*%O%P8R)STQ%5$%3406789%U$*)V-$2=%
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101
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!"#$%&'$()'($*+,*%&-".+/+0-"%")-%1+
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51/.9.,!47.!,-=!!5804-.;!1= !*2206-+:!47.!
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;1895.!*+,!49*-+!47.;.!@19I.9;A
What the Models Teach
AROUND THE WORLD !"#$%& '$(%& '$)*+!,-$.+#& /(/!/$!/0+.& $)+& 1")*/(2&

$!&!3+&-$.+&"4 &!3+&+5"("'/5&6%)$'/#7&8(4")!9($!+:%;&4+1&"4 &!3+.+&1/::&#+:/0+)&!3+&
#+./)+#&/'6$5!&/(&$&5"''+)5/$::%&.9.!$/($-:+&'$((+)&")&$53/+0+&:$)2+&.5$:+7&<3/.&
.3"9:#&("!&-+&.9)6)/./(2=&./'9:!$(+"9.&$53/+0+'+(!&"4 &$'-/!/"9.&."5/$:&$(#&5"',
'+)5/$:& "->+5!/0+.& /.& /(3+)+(!:%& #/4!&59:!7& ?(#++#;& !3+& !1"& 2"$:.& 3$0+& "4!+(& -++(&
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*+!,-$.+#&.":9!/"(.&1+A0+&>9.!&#+.5)/-+#&$)+&6)"0/(27&
B!3+)&6$)!/+.&C&/(0+.!").;&+(!)+6)+(+9).;&DEB.;&69-:/5&6":/5%&'$*+).&C&!3$!&1/.3&
!"&)+6:/5$!+&.955+..49:&-9./(+..&'"#+:.&1"9:#&#"&1+::&!"&!$*+&$55"9(!&"4 &!3+&2+(+)$:&
:+.."(.&!3+%&!+$537&F+)+&$)+&."'+&)"9!+.&!"&5"''+)5/$:&0/$-/:/!%&$(#&:$)2+&.5$:+7
ROUTES TO COMMERCIAL VIABILITY
G")&+0+)%&4")'$:&(+1&6)"#95!&")&.+)0/5+&:$9(53+#&:"1,+(#&'$)*+!.;&$(&/(4")'$:&
6)"#95!&")&.+)0/5+&$:)+$#%&+H/.!.&!3$!&3$.&+0":0+#&/(&$&:"1+)&I9$:/!%;&'")+&+H6+(./0+;&
-9!&4)+I9+(!:%&-+!!+)&!$/:")+#&!"&!3+&(++#.&"4 &!3+&6"")7&<3/.&.+!.&$&-$)&4")&'$)*+!,
+).&!"&!3+.+&.+2'+(!.&!3$!&/.&"4!+(&/(0/./-:+&")&/2(")+#;&$(#&.+0+)$:&:+.."(.&1+A0+&
"-.+)0+#&'$%&3+:6&2+!&6$.!&/!7&
Lessons in Serving the Poor as Customers
!"#$%& '"()*$+,& +(& -.+$/& $*,+(-%"& $.,/& !&(0,1& J$.3& "&"1& /.& */(2=& -9./(+..& '"#+:.& !3$!&
/2(")+&!3+&/))+29:$)/!/+.&"4 &5$.3&"&"1.&/(&:"1,/(5"'+&.+2'+(!.&$)+&9(:/*+:%&!"&.95,
TEACHING AND LEARNING IN UTTAR PRADESH

Education is highly valued in India, where many low-income
people are willing to pay for private schools to help their children.
103

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+"30.(2"38%=*(!>38$%?,3"))%.'"%.(!>".%1+(!"%()%)*5"%!(",.38%3-;%0,#%.'"%10890!>%1"+(-#%
)*5"%!(",.38%9+("5:%.'"+"%;(33%9"%,-%)03"$%
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-9).0!3"):%40,8%)-!(03%",."+1+()")%!-,.(,*"%.-%0.."41.%
Cash flow is king: business
9*(3#(,<%.'"(+%-;,%0,#%.'*)%#").+-8%.'"%"!-,-4(!)%-5 %
models that ignore the
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irregularities of cash flows
in low-income segments
9:#4;.#/)(,"#$%&'"<(%/()0'(#2+3($%*8+'(/)"*)'1%.(,#/%)%#25(&'()%
are unlikely to succeed.
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!"#$%&' %$()*#%"+%,-&./(0"&+%01)0%2"**%*&2#-%(&$0$34%5&-%01&$#%2&-6"+7%"+%*&28#+.%
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"+%&<;"&/$%2):$L%<:%!"$,#-(#";"+7%21)0%*&28"+(&!#%(&+$/!#-$%2)+0%0&%</:%21#+%
01#:%()+%)''&-.%"0%&-%1);#%)((#$$%0&%(-#."0M%)+.%<:%!"$/+.#-$0)+."+7%01#"-%()$1%!%&2$9%
&-%)<$&*/0#%)<"*"0:%0&%,):4%
!"#$%&'($)*+,(%(#I know I pay a lot for renting the diesel pump, but I can pay it back much later even up
to a year later. I know the dealer very well.
I can only afford cattle because I have a dairy loan. I want other products to be offered in
the same way.
We want gold on credit. Everyone in our village does.
G&/-(#L%N&+"0&-%5&(/$%O-&/,$9%?+.1-)%P-).#$1%)+.%Q00)-%P-).#$19%5#<8N):%RKKS4
105

As Suppliers Or Producers
!"##$%%&%'()'%&('&'*$&'+,&+- &'*$&%",,./&#*(012&!"#$%&'($')**#''+),$-./$'*-,-0,#$0)'1.#''$
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The most successful and
scalable business models
#''#.(1-,$ #A)16%#.(<$ E)*"$ %&/#,'$ "-@#$ 1%6,1*-(1&.'$
all featured a similar
+&2$ 6&,1*47%-?#2'$ -./$ /&.&2'$ ?##.$ (&$ "#,6$ ("#$ 6&&2$
attribute: they were set
8-1.$-**#''$(&$%-2?#('3$1($')88#'('$("-($1.(#2@#.(1&.'$
up tooth-to-tail by an
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organizational brain at
(1@#,4$-./$#*&.&%1*-,,4$&28-.191.8$')66,4$*"-1.'$-($("#$
or near the head of
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the supply chain.
#2'$5#,,$/&5.$("#$,1.#<$
3(4$& (##+"1'& +- & %05(6.$& ,+'$1'0(.& %70'#*018& #+%'%2$ =2&%$ .)%#2&)'$ 2)2-,$ ')66,1#2$ +&*)'$
82&)6'>$ 5#$ .&(#/$ -$ '(2&.8$ -@#2'1&.$ (&$ :'51(*"1.8;$ 1.$ 8#.#2-,>$ -./$ (&$ '51(*"1.8$
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FRUIT AND VEGETABLE MARKET IN AURANGABAD, MAHARASHTRA

New business models that aggregate low-income farmers in ecient supply chains
can improve livelihoods dramatically.
121
122

For Commercial and Impact Investors

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For Government and Policy Makers

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125
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policies and regulatory
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restrictions that inhibit
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127
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128

CONCLUDING THOUGHTS
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8%9+(.)/0%))+:,*%-)+"#%+*%:,0)&#"(-4+).11%))8.-+"0*+:"04+1,0&/0.%+&,+)2,9+:,#%+
;#,:/)%+&2"0+2"#*+#%).-&)5+
<%9+*,.(&+&2"&+%03"3/03+&2%+;,,#+")+1.)&,:%#)+"0*+).;;-/%#)+;#%)%0&)+"0+%=1/&'
/03+>+"0*+ )/30/!+1"0&+>+,;;,#&.0/&4+ &,+ %)&"(-/)2+ 0%9+ ;"#"*/3:)+ &2"&+ :/32&+ 9,#$+
"-,03)/*%+ ,&2%#+ :,*%-)+ &,+ (#/03+ 3%0./0%+ ),1/"-+ 12"03%+ /0+ !+0"01/"--4+ ).)&"/0"(-%+
9"4)5+?2/-%+&2%+,;;,#&.0/&/%)+9/--+(%+-"#3%@+&2%4+:"4+)&/--+0,&+(%+-"#3%+%0,.32+/0+
:"04+)%1&,#)+&,+"&&#"1&+-"#3%+1,#;,#"&/,0)@+%);%1/"--4+/0+(/33%#+%:%#3/03+:"#$%&)+
9/&2+-"#3%+:/**-%+1-"))%)5+A,9%7%#@+%7%0+&2,.32+&2%+#%&.#0)+9/--+0,&+(%+,.&)/B%*@+
&2%+ ,;;,#&.0/&/%)+>+!+0"01/"--4+ "0*+ ,&2%#9/)%+>+9/--+ 1%#&"/0-4+ (%+ -"#3%+ %0,.32+ &,+
1"&"-4B%+"+#"03%+,8 +"1&/7/&4+8#,:+):"--%#+,#+%7%0+:%*/.:')/B%*+;.#;,)%'(./-&+%0&%#'
;#/)%)5+C2/)+)%3:%0&+,8 +):"--%#+;#,:,&%#)+9/--+*#/7%+&2%+!+%-*+/0+&2%+1,:/03+*%1"*%@+
"0*+&2%+$%4+&")$+9/--+(%+&,+/*%0&/84+&2%+:,)&+;#,:/)'
/03+,8 +&2%+-,&@+2%-;+"0*+2")&%0+&2%/#+3#,9&2@+12"--%03%+
Whatever doubt there is about
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financial returns and opportunity
,8 +1,::%#1/"-+"0*+),1/"-+%0&%#;#/)%5
size, the vast potential to
provide positive social returns
?2"&%7%#+ *,.(&+ &2%#%+ /)+ "(,.&+ !+0"01/"-+ #%&.#0)+ "0*+
should elicit no doubt.
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),1/"-+#%&.#0)+)2,.-*+%-/1/&+0,+*,.(&5+C2%+;,&%0&/"-+,8 +
;"#")$/--/03+ :,*%-)+ &,+ -,9%#+ 1,)&)+ "0*+ :"$%+ %))%0&/"-+ )%#7/1%)+ "7"/-"(-%+ &,+ %7%0+
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*#":"&/1"--4+/:;#,7%+/01,:%)+>+&2%)%+"#%+0,&+&2%+)&.88 +*#%":)+"#%+:"*%+,8 +(.&+
"#%+#%"-/B"(-%+,;;,#&.0/&/%)5+!"#$%&'(")%*+),-.&/,0)+)2,.-*0F&+).()&/&.&%+92,--4+8,#+
,&2%#+%88,#&)+/0+3,7%#0:%0&+"0*+1/7/-+),1/%&4@+(.&+&2%4+1"0+).;;-%:%0&+&2%:+&,+/:'
;#,7%+"88,#*"(/-/&4@+D."-/&4@+"11%))@+"0*+/01,:%)+8,#+&2%+;,,#5
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812$+#0+(17$+"#5$8+$0.8)#<$+,$0##$(- $+"#&$86#$80$6,*/0+$80$+"#&$844#86$+,$*#9$
:#$.,1.)/2#$+"(0$6#4,6+$*&$4,(1+(17$+,$+"#$46,-,/12$812$.6(+(.8)$6,)#$(548.+$(13#0>
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1,'$(1$(+0$#86)&$28&0$,- $2#3#),45#1+9$!",0#$(13#0+,60$'())$*#$*#0+$4,0(+(,1#2$'",$
4,00#00$ +"#$ 48+(#1.#<$ 6(0%$ +,)#681.#<$ 812$ 0,.(8)$ 5,+(38+(,10$ +,$ (13#0+$ (1$ */0(1#00$
5,2#)0$+"8+$.81$0.8)#$812$+"/0$-/)!$))$+"#$46,5(0#$8+$+"#$*80#$,- $+"#$4&685(29$!"8+$
46,5(0#$6#58(10$)867#$812$*6(7"+9$
129
Appendix,
Acknowledgements & Notes
Appendix, Acknowedgements & Notes
Appendix: Overview of the India Study

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HOUSING IN MUMBAI
New assured demand business models promise improved
affordable housing for urban low-income renters.
131
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Number of Initiatives Profiled by Sector

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133
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135
136

Notes
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Michael Kubzansky
mkubzansky@monitor.com
+1.617.252.2486
Ashish Karamchandani
akaramchandani@monitor.com
+91.22.6658.2000
www.mim.monitor.com
www.monitor.com

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Ashish Karamchandani Michael Kubzansky Paul Frandano

Executive Summary ............................................................. 2

What the Models Teach .................................................... 102

EMERGING MARKETS, EMERGING MODELS

THIS REPORT INVESTIGATES MARKET-BASED SOLUTIONS!

READING BY SOLAR LANTERN

MONITOR COMPANY GROUP, L.P. 2009

EMERGING MARKETS, EMERGING MODELS

MONITOR COMPANY GROUP, L.P. 2009

EMERGING MARKETS, EMERGING MODELS

MONITOR COMPANY GROUP, L.P. 2009

EMERGING MARKETS, EMERGING MODELS

MONITOR COMPANY GROUP, L.P. 2009

EMERGING MARKETS, EMERGING MODELS

!" #"$%&'()*"+, "!""#$%&'()&"*"+,"-()./-")0%)"1*/%--")&%2')'+3%4"5'224(6

MONITOR COMPANY GROUP, L.P. 2009

EMERGING MARKETS, EMERGING MODELS

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A SELF-HELP GROUP IN ANDHRA PRADESH

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MONITOR COMPANY GROUP, L.P. 2009

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MONITOR COMPANY GROUP, L.P. 2009

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MONITOR COMPANY GROUP, L.P. 2009

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MONITOR COMPANY GROUP, L.P. 2009

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