Conference prompts reflection on ‘Growth Markets’

In a time of economic, political, and environmental change, how can people proactively contribute to economic prosperity in their communities? At the April conference Innovation in Global Growth Markets: Prosperity through Entrepreneurship, sponsored by the Massachusetts Institute of Technology’s Kuo Sharper Center for Prosperity and Entrepreneurship, this question was on everyone’s mind.

The conference attracted more than 300 attendees to discuss emerging markets, which the center refers to as “growth markets” to emphasize their success and potential. I met people from Argentina, Australia, Botswana, Brazil, Egypt, Ghana, India, the Kyrgyz Republic, Nigeria, Somalia, and Zimbabwe. Attendees I spoke to shared a grounded optimism that we can leverage our skills and lived experiences to meaningfully contribute to our communities’ economic well-being.

What I learned

The conference was filled with panels and speeches that challenged us to consider what entrepreneurial success looks like. Panelists discussed the entrepreneurship environments in Africa and Central Asia and expounded upon the nuances of doing business when mitigating climate change, building energy systems, expanding health care access, navigating military conflict, and collaborating across regions. Their words highlighted the importance of trust, cultural awareness, active listening, and other factors beyond profit.

In his keynote speech, Moderna co-founder and philanthropist Noubar Afeyan shared some of the key lessons and frameworks that guide his investment decisions as a leader of the life sciences venture capital firm Flagship Pioneering. He said many investors avoid risk and uncertainty by investing in “adjacencies,” or products similar to existing products. While ostensibly a safe bet, adjacencies have lots of competition and little potential for transformative impact. “Why do we expect extraordinary outcomes from reasonable people doing reasonable things?” he asked. In contrast, Flagship Pioneering accelerates bold, unprecedented scientific innovations such as Moderna’s mRNA vaccines. Rather than avoid risk, Flagship crafts business plans that embrace and address risk. Afeyan’s lesson: Entrepreneurial success requires us to do the “unreasonable.” Ultimately, it is risk-takers who disrupt outdated systems and transform the world, he said.

In a panel about climate change, Olufunto Boroffice, founder and CEO of Chanja Datti, a waste management and recycling social enterprise in Abuja, Nigeria, described how her conversations with community members shaped her business’s approach to addressing environmental problems. According to Boroffice, people in affluent countries often tout the importance of reducing greenhouse gas emissions. However, for local families that struggle to afford food and education for their children, these demands are not actionable, she said. With this in mind, Chanja Datti launched Bottles for Books Initiative, which allows community members to exchange plastic waste for funds to support their children’s education. This exchange addresses families’ needs, supplies Chanja Datti with materials, and reduces pollution. The story illustrated that successful business models that create lasting impact must be grounded in the environments where they operate.

What’s next?

Having attended the KSC conference, I feel inspired to keep connecting with entrepreneurs from around the world and listening to their perspectives. When I hear how changemakers address multifaceted problems in their work, I learn useful ways that I can set goals and frame success in my own life. I need to actively listen to my clients and understand their problems in order to build useful solutions. I hope to stay in touch with the incredible people I met, and to attend next year’s conference.

I am grateful to Cornell University’s Emerging Markets Institute (EMI), whose generous support allowed me to travel to MIT for the conference. I first became involved with EMI through its undergraduate student-led research group, the Emerging Markets Institute Club (EMIC), which has taught me to investigate important questions about economics and build stronger data analysis skills.

About the author

Ori Ben Yossef recently graduated from the College of Arts and Sciences as a Humanities Scholar with majors in mathematics and computer science. Ben Yossef leverages data science skills to address mathematical problems of social relevance.

All views expressed in articles published on the Emerging Markets Institute webpage are those of the author(s) and should not be taken as reflecting the views of the Emerging Markets Institute.