g-f(2)2652 Opportunity on the Edge: Unlocking Potential in Frontier Markets

 

genioux Fact post by Fernando Machuca and ChatGPT

Introduction

In their thought-provoking article "Where To Next? Opportunity on the Edge," Emily S. Block and Viva Ona Bartkus explore the untapped potential of doing business in less stable or underdeveloped regions. These "front-line" areas, often overlooked due to their challenges, present significant opportunities for companies willing to invest in local communities and develop new strategies for success. This article underscores the necessity of adapting business practices to thrive in these unique environments, offering a comprehensive framework for companies looking to expand their geographic footprints and make a meaningful impact.

genioux GK Nugget

"Doing business in less stable or underdeveloped regions can yield significant returns, but success requires investing in local communities and developing new strategies tailored to these unique environments." — Fernando Machuca and ChatGPT, July 23, 2024

genioux Foundational Fact

The g-f Transformation Game (g-f TG) framework outlined by Block and Bartkus emphasizes that companies can find lucrative opportunities in front-line environments by adopting a strategic approach that includes deep community involvement, continuous learning, proactive innovation, and data-driven decision-making.

The 10 Most Relevant genioux Facts

1. Untapped Potential: Front-line regions, though less stable, hold vast untapped natural resources and young, growing populations eager for economic opportunities.
2. Economic Activity: An estimated 1.4 billion people living in these areas generate over $20 trillion in annual economic activity, highlighting their significant economic potential.
3. New Skills Needed: Successfully operating in front-line environments requires businesses to develop new skills and strategies, moving beyond traditional approaches.
4. Community Engagement: Deep embeddedness in local communities is crucial for success, as exemplified by Newmont Mining's operations in Ghana, which relied heavily on local involvement.
5. Infrastructure Investment: Modest investments in infrastructure, such as roads and electricity, can lead to substantial improvements in productivity and economic activity.
6. Informal Economy: Understanding and integrating the informal economy is essential, as it represents a significant portion of economic activity in these regions.
7. Resource Development: There are significant untapped mineral resources in front-line areas, with realized extractive values in African countries much lower than in developed nations due to underdevelopment.
8. Local Partnerships: Forming partnerships with local actors, including non-traditional partners, is key to navigating the complex power dynamics in these areas.
9. Iterative Approach: Companies must adopt an iterative approach, rapidly testing and refining their strategies based on local feedback and evolving conditions.
10. Long-term Impact: Engaging in front-line environments not only offers financial returns but also contributes to the social and economic development of these regions, fostering stability and growth.

Conclusion

"Where To Next? Opportunity on the Edge" highlights the significant opportunities available in less stable or underdeveloped regions for companies willing to invest in local communities and adopt new business strategies. By understanding and leveraging the unique dynamics of these front-line environments, businesses can achieve substantial economic success while contributing to the social and economic development of these areas. Embracing the principles of deep community involvement, continuous learning, proactive innovation, and data-driven decision-making will enable companies to thrive in the challenging yet rewarding front lines of global business.

REFERENCES

The g-f GK Context

Emily S. Block and Viva Ona Bartkus, Where To Next? Opportunity on the Edge, MIT Sloan Management Review, July 22, 2024.

ABOUT THE AUTHORS

Emily S. Block is the George M. Cormie Chair of Management in the University of Alberta School of Business. Viva Ona Bartkus is professor emerita at the University of Notre Dame’s Mendoza College of Business and the founder of its Business on the Frontlines program. They are the coauthors of Business on the Edge: How to Turn a Profit and Improve Lives in the World’s Toughest Places (Basic Books, 2024).

Classical Summary of the Article

In their insightful article "Where To Next? Opportunity on the Edge," published by MIT Sloan Management Review on July 22, 2024, Emily S. Block and Viva Ona Bartkus examine the potential for businesses to thrive in less stable or underdeveloped regions, referred to as "front-line" environments. These areas, which often face significant challenges such as political instability, lack of infrastructure, and limited access to basic services, are typically overlooked by foreign investors. However, Block and Bartkus argue that these regions hold vast untapped potential, including abundant natural resources and young, growing populations eager for economic opportunities.

The authors highlight that, despite the inherent risks, there are substantial rewards for companies willing to venture into these front-line areas. They estimate that 1.4 billion people living in these regions generate over $20 trillion in annual economic activity. This figure underscores the significant economic opportunities available for businesses that can successfully navigate the unique challenges of these environments.

Block and Bartkus emphasize the importance of deep community engagement and the development of new business strategies tailored to the specific needs and conditions of front-line areas. They provide the example of Newmont Mining's operations in Ghana, where the company embedded itself deeply within the local community, investing in local infrastructure, training programs, and small businesses. This approach not only safeguarded Newmont's investments but also contributed to the social and economic development of the region.

The authors also discuss the critical role of infrastructure investment, the significance of the informal economy, and the potential for resource development in front-line areas. They argue that modest investments in infrastructure can lead to substantial improvements in productivity and economic activity. Additionally, understanding and integrating the informal economy is essential, as it represents a significant portion of economic activity in these regions.

To succeed in front-line environments, companies must form partnerships with local actors, including non-traditional partners, and adopt an iterative approach to strategy development. This involves rapidly testing and refining strategies based on local feedback and evolving conditions. Ultimately, Block and Bartkus conclude that engaging in front-line environments not only offers financial returns but also contributes to the social and economic development of these regions, fostering stability and growth.

"Where To Next? Opportunity on the Edge" provides a compelling argument for businesses to consider front-line regions as viable and potentially lucrative investment opportunities. By adopting the principles of deep community involvement, continuous learning, proactive innovation, and data-driven decision-making, companies can navigate the complexities of these challenging environments and unlock significant economic potential.

Emily S. Block

Emily S. Block is an accomplished academic and professional, currently serving as the George M. Cormie Chair of Management at the Alberta School of Business¹³. She has made significant contributions to the field of management and organizational behavior.

Academic Career

Emily Block is an Associate Professor of Strategy, Entrepreneurship, and Management at the Alberta School of Business¹. She is also the McCalla Professor and the Eric Geddes Professor of Management³. Her academic journey includes a BBA from the University of Notre Dame and a Ph.D. in Organizational Behavior from the University of Illinois at Urbana-Champaign³.

Research and Teaching

Block's research and teaching focus on how business can contribute meaningfully to resolving grand challenges¹. She co-founded the award-winning Business on the Frontlines course, a service learning program that involves students and faculty members heading to a post-conflict area and finding ways to aid local partners to foster safety and prosperity by bringing in private sector concepts and funding¹. This program has established around 80 different projects around the world¹.

Publications

Block has co-authored a book titled "Business on the Edge: How to Turn a Profit and Improve Lives in the World’s Toughest Places" with Viva Ona Bartkus, a professor emeritus of management at the University of Notre Dame¹. The book, which was released on July 16, showcases the power of business in rebuilding post-conflict and other challenging communities¹.

Awards and Recognition

Emily Block was awarded the McCalla Professorship, which recognizes her combination of teaching, scholarship, and service through the lens of The Frontiers of Business Initiative in the Alberta School of Business².

Emily S. Block's work is a testament to her belief in the power of business to make a positive impact on society. Her innovative approach to teaching and research continues to inspire students and professionals alike¹.

Source: Conversation with Copilot, 7/23/2024

(1) Prof. Emily Block’s new book showcases the ... - University of Alberta. https://www.ualberta.ca/business/news/articles/2024/prof-emily-blocks-new-book-showcases-the-power-of-business-in-rebuilding-post-conflict-and-other-challenging-communities.html.

(2) Dr. Emily Block - SLKone. https://slkone.com/advisors/Emily-Block/.

(3) Associate Professor Emily Block Awarded McCalla Professorship. https://www.ualberta.ca/business/research/news/2019/march/block-mccalla.html.

Viva Ona Bartkus

Viva Ona Bartkus is a distinguished academic and professional, currently serving as Professor Emerita at the University of Notre Dame's Mendoza College of Business¹. She has made significant contributions to the field of management and organizational behavior.

Academic Career

Viva Bartkus graduated summa cum laude from Yale University with masters and bachelors degrees in economics¹. She then completed her doctorate and masters in International Relations at Magdalen College, University of Oxford, while on a Rhodes Scholarship¹. Her doctorate investigated nationalism, self-determination, and why groups attempt secession, through primary research with guerilla movements and other separatists around the world¹.

Research and Teaching

Bartkus' research and teaching interests concentrate on two distinct areas: the leadership approaches most effective in solving complex business problems and the social capital of communities that enables collaboration¹. She co-led a major research initiative, "The Buck Stops Here," examining how CEOs make complex decisions¹.

Business on the Frontlines Program

Bartkus is the founder of the Business on the Frontlines (BOTFL) program at the University of Notre Dame¹. This program, chosen by Forbes as one of the top 10 most innovative MBA courses in the country, examines the impact of business in rebuilding war-torn societies¹. Since 2008, her BOTFL teams have collaborated on nearly 50 business- and peace-related projects in over twenty countries with humanitarian agencies and multi-national corporations¹.

Publications

She has co-authored several books, including "Getting It Right," with Ed Conlon (Jossey Bass), and "Social Capital: Reaching Out, Reaching In," with Jim Davis (Edward Elgar)¹. Her first book, "The Dynamic of Secession," was published by Cambridge University Press in 1999¹.

Professional Career

Before joining the faculty at Notre Dame, Bartkus spent ten years at the consulting firm McKinsey & Company, serving healthcare, industrial, retail, and high tech clients to overcome their strategic, operational, and organizational challenges¹. The last four years at McKinsey were spent as a partner of the firm¹.

Viva Ona Bartkus' work is a testament to her belief in the power of business to make a positive impact on society. Her innovative approach to teaching and research continues to inspire students and professionals alike¹.

Source: Conversation with Copilot, 7/23/2024

(1) Mendoza College of Business. https://mendoza.nd.edu/mendoza-directory/profile/viva-bartkus/.

(2) Viva Bartkus | Women Lead 2019 | University of Notre Dame. https://womenlead2019.nd.edu/viva-bartkus/.

(3) Viva Bartkus - ThinkND. https://think.nd.edu/big_questions/meet-the-faculty-viva-bartkus/.

(4) Viva Ona Bartkus|STEG. https://steg.cepr.org/researchers-directory/viva-ona-bartkus.

(5) International Center for Law and Religion Studies | Viva Bartkus. https://www.iclrs.org/viva-bartkus/.

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REFERENCES

“genioux facts”: The online program on "MASTERING THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)2652, Fernando Machuca and ChatGPT, July 23, 2024, Genioux.com Corporation.

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