I just finished reading one of the most impactful books of our generation. It’s called ‘The #ProsperityParadox’. If you plan to operate in a poor country and haven’t read it, you must. I’m giving away a signed copy by @EfosaOjomo. But first, some key points I found interesting:
1/ Market-creating innovations that target non consumption are the most impactful kind of innovation. Each market-creating innovation creates an entire value chain of profits, jobs and positive cultural changes to support the business.
2/ What makes market-creating innovations so massively impactful is that they take goods or services categories that are only accessible to wealthy people and democratize them for millions, at a lower price point. Think cars, airplanes, computers, phones.
3/ In doing so, they create prosperity through employment and income, and improve quality of life of ordinary citizens. In many cases, they also lead to changes in public policy and how society operates. Each successful market-creating innovation unlocks entirely new industries.
4/ Focusing on creating prosperity through market-creating innovations, rather than focusing on eliminating poverty, is the most effect way to actually create prosperity and reduce poverty in poorer countries. Entrepreneurs are vital.
5/ Corruption is a tool to solve a problem. It thrives when there’s scarcity and no consequences. Over time, innovation forces the the creation of institutions and accountability. It doesn’t eliminate corruption, but makes corruption more difficult and harder to hide.
Some relatable examples of market-creating innovations are mobile phone, Infinix & Tecno phones, Kia and Hyundai cars, Honda & Yamaha motorcycles, windows laptops, portable homes, cheap eyeglasses, indomie noodles, microwaves. These innovations all improved our quality of life.
Get you a copy today! 
