Innovation at the Base of the Pyramid: A Comprehensive Literature Review

Abstract

This literature review critically examines the landscape of innovation targeting the base of the pyramid (BoP) population, focusing on initiatives aimed at addressing the needs of low-income communities worldwide. By synthesizing a diverse array of scholarly works, this paper elucidates the conceptual frameworks, key drivers, and emerging trends in BoP innovation. The analysis highlights various approaches adopted by businesses, non-profit organizations, and governments to develop affordable, scalable solutions that cater to the unique challenges and aspirations of BoP consumers. Furthermore, the review explores the role of technology, inclusive business models, and social entrepreneurship in fostering sustainable development and economic empowerment at the BoP. Despite the growing interest in BoP innovation, the literature underscores persistent gaps and complexities surrounding issues such as access to finance, cultural relevance, and market dynamics. Moving forward, this review underscores the importance of interdisciplinary research, stakeholder collaboration, and context-specific interventions to unlock the full potential of innovation in uplifting BoP communities and fostering inclusive growth on a global scale