The world’s unstable regions represent the final frontier of global business expansion and offer tremendous potential for those bold enough
A truck sprays water along a road at the Ahafo gold mine, run by American gold mining firm Newmont, northwest of Ghana's capital Accra.In the relentless pursuit of growth, global businesses have scoured the world for new opportunities. We’ve seen gleaming skyscrapers rise in Nairobi, watched as San Pedro Sula in Honduras transformed from a violent gang-ridden city to a burgeoning hub of commerce, and witnessed the economic miracles of China and India.
Let us be clear: succeeding in these environments requires a fundamental shift in how we approach business. The strategies that work in New York, London or even Mumbai simply won’t cut it here. We need a new playbook.experience in Ghana. After facing numerous challenges in other frontier markets, the company adopted a radically different approach when developing its Ahafo gold mine. Instead of operating as a fortified enclave, Newmont deeply embedded itself in the local community.
Yes, these areas present challenges – from weak infrastructure to security concerns. But in the world of business everything is quantifiable. What these challenges really translate into is higher costs as the business expands, whether in building up infrastructure or managing new local partners. However, these costs decrease over time as the region becomes more stable.
Some forward-thinking companies are already leading the way. Firms such as Green Mountain Coffee, Jollibee and General Electric have made inroads into frontier markets, gaining first-mover advantages and demonstrating that it’s possible to do well by doing good.
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