BOP 3.0 OPPORTUNITY IDENTIFICATION AND SUSTAINABLE BUSINESS MODEL INNOVATION CONCEPTUAL FRAMEWORK

Bottom of the pyramid (BoP) 3.0 aims to alter the socio-economic system affecting the poor with an inclusive approach. It seeks to promote holistic solutions by addressing sustainability in all its three dimensions ie economic, social and environmental. In order to reach these goals it calls for new business practices like open innovation, scalability, purpose and cross network partnerships. The article reviews literature over the past decade to understand the challenges of Bottom of the pyramid (BoP) and the new imperatives posed by BoP 3.0.In order to address the issues the researcher suggest the use of two frameworks for businesses. The researcher builds two conceptual models with the use of literature review. The first presents a simple way of examining companies on their focus on environmental and social sustainability outcomes. The other is a framework depicting a flow of activities that can help companies to tap BoP opportunities which can deliver sustainable outcomes. The first framework can be used for diagnostic purpose and the second can be used to drive the BoP 3.0 initiatives for businesses in an integrated way by starting with the opportunity, clarifying the target market needs and identifying the constraints in meeting these needs. The constraints then set the boundaries for generating innovations using sustainable business models and the 4 A's framework. The study covers literature review, frameworks, discussions and conclusions. It explains how the frameworks suggested are derived from literature review and past research work and promotes its use by businesses to address inclusivity and other BoP 3.0 imperatives.