Why Most Emerging Markets VC Still Runs on a Broken Model

Over the last decade, emerging markets have become a magnet for global venture capital. The pitch is compelling: leapfrog technologies, vast unbanked populations, mobile-first users, minimal legacy technical debt (i.e., no entrenched systems to unwind), and digital tailwinds tied to GDP growth. From Nairobi to São Paulo to Ho Chi Minh City, global investors are [ ]