Essilor’s Base of Pyramid (BoP) Innovation lab evaluates inclusive business models and acts as an incubator to test innovative ways to reach populations with no access to vision care, in partnership with other corporates, lolal startups, NGOs, foundations or development funds.
Of the 2.5 billion people who need visual correction, 90% live in the developing world where there is little or no affordable vision care. This so-called ‘base of pyramid’ – people who live on less than $2.50 a day – is a significant underserved market that is difficult to reach but has huge economic potential.
Supported by the Singapore Economic Development Board (EDB), Essilor’s BoP Innovation Lab works in four key areas. It develops a pipeline of inclusive business models, builds relationships across the public, private and non-profit sectors to leverage ideas and finance, leads research to improve understanding of BoP needs and shares best practices to help introduce inclusive business models into new markets.
The BoP Innovation Lab is working on multiple projects in different parts of the world. It’s is a valuable resource supporting 2.5 NVG teams to better serve consumers through product or service innovation. The BoP Innovation Lab explores how to adapting existing technologies or develop new solutions to make operations more efficient and quality products more affordable.
“What’s exciting at Essilor is that teams are probing to understand what options could work in various underserved communities, and not just focusing on one single model.”
– Stuart Hart Professor of Sustainable Business at the University of Vermont’s Grossman School of Business and Founder of Enterprise for a Sustainable World