This report from the Omidyar Network focuses on “Frontier Capital,” early-stage investing in emerging markets that seeks both financial returns and social impact, specifically targeting low- and lower-middle-income populations. It identifies three segments of investment: Replicate and adapt, frontier, and frontier plus, each with varying levels of risk and potential impact, and calls for more risk-tolerant capital to support innovation in these areas. The document highlights the importance of mixed-income models and asset-light businesses for achieving scale and impact in these markets.