Capital and Markets for the Missing Middle
This thesis investigates innovative solutions to improve market access in developing countries, with a specific focus on bridging the gap between global capital and product markets and the so-called "missing middle".
The missing middle traditionally refers to small and medium-sized enterprises (SMEs) in developing countries that are too large for microfinance, but too small, informal and risky for traditional financial institutions. Smallholder farmers in cash crop value chains face a similar challenge: they have outgrown local demand but are too small to access global export markets.
The research explores innovative intermediary channels designed to improve access to finance and markets for these companies and farmers. By analyzing the behavior of private impact investors on a crowdfunding platform and the dynamics of smallholder farmers in an export-oriented value chain, the dissertation identifies key challenges in these market connections.
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