This report reflects the results of a research project carried out by SNV during 2011 and 2012 with funding from the Ford Foundation and the Inter-American Development Bank’s Multilateral Investment Fund (IDB-MIF). The aim of the research was to investigate the extent to which inclusive business initiatives can make a substantial contribution to improving the living conditions of the poor while at the same time providing companies with enough financial or other incentives to scale up such initiatives—specifically, to a size commensurate with the problems of poverty and exclusion that emerging economies face. Inclusive business (IB) is defined as a profitable as well as environmentally and socially responsible business initiative that, while creating value for the company, contributes to improving the quality of life for low-income communities through their participation in the value chain of a business. It harnesses the growth potential already found in businesses and links this potential to social objectives. IB models can involve the poor as suppliers, distributors, or consumers of goods or services, or as shareholders and partners in the business initiative.