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    • Devex Book Club

    Hard places, high returns: Rethinking crisis markets with Viva Ona Bartkus

    In this episode of the Devex Book Club podcast, Viva Ona Bartkus discusses how businesses are discovering untapped opportunities in fragile markets historically dismissed as "no-go zones."

    By Hayley Mundeva // 08 April 2025

    Listen to "Business in challenging markets: Viva Ona Bartkus on building businesses in fragile economies" on Spreaker.

    Listen on Spotify, Apple Podcasts, SoundCloud, YouTube, or search "Devex" in your favorite podcast app.

    The conventional playbook for global business is simple: assess risk, avoid conflict zones, and steer clear of extreme poverty.

    But what if the next frontier of business opportunity lies precisely in these "no-go" zones?

    That's the provocative thesis behind University of Notre Dame Professor Emerita Viva Ona Bartkus's book "Business on the Edge," which challenges decades of corporate risk assessment orthodoxy. Through research spanning 80 business initiatives across war zones, post-disaster regions, and areas with high rates of poverty, Bartkus and co-author Emily Block have uncovered a surprising pattern: businesses that embrace rather than avoid fragile markets can achieve remarkable returns.

    The implications are profound. Their research shows how forward-thinking companies are developing entirely new business models that thrive precisely where others fear to tread.

    What makes these ventures succeed where traditional development efforts have struggled? The book points to their unique approach — neither pure profit-seeking nor charity, but rather a form of commercial engagement that aligns business incentives with community development. Simply put, it’s about building rather than extracting.

    Perhaps most surprisingly, Bartkus reveals how pioneering firms have formed unlikely alliances with NGOs, local governments, and even military partners to navigate complex environments where traditional business playbooks fall short. Their approach goes beyond traditional investment or aid, showing how businesses can lay foundations for lasting prosperity where it's needed most.

    As climate change, conflict, and instability reshape global markets, "Business on the Edge" makes a compelling case that mastering these challenging environments isn't just ethical business — it's smart business for the decades ahead. Join Devex President and Editor-in-Chief Raj Kumar and Bartkus as they explore why the hardest markets might offer the highest returns — while building prosperity that lasts.

    Viva Ona Bartkus sits down with Raj Kumar to reveal the counterintuitive tactics that unlock massive opportunities where others fear to tread. Via YouTube.
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    Printing articles to share with others is a breach of our terms and conditions and copyright policy. Please use the sharing options on the left side of the article. Devex Pro members may share up to 10 articles per month using the Pro share tool ( ).

    About the author

    • Hayley Mundeva

      Hayley Mundeva

      Hayley Mundeva is the Communications Lead at Devex, where she handles executive communications, podcast production, and other signature content. Born in Nepal and based in Rwanda, she brings communications consulting experience spanning private businesses, nonprofits, and international organizations in East Africa, Southeast Asia, and North America. She holds a master's degree in global health.

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