𝐖𝐡𝐚𝐭 𝐝𝐨𝐞𝐬 𝐢𝐭 𝐭𝐚𝐤𝐞 𝐭𝐨 𝐦𝐚𝐤𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐲𝐬𝐭𝐞𝐦𝐬 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐰𝐨𝐫𝐤 𝐢𝐧 𝐭𝐡𝐢𝐧 𝐚𝐧𝐝 𝐟𝐫𝐚𝐠𝐢𝐥𝐞 𝐦𝐚𝐫𝐤𝐞𝐭𝐬? At yesterday's ASI Thought Leaders Forum, practitioners from Timor-Leste, Solomon Islands, and Malawi shared what they are learning from delivering programmes in contexts where constraints are systemic and shape how whole markets function. 𝐀 𝐟𝐞𝐰 𝐫𝐞𝐟𝐥𝐞𝐜𝐭𝐢𝐨𝐧𝐬 𝐬𝐭𝐨𝐨𝐝 𝐨𝐮𝐭: ⚪Adapting MSD approaches is essential - flexibility and continual iteration matter more than rigid frameworks ⚪Co-investment and market demonstration can shift behaviour and crowd in private finance, especially in small island economies ⚪Integrating inclusion, nutrition, and climate resilience into core design leads to more durable results - not parallel workstreams ⚪Working with the system as it is - while keeping political and social dynamics in view - is critical to sustaining change What came through across contexts was how much progress depends on adapting approaches to local conditions. Many thanks also to Claire Hughes, Renato Zrnic, Dina Karic, Holly Krueger and Connor Russell for sharing their experience and insights. We’ll be sharing the full recording soon!
Adam Smith International
International Trade and Development
Transforming lives by making economies stronger, societies more stable, and governments more effective.
About us
Adam Smith International is a global advisory company that works locally to transform lives by making economies stronger, societies more stable, and governments more effective. Our clients are governments, international organisations, companies, and foundations. They come to us to develop strategies and to design, deliver and evaluate programmes that address the big challenges facing the world. As a company with experience of delivering lasting results, including in fragile states and where there is conflict, we are prepared to manage a high level of risk to achieve our purpose. Our core team of staff and technical experts, in multiple offices around the world, ensures the quality of delivery and high ethical standards that we and our clients require. ASI is owned and operated by its employees. We are committed to corporate integrity and a triple bottom line of social, environmental and financial performance. This commitment was formally recognised when we became a certified B Corp. The certification indicates we balance profit and purpose through the highest standards of transparency and accountability as well as social and environmental performance. We are also a participant in the UN Global Compact, which certifies our respect for standards of human rights, labour, environment, and anti-corruption.
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http://www.adamsmithinternational.com/
External link for Adam Smith International
- Industry
- International Trade and Development
- Company size
- 51-200 employees
- Headquarters
- London
- Type
- Privately Held
- Founded
- 1992
- Specialties
- Government Reform and Economic Growth
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Updates
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Adam Smith International reposted this
As PRES draws to a close today I’ve had a chance to reflect on the amazing work that has been achieved by the program over the last 4.5 years. By its completion, PRES supported 248 DFAT activities across 13 sectors and 15 Pacific Island Countries. In particular, PRES supported transformational work in budget support, trade and aviation of which I am immensely proud. I feel that I’m the luckiest Team Lead in our sector- I’ve been able to work with the best team and amazing advisers to achieve outcomes across the Pacific. A huge thanks to my team Danielle Rossi (nee Potts) Dr Abby McLeod Kate Peacock Frank Thomalla, PhD Claire Moon Angus Paterson for all of your work, my fingers are crossed that we’ll be reunited soon!
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Following our first session on Rethinking Venture Capital in Africa, this week’s Oxford AVFP alumni discussion went deeper into one model: permanent capital vehicles. Led by Bas Hochstenbach, the session took the form of an open Q&A—creating space for a practical, candid look at how evergreen structures actually work. We explored: • What permanent/evergreen funds look like in practice • How to balance flexibility with investor liquidity expectations • Mechanisms like secondaries and periodic revaluations in illiquid markets • How capital deployment shifts without a fixed fund lifecycle Using E4E Africa’s HoldCo structure as a live case study, key takeaways included how evergreen vehicles can: • Remove pressure for time-bound exits • Align capital deployment with opportunity—not fund cycles • Support companies across multiple rounds and longer growth paths • Introduce alternative liquidity pathways alongside traditional exits A clear theme emerged (and echoed from our first session): fund structures must adapt to market realities, especially in ecosystems with longer exit timelines and constrained capital. Thanks to everyone who contributed so openly. Next week, we continue the AVFP Discussion Series with Tidjane Deme and Dr Ola Brown, exploring recent shifts in the African VC landscape - from capital flows and FX dynamics to broader geopolitical factors. Drawing on insights from the latest Partech report, the session will focus on separating signal from noise in today’s market. The Africa Venture Finance Programme (AVFP) at Saïd Business School, University of Oxford - an initiative of the European Investment Bank (EIB), in partnership with KfW/DEG Impact and implemented by Adam Smith International - has, since 2022, graduated 160 African VC fund managers across four cohorts.
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Adam Smith International reposted this
As we marked TOMAK’s final chapter, I felt a deep sense of gratitude. What began as ideas planted a decade ago has grown into something truly meaningful for Timor-Leste’s rural families. Over the years, TOMAK became more than a program - it became a community. Together with government partners, market actors, civil society, and the incredible farming households across the municipalities of Baucau, Bobonaro and Viqueque, we strengthened food security, nutrition, and economic opportunity. Through 85 market partnerships, farmers increased their sales, and local food systems became stronger and more resilient. I am especially proud of our commitment to inclusion - ensuring that rural women, young people, and people with disabilities could participate, lead, and benefit. Their energy and leadership shaped TOMAK’s results and its future direction. To the Governments of #Australia and #TimorLeste, to our private sector and civil society partners including #RHTO, to academia #UNTL, and to municipal authorities - thank you for your trust, collaboration, and shared commitment. And to the extraordinary #TOMAK team: your energy, persistence, and dedication to improving the lives of rural families have been nothing short of inspiring. Serving alongside you throughout TOMAK Phase 2 has been one of the greatest honours of my career. Agriculture in Timor-Leste is more than a livelihood - it is identity, resilience, and hope. As we close this chapter, the resilience of farming families, communities, and local food systems stands as TOMAK’s lasting legacy. Obrigadu barak to everyone who helped plant the seeds and shape the harvest! Australian Department of Foreign Affairs and Trade Adam Smith International Warren Turner Shelby Stapleton Federico Escalona Jennifer Syed (she/her) Rami Alkhatib Nichola Crail Modesto Lopes Ricardo Monteiro Luísa Goncalo Joao Martires julieta borges Gianluca Nardi Joaquim Soriano Viana Mia Cusack Katherine Smith Dili Development Company Lda Dili Development Company Lda Universidade Nacional Timor Lorosa'e (UNTL) #FoodSystems #Agriculture #Resilience #Inclusion #ClimateSmart #Nutrition #FoodSecurity #Knowledge #AccessToFinance #Together
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Bringing together experience from across regions and programmes, our conversation tomorrow focuses on what actually holds up in practice. We’re pleased to have Connor Russell, Head of Economic Growth at ASI, moderating our upcoming Thought Leaders Forum. With over a decade of experience across economic policy, trade, and development, Connor brings a strong perspective on what it takes to deliver inclusive growth in complex contexts. He’ll be guiding the discussion across Timor-Leste, Solomon Islands, and Malawi - drawing out practical insights on how market systems approaches can deliver results where constraints are real and trade-offs unavoidable. 𝐓𝐡𝐢𝐧 𝐦𝐚𝐫𝐤𝐞𝐭𝐬. 𝐑𝐞𝐚𝐥 𝐜𝐨𝐧𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬. 𝐒𝐚𝐦𝐞 𝐞𝐱𝐩𝐞𝐜𝐭𝐚𝐭𝐢𝐨𝐧𝐬. Join the discussion: 📅 31 March | 🌍 Online 👉 Register via the link in the comments
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𝐋𝐨𝐧𝐠-𝐭𝐞𝐫𝐦 𝐩𝐫𝐨𝐠𝐫𝐚𝐦𝐦𝐞𝐬 𝐥𝐢𝐤𝐞 𝐓𝐎𝐌𝐀𝐊 𝐨𝐟𝐟𝐞𝐫 𝐫𝐚𝐫𝐞 𝐢𝐧𝐬𝐢𝐠𝐡𝐭 𝐢𝐧𝐭𝐨 𝐰𝐡𝐚𝐭 𝐢𝐭 𝐭𝐚𝐤𝐞𝐬 𝐭𝐨 𝐝𝐞𝐥𝐢𝐯𝐞𝐫 𝐥𝐚𝐬𝐭𝐢𝐧𝐠 𝐜𝐡𝐚𝐧𝐠𝐞 𝐢𝐧 𝐜𝐨𝐦𝐩𝐥𝐞𝐱 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐲𝐬𝐭𝐞𝐦𝐬. We’re pleased to be joined by Renato Zrnic, Team Leader of TOMAK – Farming for Prosperity in Timor-Leste, as part of our upcoming ASI Thought Leaders Forum next week. With over 28 years of experience, Renato brings deep expertise in market systems development across agriculture, tourism, and food systems. He’ll be sharing insights from leading one of DFAT’s flagship programmes, including what it takes to drive systemic change, strengthen market functions, and build resilient, inclusive markets in complex contexts. 𝐓𝐡𝐢𝐧 𝐦𝐚𝐫𝐤𝐞𝐭𝐬. 𝐑𝐞𝐚𝐥 𝐜𝐨𝐧𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬. 𝐒𝐚𝐦𝐞 𝐞𝐱𝐩𝐞𝐜𝐭𝐚𝐭𝐢𝐨𝐧𝐬. Join the discussion: 📅 31 March | 🌍 Online 👉 Register via the link in the comments
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#BCorpMonth is all about the B Corp™ community—a generation of people using business as a force for good across industries, regions and cultures. Throughout #BCorpMonth2026, we will be highlighting the experiences and insights of our colleagues at ASI regarding what they love about working for a B Corp. Suvojit Chattopadhyay, Head of ASI Africa says: "Being at a B Corp matters to me because it reinforces something I care about deeply: that we stay invested in the countries and the people we work with over the long term. Real progress in places we work is slow and nonlinear, and it only happens when relationships are built on trust and sustained over time. The B Corp framework is a commitment we make as a company that we are serious about walking that journey with our partners." B Lab | B Lab UK | B Lab Africa
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𝐆𝐫𝐨𝐰𝐭𝐡, 𝐢𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧, 𝐚𝐧𝐝 𝐫𝐞𝐬𝐢𝐥𝐢𝐞𝐧𝐜𝐞 – 𝐝𝐞𝐥𝐢𝐯𝐞𝐫𝐞𝐝 𝐚𝐭 𝐩𝐚𝐜𝐞, 𝐢𝐧 𝐜𝐨𝐦𝐩𝐥𝐞𝐱 𝐚𝐧𝐝 𝐟𝐫𝐚𝐠𝐢𝐥𝐞 𝐦𝐚𝐫𝐤𝐞𝐭𝐬. How do we make that work in practice? We’re pleased to be joined by Claire Hughes, GEDSI Specialist on the Malawi Value Chains programme, as part of our upcoming ASI Thought Leaders Forum next week. Claire brings deep experience in integrating gender equality and social inclusion into market systems, ensuring private sector growth delivers opportunities for women and marginalised groups. She’ll be sharing insights on how inclusion and resilience can be designed as core economic parameters – not treated as parallel workstreams. 𝐓𝐡𝐢𝐧 𝐦𝐚𝐫𝐤𝐞𝐭𝐬. 𝐑𝐞𝐚𝐥 𝐜𝐨𝐧𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬. 𝐒𝐚𝐦𝐞 𝐞𝐱𝐩𝐞𝐜𝐭𝐚𝐭𝐢𝐨𝐧𝐬. Join the discussion: 📅 31 March | 🌍 Online 👉 Register via the link in the comments
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𝐓𝐡𝐞 𝐀𝐒𝐈 𝐈𝐦𝐩𝐚𝐜𝐭 𝐒𝐞𝐫𝐢𝐞𝐬: 𝐓𝐮𝐫𝐧𝐢𝐧𝐠 𝐈𝐬𝐨𝐥𝐚𝐭𝐢𝐨𝐧 𝐈𝐧𝐭𝐨 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐈𝐧 𝐒𝐨𝐥𝐨𝐦𝐨𝐧 𝐈𝐬𝐥𝐚𝐧𝐝𝐬 Solomon Islands businesses face high costs, small markets and limited access to services. Strongim Bisnis is helping change that by strengthening market systems, improving access to buyers and backing local entrepreneurs. The result is higher incomes, more jobs and stronger businesses reaching international markets. 🔗 Link to the full article in the comments below #ASIImpact #EconomicGrowth #SolomonIslands Australian High Commission, Solomon Islands Australian Department of Foreign Affairs and Trade (DFAT) Solomon Islands Government Yura Tours Bountiful Ventures Sdn Bhd
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