Abstract
This report examines how catalytic grants, blended finance, and impact investment can work together to help frontier-market businesses move from early innovation to scalable impact. Drawing on SNV’s hands-on engagement with local enterprises across agri-food, energy, and water systems, it identifies the systemic gaps that leave high-potential businesses stranded in the missing middle and outlines practical recommendations to strengthen visibility, origination, technical assistance, governance, sequencing, and measurement across the impact capital continuum. The report also reflects on the shifting ODA landscape and highlights how more strategic, collaborative deployment of capital can unlock growth and resilience for businesses that deliver development impact.
Keywords: Catalytic capital, frontier markets, impact capital continuum, blended finance, missing middle