Changing rulesSome market challenges observed in a particular sector may be due to a lack of, or ineffective/unenforced, rules (See Market Challenge: Weak or Non-existent Rules). This means that a programme may choose to work with regulators or policy-makers if it feels it is an effective vehicle for change.
A market systems approach to public-private dialogue and business environment reform
Any engagement with the public sector should be informed by your analysis and feed into your strategy. The M4P operational guide also states that your programme should consider the following:
- Programme’s need to maintain the independence of your analysis and operational flexibility to work beyond the narrow mandate of individual ministries/departments and to access and lever key contacts and relationships across government; and,
- Your relationships (and credibility) with key non-government market players.
A blog describing Financial Sector Deepening Africa’s work to introduce regulations for crowd-funding markets in East Africa
Often in developing markets, there is a heavy influence of informal regulations and enforcement. This also might mean that your intervention could focus on working with early adopters to introduce behaviours that could later be certified or regulated.
More specifically, tactics could include:
- Strengthening the demand for reform by addressing the capacity and incentives to engage in effective advocacy on behalf of the private sector. See Stakeholder Coordination for more.
- Build the ability and willingness of the public sector to consult and dialogue with the private sector.
- Developing the sustainable capacity of media as, a channel for important information and a platform for debate and discussion. See Market Challenges: Lack of Information Access for more
- Improving the supply of, legal, policy and regulatory information. See Market Tactics: Building the Evidence Base.