In the developed world, we’ve grown accustomed to associating the word “innovation” with the latest high-end technologies: more personalised apps; more vibrant clusters of pixels; smarter cars. But the next wave of innovation emanating from the world’s top companies may look quite different.

The next game-changers will likely result not from elevating the highest of the high-end, but rather from meeting the most basic of human needs more cheaply, effectively, and on a greater scale than ever before.

Access to nutrition, healthcare, education, clean water, and a host of other fundamental human needs remains staggeringly limited. Put simply, there is urgency behind closing the gap between the advanced state of want-driven innovations and the sluggish progress of innovations driven by true and pressing human needs.

Thankfully there are good reasons to believe that this will happen.

Over the next few years, emerging market economies are expected to grow three times faster than developed ones. Alongside this growth comes the emergence of the so-called “Rising Billion,” as technological and economic changes increase the power of bottom-of-the-pyramid consumers worldwide.

These consumers are already beginning to influence the global marketplace in great numbers, enabled by widespread mobile connectivity.

Many consumers are driven by an aspirational desire to experience the brands and lifestyles they’ve seen streaming through their TVs and smartphones. This ambition for more and better, paired with improving economic and technological circumstances, renders the Rising Billion a powerful force.

Developing nations provide fertile ground for good businesses

The Rising Billion will increasingly be served by the most entrepreneurial, for-profit enterprises. In fact, it is exactly the private sector’s emphasis on measurable outcomes, return on investment, and accountability that has the potential to create self-sustaining businesses that are as profitable as they are instrumental in driving social progress.

To simultaneously derive growth from the Rising Billion and help these consumers lead better, longer lives, companies must ask themselves these ten key questions:

Are we doing enough to get in on the ground floor with a new, long-term customer base?

The emerging middle class in BRICs countries is expected to add US $3.3 trillion to its consumer spending by 2020, and improving infrastructure and technology have lowered the barriers to entering the global marketplace.

Do we fully understand the scope of the challenges and the future potential of these markets?

There are large and growing markets for unsolved global challenges such as banking. Vodafone’s M-Pesa is the most successful mobile phone-based financial service in the developing world, and as of 2012, 17 million M-Pesa accounts were registered in Kenya alone.

Do we understand the aspirational drive of these consumers?

This is a group that does not want cheap things; they desire the affordable version of what they have seen other consumers access. The speed of technological change is enabling consumers to leapfrog to technologies that are the standard of operation for the developed world.

Has my business model accounted for low income and volatile income?

Because this consumer is unlikely to be earning a steady paycheque, business models cannot just account for affordability; they must expect inconsistency in purchase and payment

Are we considering the needs and roles of entire family or just the individual?

Around the world, multi-generational households are still the norm. Every purchase made contributes to household wealth accumulation, so those decisions are often made collectively.

Tech should fit the needs of multiple family members

Have we built for a lifetime?

Commit to developing products and services that are meant to withstand multiple uses, because they will likely be used and reused anyway.

Are we prepared for customers to hack our products?

Expect that people will customise products to fit their unique needs. Instead of locking things down, find ways to create mechanisms for enabling customisation. In India, car batteries were often converted into backup power sources, giving rise to companies such as Su-Kam, which develops power backup solutions and is now moving into wider turnkey alternative energy solutions.

Have we avoided the ‘one-size-fits-all’ trap?

Take the time to understand and localise to each culture and their unique needs. McDonald’s customises menus to meet local preferences, serving a lamb burger in India, and using rice instead of bread buns in Asia.

Have we exploited the potential of reverse innovation to build advantage in our mature markets?

Disruptive innovation typically happens at the intersection of tight constraints and a compelling need. The challenges and constraints of developing markets can be a breeding ground to innovate products with global appeal.

Do we grasp the impact of our global citizenship on the talent we attract?

In addition to building credibility for companies around their global mission and role in society, social responsibility is important for attracting the next generation of innovators into a company’s workforce. 62% of Millennials want to work for a company that makes a positive impact on the world.

It’s clear that the challenges emerging markets face are not just for non-profits and aid agencies to solve. Nimble, entrepreneurial young businesses are well positioned to address these challenges in a manner that will have a meaningful impact on consumers’ lives, while also improving their bottom line over the long term.

The most innovative companies of the next decade won’t be defined by adding minutes to a smartphone’s battery life, but by adding jobs to economies and adding years to lives.