At first glance, the lineup of products and services on display at this year's New Ventures India Investor Forum seemed to reflect traditional Indian knowledges and practices. Banana-leaf materials, light posts, and packaged Indian foods were some of the offerings on display by entrepreneur finalists. Only the banana leaves were fashioned into modern kitchen ware, the light posts were solar powered and the traditional Indian foods were harvested under an organic, fair trade system designed to exceed the most stringent international standards.

World Resources Institute Vice President Manish Bapna summed up this phenomenon nicely in his keynote speech: "Innovation is not invention; it is the application of existing ideas in a new context." I normally tell people that these enterprises are chosen for their innovation in building profitable businesses that benefit society and the environment, but in this case the word innovation deserves some clarification. As much attention as India gets from investors for its rapid growth and technological advancements, the November 3rd Forum demonstrated that India's entrepreneurs are spurring this growth on their own terms. Theirs is a uniquely Indian brand of innovation that readapts traditional knowledges for new environmental markets.

Witness the example of Span Pump (pictured), a company that adds a carousel or see-saw component to the technology of the many water pumps that dot India's rural areas. These "Funflow" pumps build upon conventional technology to create a device that harnesses the energy of children at play to pump water for sanitation and agricultural purposes. Span Pump is just one example of the modern-traditional innovations on display at the Forum. Others included bikes by Kabirdass which mimick the two-wheelers that are ubiquitous in cities like Bombay, but with electric, zero-emissions motors. Ankur Scientific presented power plants that utilize the jatropha weed, common in rural India, as a fuel source. Each SME taps into Indian traditions and practices of water management, agriculture, and other knowledges.

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Usually, I stand by the belief that bringing politics into development discussions is a recipe for disaster for anyone – be they journalist, blogger, development planner or, above all, the target "beneficiary."

Today, however, I can’t resist pointing to the political events in Venezuela (the extremely narrow 51-49% defeat of Hugo Chavez’s sweeping constitutional reform package two days ago), with the hope that they will spark discussion on NextBillion about what this means for the BoP. (For worldwide news perspectives on these events, click here).

What does the situation in Venezuela say about the state of the BoP and viability of market-based solutions to create sustainable development, especially where other traditional development mechanisms (FDI and government-backed policies) have yet to succeed?

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