Organisational models in agriculture with special reference to small farmers

Abstract

Agricultural value chains can be understood as the systems of people, organizations and activities needed to create process and deliver agricultural products from producers to consumers. Over time and due to huge changes that have happened in the surroundings, agricultural value chains have become very integrated and complex. Small farmers can prosper by joining in modern higher-level agricultural value chains, but there are numerous obstacles, as well. The work presents the typology of organizational models for agricultural production that consists of the models organised by producers, agribusiness companies (processors, retail chains, and intermediaries), facilitators (governments, non-governmental organisations) and completely integrated models, established by some big companies. None of these models provides ideal solutions from the perspective of small producers. However, they say that the institutions, such as cooperatives and small farmers' organisations, present important mechanisms for including small producers in modern value chains and realizing the cooperation with agribusiness companies and other important players. This is also important for decision-makers and governmental bodies that should create a suitable environment and provide support so that small farmers and their organisations can integrate in modern value chains in a successful way.

Full text

(3
25*$1,6$7,21$/02'(/6,1$*5,&8/785(:,7+63(&,$/5()(5(1&(7260$//)$50(56
(FRQRPLFVRI$JULFXOWXUH
8'&
5HYLHZ$UWLFOH
ORGANISATIONAL MODELS IN AGRICULTURE WITH SPECIAL
REFERENCE TO SMALL FARMERS
1HERMãD=DNLü16YHWODQD9XNRWLü'UDJR&YLMDQRYLü3
6XPPDU\
$JULFXOWXUDOYDOXHFKDLQVFDQEHXQGHUVWRRGDVWKHV\VWHPVRISHRSOHRUJDQL]DWLRQVDQG
activities needed to create process and deliver agricultural products from producers to
FRQVXPHUV2YHUWLPHDQGGXHWRKXJHFKDQJHVWKDWKDYHKDSSHQHGLQWKHVXUURXQGLQJV
DJULFXOWXUDO YDOXH FKDLQV KDYHEHFRPH YHU\ LQWHJUDWHG DQG FRPSOH[ 6PDOO IDUPHUV FDQ
SURVSHUE\MRLQLQJLQPRGHUQKLJKHUOHYHODJULFXOWXUDOYDOXHFKDLQVEXWWKHUHDUHQXPHURXV
REVWDFOHVDVZHOO7KHZRUNSUHVHQWVWKHW\SRORJ\RIRUJDQL]DWLRQDOPRGHOVIRUDJULFXOWXUDO
SURGXFWLRQ WKDW FRQVLVWV RI WKH PRGHOV RUJDQLVHG E\ SURGXFHUV DJULEXVLQHVV FRPSDQLHV
SURFHVVRUVUHWDLOFKDLQVDQGLQWHUPHGLDULHVIDFLOLWDWRUVJRYHUQPHQWVQRQJRYHUQPHQWDO
RUJDQLVDWLRQVDQGFRPSOHWHO\LQWHJUDWHGPRGHOVHVWDEOLVKHGE\VRPHELJFRPSDQLHV1RQH
RIWKHVHPRGHOVSURYLGHVLGHDOVROXWLRQVIURPWKHSHUVSHFWLYHRIVPDOOSURGXFHUV+RZHYHU
they say that the institutions, such as cooperatives and small farmers’ organisations, present
LPSRUWDQWPHFKDQLVPVIRULQFOXGLQJVPDOOSURGXFHUVLQPRGHUQYDOXHFKDLQVDQGUHDOL]LQJWKH
FRRSHUDWLRQZLWKDJULEXVLQHVVFRPSDQLHVDQGRWKHULPSRUWDQWSOD\HUV7KLVLVDOVRLPSRUWDQW
IRUGHFLVLRQPDNHUVDQGJRYHUQPHQWDOERGLHVWKDWVKRXOGFUHDWHDVXLWDEOHHQYLURQPHQWDQG
provide support so that small farmers and their organisations can integrate in modern value
FKDLQVLQDVXFFHVVIXOZD\
.H\ZRUGV: value chains, organisational models, agricultural production, small farmers
-(/:/4
,QWURGXFWLRQ
9DOXHFKDLQVLQDJULFXOWXUHUHIHUWRWKHZKROHUDQJHRISURFHVVHVDQGSDUWLFLSDQWVLQFOXGHGLQ
PRYLQJDJULFXOWXUDOSURGXFWVIURPIDUPWRIRUN'UDPDWLFFKDQJHVLQEXVLQHVVHQYLURQPHQW
DQGWUHQGVLQDJULEXVLQHVVLQÀXHQFHDOOWKHSDUWLFLSDQWVLQFOXGHGLQDJULFXOWXUDOYDOXHFKDLQV
2YHU WLPHDJULFXOWXUDO YDOXHFKDLQV KDYHLQFUHDVLQJO\EHFRPHLQWHJUDWHGDQGFRPSOH[
 $VVRFLDWH 3URIHVVRU 3K' 8QLRQ  1LNROD 7HVOD 8QLYHUVLW\ &DUD 'XãDQD VWUHHW 
%HOJUDGH6HUELD3KRQH(PDLOQHERMVD]#ISEHGXUV
 $VVRFLDWH 3URIHVVRU 3K' 8QLRQ  1LNROD 7HVOD 8QLYHUVLW\ &DUD 'XãDQD VWUHHW 
%HOJUDGH6HUELD3KRQH(PDLOFHFDYXNRWLF#JPDLOFRP
 3ULQFLSDO5HVHDUFK)HOORZ$VVRFLDWH3URIHVVRU3K',QVWLWXWHRI$JULFXOWXUDO(FRQRPLFV
9ROJLQDVWUHHW%HOJUDGH6HUELD3KRQH(PDLOGUDJRBF#LHSEJDFUV

 (3
1HERMãD=DNLü6YHWODQD9XNRWLü'UDJR&YLMDQRYLü
0RGHUQ KLJKHUOHYHO DJULFXOWXUDO YDOXH FKDLQV VHHN WR GHOLYHU LQSXWV IRU DJULFXOWXUDO
SURGXFWLRQDQGSURFHVVLQJJLYHULVHWRRSSRUWXQLWLHVIRUVHPL¿QLVKHGDQGIXUWKHU¿QLVKHG
JRRGVFRQWULEXWHZLWKKLJKHULQFRPHRIWKHSDUWLFLSDQWVLQWKHVHFKDLQVDQGVHUYHWKHHQG
XVHUVLQDEHWWHUZD\
$JULFXOWXUDOSURGXFHUVDUH WKHVWDUWLQJ SRLQWIRUWKHPDMRULW\RIDJULFXOWXUDO YDOXHFKDLQV
$JULEXVLQHVVFRPSDQLHVSURFHVVRUVZKROHVDOHUVUHWDLOHUVHWFRIWHQSUHIHUWRGREXVLQHVV
ZLWKELJDJULFXOWXUDOSURGXFHUVIRUWKHLUVRXUFLQJ7KHFKDOOHQJHLVWRLQFOXGHDQGLQWHJUDWH
VPDOOIDUPHUVLQPRGHUQYDOXHFKDLQVDVZHOO7KLVUHTXLUHVWUDGLWLRQDOVSRWPDUNHWVWREH
H[FKDQJHG IRU FRRUGLQDWHG WUDGHOLQNV EHWZHHQ IDUPHUV DJULEXVLQHVV FRPSDQLHV DQG DOO
RWKHUSDUWLFLSDQWVLQYDOXHFKDLQV%HVLGHVSURGXFHUVVKRXOGEHUHDG\WRSURYLGHDJULFXOWXUDO
SURGXFWVRIDUHTXLUHGTXDOLW\DQGLQDUHTXLUHGTXDQWLW\FRQWLQXRXVO\
,QUHVSRQVHWRHQYLURQPHQWDOFKDOOHQJHVGLIIHUHQWRUJDQLVDWLRQDOPRGHOVIRULQWHJUDWLQJ
DJULFXOWXUDOSURGXFHUVLQYDOXHFKDLQVDSSHDUHG+RZHYHUQRQHRIWKHVHPRGHOVLVLGHDO
IRU VPDOO IDUPHUV DQG WKHUH LV D FRQFHUQ WKDW VPDOO SURGXFHUV FDQ EH H[FOXGHG IURP
PRGHUQYDOXHFKDLQV7KHVHPRGHOVHPSKDVL]HWKHQHFHVVLW\RIDVVRFLDWLQJIDUPHUV7KH
LQVWLWXWLRQVVXFKDVFRRSHUDWLYHVDQGIDUPHUVRUJDQLVDWLRQVDQGFRQWUDFWIDUPLQJEHFRPH
WKHLPSRUWDQWPHFKDQLVPVRIOLQNLQJSURGXFHUVZLWKDJULEXVLQHVVFRPSDQLHVDVZHOODVWKH
VRXUFHRILQSXWVWHFKQRORJ\LQIRUPDWLRQVHUYLFHVDQGFUHGLWV&RRSHUDWLYHVDQGIDUPHUV
RUJDQLVDWLRQVFDQSURYLGHDGGHGYDOXHWRDJULEXVLQHVVFRPSDQLHVZLWKDVLQJOHFRQWDFWSRLQW
LQVWHDGRIPDQ\VPDOOIUDJPHQWHGIDUPHUV)URPWKHSHUVSHFWLYHRIVPDOOKROGHUIDUPHUV
WKHPHPEHUVKLSLQFRRSHUDWLYHVDQGIDUPHUVRUJDQLVDWLRQVRIIHUVQXPHURXVEHQH¿WVDQGWKH
SRVVLELOLW\RILQFOXVLRQLQPRGHUQDJULFXOWXUDOYDOXHFKDLQV
3HUFHLYLQJWKHSUREOHPVLQFOXVLRQRIVPDOOIDUPHUVLQKLJKHUOHYHOYDOXHFKDLQVLQOLWHUDWXUH
ZHFRQFHQWUDWHRQWKHIROORZLQJWRSLFVYDOXHFKDLQVLQDJULFXOWXUHRUJDQLVDWLRQDOPRGHOV
IRUDJULFXOWXUDOSURGXFWLRQLQYDOXHFKDLQVDQGWKHLPSRUWDQFHRIFRRSHUDWLYHVDQGIDUPHUV
RUJDQLVDWLRQV7KLVLVZKHUHWKHDUJXPHQWVZHKDYHFRQVLGHUHGFRPHIURP7KHPHWKRGV
XVHGDUHWKRVHRIDQDO\VLVV\QWKHVLVDQGFRPSDULVRQ6HOHFWHGVWXGLHVDUHFRPSDUHGDQG
VXPPDUL]HGRQWKHEDVLVRIWKHH[LVWLQJDSSURDFKHVDQGPRGHOV
9DOXHFKDLQVLQDJULFXOWXUH
7KHWHUP³YDOXHFKDLQV´ZDVLQLWLDOO\VXJJHVWHGE\3RUWHUWRGHSLFWKRZFXVWRPHU
YDOXH DFFXPXODWHV DORQJ WKH DFWLYLW\ FKDLQV WKDW OHDG WRHQG SURGXFWV RU VHUYLFHV3RUWHU
GHVFULEHVWKHYDOXHFKDLQDVWKHLQWHUQDOSURFHVVHVRUDFWLYLWLHVZKLFKDFRPSDQ\SHUIRUPV³WR
GHVLJQSURGXFHPDUNHWGHOLYHUDQGVXSSRUWLWVSURGXFW´6KDQNDQG*RYLQGDUDMDQ
GHSLFWDYDOXHFKDLQLQEURDGHUWHUPVORRNLQJDWDFRPSDQ\DVWKHSDUWRIWKHRYHUDOOYDOXH
FUHDWLQJSURFHVVHV$FFRUGLQJWRWKHVHDXWKRUVDQLQGXVWU\YDOXHFKDLQVWDUWVZLWKWKHYDOXH
FUHDWLQJSURFHVVHVRIDVXSSOLHUZKRSURYLGHVEDVLFUDZPDWHULDOVDQGFRPSRQHQWVFRQWLQXHV
ZLWKYDOXHFUHDWLQJSURFHVVHVRIGLIIHUHQWFODVVHVRIEX\HUVDQGVHOOHUVXSWRDQHQGXVHUDQG
FXOPLQDWHVIXUWKHUWRWKHGLVSRVDODQGUHF\FOLQJRIPDWHULDOV$FFRUGLQJWR%DUQHV
WKHEDVLFFKDUDFWHULVWLFRIDYDOXHFKDLQLVDPDUNHWIRFXVHGFROODERUDWLRQYDOXHFKDLQVDOORZ
EXVLQHVVHVWRUHVSRQGWRWKHPDUNHWSODFHFRQQHFWLQJSURGXFWLRQSURFHVVLQJDQGPDUNHWLQJ
DFWLYLWLHVWRPDUNHWGHPDQGV

(3
25*$1,6$7,21$/02'(/6,1$*5,&8/785(:,7+63(&,$/5()(5(1&(7260$//)$50(56
$FFRUGLQJWR0LOOHUDQGGD6LOYDYDOXHFKDLQVSUHVHQWDVHWRISDUWLFLSDQWVSULYDWH
SXEOLFDQGLQFOXGLQJVHUYLFHSURYLGHUV DQGDFWLYLW\VHTXHQFHVWKDWDGGYDOXHLQEULQJLQJ
DSURGXFWIURPSURGXFWLRQWRHQGXVHUV ,QDJULFXOWXUHDQGIRRGVHFWRUVYDOXHFKDLQVFDQ
EHWKRXJKW RI DVD VHW RI SURFHVVHVDQG ÀRZV IURPWKH LQSXWV WR SURGXFWLRQSURFHVVLQJ
PDUNHWLQJDQGWKHFRQVXPHUSRSXODUO\FDOOHGWKHSURFHVVIURP³IDUPWRIRUN´9DOXHFKDLQV
LQDJULFXOWXUHKDYHDOZD\VEHHQLQH[LVWHQFHLQDVHQVHWKDWIDUPVWKDWZHUHSURGXFLQJDQG
WKH¿QDOFRQVXPHUDFFHVVHGWKHSURGXFHZLWKWKHSURGXFHLWVHOISDVVLQJWKURXJKPXOWLSOH
FKDQQHOVDQGSDUWLFLSDQWV6ULQLYDVDQ3DUWLFLSDQWVLQDJULFXOWXUHYDOXHFKDLQFDQEH
LQSXWFRPSDQLHVSURGXFHUVIDUPHUVSURFHVVRUVZKROHVDOHUVUHWDLOHUVH[SRUWHUVVXSSRUW
VHUYLFH SURYLGHUV ¿QDQFLDO RUJDQLVDWLRQV DQG RWKHU VWDNHKROGHUV 9DOXH FKDLQV FDQ EH
ORFDOQDWLRQDODQGJOREDOFRQQHFWLQJUXUDOSURGXFHUVZLWKWUDGHUVDQGFRQVXPHUVLQORFDO
HQYLURQPHQWWKURXJKRXWDFRXQWU\UHJLRQRUWKHZRUOG
2YHUWKHODVWIHZGHFDGHVDJULFXOWXUDOYDOXHFKDLQVERWKLQGHYHORSHGDQGLQGHYHORSLQJ
FRXQWULHVKDYHEHHQEXIIHWHGE\PDQ\FKDQJHVGXHWRWKHLQÀXHQFHRIQXPHURXVIDFWRUV
JOREDOL]DWLRQ OLEHUDOL]DWLRQ UHJXODWLRQV FKDQJH JRYHUQPHQW SROLFLHV WHFKQRORJLFDO
GHYHORSPHQW SURJUHVVLQ DJULFXOWXUDO SURGXFWLRQ VWUXFWXUDO FKDQJHV LQ WUDGH FKDQJHV LQ
PDUNHWFRQGLWLRQVLQFUHDVLQJH[SRUWRSSRUWXQLWLHVXUEDQSRSXODWLRQJURZWKWKHFKDQJHRI
FRQVXPHUV¶QHHGVDQGH[SHFWDWLRQVVRFLRFXOWXUDOHIIHFWVHWF$JULFXOWXUDOYDOXHFKDLQVDUH
EHFRPLQJPRUHLQWHJUDWHGDQGFRPSOH[$FFRUGLQJWR)RRGDQG$JULFXOWXUH2UJDQL]DWLRQ
WUDGLWLRQDODJULFXOWXUDOYDOXHFKDLQVDUHJRYHUQHGWKURXJKVSRWPDUNHWWUDQVDFWLRQV
WKDWLQFOXGHDJUHDWQXPEHURIVPDOOSURGXFHUVDQGWUDGHUV0RGHUQYDOXHFKDLQVDUHIHDWXUHG
E\ YHUWLFDO FRRUGLQDWLRQ FRQVROLGDWLRQ RI WKH VXSSO\ EDVH KLJKHU SUR¿WV IRU WKH FKDLQ
SDUWLFLSDQWVDJURLQGXVWULDOSURFHVVLQJDQGXVLQJVWDQGDUGVDORQJWKHFKDLQ,QOLWHUDWXUHWKH\
DUHGH¿QHGDVGHYHORSHG RUJDQLVHGRUKLJKHUOHYHOYDOXHFKDLQV6MXDZ.RHP)D 
,QWHUQDWLRQDO)LQDQFH&RUSRUDWLRQ1DJDUDMDQHWDO$Q\KRZERWKWUDGLWLRQDO
DQGPRGHUQV\VWHPVLQFOXGHVPDOOIDUPHUV
$FFRUGLQJ WR 0LOOHU DQG -RQHV  WKHUH DUH JHQHUDOO\ ¿YH W\SHV RI FRQQHFWLRQV
EHWZHHQEX\HUVDQGVHOOHUVLQDJULFXOWXUDOYDOXHFKDLQVWKHLQVWDQWRUVSRWPDUNHWZKHUH
SURGXFHUV VHOO WKHLU FRPPRGLWLHV WKHPVHOYHV ZKHUHLQ WKH SULFHV ÀXFWXDWH  FRQWUDFW
IDUPLQJ LHDJUHHPHQW EHWZHHQSURGXFHUVDQGDJULEXVLQHVVRUJDQLVDWLRQJRYHUQPHQW
ERG\RULQGLYLGXDOHQWUHSUHQHXUORQJWHUPDQGRIWHQLQIRUPDOUHODWLRQVUHODWLRQEDVHG
SDUWQHUVKLSEHWZHHQWKHSDUWLFLSDQWVWKDWDUHGH¿QHGE\WUXVWDQGLQWHUGHSHQGHQFH
FDSLWDOLQYHVWPHQWVLQSURGXFWLRQE\DEX\HUWKDWDUHGH¿QHGE\DKLJKOHYHORISURGXFHU¶V
FUHGLELOLW\ DQG GHSHQGHQF\ FDSLWDO LQYHVWPHQWEDVHG SDUWQHUVKLS DQG  YHUWLFDOO\
LQWHJUDWHGFRPSDQ\7KH¿UVWW\SHLVW\SLFDORIDWUDGLWLRQDOYDOXHFKDLQDQGXQGHYHORSHG
PDUNHWVDQGLWLVWKHPRVWULVN\ZKHQLWFRPHVWRVHWWLQJPDUNHWSULFHV,QPRUHGHYHORSHG
KLJKHUOHYHO YDOXH FKDLQV FRQWUDFWXDO DQG SDUWQHU VWUXFWXUHV ZKHUH SDUWLFLSDQWV FDQ
UHVSRQGWRPDUNHWQHHGVLQDPRUHDGHTXDWHZD\VDQGPDUNHWSULQFLSOHVFDQEHEHWWHU
FRQWUROOHGDUHSUHIHUUHG
'LIIHUHQWDFWLYLWLHVRIGLYLVLRQRIODERXUDPRQJWKHFRPSDQLHVLQDYDOXHFKDLQDUHWKH
VXEMHFWV RI JRYHUQDQFH$FFRUGLQJ WR *HUHI¿ HW DO VRPH FRPSDQLHV LQ YDOXH
FKDLQV GLUHFWO\ RU LQGLUHFWO\ LQÀXHQFH SURGXFWLRQ WKH RUJDQLVDWLRQ RI SURGXFWLRQ

 (3
1HERMãD=DNLü6YHWODQD9XNRWLü'UDJR&YLMDQRYLü
ORJLVWLFVDQGPDUNHWLQJV\VWHPV*RYHUQDQFHLQFOXGHVFRRUGLQDWLRQZLWKLQDYDOXHFKDLQ
LQWHU¿UP QHWZRUNV TXDVLKLHUDUFKLFDO UHODWLRQV EHWZHHQ OHDG ¿UPVDQG VXERUGLQDWHG
FRPSDQLHVDQGD YHUWLFDOLQWHJUDWLRQZLWKLQDFRPSDQ\SRZHUUHVRXUFHVJRYHUQDQFH
VWUXFWXUHVDQGWKHDELOLW\RIRQH¿UPWRLQÀXHQFHWKHDFWLYLWLHVRIRWKHU¿UPVLQWKHFKDLQ
7ULQHNHQVHPSKDVL]HVGLIIHUHQWJRYHUQDQFHIRUPVLQPRGHUQYDOXHFKDLQVORQJ
WHUPFRQWUDFWVMRLQWYHQWXUHVDQGYHUWLFDOLQWHJUDWLRQ6WDQGDUGL]DWLRQLVRIWHQXVHGDVD
PHFKDQLVPRIFRRUGLQDWLRQDOVRFRRUGLQDWLRQLVIDFLOLWDWHGE\PRGHUQLQIRUPDWLRQDQG
FRPPXQLFDWLRQWHFKQRORJLHV
2UJDQLVDWLRQDOPRGHOVIRUDJULFXOWXUDOSURGXFWLRQLQYDOXHFKDLQV
$JULFXOWXUDOYDOXHFKDLQVDOORZEXVLQHVVHVWRUHVSRQGWRWKHPDUNHWSODFHE\OLQNLQJDJULFXOWXUDO
SURGXFWLRQ SURFHVVLQJ DQG PDUNHWLQJ DFWLYLWLHV WR PDUNHW GHPDQGV 7KH SDUWLFLSDQWV LQ
DJULFXOWXUHYDOXHFKDLQVDUHLQFUHDVLQJO\EHFRPLQJLQWHUGHSHQGHQWPDUNHWFRQGLWLRQVDQG
FRQVXPHUV¶QHHGVUHTXLUHIURPDOOSDUWLFLSDQWVLQDYDOXHFKDLQWRZRUNWRJHWKHUDQGKDUPRQL]H
WKHLUDFWLYLWLHV$OWKRXJKDOOWKHSDUWLFLSDQWVLQDYDOXHFKDLQKDYHDFRPPRQLQWHUHVWLWLV
QRWHDV\WRHVWDEOLVKDQGPDLQWDLQVPRRWKZRUNLQJUHODWLRQVEHWZHHQWKHP0DQJQXV3LWHUV
7KLVHVSHFLDOO\UHIHUVWRDGHTXDWHLQYROYHPHQWRIVPDOOIDUPHUVLQWRDYDOXHFKDLQ,WLV
QRWHDV\WRRUJDQLVHDQGVWDELOL]HDJULFXOWXUDOYDOXHFKDLQVHVSHFLDOO\LQVLWXDWLRQZKHUHWKHUH
DUHDORWRIVPDOOSURGXFHUV7KHSURGXFWLRQDQGDJJUHJDWLRQSDUWVRIYDOXHFKDLQVVKRXOGEH
HI¿FLHQWIRUVPDOOKROGHUIDUPHUVVRWKDWWKH\FDQKDYHDGHTXDWHUHWXUQV6ULQLYDVDQ
$FFRUGLQJWR6MDXZ.RHP)DDUHDOFKDOOHQJHLVKRZVPDOOIDUPHUVFDQEHFRQQHFWHG
LQDPDUNHWDQGLQWHJUDWHGLQWRWKHIDUPWRIRUNYDOXHFKDLQV
,Q PDMRULW\ RI FRXQWULHV VPDOOKROGHU IDUPHUV DUH GRPLQDQW SURGXFHUV LQ DJULFXOWXUH
LQFOXGLQJ6HUELD$FFRUGLQJWRWKHFHQVXVRIDJULFXOWXUHLQ6HUELDLQ6WDWLVWLFDO2I¿FH
RIWKH5HSXEOLFRI6HUELD6HUELDKDVDJULFXOWXUDOKROGLQJVRXWRIZKLFK
IDPLO\KROGLQJVDQGOHJDOHQWLWLHVDQGXQLQFRUSRUDWHGHQWHUSULVHV)DPLO\
KROGLQJVKDYHWKHVKDUHRILQODQG ±KDIURPKDLH
DERYHKD
'LIIHUHQW EX\HUV DQG VHOOHUV LQ YDOXH FKDLQV LQFOXGLQJ VPDOOKROGHU IDUPHUV RSHUDWH LQ
D VSHFL¿F PDUNHW FRQWH[W 'HVSLWH WKH GHYHORSPHQW RI YDOXH FKDLQV WKHUHDUH VWLOO VRPH
DJULFXOWXUDO SURGXFHUV WKDW FRQWLQXH WR PDUNHW WKHLU JRRGV WKURXJK WUDGLWLRQDO LQIRUPDO
FKDQQHOVDQGVWUHHWPDUNHWV$OWKRXJKWKHSRVVLELOLWLHVIRUVPDOOIDUPHUVDUHLQFUHDVLQJZLWK
YDOXHFKDLQVGHYHORSPHQWWKHUHDUHQXPHURXVEDUULHUV$FFRUGLQJWR0DQJQXVDQG3LWHUV
VPDOOKROGHUIDUPHUVGRQRWKDYHDQHDV\DFFHVVWRLPSRUWDQWIDFWRUVWKDWDUHQHHGHGWR
GHOLYHUSURGXFWVLQFRPSOLDQFHZLWKPDUNHWQHHGV6PDOOKROGHUIDUPHUVDUHIDFHGZLWKVWURQJ
HFRQRPLFDQGRWKHUOLPLWDWLRQV7KH\DUHOLPLWHGE\GLI¿FXOWDFFHVVWRFDSLWDODQGEDQNORDQV
VXSSRUWVHUYLFHVDQGDJULFXOWXUDOLQSXWVWKH\ODFNDGHTXDWHWHFKQRORJ\DQGHTXLSPHQWWKH\
KDYHGLI¿FXOWLHVLQGHOLYHULQJSURGXFWVRIUHTXLUHGTXDOLW\DQGTXDQWLW\$VSHFLDOSUREOHPLV
WKHODFNRIDGHTXDWHPDUNHWLQIRUPDWLRQNQRZOHGJHDQGFRQVXOWLQJ)URPWKHRWKHUKDQG
VHULRXVSOD\HUVLQYDOXHFKDLQVSURFHVVRUVZKROHVDOHUVUHWDLOHUVH[SRUWHUVUHTXHVWUHOLDEOH
SURGXFHUV±EXVLQHVVSDUWQHUVWKDWFDQUHVSRQGWRPDUNHWUHTXLUHPHQWVDQGGHOLYHUSURGXFWVDW
DUHDVRQDEOHSULFHLQUHTXLUHGTXDQWLW\GHOLYHU\WLPHDQGZLWKUHTXLUHGTXDOLW\FRQVLVWHQWO\

(3
25*$1,6$7,21$/02'(/6,1$*5,&8/785(:,7+63(&,$/5()(5(1&(7260$//)$50(56
RYHUDORQJSHULRGRIWLPH7KH\FDQ¿QGWKDWVPDOOKROGHUIDUPHUVFDQQRWUHVSRQGWRWKHLU
UHTXLUHPHQWVVWULYLQJWRPDNHFRQWUDFWVZLWKELJJHUSURGXFHUVWKDWFDQGHOLYHUODUJHYROXPHV
DQGIRRGTXDOLW\VWDQGDUGV%LUWKDO-RVKL,QDPDUNHWJDPHWKHZLQQHUVDUHWKRVHZKR
FDQEHEHWWHULHWKRVHWKDWFDQRIIHUWKHSURGXFWVRIEHWWHUTXDOLW\LQQHHGHGTXDQWLW\DORZHU
SULFHIXO¿OTXDOLW\VWDQGDUGVRISURGXFWVDQGSURFHVVHVSRVVHVVVRSKLVWLFDWHGHTXLSPHQWHWF
3DUDXãLüHWDO
$VIRRGSURGXFWLRQKDVEHFRPHLQFUHDVLQJO\LQGXVWULDOL]HGDQGJOREDOL]HGERWKYHUWLFDODQG
KRUL]RQWDOOLQNDJHVDUHFRRUGLQDWHGLQDVWURQJHUZD\DQGRUJDQLVDWLRQDODUUDQJHPHQWVWKDW
DSSHDUDUHPRUHFRPSOH[&RRNHWDO$FFRUGLQJWR9RUOH\HWDODJULFXOWXUDO
SURGXFWLRQRUJDQLVDWLRQEHFRPHVHVVHQWLDOLQRYHUFRPLQJFRVWVDVVRFLDWHGZLWKDGLVSHUVLRQ
RIDJULFXOWXUDOSURGXFHUVGLVHFRQRPLHVRIVFDOHVE\PRUHGLI¿FXOWDFFHVVWRLQIRUPDWLRQ
¿QDQFHVWHFKQRORJ\LQFRQVLVWHQF\LQTXDQWLW\DQG TXDOLW\DQGLVVXHV LQFRQQHFWLRQ ZLWK
WUDFHDELOLW\ DQG ULVN PDQDJHPHQW7KH FKDOOHQJH IRU UHVHDUFKHUV LV WR FDWHJRUL]H D JUHDW
QXPEHURIGLIIHUHQWVLWXDWLRQVDQGRUJDQLVDWLRQDODUUDQJHPHQWVWKDWDSSHDULQSUDFWLFH,IWKH
W\SRORJ\LVFRQVLGHUDEO\GLYLGHGZHFDQORVHVLJKWRIWKHFRKHUHQFHRIVLPLODURUJDQLVDWLRQDO
IRUPV$OVRLWVKRXOGEHFRPSUHKHQVLYHHQRXJKWRUHIHUWRDOOUHOHYDQWFDVHV
$FFRUGLQJWR9RUOH\HWDOGLIIHUHQWRUJDQLVDWLRQDOPRGHOVRIDJULFXOWXUDOSURGXFWLRQ
LQDYDOXHFKDLQFDQEHGLYLGHGLQWRWKUHHFDWHJRULHV
 Producer-driven,QWKLVPRGHOGULYHUVRIRUJDQLVDWLRQDUHVPDOOIDUPHUVWKHPVHOYHV
IDUPHU¶VRUJDQLVDWLRQVDQGFRRSHUDWLYHVDVZHOODVODUJHVFDOHIDUPHUV7KHLUIRFXV
LVRQ VHOOLQJ7KLVLQFOXGHVLGHQWLI\LQJDWWUDFWLYHPDUNHWVDFKLHYLQJKLJKHUPDUNHW
SULFHVDQGVWDELOL]LQJPDUNHWSRVLWLRQ7KHDLPVRIODUJHVFDOHIDUPHUVLQFOXGHH[WUD
VXSSO\YROXPHV
 %X\HUGULYHQ+HUHWKHGULYHUVRIRUJDQLVDWLRQDUHSURFHVVRUVUHWDLOHUVDQGH[SRUWHUV
7KHVHPRGHOVUHTXLUHHI¿FLHQF\LQDFKDLQIRUWKHEHQH¿WRISURFHVVLQJDQGUHWDLO
7KHPDLQDLPLVWRDVVXUHVXSSO\7KHPRVWXVHGEX\HUGULYHQYDOXHFKDLQPRGHOLV
FRQWUDFWIDUPLQJ
 Intermediary-driven 7KLVPRGHOIXQFWLRQV ZLWK FKDLQ LQWHUPHGLDULHV ZLWK LQWHQWLRQ
WREHSUR¿WDEOH LQKLJKO\FRPSHWLWLYHSULFHVHQVLWLYHPDUNHWV'ULYHUVLQWKLVPRGHO
DUHWUDGHUVZKROHVDOHUVDQGRWKHUPDUNHWDFWRUVDQGWKHPDLQJRDOLVWRVXSSO\PRUH
GLVFHUQLQJ FXVWRPHUV %HVLGH FRPPHUFLDO SOD\HUV LQ WKHVH PRGHO JRYHUQPHQWDO
DJHQFLHVDV ZHOODVQRQJRYHUQPHQWDORUJDQLVDWLRQVZLWK VWUDWHJLFIRFXVRQUHJLRQDO
GHYHORSPHQWLHIRFXVRQ³PDNHPDUNHWVZRUNIRUWKHSRRU´FDQDFWDVGULYHUV
6MDXZ.RHP)D  PRGL¿HV WKLV FDWHJRULVDWLRQ VXJJHVWLQJ IRXU EDVLF
RUJDQLVDWLRQDOPRGHOV
 Producer-driven0HDQLQJWKHVDPHDVSURGXFHUGULYHQLQWKHSUHYLRXVRQH
 %X\HUGULYHQ,QFRQWUDVWWRWKHSUHYLRXVFDWHJRU\LQEX\HUGULYHQPRGHOFRPPHUFLDO
FKDLQLQWHUPHGLDULHVWUDGHUVZKROHVDOHUVHWFDUHDGGHGDVWKHDFWRUV7KHVWUDWHJLF
IRFXVLQWKLVPRGHOLVRQEX\LQJVRXUFLQJLHHQVXULQJWKHSURFXUHPHQWRIVXI¿FLHQW
VXSSOLHVLQVHWGHDGOLQHVDQGZLWKWKH UHTXLUHG TXDOLW\7KHUDWLRQDOHIRUWKLVPRGHO
LVWRDVVXUHVXSSO\HQKDQFLQJVXSSO\YROXPHVDVZHOODVWRVXSSO\PRUHGLVFHUQLQJ
FXVWRPHUVPHHWLQJPDUNHWQLFKHVDQGGLIIHUHQWQHHGV

 (3
1HERMãD=DNLü6YHWODQD9XNRWLü'UDJR&YLMDQRYLü
 Facilitator-driven ,Q WKLV PRGHO JRYHUQPHQWDO DJHQFLHV DQG QRQJRYHUQPHQWDO
RUJDQLVDWLRQVDUHFOHDUO\GLVWLQJXLVKHGDVWKHGULYHUVRIRUJDQLVDWLRQ7KLVLVH[SUHVVHG
LQVLWXDWLRQVZLWKGXDODJULFXOWXUDOV\VWHPVZKHUHEHVLGHDJULEXVLQHVVSOD\HUVWKHUHDUH
VPDOOKROGHUVWRZKRPDJULFXOWXUHPHDQVUDWKHUDVXUYLYDOZLWKDOLWWOHVXUSOXVIRUVDOHRU
WUDGHWKHQFRPPHUFLDOSURGXFWLRQ
 Integrated7KLVPRGHOLVDVSHFLDOW\SHRIYHUWLFDOLQWHJUDWLRQWKDWLQWHJUDWHVQXPHURXV
VWDNHKROGHUVLQWRDYDOXHFKDLQWKURXJKWKHRZQHUVKLSDQGRUFRQWUDFWXDOUHODWLRQV
7KHGULYHUVRIRUJDQLVDWLRQDUHOHDG¿UPVVXSHUPDUNHWVRUPXOWLQDWLRQDOFRPSDQLHV
7KHLUJRDOV UHIHUWR QHZDQGKLJKHU PDUNHWYDOXHVORZSULFHVIRUJRRGTXDOLW\ RU
PDUNHWPRQRSRO\
7KHVHPRGHOVDUHJLYHQLQWDEOH
7DEOH2UJDQLVDWLRQDOPRGHOVIRUDJULFXOWXUHSURGXFWLRQLQYDOXHFKDLQV
6MDXZ.RHP)D 'ULYHURIRUJDQLVDWLRQ 9RUOH\HWDO
3URGXFHUGULYHQ
6PDOOKROGHUIDUPHUVWKHPVHOYHV
FRRSHUDWLYHVIDUPHUVRUJDQLVDWLRQV 3URGXFHUGULYHQ
/DUJHVFDOHIDUPHUV
%X\HUGULYHQ
3URFHVVRUV %X\HUGULYHQ
([SRUWHUV
5HWDLOHUV
7UDGHUVORFDOZKROHVDOHUV
,QWHUPHGLDU\GULYHQ
)DFLOLWDWRUGULYHQ 1*2VDQGRWKHUVXSSRUWDJHQFLHV
1DWLRQDODQGORFDOJRYHUQPHQWV
,QWHJUDWHG
/HDG¿UPV
6XSHUPDUNHWFKDLQV
0XOWLQDWLRQDOFRPSDQLHV
Source$GDSWHGIURP9RUOH\HWDODQG6MDXZ.RHP)D
6PDOOIDUPHUVDQGWKHLPSRUWDQFHRIFRRSHUDWLYHVDQGIDUPLQJRUJDQLVDWLRQV
:HDUHKHUHPRVWO\LQWHUHVWHGLQVPDOOIDUPHUV$FFRUGLQJWR9RUOH\HWDOGHVSLWH
QXPHURXVEHQH¿WVQRQHRIWKHVHPRGHOVLVVXSHULRUIRUVPDOOIDUPHUV)RUWKHSDUWLFLSDWLRQ
RIVPDOOIDUPHUVLQG\QDPLFDQGPRUHSUR¿WDEOHPDUNHWVHJPHQWVWKHLUVNLOOOHYHOZKLFK
LQFOXGHVFDSDFLWLHVIRFXVHGRQPDUNHWOLQNDJHVWKHLQFUHDVHRIVRFLDOFDSLWDODQGGHYHORSPHQW
RIPDQDJHPHQWDELOLWLHVVKRXOGLQFUHDVH&DPDFKRHWDO
)RUGHYHORSPHQWRIWKHVHVNLOOVWKHNH\IDFWRUVDUHHIIHFWLYHVXSSRUWVHUYLFHVPDQDJHULDO
DQG RWKHUV HIIHFWLYH HQDEOLQJ HQYLURQPHQW DQGPDNLQJ HI¿FLHQW DOOLDQFHV ZLWK FKDLQ
DFWRUV 9RUOH\ HW DO  $FFRUGLQJ WR %LUWKDO DQG -RVKL  IRU VPDOOKROGHU
IDUPHUVWREHQH¿WIURPLQFUHDVLQJPDUNHWSRVVLELOLWLHVFORVHOLQNDJHVEHWZHHQIDUPHUV
DQGGLIIHUHQWVWDNHKROGHUVLQYDOXHFKDLQVDUHQHFHVVDU\WRFRRUGLQDWHVXSSO\DQGGHPDQG
,QVWLWXWLRQV OLNH FRRSHUDWLYHV IDUPHU¶V RUJDQLVDWLRQV DQG FRQWUDFW IDUPLQJ FDQ KHOS
FUHDWLRQRIVXFKOLQNV

(3
25*$1,6$7,21$/02'(/6,1$*5,&8/785(:,7+63(&,$/5()(5(1&(7260$//)$50(56
,Q producer-driven YDOXH FKDLQ PRGHOV DJULFXOWXUDO FRRSHUDWLYHVDQG RWKHUIDUPHUEDVHG
RUJDQLVDWLRQVVWULYHWRHVWDEOLVKGLUHFWOLQNVZLWKHQGPDUNHWVDQGWKH\VHHPDVGHYHORSPHQW
GULYHUVRIDYDOXHFKDLQ$FRRSHUDWLYHLVGH¿QHGDVDEXVLQHVVRSHUDWHGSULPDULO\WRSURYLGH
EHQH¿WVWRPHPEHUVWKURXJKPDUNHWLQJWUDQVDFWLRQVDQGWKURXJKWKHGLVWULEXWLRQRIHDUQLQJV
IURP WKHVH WUDQVDFWLRQV &ROWUDLQ HW DO  )DUPHU¶V RUJDQLVDWLRQV DUH PRUH ÀH[LEOH
IRUPVRIDVVRFLDWLQJIDUPHUVWKDQFRRSHUDWLYHV7KH\FDQEHFRQVLGHUDEO\GLIIHUHQWPRUHRU
OHVVIRUPDOEXWDOVRKDYHFHUWDLQEHQH¿WVIRUWKHLUPHPEHUV'RUZDUG.DFKXOH,Q
GH¿QLQJFRRSHUDWLYHVDQGIDUPHUVRUJDQLVDWLRQVWKUHHEDVLFSULQFLSOHVGHYHORSHGIURP'XQQ
DUHXVHG
 7KH8VHU2ZQHU3ULQFLSOH7KLVSULQFLSOHWHOOVXVWKDWWKRVHZKRRZQDQG¿QDQFHWKH
FRRSHUDWLYHDUHWKHRQHVZKRXVHWKHFRRSHUDWLYH
 7KH 8VHU&RQWURO 3ULQFLSOH $FFRUGLQJ WR WKLV SULQFLSOH WKRVH ZKR FRQWURO WKH
FRRSHUDWLYHDUHWKHRQHVZKRXVHWKHFRRSHUDWLYH
 7KH8VHU%HQH¿WV3ULQFLSOH7KHWKLUGSULQFLSOHVD\VWKDWWKHDLPRIDFRRSHUDWLYHLVWR
SURYLGHDQGGLVWULEXWHEHQH¿WVWRLWVXVHUVRQWKHEDVLVRIWKHLUXVH
$FFRUGLQJ WR &RQHOO  FRRSHUDWLYHV PD\ EH WKH FOHDUHVW H[DPSOH RI FROOHFWLYH
HQWUHSUHQHXUVKLS7KH\DUHE\GH¿QLWLRQDFROOHFWLYHHIIRUW&RRSHUDWLYHVFRUUHVSRQGWRWKH
ORJLFRIFROOHFWLYHDFWLRQ)LUVWFRRSHUDWLYHVDUHSULYLOHJHGJURXSVLWLVH[SHFWHGWKDWWKH
QHWEHQH¿WWRDWOHDVWRQHLQGLYLGXDOLVSRVLWLYH6HFRQGFRQYHQWLRQPD\DOVRSOD\DUROHLQ
NHHSLQJFRRSHUDWLYHVIXQFWLRQLQJ$FFRUGLQJWR9RUOH\HWDOFROOHFWLYHDFWLRQLVDQ
LPSRUWDQWVWUDWHJ\WRLQFUHDVHVPDOOIDUPHUSDUWLFLSDWLRQLQHPHUJLQJPRGHUQPDUNHWVDQGWR
FUHDWHVXVWDLQHGFRPPHUFLDOÀRZVRIKLJKTXDOLW\SURGXFWV
,QEX\HUGULYHQPRGHOVWKHGULYHUVSURFHVVRUVUHWDLOHUVH[SRUWHUVHWFVWULYHWRDYRLGWKH
DGGLFWLRQRI WUDGLWLRQDO ZKROHVDOHPDUNHWV LQWKH SXUVXLWRI YDOXHDQGSURGXFWDVVXUDQFH
DOWKRXJKRQHRIWKHUHDVRQVIRUVXFKPRGHOVGHYHORSPHQWLVWKHODFNRIFROOHFWLYHDFWLRQRI
SURGXFHUV6MXDZ.RHP)D7KHPRVWIUHTXHQWRSWLRQRIWKHEX\HUGULYHQPRGHOFRQWUDFW
IDUPLQJLVLQH[SDQVLRQLQWKHZRUOG,QWHUQDWLRQDO,QVWLWXWHIRUWKH8QL¿FDWLRQRI3ULYDWH
/DZDVDZD\WRRUJDQLVHDQGFRQQHFWSURGXFWLRQFDSDFLWLHVDQGPDUNHWQHHGVWR
HQKDQFHWKHSURGXFWUDQJHDQGWRGLYHUVLI\LWLQORFDOUHJLRQDODQGJOREDOPDUNHWVDVZHOODV
WRLPSURYHDYDOXHFKDLQHI¿FLHQF\
$FFRUGLQJWR)RRGDQG$JULFXOWXUH2UJDQL]DWLRQFRQWUDFWIDUPLQJKDVQXPHURXV
EHQH¿WV IRU VPDOO IDUPHUV LQSXWV DQG SURGXFWLRQ VHUYLFHV DUH RIWHQ VXSSOLHG E\ WKH
LQYHVWRU WKLV LV XVXDOO\ GRQH RQ FUHGLW WKURXJK DGYDQFHV IURP WKH LQYHVWRU WKH SULFH
ULVNLVUHGXFHGVLQFHPDQ\FRQWUDFWVVSHFLI\WKHSULFHLQDGYDQFHDQGFRQWUDFWIDUPLQJ
RSHQVQHZPDUNHWVWKDWZRXOGRWKHUZLVHEHXQDYDLODEOHWRVPDOOIDUPHUV,WDOVRSURYLGHV
QHZ WHFKQRORJLHV LQWURGXFWLRQ DQG PDVWHULQJ QHZ VNLOOV +RZHYHU FRQWUDFW IDUPLQJ
FDQEHDOVRVHHQDVSDUWQHUVKLSVRIXQHYHQSDUWQHUVZKHUHWKHUHLVDOZD\VVRPHVSDFH
IRUH[SORLWDWLRQRIWKHZHDNHUSDUW\±VPDOOIDUPHUV$OVRLQYHVWRUVFDQKDYHULVNVDQG
GLI¿FXOWLHVLQJHWWLQJVPDOOKROGHUVWR FRPSO\ZLWKVWDQGDUG UHTXLUHPHQWV DQG WR IXO¿O
FRPPLWPHQWV(OEHKUL

 (3
1HERMãD=DNLü6YHWODQD9XNRWLü'UDJR&YLMDQRYLü
2UJDQLVDWLRQDOPRGHOVDQDO\VLVIRUDJULFXOWXUDOSURGXFWLRQLQYDOXHFKDLQVHPSKDVL]HVWKH
UROHRIFRRSHUDWLYHVDQGIDUPHUVRUJDQLVDWLRQV&RRSHUDWLYHRUJDQLVLQJSURYHGLWVHOIWREH
D VXVWDLQDEOH DFFHSWHG DQG WKH VXFFHVVIXO W\SH RI DJULFXOWXUDO SURGXFWLRQ GHYHORSPHQW
WKH ZD\RI HQWHULQJDQGVXUYLYDO LQDPDUNHWWKHSHQHWUDWLRQRIFDSLWDO LQVPDOOIDUPHUV
DFWLYLWLHVDVZHOODVGLIIHUHQWLDWLRQDQGLQGLYLGXDOHQKDQFHPHQWRIVRPHRIWKHP0DULþLü
7KHSULPDU\JRDORIDOOFRRSHUDWLYHVLVWKHEHQH¿WRIWKHLUPHPEHUVVRWKDWWKH\FDQ
LPSURYHWKHLUHFRQRPLFVRFLDODQGFXOWXUDOSRVLWLRQ$JULFXOWXUDOFRRSHUDWLYHVRIIHUEHQH¿WV
RIFROOHFWLYHSRZHUKHOSWKHLQFUHDVHRILQFRPHRIWKHLUPHPEHUVDQGHQKDQFHQHJRWLDWLQJ
SRZHU$FFRUGLQJWRRWKHUSDUWLFLSDQWVLQDYDOXHFKDLQWKH\SURYLGHLPSRUWDQWVHUYLFHVD
ZLGHUPDUNHWIRUWKHLUSURGXFWVDVZHOODVE\DFKLHYLQJEHWWHUSULFHVIRUIDUPHUVKHOSWKHP
DFTXLUHEHWWHUHQWUHSUHQHXULDODQGPDUNHWLQJVNLOOVHWF%HVLGHWKHEHQH¿WVIRUWKHLUPHPEHUV
±IDUPHUVFRRSHUDWLYHVSURYLGHRWKHU EHQH¿WVWRORFDOUXUDOFRPPXQLW\DQGFRQVXPHUV
5RGULJXH])RRGDQG$JULFXOWXUH2UJDQL]DWLRQ$OVRIDUPHU¶VRUJDQLVDWLRQV
GRQRWH[FOXVLYHO\FRYHUGLUHFWO\PHDVXUDEOHHFRQRPLFUHWXUQVEXWDOVRDVRFLDOFDSLWDODQG
FRPPXQLW\GHYHORSPHQW'RUZDUG.DFKXOH
&RRSHUDWLYHVDQGFRQWUDFWIDUPLQJDUHQRWDUHQRWPXWXDOO\H[FOXVLYH1HJRWLDWLQJSRZHURI
FRRSHUDWLYHVLVELJJHUWKDQWKHSRZHURILQGLYLGXDOVXQOHVVLIWKHTXHVWLRQLVDERXWELJIDUPV
RIDVLQJOHRZQHU$JULEXVLQHVVFRPSDQLHVPD\SUHIHUFRRSHUDWLYHVVLQFHJURXSOLDELOLWLHV
IRU FUHGLWV SURYLGH WKHUHGXFWLRQ RI OHQGLQJ ULVNV ZKLOH WKH HFRQRP\ RI VFDOH FDQ PDNH
WUDQVDFWLRQDOFRVWVVPDOOHU&RXWOHUHWDO
$FFRUGLQJWR%LMPDQHWDOWKHSRVLWLRQRIFRRSHUDWLRQLQDYDOXHFKDLQUHIHUVWR
WKHFRPSHWLWLYHQHVV RIFRRSHUDWLYHVLQUHODWLRQWRRWKHU SDUWLFLSDQWVVXFKDVSURFHVVRUV
ZKROHVDOHUV DQG UHWDLOHUV DV ZHOO DV WKH VWUDWHJ\ ZKLFK D FRRSHUDWLYHIRUPXODWHV ZKHQ
FKRRVLQJLWVSRVLWLRQLQDYDOXHFKDLQ%HVLGHWKHSRVLWLRQLQDYDOXHFKDLQWKHSHUIRUPDQFH
RIDFRRSHUDWLYHLVLQÀXHQFHGE\LQWHUQDOJRYHUQDQFHDQGLQVWLWXWLRQDOHQYLURQPHQW,QWHUQDO
JRYHUQDQFHUHIHUVWRGHFLVLRQPDNLQJSURFHVVHVDGRSWHGWKHUROHRIWKHGLIIHUHQWJRYHUQLQJ
ERGLHVWKHGHSOR\PHQWRIFRQWUROULJKWVWRPHPEHUVDQGSURIHVVLRQDOPDQDJHPHQWDQG
LVVXHV VXFK DV WKH RUJDQLVDWLRQDO VWUXFWXUH RI WKH FRRSHUDWLYH HQWHUSULVH LQFOXGLQJ WKH
IRUPDWLRQRIKROGLQJVDQGVXEVLGLDULHV,QVWLWXWLRQDOHQYLURQPHQWUHIHUVWRVRFLDOFXOWXUDO
SROLWLFDODQGOHJDOFRQWH[WVLQZKLFKDFRRSHUDWLYHIXQFWLRQVDQGWKDWFDQKDYHERWKSRVLWLYH
DQGQHJDWLYHHIIHFWVRQPRWLYDWLRQIRUVWDUWLQJXSDQGMRLQLQJFRRSHUDWLYHVDVZHOODVRQ
FRRSHUDWLYHV¶SHUIRUPDQFH
$FFRUGLQJWR&KDGGDGFRRSHUDWLYHVFDQEHRUJDQLVHGLQDPXOWLOD\HUHGIDVKLRQZKLFK
LVGHVLJQDWHGDVDIHGHUDWHGVWUXFWXUH,QVXFKVWUXFWXUHVSDWURQVDUHWKHPHPEHUVRIDORFDO
FRRSHUDWLYHWKDWLVDPHPEHURIDUHJLRQDOFRRSHUDWLYH5HJLRQDOFRRSHUDWLYHVFDQDOVRMRLQ
DQGIRUPQDWLRQDORULQWHUUHJLRQDOFRRSHUDWLYHV$OVRWKHUHDUHLQWHUQDWLRQDOFRRSHUDWLYHV,Q
WKLVZD\IHGHUDOVWUXFWXUHHQKDQFHVWKHSRZHURIORFDOFRRSHUDWLYHVFRQVLGHUDEO\DVZHOODV
WKHSRVLWLRQLQYDOXHFKDLQV

(3
25*$1,6$7,21$/02'(/6,1$*5,&8/785(:,7+63(&,$/5()(5(1&(7260$//)$50(56
&RRSHUDWLYHVDQGIDUPHUVRUJDQLVDWLRQVDUHRQHRIWKHHVVHQWLDOPHFKDQLVPVIRULQFOXGLQJ
VPDOOIDUPHUVLQRUJDQLVHGYDOXHFKDLQV7KH\DUHIRUPHGZLWKWKHPRWLYDWLRQRIFRPPRQ
EHQH¿WVDQGH[SHFWDWLRQRIFROOHFWLYHDFWLRQDPRQJWKHPHPEHUV+RQJ6SRUOHGHU
)DUPHUVVKRXOGUHFRJQL]HWKDWWKH\VROYHWKHLUSUREOHPVRUWDNHDGYDQWDJHRIDQRSSRUWXQLW\
WRJHWKHULQVWHDGRIWU\LQJWRGRWKLVLQGLYLGXDOO\+RZHYHUWKLVGRHVQRWPHDQWKDWFRRSHUDWLYHV
DQGIDUPHUVRUJDQLVDWLRQVZLOOEHDFHUWDLQVXFFHVVDOWKRXJKWKH\RIIHUEHQH¿WVRIFROOHFWLYH
SRZHUV0DQ\ FRRSHUDWLYHVDQGIDUPHUVRUJDQLVDWLRQVZLWK HFRQRPLF DQGPDUNHWWDUJHWV
KDYHEDGUHVXOWVGXHWRVRPHLQWHUQDOIDFWRUVLQWHUQDOJRYHUQDQFHOHDGHUVKLSPHPEHUV
PDQDJHPHQWWUDLQLQJDQGHGXFDWLRQWHFKQRORJ\HWFDVZHOODVVRPHH[WHUQDOIDFWRUVZHDN
GLI¿FXOW OLQNV LQ D YDOXH FKDLQ ZLWK LQSXW VXSSOLHUV DJULEXVLQHVV SDUWQHUV ¿QDQFHFUHGLW
LQVWLWXWLRQV FUHGLW EXUGHQ DQG GHEWRUV WKH ODFN RI VXSSRUW IURP SXEOLF LQVWLWXWLRQV HWF
*DUQHYVNDHWDO(OEHKUL
/HJDOHQYLURQPHQWDQGJRYHUQPHQWDOSROLF\DUHRQHRIWKHNH\IDFWRUVRIVXFFHVV*DUQHYVND
HWDO$FFRUGLQJWR&YLMDQRYLüHWDOWKHLQVWLWXWLRQDOEDUULHUVLQHI¿FLHQWOHJLVODWLRQ
DQGMXVWLFHV\VWHPOLPLWVPDOOIDUPHUVLQGHYHORSLQJIRUPVRIDVVRFLDWLRQWKDWJLYHWKHEHVW
UHVXOWV,QWKHUHVHDUFKRIFRRSHUDWLYHVWKDWZDVFDUULHGRXWE\=DNLüHWDOLQ6HUELD
WKHSHUFHSWLRQRIWKHPHPEHUVRIFRRSHUDWLYHVLVVXFKWKDWLQDKLJKSHUFHQWWKH\WKLQNWKDW
WKHFRRSHUDWLYHVLQ6HUELDDUHQHJOHFWHGDQGWKDWWKHVWDWHGRHVQRWVXSSRUWWKHLUGHYHORSPHQW
$OWKRXJKDFFRUGLQJ WR /DLGODZ  D VWDWH VKRXOG QHYHU GRPLQDWH GLUHFWDQG WU\ WR
PDQDJHFRRSHUDWLYHV,WKDVWRHQFRXUDJHVXSSRUWDQGVRPHWLPHVSURYLGHFRRSHUDWLYHVZLWK
¿QDQFLDOKHOS7KHVWDWHVKRXOGKDYHDVXSSRUWLQJUROHHQFRXUDJLQJLQFOXVLRQRIVPDOOKROGHUV
*RYHUQPHQWV DFFRUGLQJ WR %LUWKDO DQG -RVKL  VKRXOG IDFLOLWDWH WKH XS VFDOLQJ RI
FRRSHUDWLYHVDQGIDUPHUVRUJDQLVDWLRQVE\GHPRQVWUDWLQJWKHEHQH¿WVRIWKHVHLQVWLWXWLRQVWR
VPDOOIDUPHUVDQGWKHLULQFOXVLRQLQPRGHUQKLJKHUOHYHOYDOXHFKDLQV
&RQFOXVLRQ
7KHIXOOXVDJHRIDJULFXOWXUDOSRWHQWLDOLVSRVVLEOHLIVPDOOSURGXFHUVDUHOLQNHGWRPDUNHWV
LQDZD\WKDWWKH\FDQUHDOLVHELJJHULQFRPHDQGRWKHUEHQH¿WV7KHYDOXHFKDLQDSSURDFK
RIIHUVJRRGSRVVLELOLWLHVIRUVPDOOIDUPHUVWREHLQFOXGHGLQPRGHUQKLJKHUOHYHOYDOXH
FKDLQVLQVWHDGRIWUDGLWLRQDOVSRWPDUNHWV+RZHYHUVPDOOIDUPHUVDUHIDFHGZLWKQXPHURXV
REVWDFOHVLQDFFHVVLQJDOOWKHIDFWRUVWKDWDUHQHHGHGIRUWKHGHOLYHU\RIDJULFXOWXUDOSURGXFWV
WKDWFRPSO\ZLWKPDUNHWUHTXLUHPHQWV$OWKRXJKVPDOOIDUPHUVDQGFRPSDQLHVLQFOXGHGLQ
DJULEXVLQHVVDQGDVRFLHW\LQJHQHUDOFDQSURVSHUE\LQWHJUDWLQJVPDOOIDUPHUVLQPRGHUQ
YDOXHFKDLQVWKHFKDOOHQJHVRIUHDOLVLQJFROODERUDWLRQRIDJULEXVLQHVVZLWKVPDOOIDUPHUVLV
RYHUFRPLQJGLIIHUHQWREVWDFOHVIDFHGE\VPDOOIDUPHUVIURPREWDLQLQJUDZPDWHULDOVWRWKH
DFFHVVWR¿QDQFHVDQGWHFKQRORJ\LPSURYHPHQWWKHUHOLDELOLW\RISDUWQHUVKLSVZLWKVPDOO
IDUPHUVVRWKDWWKH\FRXOGUHVSRQGWRGLIIHUHQWPDUNHWQHHGVSURYLGHWKHDFKLHYHPHQWRI
WKHUHTXLUHGTXDOLW\VWDQGDUGVDQGGHOLYHUDJULFXOWXUDOSURGXFWVLQUHTXLUHGTXDQWLW\ZLWKLQ
WKHVHWWLPHOLPLWVDQGFRQWLQXLW\
,QUHVSRQVHWRHQYLURQPHQWDOFKDOOHQJHVGLIIHUHQWRUJDQLVDWLRQDOPRGHOVIRUDJULFXOWXUDO
SURGXFWLRQKDYHHYROYHG7KHVHPRGHOVFDQEHRUJDQLVHGE\WKHYHU\SURGXFHUVFRPSDQLHV
WKDW DUH HQG FXVWRPHUVRU LQWHUPHGLDULHV WUDGHUV ZKROHVDOHUV H[SRUWHUVRUJDQLVDWLRQV

 (3
1HERMãD=DNLü6YHWODQD9XNRWLü'UDJR&YLMDQRYLü
WKDW DVVLVW WKHLQWHJUDWLRQRIVPDOOKROGHUV LQWRYDOXHFKDLQVJRYHUQPHQWDJHQFLHVQRQ
JRYHUQPHQWDORUJDQLVDWLRQVRUWKHTXHVWLRQLVDERXWFRPSOHWHO\LQWHJUDWHGPRGHOVLQZKLFK
WKHGULYHULVDELJFRPSDQ\IRUH[DPSOHDVXSHUPDUNHWFKDLQ$OWKRXJKQRQHRIWKHVH
PRGHOVLVFRPSOHWHO\VXLWDEOHIRUVPDOOIDUPHUVWKHPRGHOVHPSKDVL]HWKDWWKHSRVVLELOLWLHV
IRUFRRSHUDWLRQEHWZHHQVPDOOIDUPHUVDQGDJULEXVLQHVVFRPSDQLHVDQGWKHLQFOXVLRQRI
VPDOOIDUPHUVLQPRGHUQYDOXHFKDLQVJURZLIVPDOOIDUPHUVFRPHWRJHWKHULQFRRSHUDWLYHV
DQGSURGXFHURUJDQLVDWLRQV7KHVHLQVWLWXWLRQVSURYLGHWKHLQFOXVLRQRIVPDOOIDUPHUVLQ
RUJDQLVHGYDOXHFKDLQVDQGWKHUHDOLVDWLRQRIQXPHURXVEHQH¿WVIRUWKHLUPHPEHUVDQGORFDO
FRPPXQLW\ZKLOHDWWKHVDPHWLPHHQDEOHDJULEXVLQHVVFRPSDQLHVWRPHHWWKHLUUHTXHVWV
7KHFUHDWLRQDQGVXFFHVVIXORSHUDWLRQRIWKHVHRUJDQLVDWLRQVGHSHQGRQPDQ\LQWHUQDODQG
H[WHUQDOIDFWRUVLQFOXGLQJJRYHUQPHQWDOSROLF\DVDYHU\LPSRUWDQWIDFWRURIVXFFHVV3ROLF\
GHFLVLRQPDNHUVDUHRIFHQWUDOLPSRUWDQFHLQWKHSROLF\HQYLURQPHQWFUHDWLRQDQGSURYLGLQJ
VXSSRUWLQRUGHUWRPDNHWKHLQWHJUDWLRQRIVPDOOIDUPHUVLQWRPRGHUQDJULFXOWXUDOYDOXH
FKDLQVHDVLHU
5HIHUHQFHV
 %DUQHV09DOXHFKDLQJXLGHERRN$SURFHVVIRUYDOXHFKDLQGHYHORSPHQW1LVNX
$OEHUWD$JULFXOWXUHDQG)RRG&RXQFLORI$OEHUWD9DOXH&KDLQ,QLWLDWLYH
 %LMPDQ - ,OLRSRXORV & 3RSSH - . *LMVHOLQFN[ & +DJHGRUQ . +DQLVFK 0
+HQGULNVH * : - .KO 5 2OOLOD 3 3\\NN|QHQ 3 YDQ GHU 6DQJHQ * 
6XSSRUWIRU)DUPHUV¶&RRSHUDWLYHV(XURSHDQ&RPPLVVLRQ%UXVVHOV
 %LUWKDO36-RVKL3.6PDOOKROGHU)DUPHUV¶$FFHVVWR0DUNHWVIRU+LJK9DOXH
$JULFXOWXUDO&RPPRGLWLHVLQ,QGLD&RUQHO8QLYHUVLW\1HZ<RUN
 &DPDFKR30DUOLQ&=DPEUDQR&(OHPHQWRVRULHQWDGRUHVSDUDODJHVWLRQ
de empresas asociativas rurales,3ODWIRUPD585$/7(50HVDGHWUDEDMRHQ'HVDUUROOR
(FRQRPLFR4XLWR
 &KDGGDG ) 5  Networking for competitive advantage, th DQQXDO ZRUOG
V\PSRVLXPRIWKH,QWHUQDWLRQDO)RRGDQG$JULEXVLQHVV0DQDJHPHQW2UJDQL]DWLRQ-XQH
3DUPD
 &RRN0/.OHLQ3*,OLRSRXORV&&RQWUDFWLQJDQG2UJDQL]DWLRQLQ)RRG
DQG$JULFXOWXUH,Q%URXVVHDX(*ODFKDQW0-HGW1HZ,QVWLWXWLRQDO(FRQRPLFV
&DPEULGJH8QLYHUVLW\3UHVV1HZ<RUN
 &ROWUDLQ ' %DUWRQ ' %RODQG 0  'LIIHUHQFHV %HWZHHQ 1HZ *HQHUDWLRQ
&RRSHUDWLYHVDQG7UDGLWLRQDO&RRSHUDWLYHV$UWKXU&DSSHU&RRSHUDWLYH&HQWHU.DQVDV
6WDWH8QLYHUVLW\
 &RQHOO'-&ROOHFWLYH(QWUHSUHQHXUVKLS,Q6HDUFKRI0HDQLQJ8QLYHUVLW\RI
1RUWKHUQ%ULWLVK&ROXPELD3ULQFH*HRUJH
 &RXWOHU - *RRGODQG$7DOORQWLUH$ 6WULQJIHOORZ 5  0DUULQJ )DUPHU &R
RSHUDWLRQDQG&RQWUDFW)DUPLQJIRU$JULFXOWXUDO6HUYLFH3URYLVLRQ*XLGHWR'HYHORSLQJ
$JULFXOWXUDO0DUNHWVDQG$JURHQWHUSULVHV6HULHV:RUOG%DQN:DVKLQJWRQ'&

(3
25*$1,6$7,21$/02'(/6,1$*5,&8/785(:,7+63(&,$/5()(5(1&(7260$//)$50(56
&YLMDQRYLü'3HMDQRYLü53DUDXãLü97KHDQDO\VLVRIGLIIHUHQWFRRSHUDWLYHIRUPVLQ
SULPDU\DJULFXOWXUHLQWKHIXQFWLRQRIRYHUFRPLQJEDVLFEDUULHUVRIFRPSHWLWLYHQHVVRIWKH
DJULFXOWXUHRI6HUELDLQ6HUELDQ7KHSDSHULVEHLQJSUHSDUHGIRUSXEOLFDWLRQ
'RUZDUG$.DFKXOH5Farmers organisations for market access in Malawi,
3URFHHGLQJVRIDVWDNHKROGHUVZRUNVKRSRQIDUPHURUJDQLVDWLRQVIRUPDUNHWDFFHVV LQ
0DODZL)HEUXDU\/LORQJZH
'XQQ - 5  %DVLF FRRSHUDWLYH 3ULQFLSOHV DQG WKHLU 5HODWLRQVKLS WR 6HOHFWHG
PracticHV-RXUQDORI$JULFXOWXUDO&RUSRUDWLRQQRSS
(OEHKUL$5HEXLOGLQJ:HVW$IULFD¶VIRRGSRWHQWLDO,Q(OEHKUL$HGW3ROLFLHV
DQGPDUNHWLQFHQWLYHVIRUVPDOOKROGHULQFOXVLYHIRRGYDOXHFKDLQV)RRGDQG$JULFXOWXUH
2UJDQL]DWLRQDQG,QWHUQDWLRQDO)XQGIRU$JULFXOWXUDO'HYHORSPHQW5RPH
)RRGDQG$JULFXOWXUDO2UJDQL]DWLRQ$JULFXOWXUDOFRRSHUDWLYHVSDYLQJWKHZD\
for food security and rural development, 5RPH
)RRG DQG $JULFXOWXUH 2UJDQL]DWLRQ  $JULFXOWXUDO 9DOXH &KDLQ 'HYHORSPHQW
5RPH
)RRGDQG$JULFXOWXUH2UJDQL]DWLRQ&RQWUDFW)DUPLQJ3DUWQHUVKLSVIRU*URZWK
5RPH
*DUQHZVND(*XR]KRQJ/6KDQGEROW1)DFWRUVIRU6XFFHVVIXO'HYHORSPHQW
RI )DUPHUV &RRSHUDWLYHV LQ 1RUWK :HVW &KLQD ,QWHUQDWLRQDO )RRG DQG $JULEXVLQHVV
0DQDJHPHQW5HYLHZYROSS
*HUHI¿*+XPSKUH\- .DSOLQVN\5 6WXUJHRQ7 -*OREDOLVDWLRQ 9DOXH
&KDLQVDQG'HYHORSPHQW,Q*HUHI¿*.DSOLQVN\5HGW7KHYDOXHRIYDOXHFKDLQV
6SUHDGLQJWKHJDLQVIURPJOREDOL]DWLRQ,QVWLWXWHRI'HYHORSPHQW6WXGLHV%ULJKWRQ
+RQJ*6SRUOHGHU7/6RFLDOFDSLWDOLQDJULFXOWXUDOFRRSHUDWLYHV$SSOLFDWLRQ
and measurement,7KH2KLR6WDWH8QLYHUVLW\&ROXPEXV
,QWHUQDWLRQDO)LQDQFH&RUSRUDWLRQ,QQRYDWLYH$JULFXOWXUDO60()LQDQFH0RGHOV
:DVKLQJWRQ'&
,QWHUQDWLRQDO,QVWLWXWHIRUWKH8QL¿FDWLRQRI3ULYDWH/DZFormulating International
/HJDO*XLGDQFHRQ&RQWUDFW)DUPLQJ5RPH
/DLGODZ$)&RRSHUDWLYHVLQWKH\HDUth&RQJUHVVRIWKH,QWHUQDWLRQDO
&RRSHUDWLYH$OOLDQFH2FWREHU0RVFRZ
0DULþLü%&RRSHUDWLYHV±DOWHUQDWLYHVWRGHWHULRUDWLRQRIIDUPVDQGYLOODJHVLQ
6HUELDQ(FRQRPLFVRI$JULFXOWXUHYROSS
0DQJQXV(3LWHUV%6'HDOLQJZLWKVPDOOVFDOHSURGXFHUVOLQNLQJEX\HUVDQG
producers,.,73XEOLVKLQJ$PVWHUGDP
0LOOHU &-RQHV /  $JULFXOWXUDO YDOXH FKDLQ ¿QDQFH )RRG DQG $JULFXOWXUDO
2UJDQL]DWLRQ5RPHDQG3UDFWLFDO$FWRQ3XEOLVKLQJ5XJE\
0LOOHU & GD 6LOYD &  9DOXH FKDLQ ¿QDQFLQJ LQ DJULFXOWXUH (QWHUSULVH
'HYHORSPHQWDQG0LFUR¿QDQFHYRO-XQH6HSWHPEHUSS

 (3
1HERMãD=DNLü6YHWODQD9XNRWLü'UDJR&YLMDQRYLü
1DJDUDMDQ * /HHJZDWHU $ 6KDZ$  )RUZDUG OLQNDJHV DQG ZHOOEHLQJ RI
outsource microenterprise households in Peru86$JHQF\IRU,QWHUQDWLRQDO'HYHORSPHQW
:DVKLQJWRQ'&
3RUWHU07KH&RPSHWLWLYHDGYDQWDJHRI1DWLRQV1HZ<RUN)UHH3UHVV
3DUDXãLü9&YLMDQRYLü'6XELü-$I¿UPDWLRQRIFRRSHUDWLRQDQGPDUNHWLQJ
LQWKHIXQFWLRQRIFUHDWLRQRIWKHDJULFXOWXUDOVHFWRURI6HUELDLQ6HUELDQ,QVWLWXWHRI
$JULFXOWXUDO(FRQRPLFV%HRJUDG
5RGULJXH]-'*Smallholders’ agricultural cooperatives and rural development
LQ&RORPELD8QLYHUVLW\RI2[IRUG6W$QWRQ\¶V&ROOHJH2[IRUG
6KDQN-.*RYLQGDUDMDQ9Strategic cost management,1HZ<RUN)UHH3UHVV
6MDXZ.RHP)D  &RRSHUDWLYHV ± D .H\ IRU 6PDOOKROGHU ,QFOXVLRQ LQWR 9DOXH
&KDLQ5DEREDQN*URXS8WKUHFKW
6ULQLYDVDQ 1  Indian experience of application of agricultural value chain
¿QDQFH:RUNVKRSRQ(QKDQFLQJ([SRUWV¶&RPSHWLWLYHQHVV6RXWK$IULFD1RYHPEHU
6WDWLVWLFDO2I¿FHRIWKH5HSXEOLFRI6HUELD &HQVXVRI$JULFXOWXUH LQWKH
5HSXEOLFRI6HUELD±$JULFXOWXUHLQWKH5HSXEOLFRI6HUELD%HRJUDG
7ULHQHNHQV - +  $JULFXOWXUDO 9DOXH &KDLQV LQ 'HYHORSLQJ &RXQWULHV $
)UDPHZRUNIRU$QDO\VLV,QWHUQDWLRQDO)RRGDQG$JULEXVLQHVV0DQDJHPHQW5HYLHZYRO
SS
9RUOH\ % /XQG\ 0 0DF*UHJRU -  %XVLQHVV PRGHOV WKDW DUH LQFOXVLYH RI
small farmers,,Q6LOYD&$%DNHU'6KHSKHUG$:-HQDQH&K0LUDQGDGD
.UX]$JURLQGXVWULHVIRUGHYHORSPHQW)RRGDQG$JULFXOWXUH2UJDQL]DWLRQ5RPH81
,QGXVWULDO'HYHORSPHQW2UJDQL]DWLRQ9LHQQD
=DNLü 1 9XNRWLü 6 /DNHWD 0 /DNHWD /  $JULFXOWXUDO &RRSHUDWLYHV
5HVHDUFKLQJ0HPEHUV3HUFHSWLRQRI,PSRUWDQW,VVXHVRI&RRSHUDWLYHVRQWKH([DPSOHV
RI6HUELD7KH-RXUQDORI$QLPDODQG3ODQW6FLHQFHVYROSS

(3
25*$1,6$7,21$/02'(/6,1$*5,&8/785(:,7+63(&,$/5()(5(1&(7260$//)$50(56
ORGANIZACIONI MODELI U POLJOPRIVREDI SA POSEBNIM
OSVRTOM NA MALE POLJOPRIVREDNIKE
1HERMãD=DNLü6YHWODQD9XNRWLü5'UDJR&YLMDQRYLü6
5H]LPH
/DQFL YUHGQRVWL X SROMRSULYUHGL PRJX ELWL VKYDüHQL NDR VLVWHPL OMXGL RUJDQL]DFLMD L
DNWLYQRVWL SRWUHEQL GD VH NUHLUDMX REUDGH L LVSRUXþH SROMRSULYUHGQL SURL]YRGL RG
SURL]YRÿDþDWRSRWURãDþD7RNRPYUHPHQDXVOHGYHOLNLKSURPHQDNRMHVXVHGHãDYDOH
X RNUXåHQMX SROMRSULYUHGQL ODQFL YUHGQRVWL VX SRVWDOL YUOR LQWHJULVDQL L NRPSOHNVQL
0DOL SROMRSULYUHGQLFL PRJX SURVSHULUDWL RG XNOMXþHQMD X VDYUHPHQH SROMRSULYUHGQH
ODQFH YUHGQRVWL YLãHJ QLYRD DOL SRVWRMH EURMQH SUHSUHNH 8 UDGX VH GDMH WLSRORJLMD
RUJDQL]DFLRQLKPRGHOD]DSROMRSULYUHGHQXSURL]YRGQMXNRMXþLQHPRGHOLRUJDQL]RYDQL
RG VWUDQH SURL]YRÿDþD NRPSDQLMD X DJUREL]QLVX SUHUDÿLYDþL PDORSURGDMQL ODQFL
SRVUHGQLFLIDFLOLWDWRUD YODGD QHYODGLQH RUJDQL]DFLMHLSRWSXQRLQWHJULVDQLPRGHOL
XVSRVWDYOMHQLRGVWUDQHQHNHYHOLNHNRPSDQLMH1LMHGDQRGRYLKPRGHODQHGDMHLGHDOQD
UHãHQMDVDVWDQRYLãWDPDOLKSURL]YRÿDþD0HÿXWLPRQLJRYRUHGDLQVWLWXFLMHNDRãWRVX
]DGUXJHLRUJDQL]DFLMHPDOLKSROMRSULYUHGQLNDVXYDåQLPHKDQL]PL]DXNOMXþHQMHPDOLK
SURL]YRÿDþDXVDYUHPHQHODQFHYUHGQRVWLL RVWYDUHQMHVDUDGQMH  VD NRPSDQLMDPDX
DJUREL]QLVXLGUXJLPYDåQLPLJUDþLPD2YRMHYDåQRL]DGRQRVLRFHRGOXNDLYODGLQH
RUJDQHNRMLWUHEDGDNUHLUDMXRGJRYDUDMXüHRNUXåHQMHLSUXåHSRGUãNXNDNRELVHPDOL
SROMRSULYUHGQLFLLQMLKRYHRUJDQL]DFLMHXVSHãQRLQWHJULVDOLXVDYUHPHQHODQFHYUHGQRVWL
.OMXþQH UHþL ODQFL YUHGQRVWL RUJDQL]DFLRQL PRGHOL SROMRSULYUHGQD SURL]YRGQMD
PDOLSROMRSULYUHGQLFL
 9DQUHGQL SURIHVRU 8QLYHU]LWHW ± 8QLRQ 1LNROD 7HVOD %HRJUDG &DUD 'XãDQD 
%HRJUDG7HOHIRQ(PDLOQHERMVD]#ISEHGXUV
 9DQUHGQL SURIHVRU 8QLYHU]LWHW ± 8QLRQ 1LNROD 7HVOD %HRJUDG &DUD 'XãDQD 
%HRJUDG7HOHIRQ(PDLOFHFDYXNRWLF#JPDLOFRP
 1DXþQLVDYHWQLNYDQUHGQLSURIHVRU,QVWLWXW]DHNRQRPLNXSROMRSULYUHGH%HRJUDG9ROJLQD
%HRJUDG7HOHIRQ(PDLOGUDJRBF#LHSEJDFUV