Companies can start fresh businesses to fill these voids. They can either act as intermediaries initially and later make an exit from the business or can integrate these businesses into their original businesses so as to obtain an integrated trading channel. It would also bring in a new business idea into the emerging market platform.
Apart from innovation, adaptation to institutional voids is also seen a means to succeed in emerging markets. Khanna and Palepu come up with a classic example of adaptation in the book by the name of the Brazilian company Cosan which is the producer of bio fuels in the country.
Cosan has been able to adapt to the institutional voids existing in the Brazilian market and come out as one of the largest producers of sugar and ethanol in the country. The company has been able to stand out against local as well as foreign competition from MNCs due to its operational knowledge in the field and an urge to invest in systems related to its production facilities.
There are, however, some voids which are irreparable or involve high costs for both MNCs and local players. In such cases the companies can expand in more conducive markets which are free of such voids. Local players can also implement the strategies developed in home markets in other emerging markets which have similar market segments.