Can agri-food companies do it all? Develop new markets, secure supply, protect reputations, ensure profits and reduce poverty, create jobs and guarantee food supplies? Company strategies now commonly refer to ‘creating shared value’ and ‘inclusive business’. But with growing pressure on resources, a billion hungry people and some four billion people at the base of the economic pyramid by 2050, are we making progress fast enough? What options are there with real promise? And, how can all stakeholders collaborate better to bring change at scale? This report gives the outcomes of the ‘From Islands of Success to Seas of Change’ initiative on scaling inclusive agri-food markets. It combines background research, interviews and case studies with the insights of 100 leaders from business, government, NGOs, research, and farmer organizations who attended the Seas of Change workshop in April 2012. The case for scaling inclusive agrifood markets is explained and ten key challenges are explored. This leads to lessons for key stakeholders and a follow-up agenda for improved targeting of inclusive investments.