as the sample size is small and not statistically representative. Still, several observations and implications for investing in broadband networks seem to emerge: • PPP investments in developing and developed markets are largely similar in value, e.g., ranging from around USD 100 million to USD 245 million. The exception is Qatar, which has access to significant funds. This would suggest that investments are of a similar scale, although investments made in developing markets are likely to target diferent outcomes than those in established economies. For example, PPPs in developing markets largely focus on building core national infrastructure, while in developed markets PPPs aim to maximize last-mile broadband coverage to rural areas or to increase transmission speeds. • In contrast to PPPs, investments by new market entrants and alternative investors tend to have a greater vertical and horizontal spread than traditional PPP investments. The horizontal spread suggests that these investors are prepared to invest in higher-value broadband projects, as well as those of lower value. The vertical spread suggests that the alternative investors are equally likely to invest in developing and developed markets.• Investment in higher-layer services is predominant in developed markets. This is partly due to the maturity of the Internet ecosystem, which fosters technical innovation and investment. With the exception of crowdfunding, these investments have initially atracted low amounts of funding, suggesting that most of these options would currently be unsuitable for investment in any significant broadband infrastructure project. 1.7.2 Summary of best practice regulatory considerations Based on a review and critique of the case studies presented in this report, the following considerations can be identified:• Regulatory frameworks have had a direct impact on government-funded broadband PPP projects in which a national broadband infrastructure was being partly funded by the state or through other public funds. Often, this resulted in the regulator mandating wholesale access to the infrastructure on an 38 Trends in Telecommunication Reform 2016 Figure 1.8: Summary of investment trends SHY HIP PEB STA GUS COM SIG GUG APG SEA MIP NBS MET JBN NIC QNB MEX KEY Abbreviations MIP Mobile Infrastructure Project NBS National Boradband Scheme NIC national ICT Backbone (NICTBB)JBN Johannesburg National Broadband Project MLi Metroweb QNR Qatar NRN GUS Google US GUG Google Uganda COM Community broadband SIG SIGFOX APG Facebook Asian-Pacific Gateway SEA Seacom SHY Shyp HIP Hipcom MEX meXBT STA Star Citizen PEB Pebble New and alternative investors Innovative investments PPPs Source: Analysys Mason, 2015. Note figures are not abailable for MGTS