Word: prahalad
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Dates: during 2000-2009
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...What's Been Missed As C.K. Prahalad shows in his book The Fortune at the Bottom of the Pyramid, there are markets all over the world that businesses have missed. One study found that the poorest two-thirds of the world's population has some $5 trillion in purchasing power. A key reason market forces are slow to make an impact in developing countries is that we don't spend enough time studying the needs of those markets. I should know: I saw it happen at Microsoft. For many years, Microsoft has used corporate philanthropy to bring technology to people...
...Ignatius acted as the intellectual impresario of the roundtable. He convened an impressive group: chairman and CEO of Ogilvy & Mather Worldwide Shelly Lazarus; founder and CEO of Whole Foods John Mackey; president of the International Center for Research on Women Geeta Rao Gupta; and University of Michigan professor C.K. Prahalad, whose book The Fortune at the Bottom of the Pyramid was a key influence on Bill's thinking. Each of them has a distinctive and provocative point of view. You can watch and listen to the roundtable at time.com/creativecapitalists and watch my brief Q&A with Bill on time.com...
...clashes with their business model. Banks get much of their profit from the interest they earn by lending out the money held in long-term deposits, but check cashers depend on a high volume of small transactions to generate revenue through fees. "The changes are not that simple," C.K. Prahalad, a University of Michigan economist and expert on marketing to the poor, says of the different ways banks need to operate to serve these customers...
...lose access to their funds. Check cashers prefer the term self-banked for these customers and say they are wise to steer clear of banks for exactly these reasons. "Check cashing is very popular because even though the costs are very high, there is certainty to it," says Prahalad...
Scott and Chugh's other innovation is Cosmos Ignite, the company they founded to market Mightylight. Inspired by C.K. Prahalad's The Fortune at the Bottom of the Pyramid, about the collective buying power of people earning a few dollars a day, they believe that capitalism--not charity--is the best way to address the needs of the Third World. So in November they began selling Mightylights for $45 each. The LED technology is so advanced, says Chugh, that "anyone in New York or Delhi would love one of these." Chugh, 38, hopes to release a $30 model soon...