C.K. Prahalad’s The Fortune at the Bottom of the Pyramid (2004) unleashed a business revolution that has done far more good than any number of “Live Aid” concerts. Using a wealth of vivid examples, from Indian eye clinics to Mexican cement companies, Prahalad made three powerful points: that consumers who live on less than $2 a day collectively represent billions of dollars-worth of demand, that together they will account for much of the growth in global demand in the future, and that companies that want to reach these markets need to start early and rethink their assumptions about design and distribution. Prahalad, who died last year, is one of the writers who is most admired by developing-world entrepreneurs, from Muhammad Yunus, who founded Grameen Bank in Bangladesh, to James Mwangi, CEO of Kenya’s Equity Bank.
The Economist
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