CK Prahalad on Cocreating Business’s New Social Compact
C.K. Prahalad is at it again. The University of Michigan professor (and – full disclosure – member of WRI’s Board of Directors) has published his 14th article in the Harvard Business Review, out today. Cocreating Business’s New Social Compact, co-authored with consultant Jeb Brugmann, is the latest installment of bottom of the pyramid work from C.K., which he first introduced with Stu Hart back in 2002.
Unfortunately, the Harvard Business Review is off-limits to all but those who subscribe. I’ve given the article a once-over already and will post a full review and analysis later today. Even better, I’ll collaborate with Al Hammond – the third point on the BOP triangle – on this review. So stay tuned. In the meantime, a brief excerpt:
As more companies conduct business experiments in bottom-of-the-pyramid markets and NGO’s business acumen evolves, they are realizing each other’s limitations and strengths. This has laid the foundation for long-term partnerships between the two sectors based on ’cocreation.’ Cocreation involves the development of an integrated business model in which the company becomes a key part of the NGO’s capacity to deliver value and vice versa.
More later. In the meantime, brush up by reading the original article, Fortune at the Bottom of the Pyramid.