10 technologies for the bottom of the pyramid
Monday, April 21, 2014
The bottom of the financial pyramid, a term reportedly coined by U.S. President Franklin Roosevelt in 1932, refers to the world’s lowest income-level group, one that spans more than 4 billion people worldwide.
Many experts believe these individuals should be given a chance to participate in the global economy as both consumers and entrepreneurs. In his book ’The Fortune at the Bottom of the Pyramid,’ University of Michigan professor C. K. Prahalad discusses business models that have tapped into this group by developing market-specific products with the needs of the poor in mind.
BoP Hub, a Singapore-based non-profit venture, engages in Prahalad’s philosophy by helping social enterprises form partnerships with the private sector to create a niche marketplace for the poor.