MANAGEMENT guru CK Prahalad on Tuesday asked Indian entrepreneurs to seek domestic opportunities for serving around 400 million people living below the poverty line. There is a need to focus on creating wealth rather than sharing wealth,” he said during his keynote address at the TiE summit in Bangalore on Tuesday. “The poor represent an opportunity, a source for innovation,” he said.
Giving example of the upcoming Indian elections, Prahalad said that no country in the world has done 100% electronic polling, and India is attempting to do just that with around 1.5 million electronic polling booths. “It’s a great innovation to be able to leapfrog the west,” he said.
Referring to the Indian phone firms such as Bharti Airtel, who are able to serve millions of subscribers at rates much lower than the US, and still remain more profitable than their western counterparts, Prahalad said that these phone firms have demonstrated how a company can be so profitable despite serving customers who are basically poor.
Among other opportunities for the Indian entrepreneurs to pursue, Prahalad also mentioned how locally manufactured access devices can trigger a revolution.
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