Bottom of the Pyramid
The bottom of the pyramid comprises of the 4 billion individuals living on less than $2 a day. For more than 50 years, donor nations, the World Bank, civil society organizations, national governments, lately, various aid agencies have done their best, but they were not able to remove poverty.
Prahalad demonstrates his new opinion regarding figuring out the issue of poverty as a Co-Creation solution towards social transformation and economic development , of which the parties implied are:
- Development and aid agencies
- Private enterprises
- Bottom of the Pyramid consumers
- Civil society and local government
- Bottom of the Pyramid entrepreneurs
Principles of Innovation for Bottom of the Pyramid Markets
Prahalad renders the following building blocks for producing products and services for Bottom of the Pyramid markets:
1. Concentrate on price performance.
2. Hybrid solutions, blending new and old technology.
3. Transportable and scaleable operations all over languages, countries and cultures.
4. Abbreviated resource intensity: eco-friendly products.
5. Radical product redesign from the origin: marginal changes to existent Western products will not work.
6. Build manufacturing and logistical infrastructure.
7. Deskill work.
8. Educate clients in product usage.
9. Products must work in hostile environments: dust, noise, abuse, unsanitary conditions ,water pollution and electric blackouts.
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