'Poor should get benefit of globalization'

BANGALORE, INDIA: Ever since the concept of globalization, as we see it today, made inroads into India, there has been heated discussion whether globalization is ‘good’ or ‘bad’ to the poor.

And in this discussion, we forgot one thing – globalization is here to stay and now what we have to do is to make it work for the benefit of all.

It was this concept of reaching out to the poor, dominated the speech of C K Prahalad - strategy guru, author and professor at University of Michigan Ross School of Business, at the inaugural session of the TiE Entrepreneurial Summit 2008 in Bangalore today.

While delivering his speech on ‘Democratizing Entrepreneurship’, he said: “Every person should have access to the benefits of the global economy; they should be able to afford world class products and service.” In order to achieve that, what is needed is democratization of commerce.

“Everybody in the world should have to opportunity to be a micro consumer, micro producer, micro innovator, micro investor and micro entrepreneur,” he added. Pointing out to the disparity in wealth distribution and corruption in the society, he said the antidote to poverty and inequality is wealth creation and growth. “Creating wealth is more important that distributing wealth,” he added.

Saying that rural poor is a target market and that entrepreneurs should use the potential of that market, he also discussed and demonstrated many innovative ways and means to improve the living standards of the poor.

Pointing out to the necessity of reaching out to the rural society, he said India has redefined wireless communication.

There is a desire for connectivity and this desire is evident from the telecom penetration in the country. “A single telecom provider, Airtel, is giving some three million new connections every month,” he pointed out. Similarly, ICT sector should also develop, especially in the education sector, he pointed out.