“You are fired if we get to Fortune 50”

Rural Africa. What is the first thing that comes to your mind?  Maybe you hear the excited voices of little kids in their matching school uniforms yelling at you as you pass them by. Maybe you see the NGO symbols of World Vision, Doctors Without Borders or the Gates Foundation. Maybe you hear the crazy vuvuzela sounds lingering from the recent FIFA World Cup. Maybe you smile at the thought of the incomprobable feeling of standing at the edge of a savannah.  Maybe you smells the extraordinary scents that make up an African market.

Of all these things, do the terms “co-creation, community impact measurement or the largest potential source of business opportunities” come to mind? If not, well, they should.

Base of the Pyramid business strategy was the name of the game for for Dr. Stuart Hart, a Professor from Cornell  and Dr. Ted London, a Professor from the U of Michigan during a featured session on the Friday morning of the Net Impact conference. Continuing the work of Base of the Pyramid Guru, the late C.K. Pralahad, Professors Hart and London instilled in their audience a mutual sense of opportunity and urgency as they spoke about the future of business at the base of the pyramid.

“Reese’s Peanut Butter Cups”

Businesses in developed countries are seeking new customers and new markets. Dr. London made referred to “you are fired if we get to Fortune 50” while pointing out the nearly triple growth rate potential for markets in developing nations versus developed nations. Communities in developing countries are looking for sustainable chances to lift themselves out of poverty and become active contributors to their nation’s economy, and to economies around the world. To add a little bit of Canadian flavour, let’s refer to Roger Martin’s, book, “The Opposable Mind: How Successful Leaders Win Through Integrative Thinking”, which suggests that, when faced with a decision where the two feasible outcomes are not quite desirable, the ability to form a third outcome, one that is better than either choice of the initial two, is an ability that sets business leaders, and thus their companies, apart. Essentially this idea is the that of Reese’s Cups – chocolate and peanut butter on their own are great, but together, oh wow. Definitely better than either on its own. (For those who know me well and know that I am deathly allergic to nuts, this parallel might seem strange, but I’ve been told more than once that Reese’s Cups are quite irresistible, and the example serves to prove a point)

So let’s focus at the base of the pyramid. It’s not all about multinationals coming into developed countries and forcing products on impoverished consumers. It is about co-creating value with the millions of culturally vibrant communities that are full of ideas and drive. There is a stronger case than ever for economics to value social good.  Add this call to action to the voices of the beautiful African kids, and be a part of business community that really does what it should – comes and unites.