The Base of the Pyramid (BoP) refers to the 4,5 billion people who live under US$8 a day. For a long time, the 4 billion people in the BoP which make up 60% of mankind have been excluded from the formal economy. With growth slowing in the formal economy, companies are looking to at the BoP as a new source of revenues and profits. The corporate view of the BoP, driven by C.K. Prahalad and Stuart L.Hart’s ideology (2002), is that there is a fortune at the bottom of the pyramid.
It is the volume of the BoP’s potential consumption that adds up to substantial purchasing power even if individual incomes are low by developed world standards. People at the BoP need everything from food, water and proper sanitation to education, entertainment and financial services. In fact, the BOP is one of the fastest growing markets for cell phones and micro-financing. If NGO’s, MNC’s, governments, corporates and social entrepreneurs can provide these needs to improve the lives at the BoP, the USD $5 trillion BoP market can join the formal economy.
BoP World Convention & Expo, organized by BoP Hub, is a business-action platform designed to bring together multiple stakeholders from various sectors to discuss gaps in the US$5 Trillion BoP market and co-create sustainable business solutions to fight poverty and build trade. The event is an excellent launch pad for new solutions, products and services. It also offers an opportunity for businesses to learn more about the market potential at the BoP and build new business ventures with like-minded organisations. It is open for public and private sectors to meet and accelerate their business models, to integrate solutions, innovations within sectors and across sectors, foster collaborations with an inclusive approach involving all stakeholders: corporations, social enterprises, investors, academia, etc. The mission is to beat the poverty via trade. Let’s work together to make ending global poverty a reality.
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