After authoring two books on business strategyCompeting for the Future (1994) and The Future of Competition (2003)the subject of C.K. Prahalad's new book, The Fortune at the Bottom of the Pyramid (2004), was deceptively simple.
"I was concerned about new growth markets," says Prahalad.
So he turned his attention to the five billion poor people of the world who aren't even on the radar screens of most companies.
"We assume that because they are poor and they work for less than $2 or $3 a day, they do not constitute a market."
In reality, says Prahalad, that's a $14 trillion market, one that "no company can afford to ignore."
Here are excerpts from a recent interview with Prahalad and CIO Insight's Edward Baker.
CIO Insight: Can you discuss briefly how you came to write The Fortune at the Bottom of the Pyramid?