Entrepreneurs more than big companies are driving progress in the developing world

by Ryan Streeter on April 20, 2014. Follow Ryan on Twitter.

This sounds about right:

Five years further along, there is scant evidence that multinational corporations have expanded any further into the bottom-billions market. We believe they’re unlikely to do so, and that entrepreneurs working solo or in teams are far better positioned to go serve these customers. The reason is that multinationals face the constant temptation to apply their substantial resources to extend the reach of their existing businesses, rather than starting from scratch. Entrepreneurs, by contrast, start from scratch almost by definition. For reasons we’ll describe, that approach is essential to successfully serving the bottom of the pyramid.

That’s from this Harvard Business Review blog on how C.K. Prahalad and Stuart Hart’s seminal book The Fortune at the Bottom of the Pyramidwhich introduced “bottom of the pyramid” into our vocabulary, is mostly right if applied to entrepreneurs.