November 19, 2013 -- Hari Prasad, CEO of the Central Region for Apollo Hospitals Group in India, sees an opportunity to take his company's successful inclusive business model to Tanzania. "Before, we thought of ourselves as doing ‘business as usual’, but winning the G20 Challenge on Inclusive Business Innovation made us realize that we are well placed to take our model to other countries, and that our potential market is the entire world. The Challenge has accelerated our decision to replicate our model in Tanzania," he said.
Prasad was one of five IFC Inclusive Business clients speaking in Nairobi to show how their business model contributes to shared prosperity by incorporating low-income populations into their value chains. More than 150 African business leaders and development practitioners participated in the fourth G20 workshop featuring the winning inclusive business models. Apollo Hospitals, Bakhresa, Engro Foods, Jain Irrigation, and Uniminuto believe the Challenge boosted their confidence to accelerate South-South replication of their ‘inclusive business models’ which expand income opportunities and affordable goods and services among low-income populations.
“Being recognized through the G20 Challenge made us realize we are doing something innovative and quite unique," said Dr. Dilip Kulkarni from Jain Irrigation in India. “It gave us more confidence in ourselves and pushed us to do more. We feel encouraged to continue replicating our business model throughout world, including in Africa.”
Soban Farooq from Engro Foods, a dairy producer in Pakistan expanding into Mozambique, concluded: “When you do something for a long time, you start taking it for granted. Participating in the G20 Challenge and showcasing our business model made us look at what we are doing more critically and understand our own model better.” Uniminuto, a private university for low-income students in Colombia, also started to think about a transfer-of-knowledge initiative to Ivory Coast and Benin and feels encouraged by the Challenge.
IFC managed the G20 Challenge on Inclusive Business Innovation in 2011-2012. Eleven of the 15 winners are IFC clients who were able to demonstrate innovation, financial sustainability, development results, potential for growth and replication, and social and environmental sustainability.
IFC has invested more than $9 billion in about 400 companies with inclusive business models in more than 80 countries.