Description
Have you ever wondered why poor countries are still poor even after so many years? In poor countries, so much money is spent to build roads, schools, hospitals etc., yet these countries are not able to progress. Many organizations emphasize on big and expensive modern projects but despite this all this proves to be ineffective. What could be the reason behind this? What is a more effective approach to helping poor countries become rich? What is the solution to eliminate poverty? You will know all this in this summary.
Book Summary
Introduction
Paradox also means irony. This is the opposite of what one would expect. The Prosperity Paradox means that poor countries will not be able to achieve prosperity by finding a solution to poverty.
Instead, a better solution would be – market creating innovation i.e. creating and sustaining market creating innovations. In this summary you will know what Market Creating Innovation is and how it works. You will know why it proves to be more effective in taking a poor country towards prosperity.
You will know why the common approach to fighting poverty does not work and how we can change this common approach. Some examples of market creating innovation are Celtel, the first mobile phone company in Africa, Ford and Model-T car in America and the digital education program of Tata Consultancy in India.
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This summary will help you achieve a clearer understanding of poverty and development and most importantly, this summary will show you a new light of hope because the conditions of poor countries or communities are not as bleak as they seem.
The Prosperity Paradox
Everyone called Mohammed Ibrahim crazy when in the late 1990s he said he wanted to open a mobile phone company in Africa. Many people thought that Africa was a dangerous place full of dictators and corrupt people.
Mohammad Ibrahim had been a technical director in British Telecom and was the owner of a successful consulting firm. The idea of building a mobile communications network from scratch was crazy, especially in a country like Sub-Saharan Africa where most people had never even used a phone in their lives. There are 54 countries in Africa. Its total population is more than 1 billion which is spread over about 11.7 miles.
Its area is three times larger than the United States. Yet there was no single communication infrastructure in such a diverse continent. There were no cell towers there and mobile phones were considered a luxury item there. Ibrahim’s colleagues saw many reasons why he should not start this business there. There was a lot of poverty and corruption, lack of infrastructure, lack of water supply, lack of health care and education.
But Ibrahim saw a big opportunity there. He thought how much money, time and effort people would save if they could talk to someone over the phone instead of traveling far away.
The problem of this situation is called nonconsumption. This happens when potential customers are desperately looking for a solution in some area of their life, but that solution is out of their reach and expensive. So people improvise or keep living with the same problem without any solution.
But luckily Ibrahim saw a huge opportunity to create a market. He started Celtel. This was a big challenge. When he showed the banks a good business model and potential cash flow of millions of dollars, the banks refused to lend him money. Ibrahim started the company with equity financing and 5 employees.
At that time there were no power lines, no logistics, nor were facilities like training and healthcare available for their staff. Ibrahim made some arrangements for all this. Where there were no roads, they used helicopters or made makeshift roads.
Ultimately his company got success. After 6 years, Celtel was operating in 13 African cities and its customers had reached 5.2 million. Whenever Ibrahim opened a new store, people would already line up to buy his new mobile phone. By 2004, Celtel’s net profit had reached $147 million and revenue had reached $614 million. In 2005, Ibrahim sold the company for $3.4 billion.
Celtel started a revolution. Africa is now home to many more mobile phone companies such as Vodacom, Telkom and Safaricom. By 2020, Africa’s telecommunications industry generated $20.5 billion in taxes, created 4.5 million jobs, and added $214 billion to many African economies.
Let us now discuss the Prosperity Paradox. The author of this book, Clayton M. Christensen and his co-researchers observed that poor countries can never achieve prosperity by trying to eliminate their poverty. A more effective solution would be to invest in innovations that can create new markets for these poor people. In the example above, Sub-Saharan countries were struggling with many problems.
Many organizations have invested billions of dollars for the progress of these poor countries, but prosperity will come only when people are ready to pay for a market-creating innovation or product.
Market creating innovation will remove all the visible signs of poverty like corruption, lack of infrastructure and institutions. In other words, a successful product, business or industry which is developed within the country can overcome all these shortcomings.
This is a paradox because the solution is not to eliminate poverty itself but to invest in market creating innovation. The best example of this is Celtel, which is Africa’s first mobile telecommunication company.
Not All Innovations Are Created Equal
Innovation is the change an organization makes to transform its capital, materials, and labor into products of greater value. This is completely different from invention because invention is the process of creating something completely new. Innovation is often taken from one business to another or from one country to another. There are three types of innovation sustaining, efficiency and market creating. All these are important. But the third one, market-creating innovation, provides a strong foundation for long-term economic prosperity.
Sustaining innovation upgrades already existing solutions. This comes because of customers when they demand better performance from a product. Now take the example of Lipton tea brand. Unilever continues to introduce new flavors of Lipton such as mint and green tea. The aim here is to keep the product exciting for its existing customers and also to maintain Lipton’s market share. But these new flavors have not been created to attract new customers.
Efficiency innovation is called when the company is getting maximum profit due to limited resources and current business model. This means changing the process to free up cash flow and earn more profits. Efficiency innovation may be good for company productivity but it is bad for employees. For example, many factories are closed due to outsourcing.
Market creating innovation actually creates an entirely new market. This is a new market where no product already exists or any existing product is either inaccessible or very expensive. Innovation replaces expensive or complicated products. Celtel did the same thing with mobile phones in Africa.
Market creating innovations create new markets as well as new consumers and new jobs. Overall, market creating innovations create a strong foundation for a prosperous economy and lift millions of people out of poverty. There are 5 factors of market creating innovation. These will serve as a guide for an entrepreneur who wants to start something from scratch or an existing company who wants to venture into a new market creating innovation.
The first factor is to create a business model that targets nonconsumption. Most business models target existing consumers but market creating innovation is different. There are no existing consumers in it. For example, a big challenge before Mohammed Ibrahim was that most of the people in Africa had never even used a phone in their life.
The second factor is the presence of an enabling technology. It provides better performance at very low cost and gives competitive advantage to the company. Some examples of enabling technology are smartphones, Internet and Toyota Production System. Celtel took advantage of wireless cellular technology when only wired connections existed.
The third factor is to create a new value network. The value network of a product is a series of activities required to deliver that product from the company to the consumer. For example, for a food product to reach grocery stores from the farm, it has to go through harvesting, processing, storing, transporting, packing and marketing etc.
This entire process defines the cost structure. Now that the market-creating innovation targets non-consumers, the company can redefine the cost structure to make the product more affordable and profitable. Therefore the entrepreneur can create a new value network. For example, Celtel sold prepaid scratch cards that people could purchase as per their needs, such as 30 minute, 45 minute, 60 minute scratch cards.
The fourth factor is to create an emergent strategy. There are two types of strategies deliberate and emergent.
Deliberate strategy is fixed. This is used when the company already knows about the market needs.
Emergent strategy is flexible. This is used when the market is not yet defined. The entrepreneur learns more from feedback from potential customers.
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The fifth and last factor is executive support. Market creating innovations are unpopular because there are no consumers for them yet. These require more resources than other types of innovations. For example, no bank wanted to give loan to Mohammed Ibrahim when he was going to start Celtel. Therefore, market creating innovation needs the support of the CEO or executive team to be successful.
Let’s recap the 5 factors of market creating innovation an enabling technology, a new value network, an emergent strategy, executive support, a business model created targeting nonconsumption.
Finally, we will take an example to see how market creating innovation lays the foundation for a wealthy economy. Let’s go back a little in history and see how Ford’s ‘Model T car’ helped bring prosperity to the US.
Till a century ago in America, a car was considered a status symbol for the rich. In 1900, only ten thousand cars were registered in the US. In those days, there were very few paved roads, few gas stations and very few Americans who could afford to buy a car, but Henry Ford changed everything.
Between 1909 and 1927, 15 million Model T cars were produced. This boom in the automobile industry brought a big cultural revolution in the country. The Model T changed the way Americans lived, worked, and played. Cities and schools started developing. Agricultural products started being transported more effectively than before.
New businesses began to flourish such as auto repair shops, gas stations, auto insurance, fast food chains, hotels. There was growth in many car related industries like oil, steel, paint, rubber and glass. The government in turn built new roads and passed new laws so that everyone could drive safely.
Model T is truly a market creating innovation. It provided jobs to many Americans and opened up many tax revenue streams for the government. With the success of Ford, many competitors came into the market which made this industry even bigger, better and brighter.
Pull Versus Push A Tale of Two Strategies
Every year several billion dollars are spent to develop poor countries. These funds are primarily used to “push” resources into these countries in the hope that one day these poor countries will emerge from poverty and move towards prosperity. But despite spending so much money, this country is still poor.
Why is development so difficult to achieve and maintain The author believes that these efforts are missing an important component and that is innovation. Unless there is innovation that pulls in the resources that poor countries need, progress cannot occur.
Stakeholders must find new innovations profitable, which include customers, entrepreneurs, investors and the government. This way you will find it worthwhile to maintain the resources that will be “pulled in” through innovation. These resources include education, infrastructure, policy etc. Let us take the example of push strategy here and later the more effective pull strategy.
Toilet A Love Story was an Indian blockbuster movie that was released in 2017. It was about a young bride who gets very disappointed when she finds out after marriage that there is no toilet in her husband’s house. Now the entire village gets divided into two groups, one who understands the girl’s problem and the other who does not. Finally her husband gets a toilet built for her in the house and he explains to the villagers how much a toilet is needed in their village.
This film is based on a true incident. Even today, more than 50% of the houses in India do not have toilets. One out of every ten people dies due to poor sanitation in the country. Diarrhea is the number one cause of death among Indian children, claiming about 300,000 lives every year. Apart from this, many women wait for darkness to defecate in public places, due to which they often become victims of rape and violence.
The solution for this is very simple. The simple thing is that there is a need to build more toilets in India. Prime Minister Narendra Modi has planned to build 10 million toilets by 2015 and 60 million more toilets by 2019 under his “Swachh Bharat” mission. This will solve the problem, right
But in 2015, the government found that most of the new toilets were not being used by the people. In fact, they have to agree to use the toilet. In some areas, “motivators” are being hired to publicly shame people who defecate in the open instead of using toilets. Children are also being taught to run after such people and whistle when they see them. The government is also giving financial incentives to those people who are using toilets.
But all these measures have been ineffective. They are unable to reach the root of the problem and will not work in the long term. The main problem is that there is shortage of water in many rural areas. If people do not get adequate amount of drinking and bathing water, then how can they be expected to use toilets Apart from this, many toilets have not been installed properly.
They are not connected to any water source or treatment facility. Such toilets are so smelly and full of flies that no one wants to use them. Apart from this, the cash incentives that are being given to motivate people are making them financially dependent on the government.
Poverty seems like a never ending struggle. One can easily assume that this is due to the lack of resources such as food, clean water, healthcare, education and public services. That’s why governments and organizations have been using expensive push strategies for many years. They gave poor communities the resources that rich communities had, thinking that this would solve the problem. But this method remained ineffective. Push strategy is as if you are treating the symptom and not the disease.
Pull strategy is its complete opposite. For example, education is an investment in human capital. Providing education to a poor community is successful when it “pulls in” a community due to demand. This demand comes from an industry that wants to absorb the knowledge and skills of trainees.
Let’s take a look at Tata Consultancy Services, which is the world’s largest IT company. TCS has 4,00,000 employees, making it India’s largest private sector company. In the last few years, the demand for digital services like cloud computing and data analytics from TCS clients has increased significantly, hence TCS bridged “Digital Education” and integrated it into its business model.
The company trained 200,000 employees in different skills in digital technology and is still training them today. TCS trains its existing and new employees as per the needs of their projects and market demand. This makes the employees believe that they can earn money on the basis of their new skills. The company also hopes that they will definitely benefit from investing in the training program. There are many reasons that prove that the pull strategy is more effective in bringing long term prosperity.
First, it is created at the ground level by innovators who see people struggling in their daily lives.
Second, innovators are more realistic or practical in their approach than outsiders, who lack knowledge or impose their own methods. For example, every quarter TCS analyzes what skills they need to teach their employees according to the demand of their clients.
Third, the pull strategy focuses on meeting people’s needs. There is a problem for which there is a dire need to find a solution. The pull strategy creates a solution, even if it is imperfect. Gradually the solution becomes more efficient and the market creating innovation continues. For example, the TCS training program was imperfect in the beginning but it has improved with time. TCS Digital Services became more successful because it trained more employees and was able to meet the increasing market demand.
Good Laws Are Not Enough
In earlier chapters, we learned about the Prosperity Paradox, three types of innovation, and push and pull strategies. In the following chapters, we will learn about the three most visible signs of poverty, which are lack of institutions, corruption and lack of infrastructure.
Later we will see that the push strategy has proved ineffective in solving these problems. It is better to create market creating innovations because it will bridge the institutions, transparency and infrastructure that are needed. Market creating innovations can become bigger and help a poor country prosper
It is a common opinion that poor countries lack “institutions” and laws, hence they should adopt western style institutions to start business and progress. That’s why many organizations invest billions of dollars in poor countries so that they can improve their institutions. However, despite good intentions, they can prove to be ineffective and even corrupt.
The solution is not to adopt a Western system or create more rules and regulations. Institution reflects the culture and values of the people, hence it has to be created in our country. A market creating innovation can help usher in this change.
Millions of people in poor countries live in the informal economy despite knowing that it is illegal. They have tried to register their business before but face difficulties regarding fees, process and lack of benefits. That’s why they feel that joining the formal economy is useless.
Matias Recchia returned to Argentina after studying and working abroad for several years. He studied at Harvard Business School and helped build Latin America’s largest online gaming company.
In 2013, Rekia decided to settle in his country and he wanted to give his apartment the feel of home. But they were facing a lot of trouble in finding a goods shifting company and contractors like electrician, plumber and painter. All of them worked in the informal sector. He used to ask for the desired price for his services, never came on time and did not deliver the work he promised.
Contractors did not care about paying taxes, reporting their earnings and following safety protocols. This problem was not only in Argentina, but in Latin American countries, 70% of laborers work in the informal sector. In Sub-Saharan Africa this number is 90%.
Matias learned that many people were facing the same problems as him and most importantly, he learned that these contractors had their own reasons for not joining the formal economy, which were completely valid.
They did not get any benefit for arriving on time, doing good work and charging a fair price. If a contractor finishes a job at 3 o’clock, he cannot go to do any other work on the same day because the traffic in Argentina is so heavy. Therefore, these people usually charge more money from their first customer so that they can get the full day’s wages.
There is no way for poor people to move up the social chain. They fill their stomach by earning daily. Whatever rules the government has issued have failed to change their situation.
Rekia came up with the idea of creating a formal market where clients and contractors could meet. He created Iguanafix, an online service that connects clients with honest contractors. Iguanafix made $25 million in the first 3 years. The company has included about 25,000 contractors from Argentina, Mexico, Brazil and Uruguay in the formal economy. Now these contractors are paying taxes, reporting their earnings and forming their own firms.
The shift from informal to formal economy did not happen due to fear of any penalty or because they did not suddenly realize their responsibility. This happened because Iguanafix understood the problems of both clients and contractors. The company had made it more profitable and easier by being honest and transparent.
Argentine contractors can now obtain health and work insurance, open bank accounts and work with corporate clients because they are now part of the formal sector. They now have more control over their work schedule, personal life and finances.
The formal economy will become even stronger as more companies are proving that joining it is good for everyone. Iguanafix created a new market that enabled thousands of contractors to pull into their lives those institutions that the government had been trying to push into them for many years.
Corruption Is Not the Problem; It’s A Solution
Corruption is one of the main reasons why investors do not want to do business in any area. This is also a big issue which citizens feel is stopping their progress. The problem is that corruption is so widespread that millions of dollars are spent annually to eliminate it, yet its power does not diminish.
Instead of asking how to end corruption, we should first ask why corruption exists. The answer is not lack of morality. The answer to this is to understand why people want to commit corruption. Clayton was once working as a missionary in South Korea.
Every month a man used to come to him to sell him “safety insurance”. The man said that if Clayton gets insurance from him, then he will not have to worry about his house being burglarized, but if he does not take insurance, then it is possible that his house might get burglarized someday.
Now because Clayton was a young missionary in an unknown country, he took insurance. Corruption works to maintain the power balance in the community and keeps the wheels of the economy running smoothly. This is a survival technique for both, the one who pays and the one who asks for money.
Fighting corruption is like playing the game “Whack-A-Mole”, in which the player has to hit toy moles on a machine using a hammer. You hit one mole but then another one stands up. You get very tired hitting each mole but they never end.
Believe it or not, even today’s richest and most successful countries were once corrupt. People generally believe that good laws and moral values are the only way to remove corruption. But rich countries have proved that only a market creating innovation can bring change. We will take an example of this later. So why do people get trapped in corruption First, in any society people want to move forward in their lives.
They do corruption so that they can bring improvement in their lives. It is not that these people are filled with evil, but it is because they have limited legal options, due to which they are forced to commit corruption.
Second, every person or company has a cost structure. For example, a police officer in India earns Rs 20,000 per month. This is equivalent to approximately $295. Its monthly cost structure i.e. expenditure is $400. Now because his cost structure is more than his salary, the police officer can go towards corruption. He is not actually a bad person but his circumstances are such that corruption becomes a compulsion for him, which he does even if he does not want to.
Third, a person wants to choose the best thing for himself in every situation. When the law prevents us from doing something, we start looking for our options. We compare whether we will benefit by following the law or breaking it. If the value of the benefit is less than the consequences, then we can assume that a person will break the law, even if following the law is for the good of the society.
For example, two decades ago, police officers in America used to monitor the speed limit using portable radar, but today, if there is a police car parked ahead, the GPS app Waze alerts the driver. Waze is community based, so users warn each other in advance to avoid the police. Therefore drivers ignore the law and drive fast to reach their location as soon as possible.
The point is that there must be a good reason for people to automatically want to follow the law. This should be more than a moral responsibility, something that can help them overcome their daily struggles. People do corruption because they want to progress in their life and support their family. You will not be able to change them by making more laws or imposing more fines.
This will make corruption go deeper. Instead of spending lakhs of rupees to remove corruption, we should support new market creation which can help people to come out of their daily struggle.
Think about American film and music piracy. With the beginning of this century, the culture of piracy and illegal file sharing changed into paid streaming service. You probably remember the era of “mixtapes” when you were in college or high school. With the help of dual cassette recorder, anyone could easily copy and mix songs for any party or road trips etc.
Music companies fought Congress for years, demanding that copyright protection be made more strict. He also launched awareness campaigns to stop people from stealing music. But people still didn’t stop and kept making mixtapes. The situation became even worse when Napster was invented. This was a peer to peer file sharing software. With the help of Napster, anyone could share music from anywhere 247. Every music company had filed a case against Napster and later it had to be closed down and it was declared bankrupt.
In 2014, journalist Stephen Witt wrote a book about how he finally stopped stealing music. This did not happen due to any moral reason. Stephen told that after many years, piracy had become too expensive and time consuming for him. Whereas subscribing to Netflix or Spotify was cheaper, fun and easier. With time these streaming services have become better than torrent sites.
Therefore, we first have to understand why people do corruption and find a solution to that problem. We cannot eliminate corruption completely but remember that achieving prosperity and transparency is a long process.
If You Build It, They May Not Come
Just imagine, patients are lying in the corridor of the hospital, hoping for help. Imagine students sitting on the dirty floor of a classroom without a table or chair. Imagine a woman walking miles on an unpaved road to get water. This is an example of bad infrastructure.
This is one of the most visible signs of poverty and also the main reason why poor countries are unable to escape it. Common knowledge says that poor countries should have more infrastructure to attract more investment and move on the path of progress. But is this true Once built, will these new infrastructures be sustainable
In this chapter we will see that for infrastructure to be successful, it must support a market-creating innovation, otherwise the billions of dollars spent on it will be wasted. An incomplete highway in Cape Town, South Africa is hanging in the air above the city center. There are no railings on its sides that can stop people or vehicles from falling down. It has been almost 40 years since this incomplete highway was hanging in the air.
Originally, this highway was being built so that poor Cape Town residents could easily cross to the other side of the city to earn more money, but in reality those high paying jobs never existed, so construction was halted when money ran out. It was stopped and the priorities of the government changed.
Now this incomplete bridge has become only a venue for photoshoots, commercials and movie scenes. Apart from this, it has not been of any use for the last 40 years. This is a stark reminder of how good intentions can go wrong. This incomplete bridge proves that building such infrastructure unless there is a proper market is a terrible mistake. Now let us compare Cape Town with these examples.
Singer railway station in Scotland was originally built in 1907. The purpose of making it was to deliver the new Singer sewing machine from the factory to dealers across the country.
The Baltimore and Ohio Company was the first major railroad in the US. It was created by a group of entrepreneurs and investors to provide better access to markets from Baltimore to Ohio. T. Coleman du Pont, a businessman, engineer, and politician from the wealthy du Pont family, built the Du Pont Highway. This highway was 100 miles long which was in Delaware, which was later donated to the state. Today this highway is famous as US Route 113.
Tolaram, maker of Indomie noodles, is a billion dollar company in Nigeria. This company has built its own electricity and water treatment facility and has also developed Africa’s largest port.
POSCO is a steel company of South Korea. It has created POSTECH, a school where new technical managers and technicians are trained before being hired into the company.
MAREA is a digital infrastructure that was created by Facebook and Microsoft in 2017. This is a 4000 mile long underwater cable that runs from Virginia, USA to Bilbao, Spain in the Atlantic Ocean.
As you can see, infrastructure projects are very expensive but when they are coupled with market-creating innovations, they attract the capital needed for construction and maintenance. Because of this there is a chance for more development. Therefore, market creating innovations come before infrastructure so that it does not become a failed project.
To understand it better, we have to define the infrastructure and divide it into categories. It refers to the mechanism through which a society or business stores or distributes value. For example, school distributes knowledge. Port works to store or distribute the product. Power plant works to store or distribute power.
The value of what is being stored or distributed in any infrastructure should be such that it can cover its construction and maintenance expenses. This is usually done through taxes or fees charged by the operator. If a poor country is unable to maintain any infrastructure, then it will keep borrowing money to invest in more projects and will never be able to get out of its debt cycle.
For example, the Mombasa-Nairobi railway in Kenya started in 2017. The value of this project was $3.2 billion. It was expected that this project would transport 40% of the cargo from Mombasa Port, but this new railway transported only 2% in the first two months. According to World Bank estimates, this project would have been effective only if it could transport 20 million tonnes of cargo in a year, which would be equal to everything that was transported through Mombasa Port.
But despite all efforts, the new railway was able to transport only half of it, so this project was bound to fail. Additionally, the amount of money Kenya borrowed from the Chinese company to fund the project would have continued to grow, especially since there was no market-creating innovation to pay for it.
Conclusion
First, you learned about the Prosperity Paradox. The author believes that the solution to poverty is not to try to eliminate it but to create market creating innovations that can provide poor countries with the resources they desperately need.
Second, you learned that there are three types of innovation sustaining, efficiency, and market creating innovation. The innovation that creates a new market leads to prosperity. It has a business model that targets nonconsumers. These people do not spend first on the product, yet innovation and its business model makes them spend money.
There is an enabling technology in this innovation. It has a new value network, so it becomes more affordable and within the reach of people. It is developed from an emergent strategy which is led by a strong-willed CEO.
Third, you understood the difference between push and pull strategies. Push strategy does not solve the root of the problem. It gives such solutions for which people are not ready. On the contrary, pull strategies are created by innovators on the ground who know first-hand the daily struggles of people. Its solutions are imperfect in the beginning but they get better with time.
Fourth, you learned about the most visible signs of poverty corruption, lack of institutions and infrastructure. The examples of IguanaFix, Spotify, Netflix, Singer, POSCO and MAREA show that solutions to these problems can be pulled in through market creating innovation.
Now there is one last important lesson you should know. A company that offers market creating innovation cannot develop a country alone, rather it needs everyone’s support.
During the 1800s, the US was poorer than many underdeveloped countries today, but Singer’s sewing machine, Eastman Kodak, Ford’s Model-T, and Bank of America helped the country escape poverty.
Japan and South Korea were completely devastated after World War 2, but thanks to the market creating innovations of Sony, Toyota, Kia and Samsung, these countries were able to become global superpowers in future.
Therefore it should be made in our own country. This should be a market creating innovation. Imagine what an innovator can do in a nonconsumers country. Dr. Devi Prasad Shetty had done something similar with Narayana Health. Dr. Shetty started Narayan Health with the vision that he would treat poor people for less than a dollar a day. Initially Narayan was a heart center but now it also does brain and spine surgeries and bone marrow transplants.
Now Narayan has become a chain of multi-speciality hospitals where thousands of patients come from all over the world because the treatment here is of high quality and at low cost. Doctors in Narayan perform about 19 open-heart surgeries daily. After so much practice, their skills improve even more. There are different levels of services in the hospital where rich patients can get premium services like private rooms by paying more. Whereas low-income patients have to pay 60% less for the same surgery. Narayan has never minded treating any patient.
This hospital also provides post graduate program to its staff. Other organizations try to hire the nurses here because of their expert skills, but Narayan’s director does not worry about this because fresh graduates are always ready to join his hospital.
Narayan also offers health insurance at a rate of just 11 cents per month. It covers health care expenses up to $2,200 or an open heart surgery for an indigent patient. Despite these innovations, Narayan earned revenue of $280 and profit of $12 million in 2017.
It is absolutely possible to do this, many innovators have been successful in it. Many poor countries faced the brunt of poverty, developed themselves and then became rich. Innovation is not something that happens to a society after its problems are solved. Innovation is the way by which society can stand up for itself.
What can you do for the countless problems our country is facing What is it or what is that thing that people desperately need but they are not able to reach it or are not able to buy it because it is expensive Keep your mind open to every possibility. India’s next market creating innovation can start from you.
Anyway, see you again with the powerful explanation of the new movie.
