Profit with purpose
It is estimated that three billion people globally have wealth while four billion live on less than $5 a day. This isn’t the plot for a science fiction movie, but a harsh reality facing governments across the world.
Ranjit Voola thinks there is a solution to address this drastic inequality, but it’s probably not the path you’d think. He believes the classic business model that operates solely for profit is inherently flawed. Instead, big businesses could engage with the poor, not through donations, but by collaborating as partners. It’s a win-win situation that would give those living in poverty access to resources and opportunities previously not had, while opening new markets to the private sector. However, two questions need to be answered first: Is it practical, and more importantly, is it ethical?
Ranjit Voola is a marketing lecturer, but his approach to marketing is different than most. A passionate advocate for poverty alleviation, Ranjit’s focus is on how business strategies can address global wealth inequality.
He has been invited to the UN for its World Investment Forum in Geneva and the UN Global Compact Leaders’ Summit in New York for discussions on implementing the 17 Sustainable Development Goals. As a co-founder of the Australian Social Good Summit, Ranjit is part of a global alliance working to make the world a better place by 2030.