today I’m going to talk about democratizing the individual I mean I’ve
democratizing the individual I mean I’ve
democratizing the individual I mean I’ve been in the space of exchanges for 22
been in the space of exchanges for 22
been in the space of exchanges for 22 years now
years now
years now and really seen a lot of change but but
and really seen a lot of change but but
and really seen a lot of change but but actually you know to learn from the past
actually you know to learn from the past
actually you know to learn from the past it can make you think about the future
it can make you think about the future
it can make you think about the future and as an economic history student and
and as an economic history student and
and as an economic history student and studying economics in the past I always
studying economics in the past I always
studying economics in the past I always look at the past because you can learn
look at the past because you can learn
look at the past because you can learn lessons as you go forward so let’s take
lessons as you go forward so let’s take
lessons as you go forward so let’s take a slight look back at kind of how
a slight look back at kind of how
a slight look back at kind of how financial markets evolved but actually
financial markets evolved but actually
financial markets evolved but actually what does it mean for you and I because
what does it mean for you and I because
what does it mean for you and I because it’s been a lot of change over the last
it’s been a lot of change over the last
it’s been a lot of change over the last decade and and now that’s accelerating
decade and and now that’s accelerating
decade and and now that’s accelerating as well so if we look at it I mean from
as well so if we look at it I mean from
as well so if we look at it I mean from prehistoric times
prehistoric times
prehistoric times barter has been in existence you know I
barter has been in existence you know I
barter has been in existence you know I had something someone else had something
had something someone else had something
had something someone else had something else we we exchanged it if you look at
else we we exchanged it if you look at
else we we exchanged it if you look at punch Connie it’s famous for
punch Connie it’s famous for
punch Connie it’s famous for strawberries someone else was producing
strawberries someone else was producing
strawberries someone else was producing milk
milk
milk there was no currency you’d exchange the
there was no currency you’d exchange the
there was no currency you’d exchange the milk for strawberries you’d have
milk for strawberries you’d have
milk for strawberries you’d have strawberries and cream everyone’s happy
strawberries and cream everyone’s happy
strawberries and cream everyone’s happy and then you know as we moved on I mean
and then you know as we moved on I mean
and then you know as we moved on I mean again up until about a few thousand
again up until about a few thousand
again up until about a few thousand years ago barter was in existence and
years ago barter was in existence and
years ago barter was in existence and there’s no real currency as we know it
there’s no real currency as we know it
there’s no real currency as we know it you know here is chickens for a loaf of
you know here is chickens for a loaf of
you know here is chickens for a loaf of a loaf of bread and then as we moved
a loaf of bread and then as we moved
a loaf of bread and then as we moved into the sixteenth century
into the sixteenth century
into the sixteenth century commodity traders started to exchange
commodity traders started to exchange
commodity traders started to exchange commodities that were precious and and
commodities that were precious and and
commodities that were precious and and this is the origins of The Scindia
this is the origins of The Scindia
this is the origins of The Scindia company and other things that kind of to
company and other things that kind of to
company and other things that kind of to our detriment ended up ended up here but
our detriment ended up ended up here but
our detriment ended up ended up here but they were exchanging precious
they were exchanging precious
they were exchanging precious commodities for gold silver other
commodities for gold silver other
commodities for gold silver other precious materials and then if we if we
precious materials and then if we if we
precious materials and then if we if we go beyond that the banking system as we
go beyond that the banking system as we
go beyond that the banking system as we know it started to evolve because before
know it started to evolve because before
know it started to evolve because before that gold was now used as a currency but
that gold was now used as a currency but
that gold was now used as a currency but then banks started to emerge and then
then banks started to emerge and then
then banks started to emerge and then you had paper that was being issued
you had paper that was being issued
you had paper that was being issued backed by gold and that paper could be
backed by gold and that paper could be
backed by gold and that paper could be exchanged
exchanged
exchanged or value but there was always a goal
or value but there was always a goal
or value but there was always a goal there I mean something that in 73 with
there I mean something that in 73 with
there I mean something that in 73 with some people the Bretton Woods Agreement
some people the Bretton Woods Agreement
some people the Bretton Woods Agreement went away and then currency was all
went away and then currency was all
went away and then currency was all about confidence after that and you know
about confidence after that and you know
about confidence after that and you know prior to that from the thirteen hundreds
prior to that from the thirteen hundreds
prior to that from the thirteen hundreds I mean you’ve had I mean money lending
I mean you’ve had I mean money lending
I mean you’ve had I mean money lending for a long time after bata but the
for a long time after bata but the
for a long time after bata but the Venetians were very famous in the 1300s
Venetians were very famous in the 1300s
Venetians were very famous in the 1300s I mean not only for trading but also
I mean not only for trading but also
I mean not only for trading but also also for money lending as well we much
also for money lending as well we much
also for money lending as well we much like them in today here I mean we’re
like them in today here I mean we’re
like them in today here I mean we’re looking at a number of areas when you
looking at a number of areas when you
looking at a number of areas when you look at gold but you’ve got money
look at gold but you’ve got money
look at gold but you’ve got money lenders everything from local
lenders everything from local
lenders everything from local moneylenders to larger firms you know
moneylenders to larger firms you know
moneylenders to larger firms you know you take your jewelry there but actually
you take your jewelry there but actually
you take your jewelry there but actually you’re you’re getting maybe fifty
you’re you’re getting maybe fifty
you’re you’re getting maybe fifty percent of its value in your pain twenty
percent of its value in your pain twenty
percent of its value in your pain twenty percent interest is it really fair so
percent interest is it really fair so
percent interest is it really fair so leading on from that then you know as we
leading on from that then you know as we
leading on from that then you know as we as we move so you know gold as a
as we move so you know gold as a
as we move so you know gold as a currency I mean this was in 2015 found
currency I mean this was in 2015 found
currency I mean this was in 2015 found in a temple here I mean there’s an East
in a temple here I mean there’s an East
in a temple here I mean there’s an East India Company coin there as well and
India Company coin there as well and
India Company coin there as well and then you know more distinct marketplaces
then you know more distinct marketplaces
then you know more distinct marketplaces came about for where buyers and sellers
came about for where buyers and sellers
came about for where buyers and sellers could could meet and then that evolved
could could meet and then that evolved
could could meet and then that evolved into more defined exchanges I mean this
into more defined exchanges I mean this
into more defined exchanges I mean this is the New York Stock Exchange floor
is the New York Stock Exchange floor
is the New York Stock Exchange floor where again you know from the 16th
where again you know from the 16th
where again you know from the 16th century people were trading that paper
century people were trading that paper
century people were trading that paper that may be companies it may be other
that may be companies it may be other
that may be companies it may be other forms of value I mean you know the
forms of value I mean you know the
forms of value I mean you know the Bombay Stock Exchange I mean it started
Bombay Stock Exchange I mean it started
Bombay Stock Exchange I mean it started in 1840 under a banyan tree and then the
in 1840 under a banyan tree and then the
in 1840 under a banyan tree and then the association was formed in 1875 and then
association was formed in 1875 and then
association was formed in 1875 and then then the exchange and this was all about
then the exchange and this was all about
then the exchange and this was all about everyone being in a closed space like
everyone being in a closed space like
everyone being in a closed space like this buying and selling and then we got
this buying and selling and then we got
this buying and selling and then we got more complex because trading
more complex because trading
more complex because trading computerized you know in London I was
computerized you know in London I was
computerized you know in London I was there I mean I started out my career and
there I mean I started out my career and
there I mean I started out my career and then you saw kind of order driven
then you saw kind of order driven
then you saw kind of order driven trading came in coming in which meant
trading came in coming in which meant
trading came in coming in which meant electronic systems you no longer really
electronic systems you no longer really
electronic systems you no longer really needed the stock exchange floor it went
needed the stock exchange floor it went
needed the stock exchange floor it went away and then all the buying and selling
away and then all the buying and selling
away and then all the buying and selling from 97 onwards was via computers so I
from 97 onwards was via computers so I
from 97 onwards was via computers so I mean that was interesting I mean lots of
mean that was interesting I mean lots of
mean that was interesting I mean lots of different types of traders came in but
different types of traders came in but
different types of traders came in but it meant that we as individuals were
it meant that we as individuals were
it meant that we as individuals were kind of no longer together interacting
kind of no longer together interacting
kind of no longer together interacting it was it was via a machine so we became
it was it was via a machine so we became
it was it was via a machine so we became more distant is this really the way
more distant is this really the way
more distant is this really the way things should be yeah I mean I’m not say
things should be yeah I mean I’m not say
things should be yeah I mean I’m not say there shouldn’t be technological
there shouldn’t be technological
there shouldn’t be technological innovation again coming from a economics
innovation again coming from a economics
innovation again coming from a economics economic history background I decided I
economic history background I decided I
economic history background I decided I realized actually the business people at
realized actually the business people at
realized actually the business people at the time didn’t know about technology
the time didn’t know about technology
the time didn’t know about technology and the technology people didn’t know
and the technology people didn’t know
and the technology people didn’t know about business you know after I’d
about business you know after I’d
about business you know after I’d graduated and started working for
graduated and started working for
graduated and started working for Reuters in in 96 I thought well actually
Reuters in in 96 I thought well actually
Reuters in in 96 I thought well actually if you know about Business and
if you know about Business and
if you know about Business and Technology that was going to give you a
Technology that was going to give you a
Technology that was going to give you a distinct advantage so I’m not saying
distinct advantage so I’m not saying
distinct advantage so I’m not saying don’t race technology everything we do
don’t race technology everything we do
don’t race technology everything we do is about technology but really in
is about technology but really in
is about technology but really in financial markets we saw that we just
financial markets we saw that we just
financial markets we saw that we just became too far removed from reality and
became too far removed from reality and
became too far removed from reality and even though I was at the core of that
even though I was at the core of that
even though I was at the core of that business I mean much like as he talked
business I mean much like as he talked
business I mean much like as he talked about mental health I kind of thought
about mental health I kind of thought
about mental health I kind of thought well is this the only is this the only
well is this the only is this the only
well is this the only is this the only way I mean there must be a different way
way I mean there must be a different way
way I mean there must be a different way of doing things even though you’re in
of doing things even though you’re in
of doing things even though you’re in the heart of something and you think
the heart of something and you think
the heart of something and you think well actually it’s you know you go with
well actually it’s you know you go with
well actually it’s you know you go with the flow you don’t necessarily think
the flow you don’t necessarily think
the flow you don’t necessarily think that you’re going to going to change
that you’re going to going to change
that you’re going to going to change that in any distinct form but actually
that in any distinct form but actually
that in any distinct form but actually then effectively 2010 2011 we had an
then effectively 2010 2011 we had an
then effectively 2010 2011 we had an exit from that business and I thought
exit from that business and I thought
exit from that business and I thought well really there must be a better way
well really there must be a better way
well really there must be a better way of doing things this thing was niggling
of doing things this thing was niggling
of doing things this thing was niggling with me and again when I started up G
with me and again when I started up G
with me and again when I started up G makes five years ago we thought well
makes five years ago we thought well
makes five years ago we thought well this is great you know develop markets
this is great you know develop markets
this is great you know develop markets have become very complex but actually
have become very complex but actually
have become very complex but actually you’ve got developing markets and and
you’ve got developing markets and and
you’ve got developing markets and and many of those are that revolt involved
many of those are that revolt involved
many of those are that revolt involved or developed and then and then you know
or developed and then and then you know
or developed and then and then you know what does that mean for individuals
what does that mean for individuals
what does that mean for individuals because you know the you know stock
because you know the you know stock
because you know the you know stock markets are great you know is it just
markets are great you know is it just
markets are great you know is it just for traders is it is it for brokers who
for traders is it is it for brokers who
for traders is it is it for brokers who is it for then we were fortunate you
is it for then we were fortunate you
is it for then we were fortunate you know again things happen by chance I
know again things happen by chance I
know again things happen by chance I mean I believe in fate I was at a
mean I believe in fate I was at a
mean I believe in fate I was at a conference and I met the CEO of
conference and I met the CEO of
conference and I met the CEO of agricultural commodities exchange in
agricultural commodities exchange in
agricultural commodities exchange in Malawi a guy called Christian Shack
Malawi a guy called Christian Shack
Malawi a guy called Christian Shack mullah from the ACE exchange we started
mullah from the ACE exchange we started
mullah from the ACE exchange we started talking in a hotel bar over a drink and
talking in a hotel bar over a drink and
talking in a hotel bar over a drink and then you know realize actually what he
then you know realize actually what he
then you know realize actually what he was doing was really really interesting
was doing was really really interesting
was doing was really really interesting and this problem that had been middling
and this problem that had been middling
and this problem that had been middling me for a while kind of came to bear you
me for a while kind of came to bear you
me for a while kind of came to bear you know is that Eureka moment because
know is that Eureka moment because
know is that Eureka moment because Christian was completely from opposite
Christian was completely from opposite
Christian was completely from opposite ends of the spectrum from me so even
ends of the spectrum from me so even
ends of the spectrum from me so even though he was running the exchange it
though he was running the exchange it
though he was running the exchange it was an exchange where
was an exchange where
was an exchange where lots of smallholder farmers were
lots of smallholder farmers were
lots of smallholder farmers were empowered to kind of produce and the
empowered to kind of produce and the
empowered to kind of produce and the these were very much individuals because
these were very much individuals because
these were very much individuals because Africa is a smallholder farmer economy
Africa is a smallholder farmer economy
Africa is a smallholder farmer economy in in terms of agriculture so again
in in terms of agriculture so again
in in terms of agriculture so again these farmers are on very very low
these farmers are on very very low
these farmers are on very very low incomes
incomes
incomes they’d produce any surplus they had
they’d produce any surplus they had
they’d produce any surplus they had they’d they they’d sell but what was
they’d they they’d sell but what was
they’d they they’d sell but what was happening was I’m even though the
happening was I’m even though the
happening was I’m even though the exchange was established about 95
exchange was established about 95
exchange was established about 95 percent of the business was middlemen
percent of the business was middlemen
percent of the business was middlemen you know much like we talked about those
you know much like we talked about those
you know much like we talked about those many moneylenders much right like we
many moneylenders much right like we
many moneylenders much right like we talked about you know brokers and banks
talked about you know brokers and banks
talked about you know brokers and banks evolving and those middlemen were paying
evolving and those middlemen were paying
evolving and those middlemen were paying them you know 10 cents on the dollar in
them you know 10 cents on the dollar in
them you know 10 cents on the dollar in terms of what they were producing and
terms of what they were producing and
terms of what they were producing and these people were so far removed they’d
these people were so far removed they’d
these people were so far removed they’d they maybe wouldn’t be able to get their
they maybe wouldn’t be able to get their
they maybe wouldn’t be able to get their produce to market they wouldn’t know how
produce to market they wouldn’t know how
produce to market they wouldn’t know how to get it to market and they just didn’t
to get it to market and they just didn’t
to get it to market and they just didn’t do the transaction so you know started
do the transaction so you know started
do the transaction so you know started to kind of think about this and you know
to kind of think about this and you know
to kind of think about this and you know subsequently you know Christine was
subsequently you know Christine was
subsequently you know Christine was talking about well I mean even by having
talking about well I mean even by having
talking about well I mean even by having the exchange middlemen were still there
the exchange middlemen were still there
the exchange middlemen were still there and and actually the farmers were still
and and actually the farmers were still
and and actually the farmers were still distant immediated from markets and they
distant immediated from markets and they
distant immediated from markets and they were protecting the supply chain and
were protecting the supply chain and
were protecting the supply chain and also then I started to look at that and
also then I started to look at that and
also then I started to look at that and what it meant for the financial system
what it meant for the financial system
what it meant for the financial system and it’s the same about you know he
and it’s the same about you know he
and it’s the same about you know he looks at credit you know again you’ve
looks at credit you know again you’ve
looks at credit you know again you’ve got jewelry why should he pay twenty
got jewelry why should he pay twenty
got jewelry why should he pay twenty percent interest and only get the value
percent interest and only get the value
percent interest and only get the value of 50 percent of your jewelry when you
of 50 percent of your jewelry when you
of 50 percent of your jewelry when you when you lend it you know that all the
when you lend it you know that all the
when you lend it you know that all the risk is on you you know it’s a
risk is on you you know it’s a
risk is on you you know it’s a no-brainer for the lender and I just
no-brainer for the lender and I just
no-brainer for the lender and I just thought that the whole system was too
thought that the whole system was too
thought that the whole system was too antiquated so you know again it got me
antiquated so you know again it got me
antiquated so you know again it got me thinking I went back away from this
thinking I went back away from this
thinking I went back away from this conference that was in Switzerland and
conference that was in Switzerland and
conference that was in Switzerland and now starts to think about well there
now starts to think about well there
now starts to think about well there must be better way of doing this so and
must be better way of doing this so and
must be better way of doing this so and how can technology help you know we’re
how can technology help you know we’re
how can technology help you know we’re at the opposite end of the spectrum
at the opposite end of the spectrum
at the opposite end of the spectrum we’ve seen the kind of financial crisis
we’ve seen the kind of financial crisis
we’ve seen the kind of financial crisis unfold and you know dealing with very
unfold and you know dealing with very
unfold and you know dealing with very high performance traders using
high performance traders using
high performance traders using algorithms and machines to trade you
algorithms and machines to trade you
algorithms and machines to trade you know how can we how can we help a market
know how can we how can we help a market
know how can we how can we help a market like Malawi how can we help they smolder
like Malawi how can we help they smolder
like Malawi how can we help they smolder farmers so they thought about this I
farmers so they thought about this I
farmers so they thought about this I said to them you know rang up Christine
said to them you know rang up Christine
said to them you know rang up Christine a few weeks later and they said this
a few weeks later and they said this
a few weeks later and they said this whiz I mean this conversation happened
whiz I mean this conversation happened
whiz I mean this conversation happened in at the beginning of 2015
in at the beginning of 2015
in at the beginning of 2015 said like Christian
said like Christian
said like Christian I don’t quite know what the answer is
I don’t quite know what the answer is
I don’t quite know what the answer is but you know you’re kind of grappling
but you know you’re kind of grappling
but you know you’re kind of grappling with have these farmers get access to
with have these farmers get access to
with have these farmers get access to market we run markets we have technology
market we run markets we have technology
market we run markets we have technology let’s start working on something
let’s start working on something
let’s start working on something together you know let’s talk about your
together you know let’s talk about your
together you know let’s talk about your ten years of knowledge struggles things
ten years of knowledge struggles things
ten years of knowledge struggles things that went well
that went well
that went well you know looking at the past things that
you know looking at the past things that
you know looking at the past things that went badly as well and let’s look at how
went badly as well and let’s look at how
went badly as well and let’s look at how we can create a better system for those
we can create a better system for those
we can create a better system for those for those farmers so what we then did
for those farmers so what we then did
for those farmers so what we then did was in it create create a platform in a
was in it create create a platform in a
was in it create create a platform in a most simple sense where farmers could
most simple sense where farmers could
most simple sense where farmers could all of a sudden now get prices on their
all of a sudden now get prices on their
all of a sudden now get prices on their on their mobile phones and actually I
on their mobile phones and actually I
on their mobile phones and actually I mean in many ways developing markets or
mean in many ways developing markets or
mean in many ways developing markets or Africa I mean we talk about leapfrogging
Africa I mean we talk about leapfrogging
Africa I mean we talk about leapfrogging but by not having legacy technology or
but by not having legacy technology or
but by not having legacy technology or desktop computing everything was
desktop computing everything was
desktop computing everything was increasingly being done by mobile I mean
increasingly being done by mobile I mean
increasingly being done by mobile I mean we saw and Pasir do that with Mobile’s
we saw and Pasir do that with Mobile’s
we saw and Pasir do that with Mobile’s and mobile money in Kenya but that great
and mobile money in Kenya but that great
and mobile money in Kenya but that great I mean electronics is great but there
I mean electronics is great but there
I mean electronics is great but there still needs to be a physical link to the
still needs to be a physical link to the
still needs to be a physical link to the end to the end producer because even if
end to the end producer because even if
end to the end producer because even if you’ve got mobile money how do you
you’ve got mobile money how do you
you’ve got mobile money how do you translate that I mean we use cards we
translate that I mean we use cards we
translate that I mean we use cards we use everything but but there still needs
use everything but but there still needs
use everything but but there still needs to be hard cash and pass it at it where
to be hard cash and pass it at it where
to be hard cash and pass it at it where they empowered the village village
they empowered the village village
they empowered the village village elders because there’s no post office
elders because there’s no post office
elders because there’s no post office network there were no ATMs where the
network there were no ATMs where the
network there were no ATMs where the village elders who were trusted could
village elders who were trusted could
village elders who were trusted could then have the money and then distribute
then have the money and then distribute
then have the money and then distribute that where there needed to be hard cash
that where there needed to be hard cash
that where there needed to be hard cash so we kind of took some of these lessons
so we kind of took some of these lessons
so we kind of took some of these lessons into Malawi but we also then started to
into Malawi but we also then started to
into Malawi but we also then started to work with the financial institutions
work with the financial institutions
work with the financial institutions because a lot of these farmers for next
because a lot of these farmers for next
because a lot of these farmers for next year’s production would be taking loans
year’s production would be taking loans
year’s production would be taking loans I mean there were huge loans but to them
I mean there were huge loans but to them
I mean there were huge loans but to them they were huge I mean there could be
they were huge I mean there could be
they were huge I mean there could be they averaged about $400 a farmer so
they averaged about $400 a farmer so
they averaged about $400 a farmer so what we what we did was we made the
what we what we did was we made the
what we what we did was we made the banks via an electronic platform compete
banks via an electronic platform compete
banks via an electronic platform compete for lending because even though they had
for lending because even though they had
for lending because even though they had security from the farmers they were
security from the farmers they were
security from the farmers they were lending at forty percent interest rates
lending at forty percent interest rates
lending at forty percent interest rates and actually 99% of the time those loans
and actually 99% of the time those loans
and actually 99% of the time those loans were being repaid back so you could
were being repaid back so you could
were being repaid back so you could argue that it was just priced very very
argue that it was just priced very very
argue that it was just priced very very incorrectly so by making it easier for
incorrectly so by making it easier for
incorrectly so by making it easier for the banks to lend and lowering the cost
the banks to lend and lowering the cost
the banks to lend and lowering the cost of lending but also the banks competing
of lending but also the banks competing
of lending but also the banks competing with each other locally and we enable
with each other locally and we enable
with each other locally and we enable the banks as well to kind of access the
the banks as well to kind of access the
the banks as well to kind of access the platform because many of those were very
platform because many of those were very
platform because many of those were very basic like Bank of Malawi all of a
basic like Bank of Malawi all of a
basic like Bank of Malawi all of a sudden they started to lend
sudden they started to lend
sudden they started to lend more cheaply the farmers had access they
more cheaply the farmers had access they
more cheaply the farmers had access they could get better prices we ran this
could get better prices we ran this
could get better prices we ran this pilot for 47 thousand farmers in 2016
pilot for 47 thousand farmers in 2016
pilot for 47 thousand farmers in 2016 and in one year their net income went up
and in one year their net income went up
and in one year their net income went up 31% and then and it would have been it
31% and then and it would have been it
31% and then and it would have been it would have been about five hundred
would have been about five hundred
would have been about five hundred thousand farmers if there was access to
thousand farmers if there was access to
thousand farmers if there was access to more capital more finance kind of more
more capital more finance kind of more
more capital more finance kind of more scale and that kind of got us thinking
scale and that kind of got us thinking
scale and that kind of got us thinking even more so we thought we looked at
even more so we thought we looked at
even more so we thought we looked at this and we thought well this problem is
this and we thought well this problem is
this and we thought well this problem is prevalent in many many markets I mean
prevalent in many many markets I mean
prevalent in many many markets I mean across sub-saharan Africa but also if
across sub-saharan Africa but also if
across sub-saharan Africa but also if you go into other other farming
you go into other other farming
you go into other other farming communities as well so we thought how do
communities as well so we thought how do
communities as well so we thought how do we really make this make this scale so
we really make this make this scale so
we really make this make this scale so now we kind of spin out of an initiative
now we kind of spin out of an initiative
now we kind of spin out of an initiative called fin Kumiko where actually
called fin Kumiko where actually
called fin Kumiko where actually increasingly now we thought about how do
increasingly now we thought about how do
increasingly now we thought about how do we make the balance between okay social
we make the balance between okay social
we make the balance between okay social impacts and I’m not a socialist you know
impacts and I’m not a socialist you know
impacts and I’m not a socialist you know I’m a free market economics kind of guy
I’m a free market economics kind of guy
I’m a free market economics kind of guy but how do we make the balance the
but how do we make the balance the
but how do we make the balance the balance between social impacts and
balance between social impacts and
balance between social impacts and Financial Inclusion many of those
Financial Inclusion many of those
Financial Inclusion many of those farmers were women they were they were
farmers were women they were they were
farmers were women they were they were empowered and many of them then started
empowered and many of them then started
empowered and many of them then started businesses because they became in my
businesses because they became in my
businesses because they became in my simple sense where farmers can get their
simple sense where farmers can get their
simple sense where farmers can get their produce to market the women started can
produce to market the women started can
produce to market the women started can a small transport companies where they
a small transport companies where they
a small transport companies where they could do that and they created other
could do that and they created other
could do that and they created other opportunity and businesses also
opportunity and businesses also
opportunity and businesses also children’s nutrition went up because all
children’s nutrition went up because all
children’s nutrition went up because all of a sudden incomes are up families
of a sudden incomes are up families
of a sudden incomes are up families could afford better food but all of a
could afford better food but all of a
could afford better food but all of a sudden with surplus income they started
sudden with surplus income they started
sudden with surplus income they started to invest in value-add so where they
to invest in value-add so where they
to invest in value-add so where they were producing tomatoes you could now
were producing tomatoes you could now
were producing tomatoes you could now produce tomato puree as an example
produce tomato puree as an example
produce tomato puree as an example because many farmers are doing it
because many farmers are doing it
because many farmers are doing it because they have to but they just don’t
because they have to but they just don’t
because they have to but they just don’t always want to be farmers they want some
always want to be farmers they want some
always want to be farmers they want some of them you know once we progressed him
of them you know once we progressed him
of them you know once we progressed him about the value chain and then as their
about the value chain and then as their
about the value chain and then as their incomes went up then things that you and
incomes went up then things that you and
incomes went up then things that you and I take for granted consumer items you
I take for granted consumer items you
I take for granted consumer items you know there’s demand for that they’re
know there’s demand for that they’re
know there’s demand for that they’re equally mortgages loans other things so
equally mortgages loans other things so
equally mortgages loans other things so it’s kind of created a massive impact
it’s kind of created a massive impact
it’s kind of created a massive impact mean we’ve liked something recently or
mean we’ve liked something recently or
mean we’ve liked something recently or potential for massive Inca impact
potential for massive Inca impact
potential for massive Inca impact because we’re really at the start of
because we’re really at the start of
because we’re really at the start of this and actually we’re trying to
this and actually we’re trying to
this and actually we’re trying to galvanize a range of organizations
galvanize a range of organizations
galvanize a range of organizations because many of these communities were
because many of these communities were
because many of these communities were relying on aid and you know mention the
relying on aid and you know mention the
relying on aid and you know mention the US aid pulling their age aid budget
US aid pulling their age aid budget
US aid pulling their age aid budget when the aid went away they thought well
when the aid went away they thought well
when the aid went away they thought well what do we do so you’ve got to make it
what do we do so you’ve got to make it
what do we do so you’ve got to make it sustainable and profitable we’re doing
sustainable and profitable we’re doing
sustainable and profitable we’re doing this in farming but what other
this in farming but what other
this in farming but what other communities can we kind of take this
communities can we kind of take this
communities can we kind of take this kind of social economic impact exchange
kind of social economic impact exchange
kind of social economic impact exchange idea to and then I was fortunate enough
idea to and then I was fortunate enough
idea to and then I was fortunate enough bumping into a guy here in Delhi who’s
bumping into a guy here in Delhi who’s
bumping into a guy here in Delhi who’s involved in the clean tech space and he
involved in the clean tech space and he
involved in the clean tech space and he was involved in the clean Ganga the sea
was involved in the clean Ganga the sea
was involved in the clean Ganga the sea Ganga initiative that Prime Minister
Ganga initiative that Prime Minister
Ganga initiative that Prime Minister Modi’s backing as well then all of a
Modi’s backing as well then all of a
Modi’s backing as well then all of a sudden you know in that market or and
sudden you know in that market or and
sudden you know in that market or and Swach Bharat we look to this and we
Swach Bharat we look to this and we
Swach Bharat we look to this and we thought I mean this was really
thought I mean this was really
thought I mean this was really interesting the comment at the start
interesting the comment at the start
interesting the comment at the start about punch Connie but realized you know
about punch Connie but realized you know
about punch Connie but realized you know there’s all these ragpickers and others
there’s all these ragpickers and others
there’s all these ragpickers and others that were underprivileged in society and
that were underprivileged in society and
that were underprivileged in society and there they were collecting waste they
there they were collecting waste they
there they were collecting waste they were selling it but again they were
were selling it but again they were
were selling it but again they were getting a fraction of me for the effort
getting a fraction of me for the effort
getting a fraction of me for the effort they were putting in and oil
they were putting in and oil
they were putting in and oil I mean they were getting what you know a
I mean they were getting what you know a
I mean they were getting what you know a few there on very very low incomes if
few there on very very low incomes if
few there on very very low incomes if you rupees a day just to do this this
you rupees a day just to do this this
you rupees a day just to do this this kind of job and so now we recently
kind of job and so now we recently
kind of job and so now we recently announced an initiative with a waste
announced an initiative with a waste
announced an initiative with a waste exchange where we’re going to create
exchange where we’re going to create
exchange where we’re going to create more transparent pricing around products
more transparent pricing around products
more transparent pricing around products everything from cow dung to organic
everything from cow dung to organic
everything from cow dung to organic waste initially so that those that are
waste initially so that those that are
waste initially so that those that are selling the waste and it could be
selling the waste and it could be
selling the waste and it could be smaller individuals to larger municipal
smaller individuals to larger municipal
smaller individuals to larger municipal corporations etc can extract the value
corporations etc can extract the value
corporations etc can extract the value from that well you doggy well what’s the
from that well you doggy well what’s the
from that well you doggy well what’s the value in waste and if we look at Cao Cao
value in waste and if we look at Cao Cao
value in waste and if we look at Cao Cao gang there’s gas that there are that
gang there’s gas that there are that
gang there’s gas that there are that there are those that want to buy that
there are those that want to buy that
there are those that want to buy that waste in large volumes because again
waste in large volumes because again
waste in large volumes because again they can produce gas and that produces
they can produce gas and that produces
they can produce gas and that produces clean energy and that takes us away from
clean energy and that takes us away from
clean energy and that takes us away from kind of fossil fuels so what so what
kind of fossil fuels so what so what
kind of fossil fuels so what so what does that mean you know if we if we if
does that mean you know if we if we if
does that mean you know if we if we if we look at this I mean we see mobile and
we look at this I mean we see mobile and
we look at this I mean we see mobile and then you know here’s a picture of kind
then you know here’s a picture of kind
then you know here’s a picture of kind of Malawi farmers now at the wall at the
of Malawi farmers now at the wall at the
of Malawi farmers now at the wall at the warehouse and it’s become very social as
warehouse and it’s become very social as
warehouse and it’s become very social as well around that so all of a sudden all
well around that so all of a sudden all
well around that so all of a sudden all right great they’ve got mobiles they’ve
right great they’ve got mobiles they’ve
right great they’ve got mobiles they’ve got they’ve got access by mobile but
got they’ve got access by mobile but
got they’ve got access by mobile but actually we’ve come back full circle to
actually we’ve come back full circle to
actually we’ve come back full circle to kind of physical meeting places as well
kind of physical meeting places as well
kind of physical meeting places as well I mean what I call kind of a fusion of
I mean what I call kind of a fusion of
I mean what I call kind of a fusion of the old world and the new and and again
the old world and the new and and again
the old world and the new and and again that just describes the kind of
that just describes the kind of
that just describes the kind of ecosystem but you know we’re in an era
ecosystem but you know we’re in an era
ecosystem but you know we’re in an era now where which I call in a democratized
now where which I call in a democratized
now where which I call in a democratized disruptive innovation or didi I mean if
disruptive innovation or didi I mean if
disruptive innovation or didi I mean if we if we look at this
we if we look at this
we if we look at this all right we’re an era of Facebook and
all right we’re an era of Facebook and
all right we’re an era of Facebook and and social media we’re all connected as
and social media we’re all connected as
and social media we’re all connected as as these communities that were
as these communities that were
as these communities that were previously unbanked or off net as we
previously unbanked or off net as we
previously unbanked or off net as we call it and now increasingly coming
call it and now increasingly coming
call it and now increasingly coming online you know in theory you know and
online you know in theory you know and
online you know in theory you know and and then now playing out in reality you
and then now playing out in reality you
and then now playing out in reality you know it will all be connected to
know it will all be connected to
know it will all be connected to everyone else so I mean how can we how
everyone else so I mean how can we how
everyone else so I mean how can we how can we use that as an opportunity I mean
can we use that as an opportunity I mean
can we use that as an opportunity I mean you know already it’s developing we’re
you know already it’s developing we’re
you know already it’s developing we’re all right intermediaries because the
all right intermediaries because the
all right intermediaries because the system has been so wrong of now it could
system has been so wrong of now it could
system has been so wrong of now it could have been superseded there’s a
have been superseded there’s a
have been superseded there’s a peer-to-peer lending where you and I
peer-to-peer lending where you and I
peer-to-peer lending where you and I could lend against each other and that
could lend against each other and that
could lend against each other and that scaling out and everyone would argue ok
scaling out and everyone would argue ok
scaling out and everyone would argue ok you know forty-seven thousand farmers in
you know forty-seven thousand farmers in
you know forty-seven thousand farmers in the grand scheme of things is it a lot
the grand scheme of things is it a lot
the grand scheme of things is it a lot but now actually that’s extending by
but now actually that’s extending by
but now actually that’s extending by multiple and there’s a network effect
multiple and there’s a network effect
multiple and there’s a network effect already now it’s really interesting it’s
already now it’s really interesting it’s
already now it’s really interesting it’s making the financial institutions
making the financial institutions
making the financial institutions rethink what they do because they’ve
rethink what they do because they’ve
rethink what they do because they’ve realized actually they many of them been
realized actually they many of them been
realized actually they many of them been taking us for a ride as fifty to two
taking us for a ride as fifty to two
taking us for a ride as fifty to two other company CEOs I mean one that’s
other company CEOs I mean one that’s
other company CEOs I mean one that’s running a banking segment and another
running a banking segment and another
running a banking segment and another one that’s in voice and and mobile data
one that’s in voice and and mobile data
one that’s in voice and and mobile data and both of them were very concerned I
and both of them were very concerned I
and both of them were very concerned I mean their companies are making huge
mean their companies are making huge
mean their companies are making huge amounts of money but actually they can
amounts of money but actually they can
amounts of money but actually they can see you know saying in three years from
see you know saying in three years from
see you know saying in three years from now in we’re seeing change at a rapid
now in we’re seeing change at a rapid
now in we’re seeing change at a rapid pace I mean what used to happen in one
pace I mean what used to happen in one
pace I mean what used to happen in one year is now happening in one month I
year is now happening in one month I
year is now happening in one month I mean things are just I mean I I’ve seen
mean things are just I mean I I’ve seen
mean things are just I mean I I’ve seen it over the last year in 22 years I’ve
it over the last year in 22 years I’ve
it over the last year in 22 years I’ve never seen as rapid evolution as I did
never seen as rapid evolution as I did
never seen as rapid evolution as I did last year and this year is going to be
last year and this year is going to be
last year and this year is going to be even faster they said look you know it’s
even faster they said look you know it’s
even faster they said look you know it’s great we’re making lots of money at the
great we’re making lots of money at the
great we’re making lots of money at the moment but you know we have really got
moment but you know we have really got
moment but you know we have really got to rethink what we do because if we
to rethink what we do because if we
to rethink what we do because if we don’t the change is going to pass us by
don’t the change is going to pass us by
don’t the change is going to pass us by and actually you know we’ve seen what
and actually you know we’ve seen what
and actually you know we’ve seen what happened with Kodak when the digital
happened with Kodak when the digital
happened with Kodak when the digital camera came in and the company was
camera came in and the company was
camera came in and the company was salvaged and it exists but it’s a shadow
salvaged and it exists but it’s a shadow
salvaged and it exists but it’s a shadow of its former self on the flip side on
of its former self on the flip side on
of its former self on the flip side on the flip side Google has now become a
the flip side Google has now become a
the flip side Google has now become a 700 million dollar company so so again
700 million dollar company so so again
700 million dollar company so so again it’s forcing companies to embrace change
it’s forcing companies to embrace change
it’s forcing companies to embrace change so now whether
so now whether
so now whether you want to change or you want to look
you want to change or you want to look
you want to change or you want to look at things in a different way I mean what
at things in a different way I mean what
at things in a different way I mean what I would say has become a disruptive
I would say has become a disruptive
I would say has become a disruptive innovator and embrace change I mean the
innovator and embrace change I mean the
innovator and embrace change I mean the opportunities there for all of us
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