GSIF09 SUMMARIES
Plenary 5: Slumdog Billionaires: Uncovering the Treasure Chest (trash)! Friday, 2 October • Veronica Colondam • Takashi Hongo • Sam Ong • Andrew Tan • Greg Walter Moderated by • John Hope Bryant The global financial crisis that we are facing right now can be seen as a crisis of virtues and values, and thus the time has come for us to ‘reset’ our perspectives and how we view the poor. One panelist started the session by highlighting how poverty should not be seen as a problem, but more as an opportunity due to the huge untapped market that it provides. Using the example of Indonesia as having a deep cell phone penetration rate, the idea then is not to treat the poor as objects of charity. Instead, the focus should be on the subject of affordability. This sentiment was echoed by another panelist whose company believes in making water affordable and available. Due to the problem of depleting natural resources, there is then a need to allocate resources to a higher cause. Another panelist whose role as a bureaucrat has led him to see the plight of the poor post-natural disasters shared with everyone how the resilience of the human spirit can overcome challenges. He also stressed the need to find more role models and, above all, the power of vision and how to make it a reality. One panelist highlighted how social entrepreneurs should adopt an abundance mentality. “Change your mind, change your business, change the world,” he proposed, focusing on how businesses today need to be flexible. The idea of affordability was again stressed across the panel as one panelist shared how low-cost banking for the unbanked can bring in great returns. One panelist illustrated how we should come up with creative solutions in light of today’s constraints, such as climate change and the lack of water. Lastly, equality, hope, dignity, love leadership and financial literacy are values that can move societies forward.
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