The Power of Small

Inspired by the work of Nobel Laureate and founder of the Grameen Bank Professor Muhammad Yunus, Business for Millennium Development (B4MD) recently invited him to Australia to present The Power of Small series of business forums in March 2010.

Earning the nickname ‘banker to the poor’, Professor Yunus has challenged the conventional thinking of the corporate world to create new opportunities for businesses and millions of impoverished people.

During his three day visit to Australia, Professor Yunus spoke to almost seven hundred business leaders in Sydney, Melbourne and Canberra. This was a rare opportunity for Australian business leaders to engage with Professor Yunus in an exclusive forum and learn more about his experience in creating successful social business initiatives that directly benefit the world’s poor.

The idea of using social business to alleviate poverty takes the concept of microfinance to the next level by generating enterprise and enabling people in these communities to do business.

Professor Yunus and Grameen have established many highly successful social businesses, including the groundbreaking Grameen-Danone project. In these projects participating companies do not take out the profits; instead they invest these in the creation of new opportunities for the local people.

As part of The Power of Small series of events with Professor Yunus, B4MD launched its inaugural social business, Southern Highlands Produce in Papua New Guinea. This world-first agribusiness opportunity will contribute to the reduction of poverty in PNG by generating direct and sustainable income for the women and children in the Southern Highlands. The project will provide agricultural training to local women, who will produce fruit, vegetables, eggs and poultry. Several Australian and multinational companies including Oil Search Ltd will create an integrated supply chain to connect local growers to previously unreachable markets.

Professor Yunus asked Australian business leaders to consider more than simply profit-making in business and instead channel their energy to doing some good for the broader community: “People are not creating companies to solve problems. They are creating companies to make money. Why can't we create a business on the basis of selflessness?”

While in Australia, Professor Yunus received radio, television and newspaper coverage.

The Power of Small series of events was supported by the Australian Government, AusAID as part of the Community Call to Action and major sponsors NAB, BHP Billiton, IBM, ExxonMobil and Oil Search Ltd as well as Coffey International Development and The Centre for Social Impact.

To discuss The Power of Small series of events or B4MD please call David Faulmann, Operations Manager +61 423 597 927 or email david.faulmann@b4md.com.au