While the finance industry operates on a global scale, it has yet to reach many of the poorest parts of the world, where desire to work far outpaces available resources. Microcredit is trying, but it’s not enough, and finance still creates too much debt and not enough wealth.
It’s time for this to change.
From the lessons of microcredit and strengths of venture capitalism, we have invented a new kind of finance that does not just lend; it creates real productivity from the bottom up. Working with the world’s poor, we shepherd mid-sized cooperative companies to profitability without a dime of debt. People with nothing now own restaurants, cab fleets, and even factories.
The solution to poverty is to build wealth from the bottom. The innovation revolution is now coming to finance.