"The most effective way for accelerating economic progress in the developing world is by empowering its emerging entrepreneurs and by leveraging technological innovation. We seek a balance in the debate on what constitutes effective development, which has traditionally been overwhelmingly out of balance in favor of top-down thinking " - Iqbal Quadir, Founder of GrameenPhone and Director of Legatum Center at MIT
Winners and Finalists
The winners of the 2008 Legatum FORTUNE Technology Prize were:
Comat Technologies (Pvt.) Ltd.
Based in India
Comat Technologies (Pvt.) Ltd is a leading provider of solutions that enable socio-economic growth for the rural communities in India. Comat has a track record of deploying G2C (Government to Citizen) and B2C (Business to Consumer) services in rural and semi-urban areas for over 10 years. The company is now delivering various services by setting up rural business centres ("RBCs" or "kiosks") in various states. Comat's expertise lies in mapping the needs of the rural population and finding means to deliver the same, usually using a software and communications technology platform.
Microfinance International Corporation
Based in the United States, with an office in El Salvador
Microfinance International’s ("MFIC") solution for poverty alleviation is specifically designed to address grass-root economic development, leveraging migrant capital and the capacity of diaspora communities. MFIC is one of few organizations that built a business infrastructure comprising a network of financial institutions both in immigrants’ host and home countries, with both sides connected via its remittance settlement platform and a retail operation targeting immigrants in the US. MFIC services have directly affected the lives of 70,000 immigrant customers and approximately a quarter of a million of their family members.
The following companies were selected by the FORTUNE Editors as finalists of the Legatum FORTUNE Technology Prize:
Global Easy Water Products
Based in India
Global Easy Water Products Pvt Ltd. ("GEWP") is an India-based company that makes affordable irrigation technologies available to small-scale farmers. GEWP is creating a global model for the provision of this vital technology to impoverished small-scale farmers around the world. The irrigation systems that GEWP distribute were designed to meet two golden rules, affordability and expandability. GEWP’s products can dramatically reduce input costs (water, electricity, labour), increase crop yields and help farmers earn their own way out of poverty. Product studies to date show that GEWP’s products have raised the income of the farmers served by an average of USD 400 a year. GEWP served more than 28,000 farmers in the first half of 2008 and aims to reach more than 300,000 households, translating to approximately 1.5 million people impacted, in the next five years.
Dimagi
Based in Zambia
Dimagi develops innovative software applications to tackle large public health problems. It is funded by research institutes, donor agencies, and its international clients. Since 2004, Dimagi has been leading the development of SmartCare, one of Africa’s largest software systems to manage HIV/AIDS. SmartCare began in Zambia and currently over 150,000 patients in Zambia are receiving care through it. SmartCare was recently made the national electronic record system for HIV/AIDS care across Zambia and the number of patients being cared for through this system is growing rapidly as the national roll-out continues.
Voxiva
Based in the United States, with additional offices in Central & South America, India, Africa
Voxiva enables health workers in poor developing markets to collect field information and transmit it live to government databases, receiving immediate feedback. Such live data gathering helps decision makers make timely and informed decisions on the allocation of rare drugs, distribution of personnel and resources to contain breaking epidemics and helps doctors monitor the chronically ill. As Voxiva targets new markets and new areas of intervention, it partners with socially responsible corporations and non-profits, increasing the efficiency of their developmental programmes in the healthcare industry.