Coimbatore Krishnarao Prahalad (8 August 1941 – 16 April 2010)[1] was an Indian-American[4]entrepreneur and author.
Personal life
He was born to a stay at home mother and a father who was a judge.[5] He was married to a woman named Gayatri, and shared two children with her - a son named Murali and a daughter named Deepa.[6] Prahalad had three grandchildren.
At Harvard Business School, Prahalad wrote a doctoral thesis on multinational management in two and a half years, graduating with a DBA degree in 1975.[15] After graduating from Harvard, Prahalad returned to the Indian Institute of Management Ahmedabad to serve as professor before returning to US again in 1977.
He returned to the United States in 1977, with an appointment to the University of Michigan's Ross School of Business Administration. He eventually became a tenured full professor, earning the university's highest distinction, Distinguished University Professor, in 2005.
In early 1990 Prahalad advised Philips' Jan Timmer on the restructuring of this electronic corporation, then on the brink of collapse.[citation needed] A process which was named Operation Centurion was set up, and was successful after two or three years.
Prahalad was the inspiration behind the vision of India@75. While commemorating the 60th year of India’s independence, on 23 September 2007, during the Incredible India@60 celebration at New York, he articulated the idea of holistic three dimensional development of India to acquire enough economic strength, technological vitality, and moral leadership by 2022 – the 75th year of India’s independence. The Confederation of Indian Industry adopted his vision on 8 May 2008.[16][17] This initiative of CII has also found resonance with the Government, as in the ‘Strategy for New India@75’ document released by the NITI Aayog, Government of India in 2018.[18]
C. K. Prahalad is the co-author of a number of works in corporate strategy, including The Core Competence of the Corporation (with Gary Hamel, Harvard Business Review, May–June 1990) which as of 2010[update] was one of the most frequently reprinted articles published by the journal.[19] He authored or co-authored: Competing for the Future (with Gary Hamel, 1994), The Future of Competition (with Venkat Ramaswamy, 2004), and The Fortune at the Bottom of the Pyramid: Eradicating Poverty through Profits (Wharton School Publishing, 2004). His last book, co-authored by M. S. Krishnan and published in April 2008, is The New Age of Innovation. He co-authored: "Innovation's Holy Grail" with R.A Mashelkar which was chosen as a Harvard Business Review Top 10 articles on Innovation[20] and focuses on how developing nations are leading the way in innovation that focuses more on affordability and sustainability as opposed to the common premium pricing model.[citation needed]
Prahalad was co-founder and became chief executive officer of Praja Inc. ("Praja" from a Sanskrit word "Praja" which means "citizen" or "common people"). The company had goals of providing unrestricted access to information for people at the "bottom of the pyramid" and providing a test bed for various management ideas. It eventually laid off a third of its workforce, and was sold to TIBCO. In 2004 Prahalad co-founded management consultancy The Next Practice, to support companies in implementing the strategies outlined in The Fortune at the Bottom of the Pyramid, which continued in operation as of 2015[update].[21] At the time of his death he was on the board of TiE, The Indus Entrepreneurs. Prahalad was a member of the Blue Ribbon Commission of the United Nations on Private Sector and Development.
Honors and awards
He was the first recipient of the Lal Bahadur Shastri Award for contributions to Management and Public Administration presented by the President of India in 1999.
In 2011, the Southern Regional Headquarters of Confederation of Indian Industry (CII) was named as Prof C K Prahalad Center
In 2018, he was named the world's most influential business thinker on the Thinkers50.com list.[27]
The Fortune at the Bottom of the Pyramid
The "Fortune at the Bottom of the Pyramid" is a book written by C.K. Prahalad, published in 2004.[28] The primary argument of this book is that there is an untapped market that can be found in the worlds poorest populations.
Theory on Core Competence
C.K. Prahalad and Gary Hamel wrote an article in the Harvard Business Review magazine titled "The Core Competence of the Corporation" in May/June 1990.[29]
Influence
C.K. Prahalad was ranked the number one business thinker by Thinkers 50 in 2007 and 2009. He was also initiated into their hall of fame, posthumously in 2018. Thinkers 50's "Breakthrough Idea Award" is in honor of Prahalad and named after him.[30]
^ ab"Padma Awards"(PDF). Ministry of Home Affairs, Government of India. 2015. Archived from the original(PDF) on 15 October 2015. Retrieved July 21, 2015.
^Prahalad, C.K. "The Role of Core Competencies in the Corporation," Research-Technology Management, Vol. 36, No. 6 (November–December 1993), pp. 40–47.