The Ricochet Economy – It is one of the fastest growing economies of the world and there are many business opportunities: It’s interesting to note that in year 2003 the total foreign remittance from developed countries to developing countries was $93 billion. As on year 2009 according to World Bank the total remittance would triple and would be close to $300 billion. There are so many business opportunities in this remittance business and one of the major developments in remittance is the launch of MMT (Mobile Money Transfer) service by Bangladesh which could potentially reduce costs to 1 percent of the transfer amount. The project will be implemented by Grameen Phone (a subsidiary of Grameen Bank which has pioneered mobile access to rural areas in Bangladesh). – According to India’s Economics Times.
There are two new innovations compared to other developing countries with successful MMT implementation: (1) This service is targeted primarily for cross-border transfers unlike domestic transfers, and (2) It will use a network of ATM machines for withdrawing money instead of having to go to a designated agent.
The Local Immigrant Diaspora – There are ample local opportunities to cater to immigrants in US: According to the book the number of immigrants in US increased 57% between 1990 and 2000. With the increase in immigrants there have been successful ventures, which have catered to these populations. For example Sulekha.com, China.com and others have been very successful at reaching out globally but there are a lot of local immigrant websites that cater to locally communities in US. One notable local website is apnatriangle.com that caters to local Indian communities in Raleigh/Durham area in North Carolina. This website is very popular among Indian communities in Raleigh/Durham area and provides a medium for people to connect.
The Vonage Way: Vonage is a very good example of how a company that is marketing in the developed world by looking for ways to reach immigrant population. Vonage provides free long distance international calls using VOIP to 60 countries – like India, Mexico, Canada and others. For example by tapping into immigrant Indian population Vonage has been able to reap tremendous reward and has forced companies like Airtel, Reliance, Tata and others to reduce their call rates. It is important to remember that Internet and other technologies are a potent force that can give a company competitive advantage over others.
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