Nobel Peace Prize Winner Mohammad Yunus Challenge to Silicon Valley and beyond: Let's Put Poverty Into A Museum
By Tom Foremski - November 13, 2008
I'm not washing my right hand for a while because I used it to shake the hand of Muhammad Yunus, 2006 Nobel Peace Prize recipient and a person that I've held in the highest regard for many years.
Mr Yunus gave the keynote speech at the Tech Museum's Tech Awards 2008 which gives five $50K cash prizes to people and organizations using technology to make a difference in the world. Applied Materials has been the founding sponsor for these excellent awards for the past eight years through good times and not.
I got the chance to thank Mike Splinter, the CEO of Applied Materials, for the company's stalwart support of The Tech Museum of Innovation and the Tech Awards for Humanity.
"It's really great to see the support here tonight, this event gets larger every year," said Mr Splinter.
Microsoft, Accenture, Intel, and other companies sponsored the five $50k cash awards. And the turnout was huge this year which is why the event had to be moved to the cavernous trade show space of the San Jose Convention Center.
A challenge to Silicon Valley . . .
The Tech Awards was the place to be Wednesday evening as Silicon Valley's elite gathered in black-tie and glamorous gowns to show their support.
Mr Yunus gave an inspiring speech and issued a challenge to Silicon Valley and the world, to erase poverty. "Let's put poverty into a museum so that we can take our children and show them how billions of people used to live."
Mr Yunus is one of the world's top innovators. He founded the Grameen Bank with a $27 investment. It was the first micro-loan, a novel approach to banking that has helped to pull millions of people out of poverty.
His actions and those of his organizations have helped to create a tremendous amount of value in the world. It is a story that resonates in Silicon Valley where thousands of startups hope to make a big difference in the world.
A triple A rating for the poorest of the poor
Grameen Bank has made billions of dollars in loans and 97 per cent of all loans have been repaid with interest. Grameen Bank has also made home loans averaging $300 with similar repayment rates. "We haven't had to worry about the sub prime crisis," said Mr Yunus.
The Grameen loans are made to the poorest of the poor largely in Bangladesh, one of the poorest countries in the world. It is a fitting tribute to Mr Yunus and his organizations that they recognized that poorest of the poor are a better credit risk than borrowers in the developing world where mortgage defaults have far exceed the Grameen Bank's default rate by several degrees of magnitude.
Unlocking unlimited potential
Mr Yunus believes that every person has unlimited potential. "Our work has clearly shown that the poor do not create poverty, it is the system that creates poverty."
He invited Silicon Valley to join him in erasing poverty forever and making it a part of history, putting it into a museum. He said that he was honored to be in SIlicon Valley because the technologies produced here can make a big difference in the world.
He received two standing ovations from the audience.
- - -
Here is more info:
Global Humanitarian Recipient 2008
Dr. Muhammad Yunus For more information Global Humanitarian View 2008 Global Humanitarian Press ReleaseProfessor Muhammad Yunus, pioneer of microcredit and founder of Grameen Bank, is the recipient of the 2008 James C. Morgan Global Humanitarian Award. Dr. Yunus will accept this distinguished honor during The Tech Awards Gala on November 12, 2008 where he and 25 innovators from around the world will be celebrated for applying technology to solve the most urgent issues facing humanity.
"For more than three decades, Muhammad Yunus' broad vision, creativity and leadership have improved the lives of millions through innovative, micro-financing practices," said Mike Splinter, president and chief executive officer of Applied Materials. "We are pleased to honor Muhammad Yunus, whose selfless mission and ability to inspire others to take action exemplifies the spirit of The Tech Awards."
Often referred to as "the world's banker to the poor," Yunus developed a benchmark microcredit application through his Grameen Bank which allows the rural poor access to micro-loans for entrepreneurial enterprises such as purchasing livestock and procuring weaving materials. Yunus' vision of a world without poverty has been the inspiration for his life's work. Yunus and Grameen Bank were awarded the 2006 Nobel Peace Prize for their significant contributions in the field of microcredit.
In 1976, Yunus determined that a mere $27 loan could transform the lives of many of the poorest villagers in Chittagong, Bangladesh. Since then, under Yunus' leadership his bank has provided more than $6.8 billion in small loans to would-be entrepreneurs who conventionally would not qualify for such loans from traditional banks, the majority of whom are women in businesses such as street vending and farming. Today, Grameen Bank operates 2,499 branches in more than 81,000 villages throughout rural Bangladesh.
2008 Prize Laureates
Intel Environment Award
Cheetah Conservation Fund
Namibia
Learn more about this laureate
Accenture Economic Development Award
DESI Power: Decentralised Energy Systems India
India
Learn more about this laureate
Microsoft Education Award
Digital StudyHall
Bangladesh, India
Learn more about this laureate
Katherine M. Swanson Equality Award
Build Change
United States
Learn more about this laureate
Fogarty Institute for Innovation Health Award
Marc Koska, Star Syringe
41 countries including Angola, Bangladesh, Cambodia, China, Denmark, Myanmar, Nicaragua, and Sri Lanka
Learn more about this laureateLaureates 2008
Intel Environment Award Laureates
Accenture Economic Development Award Laureates
Microsoft Education Award Laureates
Katherine M. Swanson Award Laureates
The Health Award Laureates
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Comments (3)
Very cool, Tom. Don't wash that hand...for a while longer at least.
I first learned about the Grameen Bank last year
during the 16th World Congress on Information Technology (WCIT) in Kuala Lumpur, Malaysia, where Intel Chairman Craig Barrett told a crowd that Intel would work together with Grameen Bank, which was started by Professor Muhammad Yunus as a way to provide credit to the rural poor in Bangladesh without collateral.
Here is a podcast with Barrett and a pre-recorded video of Yunus, unveiling the joint venture. http://www.podtech.net/home/5163/intel-to-work-with-grameen-bank.
Posted: November 13, 2008 10:07 AM
Ana Maria to Tom
I had the privilege of listening to him last July at the Del Pino's Foundation in Madrid, and it transformed my life.
I suggested him the stock market of social enterprises and he did not say he already had thought about it, and that this concept was in his book, he was a gentleman. I bought his book after the conference and read it during the summer. After listening to his words, I wanted to change the world in a different way with the democratization of ideas, within the ideas4all.com project. I loved his yogurt Danone joint venture.
I even took notes that day. I can recognize mine in yours. And I can understand your wanting to keep his Charisma and warmth in your hands timelessly.
Posted: November 18, 2008 2:27 PM
First time I heard about Dr.Mohammad and Grameen Bank was in my English book back in the middle school and I cannot forget how we loved him for his thoughts and his brilliant ideas.
Now I decided to do one of my master researches in him (as leader) to know more and more about his personality and his ideas that changed people lives.
Posted: January 7, 2009 10:41 PM