Question

Bangladesh native Iqbal Quadir realized that connectivity equals productivity. He also knew his impoverished homeland was one of the least connected places on Earth. He collaborated with a fellow countryman to create Village Phone, which allows entrepreneurs (mostly women) to obtain microloans to purchase cell phones. This venture has resulted in thousands of new small businesses and improved communication. Decide what Iqbal is demonstrating with the invention of Village Phone.

a) The importance of isolation
b) The power of connectivity in boosting entrepreneurship
c) The need for traditional business models
d) The negative impact of microloans

Answer 1

Iqbal Quadir's Village Phone demonstrates the power of connectivity in boosting entrepreneurship by enabling individuals in less developed regions to start small businesses and improve communication, contributing to economic growth and development.

Option 'b' is the correct.

Step-by-step explanation:

Iqbal Quadir's invention of Village Phone exemplifies b) The power of connectivity in boosting entrepreneurship. The ability to connect via mobile phones, especially given the scarcity of landlines, provides significant opportunities for individuals in less developed regions. Quadir recognized that greater connectivity could lead to increased productivity and economic growth. By establishing a program that helps entrepreneurs obtain microloans to purchase cell phones, he enabled people, particularly women, to start small businesses and improve communication within and beyond their communities.

The initiative led to numerous benefits, such as enabling fishers and farmers to access better markets and avoid wasteful trips, as well as allowing people to participate in mobile banking and securely send money.

These advancements have contributed to not only individual success but also to the broader economic development. It's also a reflection of the shift in how connectivity and mobile technology can leapfrog traditional stages of infrastructure development in various sectors, including banking and information sharing.

Despite the potential for transformative change, one must also recognize the possible risks associated with technological globalization, such as cultural imperialism and the need to ensure that the benefits of technology truly reach those who need them the most. Quadir's Village Phone, however, stands as a positive example of leveraging technology to empower individuals and encourage economic growth in areas with limited infrastructure.