Kiva has created an online marketplace relying on bazaar management principles to streamline its website and services. This has helped the organization scale rapidly through quick and precise execution. With a loan as small as $25, the average person can help make a difference in the life of someone living in poverty. The organization presently boasts 345,000 social investors and has lent $45 million in the first three years.
In this audio interview, Lloyd Nimetz, a correspondent of the Stanford Center for Social Innovation, interviews Kiva President Premal Shah as part of the Bazaar Management interview series. Shah describes the variety of ways the organization is currently utilizing its global volunteer taskforce. In addition, he addresses the cost benefits and the rapid execution times experienced with bazaar management.
Shah also describes other organizations that have used similar approaches, and what Kiva has taken away from these examples. He concludes by offering some future possibilities for bazaar management at Kiva, other social enterprises, and even for-profit businesses.
Premal Shah is president of Kiva, a social enterprise that allows people to make a microloan to entrepreneurs living in poverty. Called one of the 50 Best Websites in 2008 by Time, Kiva raises about $1 million in $25 increments every 10 days. It has facilitated loans to 60,000 entrepreneurs in 45 developing countries with a more than 95 percent repayment rate in its first three years. Prior to Kiva, Shah was a principal product manager at PayPal (an eBay company) where he spent six years building the global payments service. He began his career as a management consultant at Oliver Wyman in New York City. Shah received a BA in economics from Stanford University.
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