Vikram Akula
Encyclopedia
Vikram Akula is the founder and former chairperson of SKS Microfinance
, an organization that offers microloans
and insurance
to poor women in impoverished areas of India
. He stepped down as the SKS chief in November 2011.
, and a Ph.D. in Political Science from the University of Chicago
.
After extensive research based on field work and graduate study, Vikram founded SKS Microfinance as a non-profit in late 1997. He led the organization until 2004, when he joined McKinsey & Company in Chicago as a management consultant. In 2005, he returned to SKS when it converted to a for-profit company and led it from serving just thousands of poor women borrowers in one state in India to millions across the country today. Vikram now serves as chairperson of SKS.
He started SKS Microfinance in 1997, and SKS has provided over $5 billion in micro-credit to more than 7 million poor households across 22 states in India. For his work with SKS, Vikram was named by TIME Magazine as one of the world’s 100 most influential people. Akula began working in rural India two decades ago "because I was overwhelmed by the poverty I saw in India and was looking for a way to catalyze rapid economic development for the poor." He started his development career as a community organizer of women’s self-help groups for the Deccan Development Society, a non-profit working in rural Andhra Pradesh, India. He then joined the World Watch Institute in Washington DC as a researcher, where he wrote articles on poverty and development. As a Fulbright Scholar in India in 1994-95, Vikram led on a government—funded action-research project that provided micro-credit to poor farmers for food security. After extensive research based on field work and graduate study, Vikram founded SKS Microfinance as a non-profit in late 1997. He led the organization until 2004, when he took a sabbatical from SKS and joined McKinsey & Company in Chicago as a management consultant. In 2005, he returned to SKS when it converted to a for-profit finance company. Vikram was able to bring in venture capitalists such as Vinod Khosla and Sequoia Capital and, in 2010, Akula led SKS to one of the first IPOs of a microfinance company in the world. The IPO was also one of the most successful of 2010, with the issue having been over-subscribed 14 times and having attracted investors such as George Soros and Narayan Murthy.
Akula holds a B.A. in Philosophy and English from Tufts, an M.A. in International Relations from Yale, and a Ph.D. in Political Science from the University of Chicago. His Ph.D. dissertation focused on the socio-economic impact of microfinance. He is the author of "A Fistful of Rice; My Unexpected Quest to End Poverty Through Profitability," published by Harvard Business Press.
Noble Laureates, March, 2007
Vikram has received several awards for his work with SKS, including the Ernst & Young Entrepreneur of the Year in India (Business Transformation in 2010; Start-up in 2006), the World Economic Forum’s Young Global Leader award (2008), Social Entrepreneur of the Year in India (2006), and the Echoing Green Public Service Entrepreneur Fellowship (1998-2002). In 2006, Vikram was named by TIME Magazine as one of the world’s 100 most influential people and was also featured on the front page of Wall Street Journal.
SKS Microfinance
SKS Microfinance Limited" is a non-banking finance company , regulated by the Reserve Bank of India. SKS claims its mission is to eradicate poverty by providing financial services to the poor....
, an organization that offers microloans
Microfinance
Microfinance is the provision of financial services to low-income clients or solidarity lending groups including consumers and the self-employed, who traditionally lack access to banking and related services....
and insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
to poor women in impoverished areas of India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
. He stepped down as the SKS chief in November 2011.
Early life
Vikram Akula was born in Ryakal village in Narayankhed mandal Medak district. He holds a B.A. in Philosophy and English from Tufts, an M.A. in International Relations from YaleYALE
RapidMiner, formerly YALE , is an environment for machine learning, data mining, text mining, predictive analytics, and business analytics. It is used for research, education, training, rapid prototyping, application development, and industrial applications...
, and a Ph.D. in Political Science from the University of Chicago
University of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
.
Career
Vikram began working in rural India two decades ago. He started his development career in 1990 as a community organizer of women’s self-help groups for the Deccan Development Society, a non-profit working in rural Andhra Pradesh, India. He then joined the World Watch Institute in Washington DC as a researcher, where he wrote articles on poverty and development. As a Fulbright Scholar in India in 1994-95, Vikram led on a government-funded action-research project that provided micro-credit to poor farmers for food security.After extensive research based on field work and graduate study, Vikram founded SKS Microfinance as a non-profit in late 1997. He led the organization until 2004, when he joined McKinsey & Company in Chicago as a management consultant. In 2005, he returned to SKS when it converted to a for-profit company and led it from serving just thousands of poor women borrowers in one state in India to millions across the country today. Vikram now serves as chairperson of SKS.
He started SKS Microfinance in 1997, and SKS has provided over $5 billion in micro-credit to more than 7 million poor households across 22 states in India. For his work with SKS, Vikram was named by TIME Magazine as one of the world’s 100 most influential people. Akula began working in rural India two decades ago "because I was overwhelmed by the poverty I saw in India and was looking for a way to catalyze rapid economic development for the poor." He started his development career as a community organizer of women’s self-help groups for the Deccan Development Society, a non-profit working in rural Andhra Pradesh, India. He then joined the World Watch Institute in Washington DC as a researcher, where he wrote articles on poverty and development. As a Fulbright Scholar in India in 1994-95, Vikram led on a government—funded action-research project that provided micro-credit to poor farmers for food security. After extensive research based on field work and graduate study, Vikram founded SKS Microfinance as a non-profit in late 1997. He led the organization until 2004, when he took a sabbatical from SKS and joined McKinsey & Company in Chicago as a management consultant. In 2005, he returned to SKS when it converted to a for-profit finance company. Vikram was able to bring in venture capitalists such as Vinod Khosla and Sequoia Capital and, in 2010, Akula led SKS to one of the first IPOs of a microfinance company in the world. The IPO was also one of the most successful of 2010, with the issue having been over-subscribed 14 times and having attracted investors such as George Soros and Narayan Murthy.
Akula holds a B.A. in Philosophy and English from Tufts, an M.A. in International Relations from Yale, and a Ph.D. in Political Science from the University of Chicago. His Ph.D. dissertation focused on the socio-economic impact of microfinance. He is the author of "A Fistful of Rice; My Unexpected Quest to End Poverty Through Profitability," published by Harvard Business Press.
Recognitions
Akula has received several awards for his work with SKS, including the Ernst & Young Entrepreneur of the Year in India (Business Transformation in 2010; Start-up in 2006), the World Economic Forum’s Young Global Leader award (2008), Social Entrepreneur of the Year in India (2006), and the Echoing Green Public Service Entrepreneur Fellowship (1998-2002).- Time Magazine's 100 Most Influential People of the Year in 2006.
- Echoing GreenEchoing greenFor the electronic band, see The Echoing Green , for the poem see The Echoing GreenEchoing Green is a twenty year-old global non-profit organization operating in the area of early-stage social sector investing...
Public Service Entrepreneur Fellowship. - Featured on the front page of Wall Street Journal.
Awards
Karmaveer PuraskaarKarmaveer Puraskaar
The Karmaveer Puraskaar are National People's Awards for Citizen Social Justice and Action instituted by the citizens and people of India. These awards are instituted by iCONGO- Confederation of NGOs – a Public-Private-People partnership in association with other partners from industry, media,...
Noble Laureates, March, 2007
Vikram has received several awards for his work with SKS, including the Ernst & Young Entrepreneur of the Year in India (Business Transformation in 2010; Start-up in 2006), the World Economic Forum’s Young Global Leader award (2008), Social Entrepreneur of the Year in India (2006), and the Echoing Green Public Service Entrepreneur Fellowship (1998-2002). In 2006, Vikram was named by TIME Magazine as one of the world’s 100 most influential people and was also featured on the front page of Wall Street Journal.