Workplace Diversity is Kinda Like Business Insurance

Diversity and inclusion: The secret sauce of success

Corporations boast about collaboration, yet ignore the fundamental flaw: homogenous teams.

Diversity contributes more than just a boost to the bottom line; its benefits extend far beyond the surface optics. Multicultural workplaces can expect to generate 19% more revenue and outperform competitors by 35%, compared to their less diverse counterparts.

Anyone who has worked on a multicultural team, knows the group’s creativity, problem solving and overall expertise increases dramatically. Colleagues with different life experiences offer fresh perspectives and thought processes, which kicks innovation into overdrive. People from diverse backgrounds foster a culture of resilience and effective problem-solving, which has the capacity to deal with fluctuations in customer preferences and trends.

Equity crowdfunding and underrepresented groups

Venture capital funding tends to favor white men who graduated from Stanford, while women and minorities are excluded. Women are outnumbered by men named “John” in the C-suite and across many industries.

Equity crowdfunding tends to correct that difference with much higher success rates. Regulation crowdfunding has proven to offer women and minorities better access to capital, with higher success rates to boot. We know that when underrepresented minorities gain access to capital through equity crowdfunding, it boasts a 60% success raise rate, while venture capital’s success rate hovers around 6.5%. Wowzer!

When underfunded parties receive capital, the game changes for the greater community. The benefits are far reaching; especially within the inner cities; jobs are created and the ecosystem improves.

Best Buy just added a female CEO, Corie Barry, to their Chief Executive Team. Her peers are a tiny 5% of other women in the C-suite and 27% of women in senior management positions.

A truly diverse executive boardroom is still a distant reality in 2020.

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