Experience has taught us that a focus on diversity directly results in higher rates of innovation, increased adaptability, and faster growth. But why?
In today’s world, innovation and new business models are changing entire industries at an alarming rate. With a global population of more than 7.8 billion people, there is an enormous number of potential customers, competitors and employees. And as we have seen time and time again, it will be the companies who can both embrace and adapt to individual cultures, customs and needs, that will be the ones to succeed.
Knowledge is one of the most valuable resources on the planet. What gives knowledge a competitive edge is perspective. The companies that are able to attract the most skilled people and build a culture based on diversity, inclusion, collaboration and learning, will be the ones who end up on top. These companies will also most likely be the ones to invent the next new thing, spot a growing, new trend, or reinvent business models; consequently, turning an industry upside down and driving new unprecedented growth with their unique understanding of the global market.
We humans like to organize the world around us. We build mental boxes, stemming from our own perspective, and we are comfortable with what is most familiar to us, whether that be in geography, appearance or thinking. However, I believe that if you want to succeed in today’s world, you need to break down these mental barriers.
At New Normal Group, our mission is to build growth companies that chase the new normal of their industries. As investors and company builders, we take pride in recruiting with an open mind and building an inclusive culture through all our companies. We do this because we know that our people and the diversity they represent are our biggest competitive advantage.
Any business that wants to grow or even survive today, must have diversity and inclusion as top, key priorities. If not, there is a significant chance they will be left behind by those companies that are making diversity a competitive advantage.
Originally published October 2020. Updated February 2021.