What are the benefits of diverse entrepreneurship?
Apple leading by example
An increasing number of companies are becoming more dedicated to improving racial equity. On August 31, 2021, Apple made headlines when they announced that they would invest US$30 million in its Racial Equity and Justice Initiative (REJI), which would support students, innovators and advocacy organizations that are helping to create a more inclusive and peaceful world.
The initiative includes projects, such as a Global Hispanic-Serving Institution (HSI) Equity Innovation Hub that equips Latinx and other historically underserved students with skills for high-demand careers in STEM; increased grants to several historically Black colleges and universities (HBCU) that would equip the next generation to dismantle structural racism; a new cohort of the Apple Entrepreneur Camp immersive tech lab for Hispanic/Latinx founders and developers; and funding for leaders working to advance criminal justice reform and environmental justice.
Apple CEO Tim Cook said, “The call to build a more just and equitable world is an urgent one, and at Apple, we feel a collective responsibility to help drive progress forward.”
Apple is one of many international corporations that have promised to take a more active role in confronting systemic racism. Subsequent to George Floyd’s murder in May 2020, which ignited nationwide protests, America’s 50 biggest public companies have collectively committed around US$50 billion to address racial inequality. JPMorgan Chase alone has invested US$30 billion and Bank of America has devoted US$1.25 billion to help reduce systemic racism against Black and Latinx people over the next five years.
Why is inclusion essential to business success
Diversity and inclusion are essential in business today, as a healthy variety of people from different cultures and backgrounds provides us with the balance of voices and diversity of thought that companies sorely need.
A diverse workforce, in which employees are of different backgrounds, experience levels and skills, will promise an increase in the output of innovative and creative ideas. This can bring about a positive impact on a business as well as helping it expand in the long run. An inclusive and diverse workforce allows for wider perspectives to facilitate brainstorming, problem-solving and decision-making in businesses.
Diversity and inclusion are oftentimes essential factors that many job applicants take into consideration when accepting an offer. Those that see that your organization has employees from all backgrounds will more likely accept the offer and feel more welcomed and accepted.
Having a diverse workforce does not only benefit the business internally, but also its customers.
Diversity in decision-making processes ensures a clear understanding of multiple perspectives. Hence, the company can strike the right chord between both global and local targets and better integrate with local demands.
Different multinational corporations have been taking a step in the right direction to ensure that people can live and thrive in a healthy community of opportunity. We need more companies to step up so that everyone can prosper in an equitable economy.
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