The competitive advantage of diversity
Jennifer Fonstad, a co-founder and Managing Partner of Aspect Ventures, wrote a thoughtful article on diversity. While we use this word a lot these days, not many of us really understand what diversity means for business.
'We are only just beginning to understand all of the unique ways in which diversity drives this advantage. - Writes Jennifer. - Here is what we know so far:
- Diversity builds beneficial networks: A balanced and diverse leadership team brings new networks into a company that can be used to attract talent, build business relationships and sell products.
- Diverse leadership brings the right skills at the right time: Studies show differing leadership styles in an organization bring essential qualities that matter as a company grows — aggressive, action-oriented approaches tempered by collaboration, listening and tolerance, for example.
- Diversity provides insight into the customer: Most companies sell into an increasingly diverse customer base; mapping experiences, perspectives and networks internally to better mirror customers drives increased sales."