Today, the question of Diversity, Equity, and Inclusion (DEI) still looms large. But how well are we really doing, and why should founders take note?

Surprisingly, the social sector (which is my sector) scores lower than expected in DEI. According to Forbes, 3.7 per cent of US nonprofits are transparent about their diversity data. This lack of openness raises questions, especially since the DEI concept has been around since the 1960s. No one, it seems, can truly claim to be leading the way in DEI.

The consequences of getting DEI wrong can be severe

Google Gemini AI’s mistake resulted in a black George Washington and a US$90 billion loss in market value. 

And that is the entire GDP of Luxembourg!

This example highlights that DEI missteps are not only detrimental to company culture but can also have significant financial repercussions.

As founders, we should care about DEI for several reasons. It’s not just about doing the right thing; it’s also about building a successful business. I am an eternal optimist and believe that everyone wants to do the right thing. 

Change requires trust

And the current lack of trust is hindering our progress in DEI. DEI is not a zero-sum game. 

By unlocking the potential of women, minorities, and marginalised communities, we can create a better world for everyone. 

Also Read: Invest in women, accelerate progress: Why gender equality matters now more than ever

Here are three key steps to consider:

• Build trust: Trust is the foundation of any successful DEI initiative. As leaders, we must foster an environment where everyone feels valued and heard. This means being transparent, open to feedback, and committed to continuous improvement.
• Embrace the truth: Acknowledging the hard truths about our biases and systemic inequalities is crucial. We must be honest about where we stand and where we need to go. This honesty will guide our actions and help us make meaningful progress.
• Catch our own biases: We all have biases, but recognising and addressing them is key. By being aware of our own biases, we can make more inclusive decisions and create a more equitable environment for everyone.

DEI is not about one group losing for another to win. It’s about creating a world where everyone can thrive together.

As founders, we have a unique opportunity to lead by example and make a lasting impact. Let’s embrace DEI not just as a moral imperative but as a strategic advantage for a better future.

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