US author and entrepreneur Frans Johansson answers questions about diversity.
Q. What does diversity bring to a business, and how can it make money?
A. Diversity brings the possibility to leapfrog competitors. By leveraging different perspectives, a company can create "Medici Effect", an explosion of groundbreaking ideas. A corporation must first understand the need for diversity and then how to use it. With those two pieces in place, however, it will outperform. This is ultimately reflected in shareholder value. Diversity can make money in several ways. The most fundamental is in how it drives innovation. When Volvo Cars decided to create an all-female engineering team it came up with hundreds of ideas, most of them never suggested before - and many were brilliant. In addition, diversity can help us find unique market opportunities. When the Hispanic networking group at Frito-Lay in the US (part of PepsiCo) suggested the company develop a "Guacamole Chip", the company went for it and made $100 million in its first year of sales. Read on ....
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