Diversity and tolerance are crucial drivers of innovation and growth for business and economy
innovation is not limited to cutting-edge tech. Diversity and tolerance for all things new is a crucial asset to fuel innovation and economic growth, not just for individual enterprises but also for societies and economies.
In the 1980s, the infamous death spiral of America's chip industry was reversed by Jack Simplot, a potato farmer with no college education but with a terrific acumen for business. Silicon Valley's real 'magic' is not in the grand convergence of brilliant engineers, but in its adventurous culture, tolerance and openness to new ideas. Today, as businesses grapple with complex challenges to stay relevant, DEI (diversity, equity, inclusion) has progressed from being a jargon to an essential principle that organisations strive to embrace.
India needs to understand how to extend the value of its diversity beyond representation and harness it as an engine for inclusive and innovative economic growth. So, why is diversity a key focal point?
Today, the ethos of modern corporations, the economic structure it operates in, and the societal relations it navigates have changed radically. The formula for a thriving economy has come to hinge on the seamless integration of what urban studies theorist Richard Florida calls the 3Ts — talent, technology and tolerance.
Talent undoubtedly fuels innovation. Technology amplifies the potential for innovation. But, most importantly, tolerance ensures that diverse perspectives are embraced, creating an inclusive environment that attracts a broad spectrum of skilled
