Diversity of thought: a superpower for business

Gareth Scargill at Nexus at the University of Leeds offers advice for business leaders on how to encourage diverse thinking in their organisations, and explains how this can help overcome hurdles when looking to scale up and develop new products

The complexity of the emerging needs and challenges of society today, demand diverse thinking and problem-solving. If we are to create the innovations which will help to address issues, deliver growth for business and our economy, and increase our global competitiveness, we need diversity of thinking and expertise – and this is particularly critical for startups. 

Diversity spurs efficiency and creativity 

Many studies show the positive impact of diversity of thought. Diverse teams make better decisions a staggering 87% of the time. They also show a notable 35% increase in productivity compared to businesses that do not have a varied team. 

While diversity of thought offers a business advantage across the board, it holds particular significance for start-ups. These new enterprises, brimming with potential, have the most to gain from combining varied perspectives and expertise. Doing so is how they can unlock new avenues for innovation, adaptability, and sustained growth. 

After all, we expect successful startups to solve problems and face challenges in new and imaginative ways. Diverse teams empower these businesses to explore new ideas, identify unique opportunities, and develop groundbreaking products or services that connect with a broad customer base.

Uniting the best of academia and industry

Diversity of thought is the key to successful innovation, and this can be especially valuable when academia meets with industry. These cross-sector partnerships can be extremely beneficial in developing creativity due to the exchange of expert knowledge, creative ideas, and robust research. Together, diverse minds power innovations that thrive in real-world settings.

If you think about it, universities are probably the most diverse organisations on the planet. Where else could a business access a statistician, a biologist, a software engineer, a graphic designer, and a mechanical engineer – all under one roof?

For universities, collaborating with businesses offers a unique opportunity to apply theoretical research in practical, real-world settings. At the same time, they’re creating invaluable career prospects for students and graduates. And for businesses it means access to cutting-edge research and development capabilities.

Encouraging diverse thinking

To make the most of the benefits of diverse thought and partnerships you must develop the right environment for them to grow. That means leading by example, so that leaders actively seek out and listen to perspectives that differ from their own. This sets the tone for others to follow suit, creating a culture of openness and curiosity.

Encourage team members to bring their unique perspectives to the table and consider alternative ways of thinking. By celebrating the diversity of thought and recognising the value it brings to discussions, organisations can build an inclusive atmosphere where all voices are heard and valued.

The key is active listening. It’s not about conversation for conversation’s sake. If someone doesn’t have something constructive to add, it’s better to make room for others to share their thoughts.

Leaders must also greatly expand the pool of stakeholders involved in the innovation process. Consider involving not just employees but also customers, community members, and board members. Breakthrough ideas often emerge from bringing all these different perspectives together.

Diversity of thought in every aspect of business

For businesses, it is crucial to build connections and facilitate open thinking in order to lead innovation, creativity, adaptability and ensure long-term success. 

At Nexus, an innovation community based at the University of Leeds, we have access to an established network of trusted contacts and ’boots on the ground’ that helps members make important connections and expand their pool of thought. 

One such example is Itecho Health. Founded after identifying a gap in the market for a platform to digitally monitor patients with long-term health conditions, Itecho Health joined the Nexus community in 2019. Since then, the business has grown rapidly with the support of our team, who have helped with access to funding streams, grant applications, and mock interviews.

Having access to a community such as Nexus, makes collaborations with funders, researchers, academics, and other players in the ecosystem more accessible. Through connections and opportunities, businesses and start-ups can enhance their visibility and gain access to valuable advice, facilitating ongoing growth and evolution of the business.

It also enables access to diverse talent from universities, including recent graduates and student interns, ensuring that a wide range of perspectives and skills are present within teams from the very beginning. 

The future of business

Companies that embrace diversity and inclusion are well-positioned to attract and retain top talent. A diverse workforce that values different perspectives and experiences can help businesses tap into new markets and cater to emerging customer needs. This can ultimately translate into a competitive advantage in the marketplace.

As technologies like artificial intelligence continue to gain momentum, the case for creating diverse-by-design teams right now is even more compelling. Routine tasks – generally performed by skilled but similar teams – will soon be automated. In turn, diverse teams that can tackle complex challenges will become even more valuable.

Learning from the businesses that do it best

Whilst everyone seeks to innovate to set themselves apart from the competition, those that do it best are those that involve others in the process and immerse themselves in insights that enable them to build the right offering for the right people at the right time.

A diverse workforce brings new perspectives, experiences, and ideas to the table, leading to increased innovation, better problem-solving, and a better understanding of customers. By promoting diversity and inclusion in recruiting, training, and culture, organisations can build teams that are better equipped to counter the challenges of an ever-changing business landscape.

Gareth Scargill is Director at Nexus at the University of Leeds, a vibrant community comprised of high-growth businesses across the globe which has a physical base in a state-of-the-art innovation hub on the University of Leeds campus

Main image courtesy of iStockPhoto.com and xavierarnau