Business management

Diversify your teams

Lu Li, CEO of Blooming Founders, a network for female entrepreneurs, on the opportunities to diversify.

When a system melts down, a new order will take its place. Nobody knows what the ‘new normal’ will look like, but in my opinion it will be imperative that the ‘new economy’ is built with the participation of all parts of society, in a way that works for everyone involved.

Diversity and inclusion have been discussed in boardrooms at length. A lot of effort has been invested into gathering statistical evidence and they all prove the same point: yes, businesses perform better when they are led by diverse teams.

However, not much has happened after this realisation. The business world has still been dominated by the same people. Mothers are still struggling with positions that allow for both childcare and career advancement. Many businesses led by female founders or diverse teams never got off the ground because they didn’t have adequate access to external investors.

It will be imperative that the ‘new economy’ is built with the participation of all parts of society, in a way that works for everyone involved

Lu Li
Founder and CEO, Blooming Founders

All of this could change post-pandemic. Companies big and small are embracing brand new work from home and remote work policies which will allow them to hire outside of their typical employee and geographical profile. It would allow more women to return to work more easily after maternity leave and more people with disabilities to work from the comfort and safety of their own homes.

On the investors front, there might be a shift towards sustainable business models which would play to the strengths of diverse founders who have to bootstrap their businesses. A lot of areas of the economy need to adapt and that in itself is a chance for more diverse founders to come up with great ideas and conquer the market.

The future will unfold with and without our participation, but if we want to experience a more equitable world, then let’s not waste the opportunities that this crisis brings.

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