This post was co-authored by Heidi Lunasin and Yalda Hajavi, and it is the first installment of a multipart series.
Around the world, companies are leaving money on the table. Lack of diversity and inclusion in “The Room Where It Happens,” whether the “IT” is a board-room, an innovation team, or a design team, repeatedly has been shown to affect the bottom line. In the realm of innovation alone, experts have estimated that “the size of the economy could be roughly 3 to 4 percent higher if women and underrepresented minorities were included in the innovative process from beginning to end.”[1] This goes beyond merely showing diversity and rather requires inclusion and input at all levels and areas of the innovation process. A further benefit may be that diverse teams encourage design and innovation that is likely more inclusive of a greater portion of the population.