It’s not a secret that diversity is good for business. According to a 2017 INC.com article, diversity and inclusion lead to better business outcomes for five overarching reasons: increased creativity, fostering of innovation, better consumer understanding, richer brainstorming, and better decision making. These five reasons why diversity is good for business impact both the internal and external needs of a business whether it’s a business-to-business or business-to-consumer model. These reasons are all essentially saying: the more diverse input you have, the better chances of developing winning practices you will achieve. In order to lead you have to be willing to adapt.
Earlier this year, Reebok lost out on a deal with Beyoncé because they allegedly didn’t have a diverse enough team with whom Bey to work. According to ESPN writer Nick DePaula, Beyoncé took a look around the room during one of the preliminary brand partnership meetings and did not see enough diversity for her to move forward with the partnership, and walked out. Reebok released a statement that claims this is false, and that they were saddened that false information was being reported. Beyoncé went on to sign a deal with Adidas, who happens to own Reebok.