Bridging the Diversity and Inclusion Gap in the Innovation Economy

Diversity drives innovation — not the other way around. For small businesses and large corporations to innovate and evolve, there must be diverse talent at every level.

To help companies embrace diversity and inclusion, representatives from the U.S. Chamber of Commerce spoke with leaders and experts from different industries about how to close opportunity gaps in employment and accelerate the innovation economy through diversity.

Underrepresented Groups Will Bolster the Innovation Economy and the Scientific Ecosystem

Dr. Michelle McMurry-Heath, president and CEO of Biotechnology Innovation Organization, explained that the distribution of scientific progress is the social justice issue of our age. Underrepresented individuals in the scientific ecosystem will benefit both themselves and their communities through their work.

"If you think about children [who] are being raised in vulnerable situations and in vulnerable communities, or [who] are coming from underrepresented groups and minorities, they really need the scientific solutions that are in our pipelines more than anyone else," she said.

Dr. McMurry-Heath added that vulnerable communities need freedom from illness and threats to nutrition and global warming, and warned that if we don't level the scientific playing field, the inequality gap will only extend.

There Is a Diversity and Inclusion Gap in the Patent System That Must Be Closed

Patents are an important part of our economy, giving entrepreneurs access to venture capital and professional advancement. The success of our startup community and our system of independent invention is critical to the success of our country. Unfortunately, there is quite a large diversity gap in our patent system. For example, only 13% of named inventors on patents are women.

In a panel on businesses' roles in equality, Laurie Self, SVP and counsel, government affairs at Qualcomm, called for improvement of the patent system.

"If you're in the top 1% of income levels, your children are 10 times more likely to patent than other socioeconomic groups in our country," Self said. "That has profound implications, not only in terms of creating economic opportunity for underserved groups, but ensuring that our country is reaping the full benefits of our innovative and creative capacity."

Becoming a Mentor is One of the Best Ways to Bridge the Diversity and Inclusion Gap

If you're in a position of influence and looking to help raise more diverse voices, one of the best calls to action is to become a mentor. Volunteer your time, expose underrepresented groups to your industry and expertise, and give them access to information that isn't readily available.

Corville Allen, senior technical staff member and master inventor at IBM, participates in programs that give young minds access to STEM activities, lets them share their ideas and helps them grow them. He talked about the importance of letting them know that no matter what their background is, they can achieve any degree of success they put their mind to.

"We're looking across all spectrums of underrepresented groups and making sure they have the opportunity to realize that and build a pipeline," Allen said.

Social Media Has Made Entrepreneurship and the Innovation Economy More Accessible Than Ever

Despite the work that needs to be done, the amount of women- and minority-owned businesses has been growing. When asked about what is driving this process, Nicole Walters, business strategist and CEO of NapNic, said that social media has leveled the playing field.

"The margin of error to get into this space and the risk that's typically required has been greatly reduced, because social media has become this even playing ground to get your e-commerce business up and generate real revenue … without the capital that was typically required," Walters said.