👋 Welcome, new founders. We’re stoked that you’re thinking about your company’s DEI (diversity, equity, and inclusion) strategy. This page holds information, resources, and best practices. This is a living document, so if there’s anything you still have questions about or something you think should be included, reach out to Steph Jones( [email protected])

Here are the basics:

Why does diversity matter for a startup like yours?

• The consumers of your product want diversity in marketing.

  • Brands that show a broad variety of cultural and demographic groups in their advertising see improved perception among consumers and stock market gains, per a study that Deloitte-owned agency Heat shared with Marketing Dive.

• As a B2B or Saas company seeking growth you may be ignoring a large, and fast-growing, part of the market by not functioning with diversity in mind:

  • As of 2021, there were more than 11 million minority-owned businesses in the US, nearly double the number of ten years ago. These businesses generate more than $1.8 trillion in revenue annually, and a Business Journal survey found that 40% of minority-owned businesses have seen sales growth of 11% or more during the past three years.

  • Furthermore, there are 12.3 million women-owned businesses in the US, generating $1.8 trillion in annual revenue, and accounting for 40% of all privately held firms.

• Internally, future talent is looking for a diverse workforce in the companies they join. Diversity is a key driver in applicant decision making.

  • 78% of employees expect their employer to have a diverse workforce.

<aside> 💡 Diversity drives better financial performance

</aside>

According to McKinsey & Company “There is a linear relationship between racial and ethnic diversity and better financial performance: for every 10 percent increase in racial and ethnic diversity on the senior-executive team, earnings before interest and taxes (EBIT) rise 0.8 percent.”

• When comparing businesses, those that are diverse are stronger in both innovation and performance. Data from Harvard Business Review shows a 45% increased likelihood of year-over year growth and 70% greater likelihood to capture a new market

<aside> ‼️ TLDR: Diversity is really good for business

</aside>

• More reading: Diversity is good for success!

👍 Ok, I’m sold! How can my startup function with diversity and equity in mind?

1. Accept that as founders and founding team members that your actions are the catalyst of progressive change and you are the ones with the power to drive this change.
   • Why Inclusive Leaders Are Good for Organizations, and How to Become One
   • The six signature traits of inclusive leadership
2. Do not relegate D&I to an HR function. D&I in a box is not D&I that will drive financial success and progressive. The importance of diversity and inclusion needs to be diffused throughout the various functions of a company, particularly in marketing and sales, since those are the functions that grow your revenues.

How do we create a Diversity & Inclusive hiring plan?

• Good news, you don’t have to do it yourself! We are giving all of the companies in our portfolio permission to copy and paste the systems we use:
  • Forum Equity Plan
  • How Forum safely and anonymously collects team feedback:
    • Rees Community: REES is a simple, secure online platform for reporting sexual violence and discrimnation
  • Forum Culture Code

How do we create a diverse & inclusive marketing plan?

<aside> <img src="/icons/attachment_blue.svg" alt="/icons/attachment_blue.svg" width="40px" /> A great way to start working on diversity, both internally and through marketing, is creating a diversity and inclusion committee within your team. You can bring in experts on the subject into committee meetings to provide insight, discuss possible opportunities and ideas, and create plans to implement diversity in your company.

</aside>