Innovation is that prized but elusive outcome we all so earnestly chase. Companies pour millions, even billions of dollars into research and development, trying to unleash breakthrough innovation: the transformative products and services that promise streams of new revenue. Some companies even have Chief Innovation Officers tasked with making sure strategy and operations align in this frenzied hunt for innovation.
That’s all good, but the truth is your company can’t unleash breakthrough innovation without also embracing diversity. Study after study confirms this. One recent study, by the Center for Talent Innovation, shows that companies possessing true diversity of race, gender and experience actually out-innovate and out-perform those that don’t. Companies with multi-dimensional diversity, the study shows, successfully unlock innovation by creating an environment where “outside the box” ideas are heard.
Follow the example of Procter & Gamble, known for being one of the world’s most innovative companies. Leaders there understand that the relationship between diversity and innovation emanates from connecting different people throughout the organization. “What we need to do is create an organization that is so diverse that we create all these diverse nodes that can be connected, because most of the time innovation comes from the unexpected connection of two seemingly unconnected ideas,” explains Bob McDonald, P&G’s former Chairman and now head of the U.S. Department of Veteran Affairs. By partnering with GPP your organization can become the sort of multi-dimensional business that sparks breakthrough innovation.