Innovation does not have to be a zero-sum game. A high tide of new ideas and ingenuity raises all ships. For thousands of years, innovators from diverse communities have changed the world for the better-you will hear some of their stories here. Yet, traditionally, entrepreneurship and innovation spaces are dominated by majority groups. We can do much better. This is an opportunity for us all.
Race to Innovation weaves together stories of diverse innovators of the past, interviews with today's innovation greats, and lived experiences in the innovation industry and personal entrepreneurship. Together, we prove that when we fully engage and empower more perspectives in the right way, we create opportunities that change our world for the better, not just socially, but also economically. Leveraging our differences can help us make a difference-not just in how we all live together, but in how we all thrive together.
We propose five principles that can help anyone seeking to leverage difference and thrive:
• Recognize Potential – entrepreneurship and innovation is premised on the discovery of under-appreciated, overlooked market opportunities. Marginalized entrepreneurs, communities and market needs represent potential with outsized return on investment opportunities. This is reflected in the hidden history and powerful present of Black entrepreneurship.
• Power of Enclaves – every entrepreneur's journey is hard, but mainstream entrepreneurs benefit from social and psychological support, networks and connections, and an unwritten playbook for success that minority entrepreneurs do not have ready access to. Enclaves, including neighborhoods, friends and family, churches, colleges (especially HBCUs), networking groups, supportive investment funds, are more valuable than most realize and create preconditions for later success.
• Enable ownership – the premise of wealth generation is ownership. Well-paying corporate and professional positions may be less risky and more socially acceptable (especially for first-generation college graduates), and can lead to individual and family prosperity, but they will not likely produce game-changing wealth. Only ownership does that. As even Michael Jordan can attest.
• Unique Lens – Back to those overlooked, underserved market needs… diverse entrepreneurs and innovators have a unique lens on such opportunities. And often, they are scalable to larger markets.
• Accelerate Transformative Change – Every startup and innovation benefits from fuel applied to the fire at the right time. This can come from connections, pilots, investment, mentorship, a complementary team, partnership… as well as from boot camps, accelerators, and venture studios. The goal is to seize opportunities, grow, and build value at an accelerated pace. And that speeds up the impact on markets and communities, too.
