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4 Reasons Your Company Isn’t as Diverse as it Could Be – ReadWrite

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Deanna Ritchie


Diversity seems to be the topic on everyone’s minds today, and yet many businesses can’t seem to be fully diverse the way they’d like to. More often than not, lack of diversity isn’t due to some kind of hidden malice. Creating diversity for your business is difficult, and there are many technical snags you’ll need to avoid during the process.

4 Reasons Your Company Isn’t as Diverse as it Could Be

If you want your business to be diverse, you’ll need to be prepared to open up your mind and make some necessary changes. Here are some snags you may run into along the way:

1. Lack of Diverse Leadership 

Diversity should be neither bottom-up nor top-down — it should come unilaterally across an organization. If your leadership isn’t diverse, diversifying other areas of your business is going to be significantly more difficult. Diverse senior management will naturally guide a company towards diversity as a whole, while non-diverse leadership may remain fixated on other priorities. 

Lack of diverse top management in a company is a simple principle that is one of the biggest barriers to diversity today.  According to a report from DiversityJobs, some 78% of C-suite executives are men and 85% are white. The sooner those numbers begin to swell and change, the sooner the impact will be felt at all levels of an organization.

Set the wheel in motion at the top

Think of diversifying your company’s leadership as setting the wheel in motion: the action itself will continue to affect change far beyond the C-suite.

2. Focusing Only On Employees

The go-to definition of professional diversity is having a diverse team. But building a diverse team is not the only thing a business can do to support a more diverse world. You can’t simply be a diverse outpost in a homogenous landscape. Your business needs to seek to encourage and empower diversity far beyond its walls.

Consider the entire landscape of your business

Think about all of the vendors, suppliers, and partners you currently maintain. Do all of them meet your own diversity standards? This is a question that more and more companies are being forced to ask themselves. For this reason, Certifiably Diverse — a platform that connects businesses with diverse suppliers in their area or industry — has grown so much recently.

The new diversity frontier

It may take a little assistance — but insisting on the “greater good of diversity” beyond just your business is the new diversity frontier. 

3. Too-Narrow a Definition of “Diversity”

It is important to have a business in which ethnicities, cultures, and genders well-represented. However, these are not the only contributing factors towards determining someone’s identity.

No less important are factors such as age, socioeconomic background, or religious beliefs. These qualities can all contribute to offices that truly embrace a multiplicity of perspectives.

Your end goal of diversity should not solely be to make your business look more like the world at large. You also need to consider as many factors as possible regarding what makes an office truly diverse? How are you representing your company to yourself, your employees and the world?

4. Homogenous Optics

Businesses owned by people of color have a long history — one that extends well into the present — of hiding the diversity of their founders or employees to “fit in.”

The front-facing side of businesses — salespeople, spokespeople, recruiters, and so on is overwhelmingly white. Or is it? Have we only shown a “white face,” and has business success actually been carried out with more people of color at the top than we know?

It’s time to see the truth. Many have had to hide their origins, nationality, color, etc., to fit in is a sad commentary about all of us. This fact alone can stifle diversity efforts both within and beyond your company.

The key here is to make sure that your business looks as diverse as it really is; show off your diversity like the asset it really is. 

Diversity is something that needs to be striven for, but make sure you avoid these pitfalls along the way.

A truly diverse business is one ready to face whatever challenges the modern world throws at it — everyone working together with best efforts. Isn’t that something worth investing in?

Image Credit: fauxels; pexels; thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Politics

Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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