Why Diversity is Essential in Startup Teams

Building an inclusive vision: The importance of diversity in Kalgera's journey towards better solutions
Dr Dexter Penn
CEO & Founder

Diversity at Kalgera

The positivity surrounding this inclusion contributes significantly to team morale when we are working tirelessly to create a solution that will be valued by all its users. Perhaps more importantly, Kalgera is able to extend its inclusivity ethos to its users, where the team and product seek to understand and act on all its user concerns regardless of any differences.

There is a wealth of research highlighting the correlation between high diversity and greater innovation, and Kalgera has created a culture that celebrates and embraces diversity.

For example, did you know that companies that are diverse are 35% more likely to gain higher financial returns (McKinsey, 2015)? The Kalgera team is very diverse, so we’re already starting out with greater odds of our people and product succeeding and thriving.

What's diversity and how do we manage it?

There are a variety of dimensions associated with diversity, including traits such as age, gender, philosophical perspective, values, ethnicity and economic status.

When we talk about managing diversity, we are referring to embracing a mosaic of people who bring a variety of perspectives, styles, values, backgrounds, and beliefs to the team and its vision, with each of these contributions carrying equal value.

When executed cohesively and positively, managing diversity is the art of thinking independently together. This approach can only enhance the progress towards a united vision.

Why work in a diverse team?

Diversity implies a seamless inclusion in a team that respects and accepts each individual despite their differences. Working in a diverse team opens a space to reflect and encourage members to be more aware and understanding of others background, perspectives and values.

It provides each person with an opportunity to wonder more about the world, as well as different people and cultures while allowing the team to identify and work to fill in gaps in personal knowledge, culture and experiences.

An individual’s outlook towards life grows and those working in diverse teams tend to develop a sense of responsibility to create something meaningful.

Why is diversity important?

  1. Strength lies in differences and not similarities and diversity is now an accepted norm of socially responsibility.
  2. It ensures the dynamic of the business more accurately reflects the outside world, facilitating the creation of solutions that are viable.
  3. Diversity also ensures the technologies businesses create are developed to meet everyone’s needs and does not exclude vulnerable or minority groups in our society.
  4. Multiple perspectives contributed to a project encourage varied and creative thinking during team and stakeholder discussions.
  5. As there are a variety of options, the solutions are assessed more critically and members are empowered to be more thorough and creative in their arguments, leading to the creation of more innovative solutions.
  6. The variety and consequent discussions lead to a better decision-making process as all suggestions are assessed with more but equal scrutiny. Ultimately, diversity contributes significantly to the creation of a better quality product that considers the needs of the wide range of its different users.

About Kalgera

Kalgera, a London-based RegTech, is the first line of defence for financial institutions who want to actively support its most vulnerable customers. By helping the finance sector identify customer vulnerability through transactional data, Kalgera creates better outcomes for the customer and the financial institution itself.

We are committed to working with banks through several avenues to comply with the FCA's Consumer Duty Act. Kalgera’s state-of-the-art technology uses 11 parallel AI models to pinpoint vulnerability to financial abuse and low financial resilience with greater precision.

You can find our online training, in association with the London Institute of Banking and Finance (LIBF), here and more information over at our website.

Let’s talk

If you want to work with us, speak to us for press and speaking opportunities or comment, then please do get in touch.