BNNano of Burlington, NC is one of only two firms in the United States that manufacture high-purity boron nitride nanotubes, a very rare material with virtually unlimited applications from industry and the military to medical technology.
In less than one year, the BNNano founders started the firm, funded their venture through a private raise, set up manufacturing and closed their first customer orders. They had created a great product in record time and were ready to get the word out and support their sales activities.
A startup company with a new product and restricted resources, BNNano was facing challenges that are typical of many such firms today.
Diversity and Inclusion (DI) is a high-interest pursuit in corporate America today, in large part because the benefits can be substantial. According to a Forbes article, diversity and inclusion research has revealed that:
- Inclusive teams make better business decisions up to 87% of the time.
- Teams that follow an inclusive process make decisions 2X faster with 1/2 the meetings.
- Decisions made and executed by diverse teams delivered 60% better results.
Even with the many benefits that diversity and inclusion offer, you may still be facing challenges in your DI initiatives.
Diversity Best Practices notes that newly recruited underrepresented employees are not staying with their employers very long, and people are neither working well together nor trusting each other across cultural lines. Further, DI training that was expected to improve understanding, awareness, and sensitivity to others has “yielded limited success.”
So how can simulated business training strengthen your Diversity & Inclusion initiatives?
Imagine you are assigned to a team that will start and run a new venture for your company. You and your team are entrusted with funding to obtain a facility, manufacture products, hire employees, and market and sell your products. You and your team must decide everything from product pricing, to taking loans for improvements and paying expenses as you work toward the goal of building equity and net worth.
You make mistakes along your journey and in doing so learn firsthand why “cash is king” and how your venture can be profitable while tottering on the brink of bankruptcy. And while you and your team benefit from these valuable business experiences, you are never in danger of financial ruin or suffering the many other life-changing pitfalls of running a business.
Welcome to the world of simulation business training.