Check your blindspot (with Sallie Krawcheck of Ellevest)

TL;DR

Cognitive diversity drives innovation and uncovers blind spots.

Transcript

(upbeat music) - When you think of the first computer maybe you imagine a huge mainframe in a college lab in the 1950s, serious looking people in white coats feeding in punch cards as the machinery worked. But, the story of computing started much earlier and it probably looked a bit different than you imagine. - In the 1830s Charles Babbage, the Br... Read More

Key Insights

• The history of computing began much earlier than commonly believed, with Charles Babbage's 1830s invention of a programmable computer.
• Ada Lovelace, a math prodigy, is considered the first software programmer, envisioning computers as creative tools beyond mere calculators.
• Diverse groups outperform monocultures in creativity and problem-solving, as they offer multiple perspectives and avoid collective blind spots.
• Sallie Krawcheck's experience on Wall Street highlights the dangers of monoculture and the importance of cognitive diversity in business.
• Krawcheck faced harassment and bias on Wall Street but used her experiences to advocate for integrity and diversity in the financial sector.
• Ellevest, founded by Krawcheck, addresses the gender investing gap, empowering women financially and promoting cognitive diversity.
• Krawcheck emphasizes the need for a diverse team, including different backgrounds and perspectives, to drive innovation and success.
• Cognitive diversity not only benefits companies but also has a positive ripple effect on society, promoting economic growth and social progress.

Questions & Answers

Q: What did Charles Babbage invent in the 1830s?

Charles Babbage invented a programmable computer in the 1830s, which was a century ahead of its time. His designs included key elements of modern computing, such as programmability, a CPU, RAM, and storage. However, the complexity of his designs and the lack of electrical mastery at the time prevented their construction.

Q: Who is considered the first software programmer and why?

Ada Lovelace is considered the first software programmer because she wrote the first example of computer code. She recognized the potential of Babbage's machine as more than just a calculator, envisioning its use for creative purposes such as composing music. Her foresight was well ahead of her time.

Q: What are the benefits of cognitive diversity in groups?

Cognitive diversity in groups leads to smarter, more original, and creative problem-solving. Diverse groups can view problems from multiple angles, avoiding collective blind spots and generating innovative solutions. This diversity can be measured in terms of ethnicity, gender, age, expertise, and more.

Q: How did Sallie Krawcheck's experience on Wall Street influence her views on diversity?

Sallie Krawcheck's experience on Wall Street, where she faced harassment and bias, highlighted the dangers of monoculture. This environment motivated her to advocate for cognitive diversity and integrity in business. She realized that diverse teams are crucial for avoiding groupthink and achieving better outcomes.

Q: What is Ellevest and what gap does it address?

Ellevest is an investment platform founded by Sallie Krawcheck aimed at addressing the gender investing gap. It empowers women financially by providing investment opportunities tailored to their needs. The platform seeks to close the gap where women traditionally keep more money in cash compared to men, costing them significant financial growth over their lifetime.

Q: How does Sallie Krawcheck ensure diversity at Ellevest?

Sallie Krawcheck ensures diversity at Ellevest by hiring a diverse team with different backgrounds and perspectives. She emphasizes the importance of maintaining diversity levels and stops hiring if diversity goals are not met. This approach fosters a culture of inclusion and innovation, driving the company's success.

Q: What impact does cognitive diversity have on society?

Cognitive diversity has a positive ripple effect on society by promoting economic growth and social progress. When diverse teams innovate and succeed, they create opportunities and drive change that benefits communities. Empowering women financially, for example, leads to increased spending, economic growth, and greater support for social causes.

Q: Why is cognitive diversity important for companies?

Cognitive diversity is important for companies because it helps them avoid blind spots and fosters innovation. Diverse teams bring varied perspectives, leading to more creative solutions and better decision-making. This diversity enables companies to identify and seize opportunities that a monoculture might overlook, ultimately contributing to long-term success.

Summary & Key Takeaways

• The podcast explores the history of computing, recognizing Ada Lovelace as a pioneer who saw computers' potential beyond calculations. It emphasizes the importance of diverse perspectives in driving innovation.

• Sallie Krawcheck's journey on Wall Street illustrates the dangers of monoculture and the value of diversity. Her experiences led her to found Ellevest, focusing on closing the gender investing gap.

• Cognitive diversity is crucial for companies to avoid blind spots and foster innovation. Krawcheck's approach at Ellevest highlights the benefits of diverse teams in achieving business success and societal progress.