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Thank you for the response Josh. I've seen the studies you reference, & while research regarding cognitive diversity is ongoing, a lot more has happened regarding ethnic and gender diversity since those studies were published in 2004 & 2007 respectively. Here's a brief overview: https://twitter.com/wolfejosh/status/1311502818956767232
A 2018 study showing that fund partners who were members of the same ethnic group were 20 percent less successful than investors with different ethnic backgrounds. https://hbswk.hbs.edu/item/diversity-boosts-profits-in-venture-capital-firms
A 2108 BCG study noting 19% higher revenues and 9% higher EBIT margins for companies with more diverse management teams. https://www.bcg.com/en-us/publications/2018/how-diverse-leadership-teams-boost-innovation
A 2016 Harvard Business Review article highlighting that diverse teams make decisions 2X faster, with 60% better results half the number of meetings. https://hbr.org/2016/11/why-diverse-teams-are-smarter
A 2020 MAC Venture Capital and Kauffman fellows report showing a 30% increase in returns when diverse founding teams exit. https://www.kauffmanfellows.org/journal_posts/the-pipeline-myth-ethnicity-fund-managers
A 2016 UPenn study showing “IPO outcome is less common when the VC firm has a co-ethnic tie with the founder” https://repository.upenn.edu/cgi/viewcontent.cgi?article=1151&context=mgmt_papers
Should I keep going???
A 2014 MIT study showing Male VCs have been shown to “prefer pitches presented by male entrepreneurs compared with pitches made by female entrepreneurs, even when the content of the pitch is the same.” https://dspace.mit.edu/handle/1721.1/91283
And a burgeoning area of research regarding diversity and RANDOM ASSIGNMENT, both in business and non-business contexts that all seem to suggest that diverse teams outperform by dint of being diverse and little else. https://sloanreview.mit.edu/article/the-trouble-with-homogeneous-teams/
"the diverse juries were far more rigorous in how they approached their decisions. The racially diverse juries spent a longer time deliberating. They considered a wider range of perspectives and angles with respect to the case...& they made fewer factually inaccurate statements."
"It wasn’t the case that diverse juries were outperforming homogeneous ones primarily because, say, the black jurors were adding new information...It was actually white jurors...whose behavior showed the most dramatic change."
"This suggested that it was something about being in the presence of a racially diverse environment that changed how people thought and discussed issues."
And just in case you didn't see. The cherry on top of my multi-tiered argumentative sundae. A study that looks at diversity within an investment context and finds, guess what, more inaccuracy and mispricing in homogenous groups. https://twitter.com/DelJohnsonVC/status/1311526713650626560?s=20
I rest my case.
