Diversity, it turns out, is good for business — especially at innovative startups. A 2018 McKinsey report found public companies in the top 25 percent for ethnic and gender diversity are more likely to outperform their peers. Another study by the Boston Consulting Group also found that diversity increases the bottom line for companies. That 2018 report showed that companies with more diverse management teams have 19 percent higher revenue due to innovation. Further research bears out the notion that businesses that establish diversity practices from the beginning foster corporate cultures that are open, inclusive and innovative.