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Innovation has been the key driver of the business world for centuries, heightening market share, revenue, and customer satisfaction. Every successful product and brand has been a result of companies maximizing their innovative capabilities, offering a never-seen-before product or service to consumers. However, what drives innovation itself in this rapidly changing world? Multicultural entrepreneurship.
Multicultural entrepreneurship often classifies founders or entrepreneurs who have been influenced by various cultural backgrounds throughout their business growth journey. So, what makes these multicultural and multilingual founders take the reins of innovation and launch such successful businesses?
The first answer can be found in the power of immigration. In recent decades, families have moved to different countries with hopes of building better lives, not only for themselves, but also for their family’s future generations as well. According to Forbes, immigrants represent 16% of inventors in the United States. This has in turn created a certain hunger for success among many immigrants, propelling them to think outside of the box and harness their innovation. On top of this determination stemming within immigrants, immigration is also such a vital component of entrepreneurship and innovation due to the fact that these innovators are open to collaborating with foreign investors, sending their products to foreign markets, and encouraging the diffusion of ideas. With immigrants’ drive to succeed and their receptiveness to foreign markets, they are certainly able to get the edge when innovating and building their businesses.
Apart from drive, language acts as an instrumental asset in launching multicultural innovators into the entrepreneurial stratosphere. With the rise of multilingualism, many of these entrepreneurs leverage this ability to foster communication with various stakeholders across the globe as well. This enables the innovators to build a global business and gain connections with employees, investors, and consumers across the world.
The entrepreneurial world is rapidly changing, and these multicultural entrepreneurs are taking it by storm and emerging as global business leaders. With the rising prominence of diversity and embracement of various cultures and languages in the business world, multicultural entrepreneurship continues to prove its success in the global markets.