Opinion: Davos must counter its diversity problem so that brilliant social entrepreneurs can fulfil their potential

Davos has a diversity problem. And that’s a problem for black and minority ethnic (BME) social enterprise. 

Whilst at the World Economic Forum (WEF) annual meeting in Davos last week, I saw the best – and the worst – of what it has to offer for social entrepreneurs and impact investors alike. There were some brilliant events, run by those driving real change – those working at the intersection, those working to drive forward racial justice, climate innovation and social enterprise. 
 

But there were also issues. Set against the backdrop of US president Donald Trump’s inauguration, there was a lack of diversity. This lack of diversity was apparent in those people playing leading roles at some of the key events. And when BME social entrepreneurs were seen, it felt as though their voices were drowned out by those who were there representing the world’s largest corporations – the ones speaking on how they could continue to exploit the earth in the name of growth, not heal it in pursuit of the same. 

The WEF needs to counter this. It needs to go further than its current diversity, equity, and inclusion (DEI) initiatives, like the Lighthouse Programme, if it wants to address that lack of diversity, and, in turn, harness the potential of entrepreneurs like those supported by us at Startup Discovery School. One of our founders, for example, runs Our Bike, offering electric cargo bike rentals. This social enterprise reduced greenhouse gas emissions in the London borough of Lambeth by 100kg within a few months of a trial programme beginning; and gave us a 1:8 return on investment too. If harnessed, entrepreneurs like this can help the WEF to deliver on its stated aim of “safeguarding the planet”. 

I went to a series of events at the conference – some of which were held at Africa House, which focused on African innovation. At many of these events, I was left concerned at just how extensively we saw large conglomerates dominating the conversation. Their leaders were typically not from BME backgrounds, and when they were it felt as though their ideas weren’t taken as seriously as their white counterparts. 

Trump's toxification

Perhaps most worryingly, it was noticeable that the Trump inauguration on 20 January influenced the views of a sizable cohort at the event. It felt as though many were almost following his isolationist steps, thinking about how to achieve growth for their respective nations, their respective companies – at all costs. There was, at times, open conversation about the exploitation of natural resources. There was lack of consideration about the impact of organisational decisions upon the global communities typically affected by climate change – those that Startup Discovery School and our sister organisations in Asia, and Africa – are working to catalyse. 

When BME social entrepreneurs were seen, their voices were drowned out by those representing the world’s largest corporations – the ones speaking on how they could continue to exploit the earth in the name of growth

As the co-founder of Startup Discovery School – an organisation which works to turbo-charge green social enterprises, set-up by brilliant, diverse, founders – this was disappointing. At Startup Discovery School, we’ve been driving forward enterprises like Themis – which improves outcomes of students from deprived backgrounds through workshops, and Generation Success, which runs tech mentorship programmes for women and BME students. They offer so much. 

New research from Startup Discovery School has found that our enterprise founders have generated some £9.9m in investment for the UK’s economy, led 89 ventures, and done so with just £111,000 in grant funding. They’ve created nearly 50 jobs – and helped hundreds more to improve their lives, whilst furthering the just transition. 

But, if scaled – with the backing of the international community and its policymakers, they could do even more.

And that’s why the WEF needs to do better. It needs to see the potential offered by those social enterprises, by diverse founders. And it needs to bring its understanding of this into 2025 – understanding the opportunity offered by those working in the middle of the Venn diagram – the intersection of green innovation, racial justice and start-up enterprise. The lack of political interest in the space – as identified by the European Social Enterprise Monitor and reported by Pioneers Post last week – needs to end. Something needs to change. 

• Read more: Lack of political support is major barrier for European social enterprises, latest European Social Enterprise Monitor finds

But what? And how? 

The WEF should foreground the work of diverse entrepreneurs

Well, I’m a believer in DEI initiatives. We need to see a greater number of sessions – pre, during, and post-summit – focused on BME-led social enterprise, impact investment and climate intersectionality than is currently the case. There needs to be a stronger DEI programme. This means we will hear those voices at the WEF – allowing the expertise of social enterprises and impact investors to be harnessed because of the occasion. 

But I want to see deeper action too. We need to see the WEF foregrounding the work of the diverse enterprises and impact investors working in forward-thinking spaces, like clean energy. 

Last year, investment in clean technologies was $2tn – and we should be hearing from the BME leaders who have made that possible. Moreover, we need to expect more of the organisations sending their teams to the WEF. Those who are chosen to go set the tone. If large corporates do choose to go to the WEF they should think intentionally about those who might be representing them – and what they might be saying. With the right people in those rooms, BME social enterprises might just have a chance of being heard, after all. 

It’s not just me saying this, either. Many Brits want to see the WEF embracing these sorts of changes too. A new poll of 200 nationally representative people which we undertook at Startup Discovery School has found that 65% want to see leaders using the green jobs being created by Startup Discovery School’s diverse founders to drive equitable, inclusive economic growth. Over 90% of BME respondents said that they wanted our leaders to do more to support BME start-ups and social enterprises.

For the politicians at WEF – and those watching – those views should be noted. The voters should be listened to.

If the WEF can do this, then it can go some way to countering the evident lack of political support for social entrepreneurship. It can counter the fact that barely 15% of the 2030 SDGs are on track. In the US, the WEF has found that the widening racial wealth gap will cost the country $1.5tn by 2028. And we can go further than the $2tn invested in clean tech last year.

Gosbert Chagula MBE is co-founder of Startup Discovery School, which supports entrepreneurs from diverse backgrounds to resolve climate issues
 

Header image: World Economic Forum Annual Meeting 2025 in Davos-Klosters. Copyright: World Economic Forum/Boris Baldinger