Profitability: Loosing Sight of The Bottom Line

As an advocate for racial equity and AI ethics, I was so immersed in developing solutions to current social problems that I lost sight of an essential factor: profitability. I failed to consider where the money would come from and if the solutions I presented were profitable or be incentivized as I was having conversations with field experts. It was a wake-up call when I realized that doing the right thing was not enough, and I didn't have an answer to solve for the economics of racial equity.

Pivot To Practice

I need to maintain perspective and consider the economic impact of my ideas and proposals. I must remember to ask questions such as, "How does this aid or block the flow of money?" and evaluate the feasibility and profitability of my ideas accordingly. Balancing equity and profitability will be essential to creating sustainable solutions that can benefit society.

Reflection

Reflecting on my experience, I learned that in a capitalist society, profitability always wins over equity. While it's crucial to envision solutions that go beyond the current version, they also need to be functional enough to navigate and survive in the current economic climate. As much as I am passionate about advocating for change, I need to keep in mind that without profitability, it's challenging to convince others to sustain and implement long-term solutions.

I know that economic growth alone does not necessarily lead to improved well-being and equality, and equity is necessary for sustainable economic development. By creating opportunities for disadvantaged communities, such as access to education and training, affordable housing, and small business development, equity-driven economic growth can help to reduce inequality and promote shared prosperity. Profitability realized in this manner can create stable and sustainable competitiveness because it is self perpetuating and taps into an unused resource. It encourages us to think beyond short-term gains and consider the long-term economic benefits of promoting equity and reducing inequality. Now I just have to figure out who is doing this work.

In This Instance

I could ask, "How can we align the financial incentives of different stakeholders to support our proposed solution and create a win-win situation for all parties involved?" This question would help me to identify the various stakeholders who may have financial interests in the proposed solution. From there I can solve for how to create incentives that align with the goals of promoting equity by asking, "What barriers are preventing you from saying yes?" I want to encourage a collaborative approach that involves working with different stakeholders to create solutions that are profitable, sustainable, and promote equity.