The relationship between innovation and equity has too often been treated as optional, a matter of goodwill rather than necessity. Yet the evidence is clear that when companies design with equity in mind, they not only address urgent social needs but also create more resilient markets. Joe Kiani, Masimo and Willow Laboratories founder, recognizes that long-term value in healthcare depends on meeting the needs of all patients, not just the privileged few. Inclusive innovation, in this sense, is both a moral and economic imperative.
While focusing on high-end consumers can seem like a direct path to short-term profit, it often overlooks the vast potential of underserved communities. By designing solutions that are accessible to broader populations, businesses can achieve more effective scaling, enter new markets, and strengthen public trust. This equity-driven approach ensures that innovation has staying power, cultivating demand across diverse demographics and regions. Businesses that fail to embrace this wider perspective may miss out on significant growth opportunities and risk reputational harm.
The Economic Case for Inclusion
Far from being a financial burden, inclusive innovation creates measurable economic returns. Products and services that reach underserved populations expand customer bases, creating larger and more diverse markets. Companies that invest in accessibility and affordability often discover that these features appeal broadly, increasing adoption even among wealthier users. The ripple effect is significant when affordability drives volume, and volume fuels profitability. Investors who once viewed equity as a soft goal are beginning to recognize its bottom-line benefits.
Examples from healthcare illustrate this point well. Low-cost rapid diagnostic tests, originally designed for resource-limited settings, have become widely adopted for infectious disease management around the world. Similarly, generic medicines, often dismissed as low-margin products, now account for most prescriptions filled in the United States, saving billions annually. By designing for inclusion, businesses create solutions that prove both scalable and profitable.
Trust as a Business Asset
In healthcare and beyond, trust is a currency that cannot be purchased outright but must be earned. Communities that feel excluded or exploited are less likely to embrace innovative technologies, regardless of their potential benefits. Inclusive innovation builds credibility by demonstrating respect for diverse needs and contexts.
Once established, trust drives loyalty and long-term engagement. Patients who believe their experiences are valued are more likely to adopt and sustain the use of new tools. For companies, it translates into stable markets and stronger reputations. In a sector where credibility is paramount, trust is one of the most valuable assets a business can cultivate.
Avoiding the Pitfalls of Homogeneity
Innovation designed without diverse input risks failure. Homogeneous teams may overlook barriers that prevent adoption among different populations, from cultural norms to practical constraints. The result is products that function well in controlled settings but falter in real-world use.
Inclusion broadens perspective. Diverse design teams, informed by patient and community voices, anticipate obstacles and tailor solutions accordingly. By embedding equity into the innovation process, companies create products that work across contexts rather than serving only a narrow slice of the population. The benefits extend beyond fairness to functionality and success.
Lessons From Public Health
Public health provides ample evidence of the power of inclusive design. Vaccination campaigns tailored to community contexts through trusted messengers, culturally relevant messaging, and affordable access achieve far higher coverage rates. Programs that ignore local needs often falter, regardless of scientific merit.
Joe Kiani, Masimo founder, has long believed in using technology to improve patient outcomes. His work with the Patient Safety Movement Foundation, which brings together healthcare stakeholders to share data and prioritize patient-centered approaches, highlights a broader commitment to systemic change rather than just technological improvement. This demonstrates why empathy and inclusivity are not optional add-ons but are integral to meaningful progress.
Policy as a Catalyst
While companies bear responsibility, policy can accelerate inclusive innovation. Regulations that require equitable access, incentives for affordable design, and funding for underserved populations create conditions where inclusivity is not optional but expected. Governments can shape markets by rewarding companies that prioritize equity.
International perspectives add weight to this approach. The European Medicines Agency, for example, has built frameworks to ensure diverse representation in clinical trials, while the World Health Organization has championed equitable access as a global standard. Policies like these remind businesses that inclusivity is not only a good practice but also an emerging requirement in international markets. Aligning with these expectations positions companies for long-term global competitiveness.
Sustainability Through Equity
Sustainability is not just about the environment. Products designed for narrow audiences may thrive temporarily, but they struggle when demographics shift or economic pressures rise. Inclusive innovation, by contrast, ensures relevance across generations and geographies.
Companies that build equity into their strategies are better prepared for uncertainty. They foster resilience by creating solutions adaptable to diverse contexts. Joe Kiani, Masimo founder, has modeled this approach by emphasizing patient-centered design, showing that prioritizing inclusivity can also secure long-term business stability.
A Culture Shift in Innovation
Companies must embed inclusivity in their culture to make it a business imperative. That means hiring diverse teams, engaging communities early, and measuring success by impact as well as profit. It also requires rethinking the innovation process so that equity is a guiding principle from conception to distribution.
A culture of inclusivity also benefits companies internally. Diverse workplaces attract top talent, foster creativity, and improve retention, particularly among younger employees who increasingly demand alignment between their values and their employers’ missions. When inclusivity becomes part of company culture, it strengthens both the product and the people who create it.
Toward Stronger, Fairer Markets
The case for inclusive innovation is building fairness, strengthening markets, and securing sustainability. Businesses that recognize equity as an integral rather than an option position themselves for success in a rapidly changing world. Those that cling to narrow, profit-first models risk irrelevance and public mistrust. The question is not whether inclusivity is affordable but whether companies can afford to ignore it. In an era of increasing scrutiny, the latter choice is far more costly.
Inclusive innovation should be seen not as a sacrifice, but as a strategic alignment. By prioritizing fairness in design, companies develop solutions that serve a wider range of needs while simultaneously securing their long-term viability. Future markets will increasingly favor those who understand that equity is not merely an ethical consideration but a business imperative. By forging a direct link between equity and profitability, businesses can redefine success in a way that benefits both society and their own enterprise. The future is shaped by those who build with every person in mind.
