The “Weinstein Clause”, Making Diversity Work, and Crowd-Powered Travel

The “Weinstein Clause” on Wall Street

In the era of the #metoo movement, businesses are doing their best to keep up. Even Wall Street.

According to Bloomberg, in light of the sexual misconduct scandals like the one that caught Harvey Weinstein in its cross-hairs, “advisers are adding guarantees to certain merger agreements.” These agreements include facts that the company can legally vouch for the way individual leaders of the company behaved in the past. If evidence is uncovered, these guarantees ensure, there’s a certain amount of money on the line.

The due diligence of social issues is gaining momentum, especially pertaining to the employment gender mix, sexual harassment claims, and preventative measures.

Deals like these have not always included a clause like this. Only in these past six months has the “Weinstein Clause” been kicking up its appearances.   

As companies continue to focus on questions that arise from the behavior and focus of societal behavior, the fundamental shift comes back to protecting people. If someone’s 15 minutes of fame were from their bad behavior, investors may no longer bite.  

“I Want To Hire Someone Who Is Nothing Like Me”: Diversity that Works in the Workplace

Take a look at your business. Does everyone look like you?

If that’s the case, you’re not alone. Brian Pallas, Founder of Opportunity Network, said, “People hire people who look like themselves. So, if you have a team of predominantly one color, ethnic group or background managing an organization, it becomes difficult to create diversity without quotas.”

But quotas won’t help.

“Quotas are the worst way to promote diversity,” Pallas adds. Quotas actually lead to higher rates of stereotyping and prejudice.

Being a minority isn’t only about race. Gender, age, religion, ethnicity, and your body weight can all be at play. So can being from a different socio-economic background.

To do your best in bringing diversity into your business, start from the top down. Diversify your senior management. Also, “the more diversity you hire, the more diversity you create.”

A Good Idea: Rally Will Get You There

Can the centuries-old charter bus industry ever be revamped?

Believe it.

Back in 2013, Song and Numan Akram were working to get from New York City to DC for a political rally. They wanted to go with a group, not only because it would be more fun, but going with others would cost less, too. Their efforts to make it to the rally ignited their creation of Rally, “crowd-powered travel,” that was born in less than five weeks and blasted apart the charter bus industry.

Rally doesn’t take the idea of transportation and traveling in a group anywhere new. Instead, they add in the ease and affordability of technology and engage travelers through their easy-to-use, book-your-own-ride website. You can work your way to a sporting event, a concert, or find your way to a vineyard. Take your pick.

Not only is the idea of Rally easy on the bank account, but this way of group transport keeps the planet humming for a bit longer too.

What’s the secret to success? “I never missed an opportunity,” Song said. And, for good measure, she kept her day job until their foundation of Rally was strong enough to hold both her and Numan.