Tracking DEI in a changing world: what happens when the US walks away ?

Case study overview

Challenge: Following US corporate retreats from explicit DEI positioning, how do the resulting shifts toward implicit language impact entrepreneurs’ access to funding information and opportunities globally?
Research approach: Expert interviews with US investment leaders (Adasina Social Capital) and UK DEI thought leaders (Grace Moronfulu MBE, Carbonado Consultancy), analysis of European market responses across UK and France, and examination of funding language evolution through partnership insights with Break The Mold (12 months of close observation through Break The Mold’s ongoing work with purpose-driven entrepreneurs from emerging markets, including 20+ founder conversations and a pilot cohort engaging 5 funders) and market intelligence data provided by Ventra (platform specializing in impact venture enablement).
Key Findings: the shift toward vaguer language (« inclusive entrepreneurship » vs. « underrepresented founders ») creates information gaps; entrepreneurs in emerging markets spend 23 hours/week searching for relevant guidance compared to 7 hours in developed markets. Precise investment thesis language is crucial for efficient founder-investor matching.
Business Impact: Language ambiguity in funding criteria extends entrepreneurs’ due diligence time, potentially causing them to abandon initiatives or miss relevant opportunities. Clear, specific communication about investment focus becomes a competitive advantage for funds and essential for equitable access to capital, particularly for underrepresented founders in emerging markets.

When America sneezes, the world catches a cold. This saying has never felt more relevant in our global society. We’ve all heard of companies backing down from Diversity, Equity and Inclusion (DEI) initiatives in the United States.

This raises a question: what happens to global progress on DEI when the country that conceptualized the notion no longer wants to use it?

Before diving into this question, let’s pause on the definition of DEI. This is a notion that has been subject to a lot of debate. However, at its core, it simply means one thing:

Ensuring that all segments of society are represented and included in decision-making processes. Some might even say that in today’s complex world, it is a requirement.

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Shutting out these initiatives equals missing out on collective strength. Which is quite an interesting thing to do since it has been proven that solutions from a diverse group drive stronger financial outcomes, among other tangible and intangible benefits.

This article explores how the US shift on DEI is shaping the global conversation — with a focus on Europe and emerging markets. We’ll also examine how evolving language can restrict access to capital, and why having clear, precise information has never been more important.

I - Not everyone is backing down from DEI in the US

We’ve all heard about these large corporations backing down on DEI initiatives.

But what about those that keep showing up? We had the opportunity to exchange with Julianne ZIMMERMAN, co-CEO of Adasina Social Capital – an investment and financial activism firm based in the US.

At The Uplift., we believe that finance is key if we want real transformation. And who better than Julianne to speak on it? After all, she is based in the US, involved in responsible investing, and committed to DEI.

🔊 »At Adasina, we believe that corporations, their investors, and all of their stakeholders benefit from advancing social justice in their business practices, including through DEI policies and norms.

As you have noted, that belief is borne out by extensive evidence. Even as many high-profile companies and organizations rescind or “hush” their DEI initiatives in response to political pressure, the overwhelming majority — 87% by one count — are continuing or expanding their DEI commitments because they have seen the top and bottom line financial, innovation, and market advantages that inclusion delivers.

Of course there is a moral and ethical case for DEI, as a formalized set of legal principles and fair operating standards that serve to significantly decrease or counteract systemic biases and prejudices.

But from a broader strategic perspective, the World Economic Forum stated the case aptly: ‘anchoring diversity and inclusion in the business world and global economy is becoming increasingly critical for reviving growth, accelerating innovation, reducing inequalities, and bolstering resilience ».

Julianne’s words call for reflection. They present a hopeful outlook on DEI’s resilience in the U.S.. Which got us wondering : what’s happening across the Atlantic ? What’s the situation regarding DEI ?

II - What's happening across the Atlantic ?

a. The case of France, a late adopter of the DEI terminology

Last month, in Paris, we attended A.G.I.R, an event hosted by l’Oréal – where both SMEs and large corporations publicly committed to reinforcing DEI initiatives and showed their work in this sense. It was refreshing – especially in a country like France where DEI is not as culturally accepted as in the US for instance.

But a few days later, French companies received a letter from the president of the USA asking them to comply with the DEI ban. The French government pushed back on this effort from their US counterparts.

It got us wondering : is A.G.I.R a drop in the ocean or does it represent a bigger movement ?

b. The UK case : the conversation is evolving

We turned to Grace Moronfulu MBE – an Equity, Diversity & Inclusion Thought Leader based in the UK & Director of Carbonado Consultancy. Indeed, in the UK, conversations around DEI are more established.

🔊As she put it, “EDI is not a performative checkbox, it requires systemic, transformative change rooted in accountability and transparency”.

Indeed, while the UK has long-standing legislation like the Equality Act 2010, Grace reminded us that “true progress goes beyond compliance.” In her view, the country’s current approach — including an ongoing consultation on mandatory ethnicity and disability pay gap reporting — signals “a growing emphasis on data-driven accountability and intersectional justice.”

DEI remains a relevant topic in Europe. Conversations are still taking place. But we’re noticing a shift in the way companies are talking about DEI initiatives.

III - Still doing the work but not saying the words: does it change anything?

a. A closer look at the financial industry

Based on industry conversations, we’re noticing a trend in Europe.

In the financial industry, some funds (not all of them) that once had a clear positioning regarding DEI have updated their language. They now use terms like “inclusive entrepreneurship”. In practice, they’re still doing the work i.e. funding underrepresented entrepreneurs.

So there’s no issue right ? It’s more complex : this “language update” has consequences.

b. Case study – Break The Mold: a founder-centered view from emerging countries

As previously mentioned, at The Uplift., we do believe in the power of finance. That’s why we are partners with Break The Mold – a non-profit helping African purpose-driven entrepreneurs to get the tools to be fund-raising ready.

One thing we consistently tell Break The Mold fellows: due diligence goes both ways.

Just as investors evaluate startups, founders must do the same when looking for investors — looking at the investor’s previous investments, level of involvement, and alignment of values.

Now, imagine being an entrepreneur conducting that due diligence. You come across two investment theses:

We invest in underrepresented founders.
We invest in businesses led by women in the agriculture field;

Technically a woman entrepreneur in the agriculture field from France could pitch to either fund. So could a woman in tech from an emerging country. However, without going into technicalities, these projects are not financed the same way.

The first sentence is clear but general.

The second one? It is clear and precise.

With the language update, we will see more theses like the first one.

In such a context, still doing the work but not saying the words can slow down entrepreneurs in their funding journey – especially those from emerging countries.

c. The main consequence ? A limited access to information

Through one of Break The Mold partners – Ventra, a platform dedicated to enabling entrepreneurs and businesses to build scalable, impact-led ventures – we’ve learnt a striking fact:

⚠️ “23 hours per week. That’s how long entrepreneurs in emerging countries spend searching for relevant guidance. In developed markets? 7 hours”.

This “language update” – while well-intended – risks widening this gap.

Clear and precise statements give cues to entrepreneurs.

General statements have time-consuming consequences for entrepreneurs. Worst case scenario, entrepreneurs might just give up on their entrepreneurship initiatives.

Conclusion

This is more than just a language update — we’re talking about access to information and equity.

Great things happen when information is accessible. When doors are open. This can actually be another way to define DEI.

While unintentional, this shift in language risks closing doors and makes information less accessible.

Some might ask : what is good information? It’s information that is clear, direct, and precise — that leaves no doubt in the mind of your audience.

And it matters for both your stakeholders and shareholders. With good information, you signal where you stand to your ecosystem.

It becomes good governance.

If you’re a fund rooted in DEI or a company aiming to make your storytelling, stance and strategy clearer, start with these simple questions:

What do you want to say?
What are your desired outcomes and how do you measure them ?
Why do you want to say it?
Who needs to hear it?

If you fund underrepresented entrepreneurs, say it. Say who. Say how. Say why. And if you need our help in doing so, reach out. We can help.

It always starts with a conversation.

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