What Is STEM and Its Importance In the Digital Economy

Key Takeaways:

• Jobs in STEM are projected to grow at a faster pace than jobs in non-STEM related fields.
• STEM professions are at the cusp of innovation, which is helping to drive the digital economy forward.
• There is a lack of gender and racial diversity in STEM, which can inhibit new methods and ideas.

As technology drives the digital economy forward, science, technology, engineering and mathematics, or “STEM” fields, have become critical areas of study. And the need for innovators in these fields is at an all-time high. According to the U.S. Bureau of Labor Statistics, STEM jobs are projected to grow more than 10% in the next ten years, compared to 4.9% in non-STEM-related fields.

Individuals who are studying or working in STEM are essential for creating the future economy. Given the talent and access to technology we have today, there’s no shortage of possibilities.

What Is STEM?

STEM, or science, technology, engineering and mathematics, is an interdisciplinary field of study aimed at integrating each subject into a single cross-functional education program. The National Science Foundation coined the acronym “STEM” in 2001 with the goal of bringing these subjects together to create a more holistic view across the disciplines to accomplish improved real-world applications and teaching methodologies.

How STEM Supports the Digital Economy

Technological advancements have revolutionized the way we connect and do business. STEM professionals are directly involved in developing new and improved systems that are transforming industries, such as healthcare, finance, transportation and manufacturing.

As a result of these systems, we have been able to scale and create efficiencies that have led society to new heights of economic evolution and job opportunity. As the digital landscape continues to evolve, new technologies and improved computing abilities are critical for growth. Those working in STEM are and will continue to be at the cutting edge of these advancements.

The State of STEM Fields

Despite the fact that STEM jobs are in high demand, there is a shortage of STEM professionals. According to the Pew Research Center, STEM fields are dominated by white men and lack racial and gender diversity.

Diversity in any field, but especially STEM fields, is essential for current and future innovation and will keep the U.S. competitive in the global economy. The federal government recently made a commitment to allocate $6 billion from the current administration’s 2022 education budget to help increase diversity in STEM. By promoting diversity in STEM-related fields, we can unlock the potential of a broader range of perspectives and ideas leading to better problem-solving and more equitable outcomes for all.?

Advocating for STEM Education

I started my career as a STEM professional. After graduating from Cornell University with a B.S. in chemical engineering, I worked at Goodyear Tire and Rubber and Kraft General Foods. While I loved studying and working in this field, I also noticed a lack of diversity, which persists today.?

Over the last few years, I have taken steps to provide future STEM professionals with onramps to educational opportunities to help diversify the fields. Through my work as founding director and President of Fund II Foundation, grants are being provided to organizations that work to boost diversity and advance our society. It’s our hope that the grants will help close the racial wealth gap that prevents Black Americans from accessing STEM education and career opportunities.

I also had the opportunity to ignite change through my work with Cornell University, my alma mater. Through my work with Cornell’s College of Engineering, two funds were created to help students better afford their STEM education and participate in professional events.

To learn more about the importance of STEM in the digital economy and how we can make STEM more inclusive, consider following me on LinkedIn.