Deficit in STEM Workforce Preparation
About 60% of students felt their education did not prepare them for a career, resulting in the "leakage" of STEM graduates to non-STEM careers.
Lack of investment in workforce training is aggravating the skills gap and talent acquisition especially for small businesses.
Currently, the STEM ecosystem is inequitable. The majority of STEM workers in the US are white (69%), followed by Asians (13%), blacks (9%), and Hispanics (7%). According to the latest survey, women comprise just 27% of the STEM workforce, despite comprising 50% of the total college-educated workforce.
In addition, the biotech industry lacks diverse representation especially in executive level where over 80%of CEOs in biotech industry are white men.
Over 60% of college graduates want to start their own business, but were not educated in business fundamentals.
As a result, entrepreneurs who are 20-30 years old accounted for only 7% out of all age groups in 2022.
Underrepresented and diverse students experience greater student debt burdens while pursuing higher education and often take jobs irrelevant to their professional career development.
Paid internship or pre-apprenticeship experience is a critical first step in launching their career, it allows them to negotiate for a higher starting salary and leverage their experience as a desirable candidate during talent acquisition.
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