Is STEM education important for Innovation Management and Funding?
If we have learned anything during the past twenty years, it is that tomorrow’s jobs may not be today’s. As a result, the educational system is increasingly focusing on developing transferable skills rather than niche and focused skills. This change in focus is highly relevant for STEM (Science, Technology, Engineering, and Mathematics) graduates and PhDs who are increasingly stepping out of academia and into the consulting sector; a tendency that can be explained from two perspectives.
One is seen from the STEM graduate eyes, looking beyond one field to areas where their technical and analytical skills can bring added-value while allowing the graduate to experience different work dynamics. Some may also add that STEM graduates are lured away by the big bucks of the city, rarely encountered in academia, and they are not wrong. Finally, the patterns identified in the migration of STEM graduates is increased by the diversity and bigger opportunities available today.
Which brings us to the second perspective, seen in the consulting sector. In an era of digitalisation across all sectors, LinkedIn ran a study showing that soft and hard digital skills are where more than 50% of the organisations surveyed have a shortage; skills developed in STEM degrees. Consequently, attracting and retaining talent with digital skills is increasingly becoming a critical ingredient for the success of companies and organisations. Consulting, being at the intersection of all sectors, became one of the main attractions for STEM migration from academia.
Professionals no longer look at their education as specific for one type of jobs, as that is a questionable long-term career strategy. A smarter approach is to invest in skills that broaden horizon and access to opportunities. STEM graduates and PhDs develop strong backgrounds that encourages them to: ask questions, develop critical thinking skills, analyse large quantities of data, learn from hands-on experimentation, identify connections between different disciplines, persist in problem solving even at the risk of failure, work collaboratively, learn excellent communications skills, and strengthen research skills. All of the mentioned are vital factors to bolster productivity and ingenuity fully. Coupled with the innate curiosity and the passion for learning and bringing innovative ideas, STEM brings a considerable added-value to innovation management and funding.
Partnering for Excellence
Excellence can only be the product of a well-thought partnership that answers the need for financial, managerial, innovative and technical expertise. Which is why Wavestone’s Innovation and Management Funding consultants from diverse educational backgrounds are coming together today to provide services of the highest quality that make productive and innovative ideas a reality.