As we celebrate National STEM Day, we evaluate how STEM benefits from its traditionally lucrative partnership with business, launching historical and ground-breaking careers.
In our increasingly digital and mechanical world, the demand for experts in STEM has exploded. On a similar trajectory, young people’s interest in business has skyrocketed and industry demand for recruits with qualifications in accounting, business management, and marketing continues to grow.
How do these industries support each other?
To simplify the answer to a single word is perhaps short-sighted but at its core, it is innovations. Entrepreneurs are always on the hunt for the “next best thing” or an invention that intends to change the world. Innovators in the world of STEM often provide that product or service that business experts see the potential of. As we can see with business giants like Tesla and Amazon, the determination and ambition of entrepreneurs paired with scientific and technological development has historically launched incredible products and industry innovation that has not only produced dizzying amounts of revenue but has changed the world. Amazon has led the way in the growth of online retail and Tesla has pushed the technology behind the electric car so far forward that it has encourage many other car manufacturers to compete, increasing the rate of improvement for the tech and the performance of electric vehicles.
As business and STEM heavyweights, we can easily identify how Bezos and Musk have used these two fields to meet their goals. With both entrepreneurs now using their business profits to fund space exploration programs, we can see how this partnership goes hand-in-hand.
STEM is all about improvement, expanding our capabilities, and creating solutions to new and growing challenges. What business knowledge does is help to make new technology or products commercially viable and profitable. This not only secures funding for the research and development of these new technologies, but it also helps market the final product to the intended market. The growth of revolutionary solutions or new tech cannot happen without the appropriate finances and often, those cannot be secured without a detailed business plan, budget, and metric targets.
Effectively, STEM would not flourish without the business knowledge to make new innovations attractive to investors, customers, and industry experts. The two fields of expertise complement one another incredibly well, as we can see with the success of companies like Meta (formerly Facebook), Microsoft, and Apple.