In the last few years, data science projected itself as a domain that brought a significant impact on society.
Data is everywhere, and the level at which it has grown is stupendous. Not to mention, data science now becomes one of the most important features of every organization. Why? Because data science helps business leaders make the right decisions using facts and the latest industry trends. All this wouldn’t have been possible without data and data scientists.
From data analysis to data wrangling and data preprocessing, a data scientist plays a major role in the business world. In fact, every organization out there would need a skilled individual to derive conclusions and make positive predictions from these data. With the help of such predictions, the company tends to make smarter and better decisions.
The fundamental goal is to have as many data scientists that can help companies grow their business. in the present day, there are multiple job opportunities for data science professionals.
One of the major reasons why companies have come up with the idea to offer data science funds program to help the growing needs of data scientists.
The World Data Science Initiative (WDSI)
The mission statement of WDSI seeks to provide students from underprivileged universities and technology schools the opportunity to gain expertise in data science, AI, and machine learning. Launched early this January 2020, the World Data Science Initiative aims to build a worldwide data science talent of about 250,000 by 2022. Not only this, but WDSI also looks forward to providing more than USD 300 million in subsidies to technology schools, universities, and institutions to get their students certified in the latest technology using one of the world’s advanced vendor-neutral data science standards.
The World Data Science Initiative projects to be one of the biggest talent development projects a across the globe.
Its mission is to:
- Build more than 250,000 data science talents by 2022.
- Advance data science education across institutions and universities that are underprivilege.
- Offer data science research grants to the educational institutions who’ve registered to be a part of the WDSI network.
- Make sure these institutions have proper setups of centers of Data Science excellence within their campuses, also called the International Centers of Data Science.
- Collectively bring together leading universities, technology schools, education project bodies of the UN, data science researchers, professors, educators to work together and build the next generation of data science talents.
Subsidies for universities
An amount of USD 250 million is the target amount that is offered as part of the subsidies and grants. Therefore, allowing to reduce the costs for applicant-institution. These grants for universities will be directly deployed during the source-stage.
The amount will help cut the costs for certification, knowledge, process during applicant-institution during accreditation, setting up the Center for Data Excellence, and even the costs of the content.
- Global accreditation.
- Content, knowledge, and process needed while establishing the data science school.
- Content, knowledge, and process needed while establishing the center for data science excellence.
Services not covered:
- The fee of the external consultant.
- Third-party software.
- Salary of the staff.
- The subsidies for institutions or grants request gets assessed individually via a special member of the committee. Communication whether it is accepted or rejected is being reverted.
- Approved applications are processed.
- Once confirmed about the grant availability, the applicant-institution is instructed to apply for the subsidy and wait for the decision.
- Once the subsidy is arranged, the applicant-institution is informed about the amount. Further on the relevant teams or officers help coordinate in completing the process of awarding the subsidy.
- Finally, the applicant-institution proceeds to pay the reduced fee or amount and then joins the initiative.
About 2.5 million data science professionals are needed by the end of 2025. And WDSI aims to achieve at least 25,000.