Tag: 3BL

As originally published by GoDaddy’s Venture Forward Research Initiative

The big fact

Microbusiness owners in the U.S. skew older than those in the U.K. In the U.S., 63% of microbusiness entrepreneurs are Generation X (age 40-54) or baby boomers (age 55+), compared to 49% in the U.K., where millennials (age 25-39) take the lead. 

Older generations make more in the U.S.

One in six microbusiness owners from all generations earn over $100K or £180K, but the breakdown in age groups differs between the U.S. and U.K.

In the U.S., the older the microbusiness owner, the more they make, compared to the U.K., where earnings are more evenly split among age groups. In the U.S., 60% of Gen X and 62% of baby boomers earn over $100K, while 25-26% of Generation Z, Gen X and baby boomers from the U.K. report revenue over £180K.

US & UK Entrepreneurs

Which generation has the most entrepreneurs?

US: 41% Gen X (40 – 54)

33% Millennials (25 – 39)22% Baby Boomers (55+)3% Gen Z (18 – 24)

UK: 45% Millennials (25 – 39)

37% Gen X (40 – 54)12% Baby Boomers (55+)6% Gen Z (18 – 24)

Breakdown of those earning over $100k or £180k

US: 62% Baby Boomers (55+)

60% Gen X (40 – 54)56% Gen Z (18 – 24)

UK: 26% Gen Z (18 – 24)

25% Gen X (40 – 54)25% Baby Boomers (55+)

Source: GoDaddy Venture Forward U.S. & U.K. National Surveys. August 2023 (N-U.S. = 3.525 // N-U.K. = 2.651

More money, less optimism

Despite being the highest earners, baby boomers in the U.S. report less optimism about their overall expectation for their business during the next six months, with only 65% indicating a positive outlook, compared to 77% of Gen Z respondents.

Additionally, entrepreneurs who generate significantly more revenue, particularly those with over $600K or £500K, reported higher levels of stress, anxiety and burnout.

Younger generations may be more entrepreneurial

Not only is Gen Z the most optimistic group of microbusiness owners in the U.S., but they may also be the most entrepreneurial. 37% of Gen Z in the U.S. always dreamed of starting their own businesses, versus the 22% of Gen X and 15% of baby boomers, according to Venture Forward data. A recent study revealed that 50% of Gen Z aspire to become an entrepreneur.

And, in the U.S., 75% of Gen Z hope to turn their microbusiness into their primary source of income, compared to 58% of baby boomers, who often start a side business after retirement or continue one as a hobby.

The research

GoDaddy’s Venture Forward research initiative analyzes more than 20 million online businesses with a digital presence (measured by a unique domain and an active website). Most of these businesses employ fewer than ten people, categorizing each as a microbusiness. While these microbusinesses may be small, their impact on economies is outsized even though they are often too informal or too new to show up in traditional government statistics. 

Since 2018, Venture Forward surveyed more than 36,000 small business owners with a digital presence, making it the source for microbusiness data and insights.

Eastman

A network of pollinator gardens — the brainchild of an Eastman engineer — has been recognized by Keep America Beautiful with a 2023 Innovation Award, one of only 10 presented across the country.

Neil Brown, who specializes in life cycle assessment, was on hand when Keep Kingsport Beautiful leaders accepted the award in San Diego, California. Brown said dozens of people could have stood alongside him — including many co-workers.

Keep Kingsport Beautiful led the local partnership of volunteers, schools and businesses that combined forces to create over 5,000 square feet of garden space at four elementary schools in Kingsport, Tennessee: Johnson, Lincoln, Kennedy and Washington. Eastman was one of the organizations that contributed grant funding for the gardens, and its people were among the dozens of volunteers who contributed tools, time and labor.

For two years, Brown has recruited people from Eastman to contribute a few hours on evenings or Saturdays to the gardening project. About 50 company volunteers contributed.

“We’ve got a lot of people at Eastman who are passionate about sustainability and the environment, so I’m not surprised about the response,” Brown said. “It’s great to be able to lean on colleagues. They’ve really shown up.”

Gardens illustrate environmental connection

For weeks, dozens of volunteers gathered outside Washington Elementary School after the workday and on Saturdays, determined to turn a nondescript, grassy field into a pollinator garden.

Craig Leonberg, an Eastman mechanical engineer, will never forget the start of the project when shovels were useless against the hard ground.

“We had to get a tiller,” Leonberg said, “and we broke the first tiller we rented.”

They still finished the garden. Like the others, it’s now populated with native perennial plants that provide food and habitat for a broad range of animal species — butterflies, moths and bees, some birds, and even bats — that pollinate plants and trees critical for a healthy ecosystem.

Leonberg and his wife, Alanna, have two children who were students at Washington Elementary, and Alanna, as president of the parent-teacher association, was instrumental in working with school leaders to get the project going.

At Eastman, Leonberg works on the decarbonization strategy as well as building and refining digital tools to increase energy efficiency. His work can be difficult to explain to younger generations, so he relished a project that illustrated the importance of sustainability so well. Now, students can see how gardens with plants such as milkweed and bee balm can make a difference for creatures that are vital in many ways. For example, one in three bites of food you eat depends on the plant fertilization provided by pollinating species.

“Even if I’m not able to explain all the details of what I do at Eastman to my kids, they understand that what we’re doing is protecting the environment,” Leonberg said. “And now they can see a project on a different scale that’s also about the environment. This is a way for students to get involved at an early age, learn about life cycles and biodiversity, and start thinking about what they can do to have a positive impact when they grow up. It’s all connected.”

The Keep America Beautiful recognition aside, the work isn’t done. Keep Kingsport Beautiful plans to build two additional gardens this spring at Jackson and Jefferson elementary schools.

“We’re going to be very aggressive this spring,” Brown said. “We know we can count on a lot of volunteers who are already involved, and we’re going to recruit more.”

Eastman

A network of pollinator gardens — the brainchild of an Eastman engineer — has been recognized by Keep America Beautiful with a 2023 Innovation Award, one of only 10 presented across the country.

Neil Brown, who specializes in life cycle assessment, was on hand when Keep Kingsport Beautiful leaders accepted the award in San Diego, California. Brown said dozens of people could have stood alongside him — including many co-workers.

Keep Kingsport Beautiful led the local partnership of volunteers, schools and businesses that combined forces to create over 5,000 square feet of garden space at four elementary schools in Kingsport, Tennessee: Johnson, Lincoln, Kennedy and Washington. Eastman was one of the organizations that contributed grant funding for the gardens, and its people were among the dozens of volunteers who contributed tools, time and labor.

For two years, Brown has recruited people from Eastman to contribute a few hours on evenings or Saturdays to the gardening project. About 50 company volunteers contributed.

“We’ve got a lot of people at Eastman who are passionate about sustainability and the environment, so I’m not surprised about the response,” Brown said. “It’s great to be able to lean on colleagues. They’ve really shown up.”

Gardens illustrate environmental connection

For weeks, dozens of volunteers gathered outside Washington Elementary School after the workday and on Saturdays, determined to turn a nondescript, grassy field into a pollinator garden.

Craig Leonberg, an Eastman mechanical engineer, will never forget the start of the project when shovels were useless against the hard ground.

“We had to get a tiller,” Leonberg said, “and we broke the first tiller we rented.”

They still finished the garden. Like the others, it’s now populated with native perennial plants that provide food and habitat for a broad range of animal species — butterflies, moths and bees, some birds, and even bats — that pollinate plants and trees critical for a healthy ecosystem.

Leonberg and his wife, Alanna, have two children who were students at Washington Elementary, and Alanna, as president of the parent-teacher association, was instrumental in working with school leaders to get the project going.

At Eastman, Leonberg works on the decarbonization strategy as well as building and refining digital tools to increase energy efficiency. His work can be difficult to explain to younger generations, so he relished a project that illustrated the importance of sustainability so well. Now, students can see how gardens with plants such as milkweed and bee balm can make a difference for creatures that are vital in many ways. For example, one in three bites of food you eat depends on the plant fertilization provided by pollinating species.

“Even if I’m not able to explain all the details of what I do at Eastman to my kids, they understand that what we’re doing is protecting the environment,” Leonberg said. “And now they can see a project on a different scale that’s also about the environment. This is a way for students to get involved at an early age, learn about life cycles and biodiversity, and start thinking about what they can do to have a positive impact when they grow up. It’s all connected.”

The Keep America Beautiful recognition aside, the work isn’t done. Keep Kingsport Beautiful plans to build two additional gardens this spring at Jackson and Jefferson elementary schools.

“We’re going to be very aggressive this spring,” Brown said. “We know we can count on a lot of volunteers who are already involved, and we’re going to recruit more.”

Originally published in Qualcomm’s 2023 Corporate Responsibility Report

As renewable energy becomes more accessible and the global electricity grid becomes more resilient, it is essential that we shift our strategy-driven efforts towards more climate conscious behaviors. Notably, our goal of reducing direct operational emissions is primarily driven by our commitment to increasingly procure renewable energy and move away from carbon-based fuel use globally in our facilities and manufacturing sites.

We procure renewable energy through long-term commitments. At our headquarters in San Diego, California, we continue to procure additional renewable energy as we decommission18 our natural gas cogeneration plants. We decommissioned the first of three electricity cogeneration plants and entered into a longterm PPA to replace the cogenerated electricity with renewable energy purchases. This year, our solar PPA in Bangalore, India, contributed to our emissions reductions by about 17,500 tCO2 e.  For our new leases in Noida and Bangalore, India, we negotiated long-term supplies of wind and solar energy. On a yearly basis, we continue to procure market instruments and negotiate agreements that reflect our commitment to utilizing renewable energy. For several Bangalore sites, we’ve renewed contracts for wind, solar and hydro energy supplies, including environmental attributes to enable us to claim renewable energy at those sites. In Hyderabad and at our manufacturing locations in Wuxi, China and Munich, Germany, we continue to procure the necessary market instruments to enable us to claim renewable energy that keeps us on track to meet our goals.

We have also implemented 15 energy saving projects across our manufacturing facilities in 2023. The projects include energy efficiency improvement, equipment operation optimization and adoption of new technologies resulting in more than 3,000 MWh of energy savings per year. At our San Diego headquarters, for example, we have just invested more than $2 million in upgrades to our on-site solar infrastructure, and in Wuxi, we added on-site solar capacity resulting in energy savings of more than 400 MWh per year.

18 Our cogeneration plants remain available for use as backup power if needed.

Learn more about how Qualcomm is driving innovation, societal advancement and sustainability in the 2023 Corporate Responsibility Report

Originally published on bnef.com

As electric vehicles become a bigger part of the global car fleet, a contrarian take seems to surface every few months: are electric vehicles really that clean?

When it comes to lifecycle emissions, the answer is a resounding yes. According to a new report by BloombergNEF, in all analyzed cases, EVs have lower lifecycle emissions than gas cars. Just how much lower depends on how far they are driven, and the cleanliness of the grid where they charge.

EVs generate most CO2 emissions in the beginning

At the beginning of their lives, battery-electric vehicles, or BEVs, are emissions-intensive, thanks in large part to their battery-manufacturing needs. But once on the road, internal combustion engine vehicles (ICEs) quickly speed past BEVS – in terms of CO2 emissions, at least – because of the heavy emissions that gas-guzzling cars spew.

To determine the breakeven point, BloombergNEF looked at five different regions: the US, China, Germany, the UK and Japan. In any of these markets, the lifecycle CO2 emissions of a medium-sized BEV manufactured today and driven for 250,000 kilometers (155,000 miles) would be 
27-71% lower than those of equivalent ICE vehicles.

A driver in the US would reach the breakeven point at 41,000 km – or in around two years of driving, assuming an average annual distance traveled of around 19,000 km. In China, meanwhile, the breakeven distance would fall at 118,000 km, or after roughly 10 years, due to the region’s fossil-fuel-heavy grid.

A cleaner grid creates a virtuous cycle of cleaner EVs

With zero-emission generation on the rise worldwide, that breakeven point could come a lot sooner by the end of the decade.

Across the five markets surveyed, the lifecycle breakeven falls to between one and four years for a BEV manufactured in 2030. A driver in the US will only need to travel about 21,000 kilometers, or around a year’s worth of driving, for a BEV to be cleaner than an ICE. A driver in China would still need longer than drivers in other areas surveyed, but it would take them only 53,000 km – or slightly over four years – to reach the breakeven point.

BNEF’s analysis assumes an average emissions intensity for each region per year. But in reality, EV charging emissions intensity will vary depending on the regional energy mix – and even the time of day charging takes place.

For instance, an EV driver in California who charges during daytime hours will be produce half as many grams of CO2 per kilowatt-hour charged as a driver who charges at night. The gap between daytime and nighttime charging grows even wider by the end of the decade.

Utilities currently offer tariffs to encourage overnight charging, but in the future they may get a better “green bang for their buck” by incentivizing charging at peak renewable hours.

Improvements to the EV manufacturing process could make electric vehicles even greener. Recycling batteries could help reduce the lifecycle emissions of new EVs, while on-shoring or near-shoring the full battery manufacturing process – which laws like the US’s Inflation Reduction Act have encouraged – could reduce emissions associated with global transport.

BNEF clients can access the full report here.

(Second chart corrected to display correct ICE and BEV data for Germany and China. Title of third chart updated to specify daytime charging can save emissions.)

About BloombergNEF

BloombergNEF (BNEF) is a strategic research provider covering global commodity markets and the disruptive technologies driving the transition to a low-carbon economy. Our expert coverage assesses pathways for the power, transport, industry, buildings and agriculture sectors to adapt to the energy transition. We help commodity trading, corporate strategy, finance and policy professionals navigate change and generate opportunities.

CLEVELAND, April 9, 2024 /3BL/ – KeyBank secured $54.9 million for Hudson Valley Property Group to refinance Grandview Terrace Apartments, a 283-unit affordable multifamily property located in Jersey City, New Jersey. Grandview Terrace will target family households with incomes between 60% and 90% of area median income (“AMI”).

KeyBank Commercial Mortgage Group’s Affordable Housing Team arranged the HUD Section 223(f) program loan, structured with a 35-year fully amortizing term. The subsidy granted by the Jersey City Housing Authority provides assistance to 267 units (94%) via project-based vouchers.

Grandview Terrace was formerly designated as a HUD Section 202 development, which helps expand the supply of affordable housing with supportive services for the elderly. The property was also subject to flexible subsidy loans, pursuant to Section 201. Hudson Valley Property Group has extended the term of the Section 201(p) flexible use agreement to preserve and extend Grandview Terrace’s affordability for decades to come and avoid tenant displacement.

The HUD 223(f) loan was used to refinance a KeyBank Community Development Lending and Investment (CDLI) acquisition/construction loan, which facilitated renovations of approximately $50,000 per unit. This rehabilitation was undertaken to preserve the long-term viability of this valuable affordable housing asset and included unit upgrades to flooring, appliances, and finishes. Common area upgrades include façade repairs, elevator upgrades, new ACs, repainting and providing access control to residents.

Grandview Terrace Apartments are located in the Journal Square neighborhood, approximately five miles west of Manhattan across the Hudson River. The property is readily accessible by public transportation. The PATH rail system provides service to midtown and downtown Manhattan. The New Jersey Transit bus line contains multiple stops near Grandview Terrace along John F. Kennedy Blvd. Newark Liberty International Airport is located approximately 9 miles away. Recent development of large-scale residential and mixed-use properties have been key to the revitalization of the city’s central business district.

Leslie Meyers of KeyBank Commercial Mortgage Group’s Affordable Housing Team structured the financing for the transaction to pay off the acquisition/construction loan financed by Eric Steinberg of KeyBank CDLI.

About KeyBank Community Development Lending and Investment

KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank’s platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low-Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 10 consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act’s passage in 1977.

About KeyCorp

KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $188 billion at December 31, 2023. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

Authored by Joel M. Laubenstein, Tyler Inda, Serena Walters

What implications does the Greenhouse Gas Reduction Fund (GGRF) hold for the renewable energy landscape, and how can organizations strategically prepare for it?

The GGRF, with its substantial $27 billion allocation, presents an opportunity for stakeholders in the renewable energy sector, including states, investors, developers and tribal entities. By leveraging this fund, organizations can accelerate the deployment of energy generation and energy efficiency solutions. The GGRF will lead to the emergence of green banks and increased capital investment in renewable energy solutions, thereby creating a robust pipeline for real estate and energy projects. Our discussion will delve into the GGRF timeline and offer actionable guidance for developers, investors and energy leaders to position their projects effectively and stay ahead of federal compliance requirements. As interest in renewable energy grows, we will also explore strategies for identifying the right project partners and assembling a reliable project team.

Watch the recording

Tune in as Joel Laubenstein, Jeannine Jacokes, Rob Hazelton, and Serena Walters discuss key takeaways and important next steps for considerations. This webinar provides:

An overview of the GGRFPractical steps to enhance project readinessAvailable resources for training and capacity developmentAn understanding of project compliance requirements

Next steps

Identify Qualified Projects that we are already engaged or potentially engaged in.Work with developers, non-profits or other entities to build Qualified Projects.Design an easy-to-use compliance collection to monitor and report on program performance.Find capital solutions that apply to your Qualified Projects.

Baker Tilly is here to help

Program administration and complianceCDFI technical assistance and advisory servicesWorkforce development advisoryEnergy feasibility and technical assistanceProject advisoryProject managementInflation Reduction Act tax credit advisoryHousing and real estate development advisory service

Connect with Baker Tilly to learn more

BIRMINGHAM, Ala., April 9, 2024 /3BL/ – Regions Bank on Tuesday announced the launch of its 15th annual Share the Good® initiative, a company-wide volunteer effort that benefits communities served by Regions throughout the Southeast, the Midwest and Texas. To complement the bank’s Financial Literacy Month activities this April, Regions’ 2024 Share the Good theme is Helping Students Build Financial Confidence.

Regions associates will work with community organizations, youth programs and schools to deliver Regions Next Step® financial wellness curriculum, teach financial education workshops, and more.

According to Gina Sian, who leads the Regions Making Life Better Institute® program, aligning Share the Good initiatives with Financial Literacy Month integrates volunteerism with a key pillar of Regions Bank’s community engagement strategy – financial wellness.

“We believe building positive money habits needs to start early,” Sian said. “Our middle and high schoolers are the next generation of savers, spenders and investors. If our associates can help students understand the power of their financial choices at a young age, then we can help jump-start their journey toward financial wellness and success.”

The Share the Good program is part of an ongoing commitment to community outreach. In 2023, Regions associates volunteered 104,000 hours in the areas where they live and work. More than 1,300 associates were named Regions Community Champions for dedicating at least 16 hours of service to the community – a 54% increase from the prior year.

“The Share the Good program is an opportunity to further use our experience and financial insights in ways that benefit people beyond the four walls of the bank,” said Brett Shaffer, head of Community Relations at Regions. “It’s another example of how Regions can rally around locally driven service opportunities and make a meaningful impact on others.”

Share the Good activities will continue through April 30. Examples include:

Birmingham, Ala.: Regions teams in Jefferson and Shelby counties are organizing several financial wellness events:

On April 17, GEAR UP Jefferson County is hosting Regions Day. Volunteers will present Banking Basics for Students, part of the Regions Next Step curriculum. There will also be a Regions Next Step Reality Check budget simulation.Later in the month, associates will teach Money Basics for Life to students with disabilities at Tarrant High School.Opportunities will also be available to conduct financial education courses at the Birmingham Housing Authority and at the Pinson Valley High School Cosmetology Program.Additionally, more than a dozen Regions volunteers will participate in Junior Achievement’s “JA in a Day” at Grantswood Community School.

Shreveport, La.: Regions associates are excited about facilitating Reality Check budget simulations several times throughout the month:

On April 9, 10 and 11, teams will work with Volunteers of America North Louisiana and Broadmoor STEM Academy to host these fun, educational exercises for students in VOA’s Lighthouse after-school program.Another group will lead Reality Check simulations, which replicate real-life financial situations, at Booker T. Washington High School.

Houston, Texas: Regions associates will work with Junior Achievement of Southeast Texas, including by participating in JA in a Day at League Elementary in Pasadena and assisting with JA Finance Park, a program emphasizing personal financial planning and career exploration.

Raleigh, N.C.: Regions Market Executive Terry Hoey is leading by example, teaching financial literacy courses at the Boys and Girls Clubs of Wake County, and he’s passionate about Sharing the Good. “Helping more people understand the essentials of money management is one of the most powerful ways we can help our communities,” Hoey said. “Reaching students at an early age, especially those from families that may be unbanked or underbanked, helps build a foundation for future success.”

Across Iowa: Regions associates are connecting with Iowa Jobs For America’s Graduates (iJAG) to present virtual financial education classes to 155 schools throughout the state. The students will review basic banking concepts and learn about money management, saving, creditworthiness and the importance of safeguarding financial information.

Jackson, Tenn.: Kathy Lovell, Regions’ Disability Outreach and Services manager, will be on hand at the STAR Center in April to present a Regions Next Step Money for Life course. The STAR Center is a community organization that provides services for education, employment and independence for people with disabilities in West Tennessee.

Community engagement is a significant part of the culture at Regions and is fostered through a variety of ongoing programs. For example, every year, Regions offers associates a paid day off to volunteer in their community. Further, as part of its Making Life Better Institute, the bank connects associates with a wide range of ongoing volunteerism opportunities that align with their skills and experience. Examples of the bank’s involvement are available in the annual Shared Value Report and the Community Engagement section of Regions’ news website, Doing More Today.

Watch this brief video and be inspired as Leroy Abrahams, head of Community Affairs at Regions Bank, reads the book “The Berenstain Bears’ Trouble with Money” to preschool children at Pathways in Birmingham, Alabama. According to Abrahams, introducing concepts such as saving and responsible spending to young kids lays the foundation for building positive money habits as they get older.

About Regions Financial Corporation 
Regions Financial Corporation (NYSE:RF), with $152 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,250 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.

Middle schoolers are naturally curious and show interest in STEM, but don’t recognize the career possibilitiesLack of knowledge is a factor as parents discourage students from STEM careers

When you think of a scientist, what comes to mind? Today’s scientists are far from the stereotypical male in a white lab coat with a pocket protector. In fact, middle schoolers are all about STEM (science, technology, engineering and math) — and its coolness — without even realizing it: they love to create, tinker and discover. Nearly two in three middle school students have dreamed about a career that uses science or math. However, this interest is not translating as it should into STEM careers, with 48% of middle schoolers finding it hard to see themselves as scientists, according to a new global survey from MilliporeSigma, the U.S. and Canada Life Science business of Merck KGaA, Darmstadt, Germany, a leading science and technology company.

Children are already natural scientists and budding engineers, as their favorite activities include building things (56%), exploring (52%) and taking toys apart (34%). Middle schoolers enjoy STEM-related classes, with most calling math and science fun (60%) and exciting (57%).

Parents surveyed also struggle to see the connection between the STEM activities children love and a future career. Despite growing opportunities in STEM fields, more than three in five parents (63%) would discourage their child from a STEM career.

The lack of knowledge may explain parents’ doubts, as almost a third (28%) of parents would discourage the pursuit because they’re unaware of the vast range of career options available. In addition, close to a quarter (23%) worry a STEM career would be too challenging and 21% are daunted by the education required.

“We need a strong and inclusive STEM pipeline of problem solvers, critical thinkers and collaborators to tackle global challenges. The survey data confirms that kids’ interest in STEM is there, and they enjoy pursuits that nurture the curious side of their brains. The challenge lies in linking their enthusiasm to the vast and diverse career possibilities in STEM,” said Tim Jaeger, Chief Strategy and Transformation Officer for the Life Science business of Merck KGaA, Darmstadt, Germany. “We bridge that gap by showing students and their parents that there’s a place for everyone in STEM and the opportunities are far broader than the outdated perception of a scientist. We do that by continuing to showcase how STEM powers the world around them with hands-on learning and other everyday experiences, and highlighting diverse role models that kids can see themselves reflected in.”

Other key findings include:

STEM gender gap may begin at home

Boys are more likely to want to be a scientist when they grow up (21%) compared to girls (16%). This difference may begin at home. Parents are more likely to see their sons in STEM careers than their daughters: more than half (54%) think their sons are best suited for a STEM career, compared to just 46% of parents of daughters.

Parents put responsibility for STEM education on educators 

Children today have a lot of direct and indirect exposure to STEM. In fact, nearly three in four parents (72%) believe their children have more opportunities to engage in STEM than they did. But who should bear the responsibility for exposing kids to STEM activities and careers? More than half of parents (56%) put the responsibility mostly on their children’s teachers and four in five (83%) think schools don’t do enough to expose students to potential STEM careers. While most parents (96%) give their child’s school a passing grade of a “C” or above in how they expose kids to STEM, nearly two in three parents do not give the school an “A.”

Students say educators, not parents, get them more excited about STEM

More than half (57%) of students say teachers get them more excited about math and science than their parents. An overwhelming majority of students (92%) report doing hands-on activities that involve science or math with their teachers.

Parents can play a great role fostering an interest in STEM 

Nearly four in five parents face challenges embracing STEM outside of school and a quarter don’t even know where to start. However, many are already fostering an interest in STEM through the everyday activities they are currently doing with their children: by watching science television shows (59%), exploring real-world examples (58%) and building toys (52%).

Sparking curiosity in the next generation of scientists

To encourage students to connect their STEM curiosity to potential career options, MilliporeSigma helps bridge the gap with its employee and community engagement programs. These initiatives assist educators in providing hands-on STEM learning opportunities and illustrate diverse career options for their students. Through its SPARK global employee volunteer program, the company focuses on skills-based volunteer opportunities centered around science education, which aim to increase access to hands-on STEM learning. This includes its Curiosity Labs program, in which employees go into classrooms and conduct interactive experiments with a class, and its Curiosity Cube, a retrofitted shipping container turned mobile science lab that launched in 2017, which brings students out of the classroom and into the lab, reaching even more future scientists and their families. To ensure hands-on STEM experiences for those who may not have access to these opportunities, the company prioritizes selecting schools and locations to reach students in underserved and under-resourced communities. Since its inception in 2016, SPARK has positively impacted more than 387,000 visitors in 46 countries around the world.

In addition, the company has established partnerships with nonprofit organizations committed to science education, focusing on investments in science centers and museums, teacher preparation and advocacy, and direct-to-student programs.

Survey methodology

The survey was conducted by Wakefield Research among 1,450 middle school students aged 11 to 13 and 1,450 parents of middle school students aged 11 to 13 in the United States, United Kingdom, France, Germany, India, Canada and Ireland between January 8 and 16, 2024, using an email invitation and an online survey.

Las Vegas Sands

As part of Women’s History Month 2024, Sands is spotlighting women leaders who are driving success in their organizations while advancing diversity, equity and inclusion (DEI). As the founder of the Thurgood Marshall College Fund (TMCF), Dr. N. Joyce Payne has made breaking down barriers her mission and vision through establishment of the nation’s largest nonprofit organization exclusively representing the Black college community.

Sands has partnered with TMCF, which marked its 35th anniversary last year, on Sands Cares programs that encourage Black college students to consider hospitality careers, while aiming to cultivate a diverse workforce in the industry. Through scholarships, capacity building and research initiatives, innovative programs and strategic partnerships, TMCF is a vital resource in K-12 and higher education.

Dr. Payne founded TMCF in 1987, building on and extending her distinguished career in education and politics, which has included posts as executive director of the National Alliance for Public Trust, an organization committed to advancing principled leadership in American institutions, and vice president of the Office for the Advancement of Public Black Colleges of the Association of Public and Land-Grant Universities (APLU).

She also was a senior staff member in President Jimmy Carter’s administration, which included positions with the President’s Advisory Committee for Women, the President’s National Advisory Council on Women’s Education Programs and the White House Conference on Families. In addition, Dr. Payne taught at the former Federal City College and George Washington University. A recognized authority on women’s issues in relation to higher education and labor force participation, she has published and presented several papers on the pursuit of equality for women and African Americans in higher education.

With this wide range of experiences, Dr. Payne relayed her views on the needs of historically Black colleges and universities (HBCUs), the evolution of DEI initiatives and progress toward the creation of a more democratic society.

What inspired you to enter the field of education and become an advocate for advancing educational resources?

“Because of segregation, we had teachers with Ph.D.s in Black schools. When you see that caliber and that quality of professional educators in your elementary, junior high and high schools, teaching became a revered profession. I always admired my teachers and their deep commitment to education despite nearly insurmountable barriers. They even lived in the same apartment building we lived in because they couldn’t live anyplace else. Consequently, these personal relationships inspired me to pursue higher education as a profession.”

After completing her studies in education, Dr. Payne joined APLU, a research and advocacy organization representing more than 300 public universities. It was in this role that she found her calling to improve higher education resources and options for Black students. While visiting HBCUs, Dr. Payne observed wide disparities in resources for these schools and noted the lasting impact of unchallenged 19th century legislation that ratified segregation in higher education.

“Believing that our communities deserve the same quality of resources that other institutions had, I felt the need to address some of the inequities,” she said. “But the lack of endowments at Black colleges had the greatest impact on my decision to explore ways to generate sustainable support. Activism has always been in my DNA. When I see a problem, I feel compelled to solve it. What’s the value of human knowledge and experience, if you don’t use it to improve the quality of life for those excluded from the mainstream of American society.”

Dr. Payne gathered research into the buying and consumer power of Black communities and began to approach major corporations and companies with the data to challenge them to give back to Black communities, who contribute to their bottom line, by supporting HBCUs. There, the idea for TMCF was born.

Why did you start TMCF?

With some initial contributions secured by 1987, Dr. Payne had the backing to set up offices for her work and the momentum to secure naming support from Supreme Court Associate Justice Thurgood Marshall. As the Court’s first African American justice and a prominent civil rights leader, Justice Marshall could propel a major step forward with his name attached to the organization and her goals. She began to plan events to galvanize further contributions and incorporated the organization in 1990.

“We have been in the business of education since the creation of Cheyney University in 1837 (the oldest public HBCU in the United States). Students, faculty and administrators lose life and limbs in the struggle for equal education and civil rights. Those challenges come to mind when I think about the mission of the Thurgood Marshall College Fund. We think it is especially important to not just produce students who have credentials, but to educate leaders who have a deep commitment and passion for making a difference in the world.”

More than 35 years after beginning this work, Dr. Payne is proud of the progress TMCF has made. “We have generated millions of dollars and awarded more than $400 million in scholarships. We have been able to make an enormous difference in the lives of students with limited resources.”

What is the primary work still to be done in educational equity, as well as in advancing diversity principles in society as a whole?

Citing an analysis from Forbes magazine that found a $12 billion gap in funding for colleges and universities that serve Black students, Dr. Payne noted that this number is likely much lower than the real difference. Data such as this drives her – and TMCF’s mission – to spur impactful change.

“How do you incorporate fairness and diversity into your agenda? It’s not just diversity theater,” she said. “It’s about how you embrace and bring individuals to the table who may have a different view of the world?”

Dr. Payne also predicts that monumental change will be needed to make the next leap in achieving a more equitable and diverse society.

“In 2024, we have to build our own table and decide whose voices will be heard,” she said. “We have gone far beyond simply bringing a chair to the table. The young people today will not accept a minority approach to inclusion.”

While she acknowledges arduous work is ahead, she also notes the potential benefit is expansive, including for corporate America.

“You can change your profit margin when you have diversity in thinking, diversity in perspectives and views,” Dr. Payne said. “This isn’t simply just a good thing to do, it’s a critical part of your mission, your agenda, and your future growth. The only way you can thrive is to embrace diversity for a broader and more creative perspective.”

Why are corporate partnerships like the one Sands has created with TMCF important?

“It is so important that African Americans have a presence in the hospitality industry. It’s a billion-dollar industry,” Dr. Payne said. “I think it’s extremely important that we have greater presence and prominence in that industry. I am so pleased that Sands is collaborating with us to make that a reality. They had our students at Sands for more than a week and gave them an opportunity to examine the talent and tools needed for certification in the hospitality industry. We were extremely impressed with the engagement and look forward to creating more expansive and long-term opportunities with Sands.”

What is TMCF’s vision for the future, in terms of closing resource and opportunity gaps in education?

Dr. Payne’s steadfast optimism for TMCF and its member universities only continues to grow.

“I hope we can devote more time, energy, and resources toward the continued advancement of public HBCUs,” she said “We must look at those 11 universities that are on the cusp of becoming Research 1 institutions and provide them with the tools they need to get that classification. We’ve got to have Nobel laureates on our campuses, strong research institutes and graduate programs in emerging fields that offer a competitive advantage for growth and development.”

Even more than 30 years after his passing, Dr. Payne continues to take inspiration from Justice Marshall.

“Justice Marshall often talked about the poverty of vision,” she said. “With the right vision, the right resources and the right minds at the table with respect to diversity, we can make a difference in the future. I am quite optimistic.”

Read about additional Sands Cares work with the Thurgood Marshall College Fund here: https://www.sands.com/news/sands-cares-supports-tmcf-leadership-institute/ or to learn about the company’s other diversity, equity and inclusion initiatives, read the latest environmental, social and governance report: https://www.sands.com/resources/reports/.