World Data Science Initiative Projects to Transform the Data Science Industry
Education Technology

How the World Data Science Initiative Projects to Transform the Data Science Industry

The World Data Science Initiative (WDSI) launched early in January 2020 is projected toward creating a global pool of data science talents worldwide. WDSI aims at developing over 250,000 data science talents by 2022.

Data science is a field that has extensively grown over the last few years, especially ever since it was deemed as the hottest profession of the century. Now that this field has gained a lot of public attention throughout the economy, employers are looking to see a wider integration of data science solutions at a larger scale. But due to the dearth of talent in the field, the progress is yet to be seen.

As companies start getting familiar with the term, they will be in a dire need for professionals who can analyze data and provide valuable insights for businesses. As the world seeks skilled professionals in the data science industry, the project developed by the WDSI aims at developing more data science talents by offering grants and subsidies for universities.

Technology schools and universities from across different continents will be granted more than USD 300 million in subsidies. These subsidies will be used to develop centers of data science excellence also called the International Center of Data Science. Now,     these centers of excellence will offer students various programs in the latest technology domains – artificial intelligence, machine learning, and data science. 

The World Data Science Initiative offerings:

The set target by WDSI in offering subsidies and grants to universities and schools is around USD 250 million.

  • This could further help in reducing the costs for institutions that have applied for the data science funds program.
  • The WDSI acts as a boon for institutions that have come from under-developed nations and emerging nations. They get the opportunity to obtain the highest standard of education in the data science field.
  • Reducing the invoiced cost of the content, the process, and the cost of the certification while developing the Centers of Excellence or schools in data science.
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Students from across different continents will have the opportunity of learning data science, AI, and machine learning skills. Besides this, they will have the opportunity of taking up programs through the data science schools or centers of excellence.

Let us further look at the areas or services the WDSI look forward to covering through the grants and subsidies.

The grants and subsidies tend to cover activities like:

  • Content, process, and certification procurement that is needed while establishing the center of excellence in data science.
  • Content, process, and certification procurement that is needed while establishing the data science school.
  • Services in context to global accreditations.

An important point that needs to be remembered, the subsidies for universities offered by the WDSI does not cover any type of fee for the external consultants, construction, equipment, infrastructure, third-party software, and salary of the staff.

Here’s how the process is defined.

First step

  • The grant or the subsidy that has been requested further gets assessed through a special initiative committee, based on which the information about the approval or rejection is sent to the applicant institution.

Second step

  • Once the applications have been approved, they get individually processed as a subsidy case. Further which external agencies are contacted to arrange the required amount of financial assistance for the applicants.

Third step

  • When the financial assistance has been finalized and confirmed by the committee, the applicant institution then needs to wait until further notice.

Fourth step

  • Once the amount is finalized and approved the applicant-institution is being informed. Fast forward, the institution then contacts the relevant administration and complete the remaining process.
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Fifth step

  • Finally, the applicant-institution proceeds with the last step by paying the reduced fee and joins the initiative.