Dave Waters once said, “The future is not magic. It is Artificial Intelligence.” Hardly anyone aware of the progression of Deep Tech would argue with that.
The application of Big Data is creating a whole new world altogether. And Deep Tech companies are the engines that are driving this transformation. The future is all about automation, artificial intelligence, and machine learning. And any business or industry that does not join the shift might want to reconsider given the wave of change is already set in pace.
This is primarily why the Indian and the Global deep tech ecosystem is on a swift rise. In 2019, the U.S. registered $42.5 billion worth of VC investments for Deep Tech and AI companies. In India, 19% of tech startups already use Deep Tech solutions to crack market competency.
Given the promising prospects in the future, it is obvious that the Deep Tech space has vast employment opportunities.
Employment trends in Deep Tech and what are the challenges
The emphasis on disruptive technology like AI, ML, and Deep Tech is staggering. According to studies, almost half of the Indian workforce will be savvy with AI skills in the coming 6-10 years. Contrary to the common opinion that AI will replace jobs, it is, in fact, creating new ones at a fast pace. According to WEF, machines will replace 85 million jobs by 2025. However, AI and ML will penetrate the market with 97 million new jobs by 2025.
The cause of concern is not really the replacement of employment but something else. And that is the gender ratio disparity of employment in Deep Tech.
The gender disparity in the Deep Tech space is worrisome. According to a 2021 study by The Print, only 22% of the AI workforce comprises females. Further, a mere 9% of women hold the job title ‘AI Specialist.’
This stark disparity has some far-reaching consequences but first, let us understand why so few women are employed in the Deep Tech space.
The cause of concern is not really the replacement of employment but something else. And that is the gender ratio disparity of employment in Deep Tech. The gender disparity in the Deep Tech space is worrisome. According to a 2021 study by The Print, only 22% of the AI workforce comprises females. Further, a mere 9% of women hold the job title ‘AI Specialist.’
The stark disparity of female participation in the Deep Tech Workforce
The best places to witness the crystal clear example of gender disparity in the Deep Tech industry are the meeting and board rooms. As the seniority level increases, one can spot fewer women sitting at the table.
What is behind this colossal imbalance that is hardly addressed?
We are aware of the factors like maternity dropout and the motherhood penalty pay gap. These are some of the widely recognized reasons why female participation in the Deep Tech industry is still challenging.
However, the limited availability of female technology resources remains one of the biggest challenges in the Deep Tech industry. This is the root cause of skewed workforce participation.
According to a study, only 23 % of STEM graduates in the US are women. This is not all, the study also reveals that more than 32 % of women enrolled in STEM (science, technology, engineering, and math) courses switch their majors midway.
The natural inclination of women towards creative jobs finds a place in scientific experiments. According to studies, while men display better spatial and motor skills, women have a more refined verbal memory and social cognition.
This might explain why one can find more women in jobs that require creative thinking and social impact. Men, on the other hand, have more interest in analytical tasks which are core to Deep Tech jobs.
Spyne leveraging the increase of women in the workforce
At Spyne, we have rooted the balance of participation of both men and women right from the founding team.
In a team of 100+ people, having a 22% female workforce is definitely a good place to start from. Just like most companies, we struggle with the underwhelming role applications from women in the tech and product space, but that doesn’t stop us from getting things right where we can.
Our upcoming resource training programs aim to fulfil the team members’ skill-gap and personality development to help them steer through their careers with confidence and skills. This will certainly help the women at Spyne grow further in their roles and lead with confidence.
We also take huge pride in saying that out of all leadership and senior management roles at Spyne, 3% are being led by women.
All this and much more have helped us set the right foundation for female participation in the workforce. This has also helped us realize that there is so much to gain from female participation in the cutting-edge workforce.
Also read: Women In Tech: Time To Normalise Them
Diversity of perception reflects well on innovation. At Spyne, we are proudly leveraging this soft power while creating an impact.
Deep Tech of today is the way for the future. With 3D, AR, and VR fast evolving and setting foot in the digital commerce industry, the space is bound to witness creative technological intervention. Balanced participation of both men and women will play a crucial role to create a more evolved and mature technology – one that is creative, inclusive, and collaborative.
About Author: Deepti is the Co-founder of Spyne and drives marketing, branding, and growth initiatives for the company.
Registered Name: Eventila Technologies Pvt Ltd
Year of Incorporation: 2018
Number of Employees: 110+
Founders: Sanjay Kumar, Co-Founder and CEO, Spyne and Deepti Prasad, Co-founder, Spyne
Key Executives: Sanjay Kumar, Co-Founder and CEO, Spyne and Deepti Prasad, Co-founder, Spyne
Business Line: Spyne is a Deep Tech start-up helping businesses and marketplaces create high-quality product images and videos at scale with AI.
Hiring Pipeline: Spyne has plans to hire over 100 employees in the next quarter. The recruitment is focused on talents in technology, marketing, and sales domain. The developments will help Sypne to augment its growth plans and further scale its operations.
Key Investors: Spyne has raised $7M in their latest funding round in 2022. Led by Accel, the funding round also witnessed participation from other marquee investors including Storm Ventures, Smile Group, Pentathlon Ventures, Core91, and prominent founders/CXOs from leading Internet companies.