Fem.AI, a new program by Cadence, aims to address the underrepresentation of women in AI by providing resources and opportunities for education, career advancement, and leadership development.
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| Cadence Design Systems introduces Fem.AI, a $20 million initiative to close the gender gap in AI by supporting women in STEM education, career placement, and leadership roles. Image Credit: Cadence |
Menlo Park, California, USA - October 5, 2024:
Cadence Design Systems (CDNS) is making a significant push for gender equity in the tech sector, specifically AI, with their new initiative Fem.AI. This ambitious program boasts a $20 million commitment spread over a decade to support women in STEM education, career placement, and leadership roles.
The announcement comes amidst a backdrop of persistent gender imbalance in tech. Despite years of progress, women remain vastly underrepresented, particularly in AI. Cadence identifies three key "leakage points" where women are lost to the tech industry-
Only 20% of computer science graduates in 2021 were female, and many women who start STEM degrees switch majors before completing them.
Women with STEM degrees face higher unemployment rates post-graduation. In the US, just over 20% of AI roles are held by women.
Over half of women in tech leave the industry before reaching mid-career, further widening the gender gap.
This lack of diversity hinders innovation, according to Dr. Anirudh Devgan, CEO of Cadence. Fem.AI aims to be a catalyst for change, calling for industry-wide efforts to tackle these crucial issues.
Cadence has already launched a pilot program in 2023, partnering with non-profits focused on STEM education, women's leadership development, and career placement. These partnerships have impacted over 14,000 women to date. Future philanthropic efforts will target further collaboration with changemakers and organizations aligned with Fem.AI's mission.
The initiative also includes the inaugural Fem.AI Summit which took place on October 1st in Menlo Park, California. The summit aimed to unite leaders from industry, academia, media, and social impact organizations to foster cross-sector collaboration on these critical issues.
Cadence emphasizes the importance of diversity for innovation. Tina Jones, Senior Vice President of Global Human Resources at Cadence, highlights the need for diverse perspectives to drive progress in AI and the broader tech industry. Fem.AI stands as a significant step towards achieving a more balanced and inclusive future for women in tech.