industry – ZWWBusiness

STEM Means Business: Clarkson University’s David D. Reh School of Business Prepares Students for Industry Success with STEM-Designated Programs

POTSDAM, NY, Jan. 26, 2024 (GLOBE NEWSWIRE) — At Clarkson University, STEM is the path forward. Science, Technology, Engineering and Math are the backbone of a Clarkson education and across its academic spectrum, STEM is the catalyst for innovation and learning.

At Clarkson, STEM means business.

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The David D. Reh School of Business is integral to Clarkson’s proven STEM-focused education, research and innovation ecosystem. Recently, the School’s Bachelor of Science in Business Analytics degree became the newest of several business programs at Clarkson to be STEM-designated.

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Clarkson’s Reh School of Business is among an elite cadre of higher education institutions that offer degrees recognized by the U.S. government as STEM-designated programs. This designation indicates an advantageous impact on both students and U.S. industry and an increased level of rigor and quantitative skill development in the curriculum.

Other STEM-designated programs within the Reh School of Business include the Bachelor of Science in Engineering and Management, Master of Science in Healthcare Data Analytics, and MBA in Business Analytics.

“The future of Clarkson is STEM. I think it’s important that we recognize the “B” in “STEM” is silent. Our business programs are STEM. They are highly analytical, highly technical and a core piece of Clarkson,” said Clarkson University President Marc P. Christensen, Ph.D., P.E. “The recognition of this STEM designation is an affirmation of what we knew to be true all along. We are ensuring that we set our students on a path to success working in business with companies that will advance technology that serves humanity.”

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“I am thrilled to announce the STEM designation for our Business Analytics program, joining a prestigious lineup that includes the BS in Engineering and Management, MBA in Business Analytics, and MS in Healthcare Data Analytics,” said Bebonchu Atems, Interim Dean of the Reh School of Business. “The expansion of STEM designation across multiple programs underscores our dedication to excellence in education, ensuring our students are equipped with the essential skills for success in a technology-driven world.”

The STEM designation provides international students with the opportunity to gain additional real-world experience in the U.S. as well. Those with a student visa can apply to extend their 12 months of optional practical training for an additional 24 months post-graduation.

Clarkson’s business programs are designed with the same STEM mindset as the corporate partners who recruit Clarkson students for industry-relevant careers.

Business of fashion: Here are 10 things shaping the industry

Climate change and AI could have the biggest impact on the fashion sector.

The 2024 outlook for the fashion industry can be described with one word: “uncertain”. This is the word most often used by industry executives, who are completely divided over the prospects of their fields of expertise, according to the latest State of Fashion report by The Business of Fashion and McKinsey & Company.

There might not be a clear pathway as to what lies ahead, but the report lined up the ten most important things that are going to shape the next 12 months of the industry, based on global surveys of fashion executives and consumers.

Industry growth is projected to slow to 2 to 4%, helped by a rebound in global tourism and the opportunities presented by generative artificial intelligence.

Taking a closer look at the market

However, the global industry seemed resilient in recent years, in Europe and in the US, as consumers’ appetite to shop for fashion was diminishing in the second half of 2023, the industry had to face slowing sales and uneven performance.

Mainly due to fragile consumer confidence in key markets of the US, Europe and China, the report forecasts slower growth for the next year, with year-on-year retail sales between 2-4%. The luxury segment is expected to see the fastest growth, between 3% and 5%.

“The fashion industry once again demonstrated remarkable resilience in 2022. The luxury segment in particular propelled growth through price increases, partially offsetting the weaknesses of other segments,” said Senior Partner at McKinsey Achim Berg.

Meanwhile, foreign travel is expected to give a boost to fashion sales. Global travel is expected to jump 10% above pre-pandemic levels, and 80% of surveyed shoppers from the US, UK and China plan to shop for fashion while on holiday, so plenty of opportunities for brands to re-engage international shoppers in 2024.

More than half of the industry expects to raise prices while cost pressures are predicted to abate.

Influencer marketing — an industry currently worth more than $21 billion — is likely to shift, insights indicate that people increasingly prefer influencers with less polished but more authentic content, interest in celebrity status could be wiped away by relatable and authentic influencers who are fun.

Climate crisis’ $65 billion risk to the industry

After numerous extreme weather events in 2023, climate change presents the biggest short-term threat to the

The state of a business’s industry can determine long term success

What determines a businesses long-term success? Some researchers argue it comes down to industry timing.

Aside from market appetites, company productivity, marketing reach, or any other factors that weigh into a business’s impact and durability, a new study found that the longevity of a company depends on the state of the industry during its time of inception – and the general environment in which it grows.

According to D. Carrington Motley, an instructor in entrepreneurship at Carengie Mellon University, the founding conditions of a company could weigh more on its long-term trajectory than changes in the market.

“A venture’s performance following environmental change depends on its internal processes,” he said in a press release. “Environmental conditions at a business’s founding shape those processes, and they quickly become cemented and embedded in beliefs about how to operate.”

Although understanding industry norms and trends has long been held as a key to entrepreneurship success, Motley and fellow researchers found that social, economic, and technological changes make industry knowledge or prior experience increasingly less relevant. This is because teams need to adapt to developments that previously-stable industries were unprepared for.

Motley and other researchers examined the performance of more than 1,000 ventures, all of which were founded from 1960 to 2011. These businesses specialized in a wide range of industries – from energy and utilities to agriculture – and the research team assessed data from the Bureau of Economic Analysis to measure how active and changing different industries were when each company started. On top of this, the researchers used alumni survey data to understand how long businesses lasted.

The research found that companies achieved the most success when changes in the market match the conditions they started in. But the study also found a stabilized industry environment can make a company less likely to succeed if the team is accustomed to perpetual change.

Wesley Koo, another co-author of the study, said “in more predictable environments, being more aggressive can produce better outcomes.”

This could come down to risk-aversion.

“The risk of untested assumptions is less, so continued use of risk averse processes produces fewer benefits and may detract from a venture’s ability to respond to opportunities.”

The study found that “slower decision-making” was a key factor in the long term success of a company.

When a business started in