Introducing Colorwave’s Inaugural Technical Residency in AI or Cybersecurity (TRAC) Program
Colorwave just launched its newest program to support technical talent in upskilling and gaining practical experience in the industries transforming tech.
Welcome Message from Program Leadership
The impact of Artificial Intelligence (AI), Machine Learning (ML), and Cybersecurity on the future of society is undeniable. Amidst the current hype across these industries, we see Colorwave as a critical connection point for traditionally marginalized groups to access these transformational industries as they become more omnipresent in our daily lives. We understand that the historical ledger of technological innovation has categorized the communities we serve as late adopters or excluded them altogether from shaping how technological advances are deployed in society. We are on a mission to change that narrative by serving as a critical connector to the future of tech and innovation.
This summer, we are excited to announce our newest program, the Technical Residency in AI or Cybersecurity (TRAC) program, which will help unlock and unleash the genius and creativity of those we serve in these vital segments of our global future!
Lauren Moses, TRAC Program Lead, Colorwave
John Roussel, Co-founder & Executive Director, Colorwave
The Problem: Underrepresentation in Consequential Industries for the Future Global Economy
Artificial Intelligence (AI), Machine Learning (ML) and Cybersecurity are some of the fastest-growing sectors of the global economy, with the potential to completely alter how people, companies, and societies function. While these industries stand to transform the world as we know it, as with most technological innovations, technologists from traditionally marginalized U.S. communities are underrepresented in the technical roles that stand to shape the products and services these industries produce today and will create in the future. For example, according to PWC, AI is predicted to contribute nearly $16 trillion dollars to the global economy in 2030, greater than the current output of China and India combined. While there are limited demographic surveys of technical talent in AI, communities such as Black and Latine professionals represent a smaller percentage of technical talent working at AI companies and/or building AI or ML products. More concerning is that many workers in these communities are overrepresented in low-wage roles that are most likely to be taken over by automation. For Black households, in particular, such trends are alarming in relation to growing wealth inequality. McKinsey predicts that based on current household wealth disparities and the projected economic transformation from AI, America’s wealth gap can potentially widen by $43 billion annually by 2045.
Similar to AI, Cybersecurity continues to have an outsized influence on global economic markets and societies. Cybercrime costs are estimated to hit $10.5 trillion annually by 2025, and there is estimated to be a cyberattack every 39 seconds. Similar to AI, traditionally marginalized groups are underrepresented in the industry with Black, Latine, and Asian professionals comprising roughly 21% of the industry, combined. Beyond challenges with representation, ISC2 has uncovered a widening global workforce gap in Cybersecurity of approximately 4 million jobs needed to keep pace with cybersecurity demands.
Our Solution: Support More Diverse Talent in Transitioning into these Burgeoning Industries
Understanding the current trends in representation and the growing influence of these sectors on the global economy and workforce, Colorwave decided to launch a new program that connects more diverse talent to upskilling, career support, and technical projects in AI/ML or Cybersecurity. The program hopes to increase representation within these sectors and provide access to more meaningful and durable career opportunities for those we support.
Our First Technical Residency Program
Colorwave’s Technical Residency in AI or Cybersecurity (TRAC) program is a free, five-month program that seeks to immerse traditionally underrepresented technical talent into emerging technological fields. During the program, participants will be connected to meaningful technical projects, training and certification, and career search support within the fields of artificial intelligence (AI), machine learning (ML), or Cybersecurity.
The program is designed for the following candidate profiles:
- Professional who identifies as an underrepresented group in tech
- 2+ years of professional work experience
- Current experience in a technical role
- Strong interest in transitioning into AI, ML, or cybersecurity within the next 12 months
- Capacity to commit to independent training and group programming
Some of the program’s benefits include reimbursement of up to $1,000 for relevant technical coursework or certifications, access to technical interviews and career coaching, connecting with and learning from senior executive leaders in AI/ML or cybersecurity, and completing a relevant industry project with Colorwave’s industry partners.
More About the Cohort
The Technical Residency in AI or Cybersecurity (TRAC) program was one of our most competitive selection processes. We received nearly five-fold more applications than anticipated and accepted roughly 10% of the applicant pool. Selected candidates went through two rigorous rounds of review, which included a scored written application and an in-depth interview with our program interview committee to assess readiness and preparation toward working in AI/ML or cybersecurity, leadership capabilities, cultural and mission-alignment, and the ability to meet the program participation requirements.
We are proud to announce 25 new Technical Residents of our inaugural program. Check out the video below to learn more about this group and some relevant statistics.
TRAC Program Cohort 1 Overview
- Racial Breakdown: Black/African-American (36%), Latinx (48%), Asian (4%), Two or More Races (12%)
- Gender Breakdown: Female (56%), Male (36%) Undisclosed (8%)
- Leading Functional Representation: Product (36%), Software Engineering (24%), Consulting (16%), Operations (16%), Data/Research (4%), UX/UI (4%)
- Functional Interest Areas: AI/ML/Data (64%), Cybersecurity (36%)
- Returning Alumni v. New Program Participants: Alumni (52%), New Members (48%)
- Geographical Representation: East (36%), South (32%), West (24%), Midwest (8%)
- Companies and Organizations Represented: American Express, EcoMap Technologies, Grant Thorton, Hewlett Packard Enterprise, Lowe’s, MLT, NAX Group, JP Morgan Chase, Scale AI, USAA
Special Acknowledgement
The inaugural launch of this program was made possible through support from Google’s Tech Equity Collective Impact Fund and programmatic support from Goodie Nation. We want to thank each organization for making this vision a reality and helping to create more opportunities for exposure, upskilling, and economic mobility for the participants in this program.
Learn more about the Tech Equity Collective Impact Fund and Goodie Nation.
We are always looking for company partners to support projects and speak to the program’s participants. Please use this form if you or your organization might be interested in partnering on this or another one of Colorwave’s transformative programs.
Want to keep up with updates from TRAC and our other programming, follow us on LinkedIn.
