Washington ( CNN ) -- President Barack Obama on Thursday announced a new initiative led by the top executives of major U.S. corporations that seeks to improve education in science , technology , engineering and math . The nonprofit initiative , called Change the Equation , involves 100 chief executive officers and has $ 5 million in funding for its first year of operation , according to information provided by the White House . `` These are actually the kinds of things that 10 years from now , 20 years from now , we 're going to look back and say it really made a difference , '' Obama said . The initiative was founded by former astronaut Sally Ride , former Intel Chairman Craig Barrett , Xerox CEO Ursula Burns , Time Warner Cable CEO Glenn Britt , and Eastman Kodak CEO Antonio Perez , with support from the Bill and Melinda Gates Foundation and the Carnegie Corporation of New York , according to the White House statement . Ride told CNN on Thursday that American students need new inspiration to learn the so-called STEM subjects -- science , technology , engineering and math -- to compete in the global workforce and help restore the United States as a leader in innovative research and development . `` For the last 20 to 25 years , our society really has n't put a focus on the importance of math and science education . We 're starting to pay the price , '' Ride said , noting that the United States has slipped in global rankings of math and science literacy among students . The goals of Change the Equation are to improve teaching in STEM subjects , inspire student learning in those subjects and achieve a national commitment to improve education in them , according to the White House . Obama said achieving them is vital for the nation 's future economic success and vitality . `` The cost of inaction is immeasurable , '' Obama said , citing the lost participation of children who never get encouraged or exposed to education in STEM subjects . Some programs under the initiative would expand summer science camps for girls , allow more students to take part in robotics competitions , increase teacher training , and help students take advanced placement courses in math and science , the White House statement said . Obama also announced new public-private partnerships promoting better STEM education , including a robotics competition for students . Ride said business leaders were motivated to create the new initiative because `` they realize their future depends on it , '' noting that `` 80 percent of jobs of the next decade are going to require some background , some basic skills in math and science . '' `` We do need inspiration for the kids growing up today , '' Ride said . `` The space program did it for my generation . Maybe it will do it for the next generation . '' Another goal is to `` humanize '' the subjects of science , math and engineering , Ride said , so that kids `` do n't think all scientists are old dead guys . ''
The Change the Equation Foundation has 100 members . It focuses on education in science , technology , engineering and math . Better math and science education now is vital for future success , it says .