Goldman Sachs on target to train 10,000 women by end of 2013
Five years ago, Goldman Sachs pledged $100m to train 10,000 women in business and management by the end of 2013. So far, it has reached 8,400 and says it should achieve its target by the end of this year.
10,000 Women is a five-year, $100 million global initiative to help grow local economies and bring about greater shared prosperity by providing 10,000 underserved women entrepreneurs with a business and management education, access to mentors and networks and links to capital.
The initiative has received praise from governments and NGOs and achieved positive results for women. A follow-up study of 400 women, a year and a half after they left the programme, found that 82% had increased revenues, 68% had hired more employees, and 90% were mentoring other women.
Diksha used to be a fabric supplier in New Delhi. The 10,000 women training gave her the skills and confidence to expand her business. She is now a clothing manufacturer and retailer. She says: “Two years ago, I did not know business planning was important. I just thought, how do you plan when you don’t know what tomorrow will be? When I look back, I really feel it has added a lot of value to my way of thinking.”
Previously, the company’s philanthropic strategy consisted of donating money to a wide range of organisations and providing scholarships to young people. The change occurred after it published research on “womenomics”, which showed that empowering women led to increases in GDP and a reduction in inequality, particularly in developing countries.
The company’s philanthropic mission now states: “By pioneering initiatives and supporting programs that help solve crucial social and environmental issues, we commit ourselves to taking philanthropic action based on discipline, innovation and a strategic approach over the long term.”
