The Goldman Sachs’ 10000 Women Program is one of the most talked about initiatives aiming to fill a huge gap. The World Bank’s International Finance Corporation (IFC) estimates a $1.48 trillion finance gap for women entrepreneurs in developing countries. Over 70% of these businesses lack adequate access to financial services. In India, women-led micro, small, and medium enterprises (MSMEs) also face similar challenges. Despite some efforts by financial institutions to support MSMEs, women entrepreneurs often find themselves sidelined.
The IFC’s study, “Improving access to finance for women-owned businesses in India,” notes that many financial institutions don’t believe in the potential of women-owned businesses. This scepticism leads to a lack of tailored financial products and services that genuinely meet the needs of women entrepreneurs. Moreover, in a patriarchal society like India, the gender-asset gap further limits women’s access to finance. It forces women to rely on male family members to secure credit.
To tackle these challenges, Goldman Sachs actively supports women entrepreneurs through its 10000 Women initiative. This global program empowers women to grow their businesses.
Goldman Sachs’ 10000 Women Program: What it offers to women
Goldman Sachs’ 10000 Women program actively supports women entrepreneurs worldwide by providing business and management education, mentoring, networking opportunities, and access to capital. The company started the program with the thought that investing in women’s education could help bridge various gender gaps. Since then, the program has provided support to over 200,000 women entrepreneurs in more than 150 countries, helping them grow their businesses.
Business education
The Goldman Sachs 10000 Women online course offers free and practical business education to women worldwide. It features ten essential courses. These courses cover business skills like leadership, negotiations, marketing, and sales. Additionally, the program includes interactive activities and instruction from top business school educators. Hence, it provides a flexible learning experience tailored to individual needs.
Access to capital
The Women Entrepreneurs Opportunity Facility (WEOF) is a first-of-its-kind partnership between Goldman Sachs and the International Finance Corporation. This facility focuses exclusively on women entrepreneurs in emerging markets. It targets the $1.48 trillion credit gap that women-led small and medium enterprises (SMEs) face.
Networking & mentoring
Graduates of the program join a global alumni community of women entrepreneurs. They connect with past participants and gain access to valuable resources and events. Additionally, they benefit from post-graduation coaching and training opportunities, including the Growth Fellowship.
Goldman Sachs’ 10000 Women Program: The impact
The Goldman Sachs 10000 Women Program has made a remarkable impact on women entrepreneurs in India, as highlighted in the report “Breaking Barriers: Unlocking the Potential of Women Entrepreneurs.” This study, conducted by the Indian School of Business, surveyed over 2,400 women who participated in the program. The findings reveal that the initiative has created approximately 12,000 new jobs and contributed INR 28 billion to the Indian economy within just 18 months of graduation.
The 10000 Women study looked at how women entrepreneurs use what they learned from the program and take advantage of India’s growing opportunities. Over half of the graduates added automation to their businesses, including technologies like artificial intelligence and data analytics. Additionally, 81% used digital marketing strategies, 34% expanded into international markets, and 74% started formal employee training programs.
Funding opportunities and professional growth
Goldman Sachs’ 10000 Women Program significantly supported women entrepreneurs by enhancing their financial skills and access to capital. In India, the 10000 Women initiative began in 2008. By December 2021, over 38,000 women entrepreneurs in India had received around 45,900 loans, totalling about US$720 million through the WEOF.
The program’s impact goes beyond just providing financial assistance. It also offers valuable training and resources that empower women entrepreneurs with essential skills, expand their networks, and connect them with funding opportunities. Of the graduates who secured external financing, 41% found that the program provided them with the necessary financial knowledge to raise capital.
21% of participants discovered new funding opportunities through connections they made after completing the program. The program also provided mentorship, helping 38% of graduates secure funding through mentors they met during their time in the program.
The final thoughts
Goldman Sachs’ 10000 Women Program not only addresses immediate financial needs but also encourages long-term growth and empowerment for women entrepreneurs. While providing loans and capital is crucial, the program also focuses on equipping women entrepreneurs with the skills, knowledge, and networks necessary for long-term success. A strong support network is very important for entrepreneurs, but women often find it hard to access these connections. Programs like this one make a big difference by providing women with the support and resources they need to succeed and grow their businesses.
Disclaimer: The views expressed in this article are based on the writer’s insights, supported by data and resources available both online and offline, as applicable. Changeincontent.com is committed to promoting inclusivity across all forms of content, which we broadly define as media, policies, law, and history—encompassing all elements that influence the lives of women and gender-queer individuals. Our goal is to promote understanding and advocate for comprehensive inclusivity.
