Goldman Sachs launches report on 10,000 Women initiative
Participants have doubled their workforce, quadrupled their revenue, and increased productivity by five-fold, within 18 months of graduation.
The 10,000 Women report released by Goldman Sachs on Wednesday has thrown up some important findings: the business and management education initiative for women entrepreneurs has helped create approximately 12,000 new jobs and added Rs 28 billion in revenue to the Indian economy within 18 months of programme graduation. In India, the 10,000 Women initiative was first launched in 2008.
The report—titled Breaking Barriers: Unlocking the Potential of Women Entrepreneurs—was developed based on a study by the Indian School of Business of more than 2,400 women entrepreneurs who participated in the Goldman Sachs 10,000 Women initiative across the country.
It revealed that the participants of the initiative have doubled their existing workforce, quadrupled their revenue, and increased their productivity by five times on average, within 18 months of graduating from the programme.
According to a press statement, most graduates surveyed said they expect to increase hiring and grow revenues. However, the study also pointed out that more than half the women entrepreneurs have concerns about access to finance and international markets.
Sonjoy Chatterjee, chairman and CEO of Goldman Sachs in India, said: “Goldman Sachs 10,000 Women embodies our belief in investing in the potential of women entrepreneurs to help scale their businesses that will drive wider economic growth. In India, women entrepreneurs are still significantly underrepresented in the economy and face significant hurdles to access capital, which means there is more work to be done to unlock the true potential of Indian business and realize the vision to be a $5 trillion economy.”
Falguni Nayar, Founder and CEO of and a successful entrepreneur, said: “I laud the vision of Goldman Sachs 10,000 Women initiative to drive long-term impact by empowering more women to become entrepreneurs and learning from their peer community. A nurturing network is an underestimated pillar of strength for an entrepreneur, and I hope many women can reap the benefits of this initiative.”
The study revealed that women entrepreneurs are implementing what they learned from the programme, including digital technology adoption to drive innovation and efficiency, championing ‘Make in India’ by exporting to international markets, and tapping into a globally competitive talent pool for growth.
More than half of the participants implemented automation in their businesses after graduation, including the use of artificial intelligence, machine learning, and data analytics. From the group, 81% adopted digital marketing strategies, 34% expanded to international markets, and 74% initiated formal employee training programs.
Additionally, 38% of graduates raised funding for their businesses through mentors they were introduced to through the programme.
In 2014, the Women Entrepreneurs Opportunity Facility (WEOF), a global partnership between Goldman Sachs 10,000 Women and the International Finance Corporation, was launched to expand credit access to women entrepreneurs. In India, over 38,000 women entrepreneurs have received more than 45,900 loans worth approximately $720 million through the WEOF as of December 2021.