Goldman Sachs Rolls Out 10,000 Women Charitable Initiative
On March 5, 2008, Goldman Sachs launched a new philanthropic initiative called 10,000 Women. The program will provide 10,000 women in developing countries and emerging markets with educational opportunities in business and management.
The program will partner with American and European universities, along with business schools in developing countries to develop shorter, more flexible programs that are tailored to the needs of women in developing countries, many of whom have significant child care and family responsibilities as well as cultural, social and economic barriers that make it difficult for them to pursue higher education through traditional channels.
10,000 Women was developed in part based on a research study conducted by Goldman Sachs called “Women Hold Up Half the Sky,” after the Chinese metaphor about the importance of women’s economic contribution to society. The study found that increasing levels of education among women in developing countries leads to long-term improvements in health, education and productivity.
The study also found that narrowing the existing gender gap in employment could increase income per capita by as much as 10%–14% above baseline forecasts in emerging markets by 2020. Higher levels of female education could also have raised trend GDP growth rates in these countries by 0.2% over the past decade.
Most programs offered to women through the initiative will last anywhere from 5 weeks to 6 months, and will include coursework in areas such as marketing, accounting, market research, writing a business plan, strategic planning, accessing capital and e-commerce. Most graduates will be eligible to receive a certificate for their participation, but some BA and MBA degrees will be conferred as well.
Initially, Goldman Sachs will partner with prominent American business schools, including Harvard Business School, Columbia Business School and The Wharton School at the University of Pennsylvania, and with universities around the world, including those located in India, South Africa, Afghanistan, Egypt, Nigeria, Rwanda, Kenya and Tanzania. Additional partnership initiatives will be announced in the next few months to provide more opportunities for business and management education in developing countries.
There will also be a strong emphasis on training, including “Training of Trainers” programs, capacity building within organizations, and mentoring of the next generation of women leaders in developing countries. Goldman Sachs employees plan to lend their time to the mentoring and classroom education efforts.
In addition to the time and effort of its employees, Goldman Sachs will contribute $100 million to the 10,000 Women initiative over the next five years.
Lloyd C. Blankfein, Chairman and Chief Executive Officer of The Goldman Sachs Group, Inc. said of the initiative, “10,000 Women focuses on a critical, yet often overlooked area where we believe Goldman Sachs can use its resources and convening power to help build the foundation to expand the ranks of businesswomen, managers and entrepreneurs around the world.”
The Glass Hammer is excited to see a financial institution like Goldman Sachs recognizing the importance of women in the global economy and taking steps to increase access to much-needed business and managerial education for women in emerging markets. By becoming involved in programs like this, women who work at Goldman Sachs can share their financial expertise and knowledge with women all around the world, and in doing so, help to empower them and improve their standard of living.
