Goldman Sachs 2013 Annual Report Download - page 23

21Goldman Sachs 2013 Annual Report
20
U.S. entrepreneurs
are continuing to create
new jobs
In the U.K., local
economies benefit
meaningfully from
communities of
entrepreneurs
18
In the United Kingdom, high-growth entrepreneurial
businesses generate a disproportionate number of jobs
and innovations. Such businesses are the primary focus
of 10,000 Small Businesses U.K., a Goldman Sachs
Foundation initiative that offers entrepreneurs business
training, networking opportunities and support in accessing
capital. A key objective of the program is to help create
networks of local “communities of entrepreneurs” across
the country. Community building was a major focus of the
last gathering of program alumni in London, who convened
not only for the chance to hear about growth strategies
from notable corporate leaders, but also for the opportunity
to meet other entrepreneurs, make business connections
and find solutions to commonly shared problems.
We’ve continued to expand
Goldman Sachs’
10,000 Small
Businesses program in the
U.S., helping entrepreneurs
across the country to create
jobs and economic opportunity
by providing greater access
to education, capital and
business support services.
Through collaboration with
leading business schools, the
$500 million program delivers
an integrated curriculum of
management classes and the
professional support to develop
a strategic and customized
business growth plan. In a
recent survey conducted by
Babson College, 63.7 percent
of program graduates increased
revenues within six months
and 44.8 percent added
new jobs.
Read the report
Stimulating Small Business
Growth at: goldmansachs.com/
citizenship/10000-small-businesses/
US/news-and-events/10ksb-impact-
report-2014/program-report.pdf
“Small business owners are, by their very
nature, very entrepreneurial. Often, they’re
experts in their field. What they sometimes
aren’t, are experts in running a business.
Our
10,000 Small Businesses program
aims to give people core skills necessary
to grow a business.” — Michelle Pinggera,
international chief of staff at Goldman Sachs
View video
Michelle Pinggera on developing
entrepreneurs and10,000 Small
Businesses U.K. Go to: goldmansachs.com/
annual-report-2013/michelle-pinggera
NO
Adding New Jobs
of 10,000 Small
Businesses participants
added new jobs
6 months after
graduating
For comparison,
18 percent of U.S.
small businesses
surveyed by the NSBA
added jobs from July
2012 to July 2013
20
98%55%
EMPLOYEES
of the businesses
in the U.S. have
fewer than
45%18%
THE GOLDMAN SACHS 10,000 Women
initiative reached an important milestone
in December when the 10,000th
woman was enrolled in business and
management education. To further
deepen its commitment to women
entrepreneurs around the world,
Goldman Sachs 10,000 Women recently
launched a $50 million new partnership
with IFC to create the first-ever global
finance facility for women-owned small
and medium enterprises (SMEs), which
will enable approximately 100,000
women to access capital. New research
by Goldman Sachs, Giving Credit Where
It Is Due, shows that access to credit
is the biggest constraint on growth for
women-owned SMEs, and that closing
this credit gap for women could increase
per capita income in BRIC and Next
11 countries by an average of 12 percent
by 2030. Coupled with the business and
management education that 10,000
Women will continue to provide globally,
the capital this new partnership will
catalyze will give women entrepreneurs
a greater chance of reaching their full
potential. The Goldman Sachs Foundation
will provide a $32 million anchor
investment in order to catalyze capital
from commercial investors and bilateral
donors. The facility will extend lines of
credit and share risk with local banks in
emerging markets, enabling them to
on-lend to women-owned SMEs. In
order to spur innovative approaches to
lending to women entrepreneurs, The
Goldman Sachs Foundation will provide
an $18 million anchor donation to fund
capacity building support for banks and
women borrowers. This support will
address the barriers to banks deploying
capital and women entrepreneurs
accessing it.
View video
Learn about how 10,000 Women is helping
to create access to capital for women
entrepreneurs. Go to: goldmansachs.com/
our-thinking/focus-on/investing-in-women/
capital-for-women-entrepreneurs.html
CLOSING THE CREDIT GAP: PROVIDING
CAPITAL FOR WOMEN ENTREPRENEURS
GROWS BUSINESSES AND HELPS
LOCAL COMMUNITIES
19
of all jobs provided
in the U.S. are from
small businesses