05 APR 2023

Goldman Sachs 10,000 Women Report: Investing in India’s Potential

  • Goldman Sachs 10,000 Women participants have doubled their workforce, quadrupled their revenue, and increased productivity by five-folds, within 18 months of graduation
  • The program positions women entrepreneurs to benefit from India’s growth themes, such as digital technology adaption, international trade, and world-class talent
  • Access to capital and limited understanding of available financing avenues remain key limitations for women entrepreneurs in India

MUMBAI/BENGALURU, April 5, 2023 – Goldman Sachs announced today the findings of its 10,000 Women study which shows the business and management education initiative for women entrepreneurs developed and funded entirely by Goldman Sachs, has helped create approximately 12,000 new jobs and added INR 28 billion in revenue to the Indian economy, within 18 months of program graduation. In India, the 10,000 Women initiative was first launched in 2008.

The report - Breaking Barriers: Unlocking the Potential of Women Entrepreneurs - was developed based on a study by Indian School of Business of more than 2,400 women entrepreneurs who participated in Goldman Sachs 10,000 Women initiative across India.

The study found that the 10,000 Women participants have doubled their existing workforce, quadrupled their revenue, and increased their productivity by five times on an average, within 18 months of graduating from the program. Most surveyed graduates said they expect to increase hiring and grow revenues, however more than half have concerns about access to financing opportunities and to international markets.

Sonjoy Chatterjee, chairman and chief executive officer 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 chief executive officer of Nykaa and a successful entrepreneur herself, expressed: “Entrepreneurship is a journey that demands conviction in one’s vision and resilience to pursue success. While there will be challenges to overcome, gender should not be one. India’s economy is on a transformational path, steadily rising in ranks of scale, and the entrepreneurial ecosystem is playing a vital role for its future. 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 are able to reap the benefits of this initiative.”

The 10,000 Women study analyzed how women entrepreneurs are implementing what they learned from the program and how they seek to benefit from India’s emerging growth themes. These include 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. For example, more than half of the course participants implemented automation in their businesses after graduation, including the use of cutting-edge technologies, such as artificial intelligence, machine learning and data analytics. From the group, 81 percent adopted digital marketing strategies, 34 percent expanded to international markets and 74 percent initiated formal employee training programs.

Additionally, 38 percent of graduates raised funding for their businesses through mentors they were introduced through the program.

“The 63 million businesses in India’s micro, small, and medium enterprises (MSME) sector are the backbone of India’s economy because of their notable contribution to gross domestic product, exports, and job creation,” Mr Chatterjee said. “Only 20 percent of India’s businesses are led by women, and they contribute just three percent of India’s overall industrial output. As MSMEs in India are collectively expected to contribute more than US$2 trillion (in GDP), it is critical to enable women-led and owned businesses to scale-up.”

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. The first-of-its-kind facility has reached over 164,000 women entrepreneurs globally and has provided over US$4.5 billion in loans via financial institutions across 55 countries. In India, over 38,000 women entrepreneurs have received more than 45,900 loans worth approximately US$720 million through the WEOF as of December 2021.

To learn more about the study on Goldman Sachs 10,000 Women in India, read the full report here.

About Goldman Sachs
Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments, and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. In India, Goldman Sachs operates from offices in Mumbai, Bengaluru, and Hyderabad.

About Goldman Sachs 10,000 Women in India
Goldman Sachs 10,000 Women is an ongoing initiative to foster economic growth by providing women entrepreneurs around the world with a business and management education, mentoring and networking, and access to capital. The creation of 10,000 Women was informed by Goldman Sachs research showing that investing in education for women could close a range of gender gaps. Goldman Sachs research also shows that closing the credit gap for women-owned SMEs in emerging markets could push annual incomes by an average of 12 per cent higher by 2030.  In India, the three-month-long in-person classroom program has been delivered in partnerships with two institutions – the Indian School of Business, Hyderabad, and the Indian Institute of Management, Bangalore. In 2018, Goldman Sachs 10,000 Women was made available online worldwide through Coursera, further democratizing access to a business education in more corners of the world. The program curriculum is available in both English and Hindi languages. Since launch in 2008, the program has reached more than 2,00,000 women entrepreneurs in over 150 countries and invested more than US$2.8 billion till date. 

Media Contact
Shivaprasanna Hebbar
Goldman Sachs
Tel: +91 9481132180
E-mail: shivaprasanna.hebbar@gs.com