NEW YORK--(BUSINESS WIRE)--Mar. 05, 2008
10,000 Underserved Women Around the World Will Receive a Business and
Management EducationPartnerships Between Universities in the U.S. and Europe and Business
Schools in Emerging and Developing Economies to Improve the Quality and
Capacity of Business Education
The Goldman Sachs Group, Inc. (NYSE: GS) today announced 10,000 Women,
a global initiative that will provide 10,000 underserved women,
predominantly in developing and emerging markets, with a business and
management education. The initiative will invest in a largely untapped
yet significant resource — the exponential
power of women as entrepreneurs and managers. Through partnerships
between universities in the U.S. and Europe and business schools in
emerging and developing countries, 10,000 Women also will seek to
have a lasting impact on the quality and capacity of business education
in developing regions around the world.
The initial partnerships will support pragmatic, flexible and shorter
term programs, resulting in business and management certificates that
can open doors for thousands of women whose financial and practical
circumstances prevent them from receiving a traditional business
education. There will also be a select number of MBA and BA degrees
conferred.
“Those of us who champion open markets must
also do our part to create more opportunity to ensure economic growth is
more broadly shared,” said Lloyd C. Blankfein,
Chairman and Chief Executive Officer of The Goldman Sachs Group, Inc. “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.”
In addition to funding tuition for business and management education, 10,000
Women will work with development organizations to better understand
the local challenges girls and young women must overcome so more of them
can realize economic opportunity and achieve their full potential. Many
of these partnerships will seek to establish mentoring and networkingchannels
for women and encourage career development opportunities.
10,000 Women has been in development for more than a year and was
inspired by economic research from Goldman Sachs that showed the
powerful effects of greater labor force participation of women on
economies and societies. Goldman Sachs will commit $100 million to this
initiative over the next five years. In addition, the people of Goldman
Sachs will contribute their time and expertise through classroom
instruction and mentoring.
Increasing the entrepreneurial talent and managerial pool in developing
and emerging economies — especially among
women — is one of the most important means to
reducing inequality and ensuring more shared economic growth. Goldman
Sachs also will announce in the coming months additional 10,000 Women
program partnerships that will provide more business and management
education for disadvantaged women in the United States.
Initial Academic Partners:
American University of Afghanistan
American University in Cairo
Brown University
Columbia Business School
Harvard Business School
Indian School of Business
Pan-African University, Nigeria
School of Finance and Banking, Rwanda
Stanford Graduate School of Business
Thunderbird School of Global Management
United States International University, Kenya
University of Cape Town Graduate School of Business
Judge Business School, University of Cambridge
University of Dar es Salaam, Tanzania
William Davidson Institute at the University of Michigan
Wharton School at the University of Pennsylvania
Delivering Business and Management
Education to 10,000 Women10,000 Women will pursue a variety of ways to provide a business
and management education to underserved women. For instance, schools
will work together to establish or expand certificate programs ranging
from 5 weeks to 6 months that could include courses in marketing,
accounting, market research, writing a business plan, strategic
planning, accessing capital and e-commerce.
There will also be a strong focus on capacity building: developing
curricula, creating local case study models and “Training
the Trainers” to improve the level of faculty
training and expertise as well as increasing the overall quality of
business education.
More detailed information about 10,000 Women as well as specific
program details for each of the program’s
initial markets can be found in a fact sheet available for download at
10000women.org
Women Hold Up Half the Sky
Goldman Sachs just released a research report, “Women
Hold Up Half the Sky,” which demonstrates
that strengthening education for women is a critical and underutilized
lever for economic growth in developing and emerging economies.
The impact of female education is felt not only in women’s
lifetimes, but also in the health, education and productivity of
future generations as well. The economic growth that results from
higher education feeds a virtuous cycle that supports continued
improvements in education and health.
Narrowing the existing gender gap in employment could increase income
per capita by as much as 10%—14% above our
baseline forecasts in the BRICs and other key 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.
Goldman Sachs Corporate Engagement10,000 Women is one of Goldman Sachs’
largest corporate engagement programs and is a reflection of the firm’s
commitment to initiatives that help advance the continued development of
markets and economies. These initiatives include Goldman Sachs Gives,
a donor-advised fund; The Goldman Sachs Foundation, an education
foundation that has made over $100 million in grants since 2000; the
Goldman Sachs Center for Environmental Markets, which works with
independent partners in the academic and non-governmental organization
community to examine market-based solutions to environmental challenges;
and The Public Service Program, a competitive global initiative that
gives top employees the opportunity to work for a nonprofit organization
for up to one year. In addition, more than 20,000 employees participated
in 2007 in the firm’s Community TeamWorks
program, which provides employees a day to volunteer in team-based
projects coordinated with local non-profit organizations around the
world.
Goldman Sachs is a leading global investment banking, securities and
investment management firm that provides a wide range of services
worldwide to a substantial and diversified client base that includes
corporations, financial institutions, governments and high net worth
individuals. Founded in 1869, it is one of the oldest and largest
investment banking firms. The firm is headquartered in New York and
maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major
financial centers around the world.
CONTACT: The Goldman Sachs Group, Inc.
Media: Lucas van Praag/Christopher Williams, 212-902-5400
or
Investor Relations: Dane Holmes, 212-902-3580
10,000 Underserved Women Around the World Will Receive a Business and
Management EducationPartnerships Between Universities in the U.S. and Europe and Business
Schools in Emerging and Developing Economies to Improve the Quality and
Capacity of Business Education
The Goldman Sachs Group, Inc. (NYSE: GS) today announced 10,000 Women,
a global initiative that will provide 10,000 underserved women,
predominantly in developing and emerging markets, with a business and
management education. The initiative will invest in a largely untapped
yet significant resource — the exponential
power of women as entrepreneurs and managers. Through partnerships
between universities in the U.S. and Europe and business schools in
emerging and developing countries, 10,000 Women also will seek to
have a lasting impact on the quality and capacity of business education
in developing regions around the world.
The initial partnerships will support pragmatic, flexible and shorter
term programs, resulting in business and management certificates that
can open doors for thousands of women whose financial and practical
circumstances prevent them from receiving a traditional business
education. There will also be a select number of MBA and BA degrees
conferred.
“Those of us who champion open markets must
also do our part to create more opportunity to ensure economic growth is
more broadly shared,” said Lloyd C. Blankfein,
Chairman and Chief Executive Officer of The Goldman Sachs Group, Inc. “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.”
In addition to funding tuition for business and management education, 10,000
Women will work with development organizations to better understand
the local challenges girls and young women must overcome so more of them
can realize economic opportunity and achieve their full potential. Many
of these partnerships will seek to establish mentoring and networkingchannels
for women and encourage career development opportunities.
10,000 Women has been in development for more than a year and was
inspired by economic research from Goldman Sachs that showed the
powerful effects of greater labor force participation of women on
economies and societies. Goldman Sachs will commit $100 million to this
initiative over the next five years. In addition, the people of Goldman
Sachs will contribute their time and expertise through classroom
instruction and mentoring.
Increasing the entrepreneurial talent and managerial pool in developing
and emerging economies — especially among
women — is one of the most important means to
reducing inequality and ensuring more shared economic growth. Goldman
Sachs also will announce in the coming months additional 10,000 Women
program partnerships that will provide more business and management
education for disadvantaged women in the United States.
Initial Academic Partners:
American University of Afghanistan
American University in Cairo
Brown University
Columbia Business School
Harvard Business School
Indian School of Business
Pan-African University, Nigeria
School of Finance and Banking, Rwanda
Stanford Graduate School of Business
Thunderbird School of Global Management
United States International University, Kenya
University of Cape Town Graduate School of Business
Judge Business School, University of Cambridge
University of Dar es Salaam, Tanzania
William Davidson Institute at the University of Michigan
Wharton School at the University of Pennsylvania
Delivering Business and Management
Education to 10,000 Women10,000 Women will pursue a variety of ways to provide a business
and management education to underserved women. For instance, schools
will work together to establish or expand certificate programs ranging
from 5 weeks to 6 months that could include courses in marketing,
accounting, market research, writing a business plan, strategic
planning, accessing capital and e-commerce.
There will also be a strong focus on capacity building: developing
curricula, creating local case study models and “Training
the Trainers” to improve the level of faculty
training and expertise as well as increasing the overall quality of
business education.
More detailed information about 10,000 Women as well as specific
program details for each of the program’s
initial markets can be found in a fact sheet available for download at
10000women.org
Women Hold Up Half the Sky
Goldman Sachs just released a research report, “Women
Hold Up Half the Sky,” which demonstrates
that strengthening education for women is a critical and underutilized
lever for economic growth in developing and emerging economies.
The impact of female education is felt not only in women’s
lifetimes, but also in the health, education and productivity of
future generations as well. The economic growth that results from
higher education feeds a virtuous cycle that supports continued
improvements in education and health.
Narrowing the existing gender gap in employment could increase income
per capita by as much as 10%—14% above our
baseline forecasts in the BRICs and other key 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.
Goldman Sachs Corporate Engagement10,000 Women is one of Goldman Sachs’
largest corporate engagement programs and is a reflection of the firm’s
commitment to initiatives that help advance the continued development of
markets and economies. These initiatives include Goldman Sachs Gives,
a donor-advised fund; The Goldman Sachs Foundation, an education
foundation that has made over $100 million in grants since 2000; the
Goldman Sachs Center for Environmental Markets, which works with
independent partners in the academic and non-governmental organization
community to examine market-based solutions to environmental challenges;
and The Public Service Program, a competitive global initiative that
gives top employees the opportunity to work for a nonprofit organization
for up to one year. In addition, more than 20,000 employees participated
in 2007 in the firm’s Community TeamWorks
program, which provides employees a day to volunteer in team-based
projects coordinated with local non-profit organizations around the
world.
Goldman Sachs is a leading global investment banking, securities and
investment management firm that provides a wide range of services
worldwide to a substantial and diversified client base that includes
corporations, financial institutions, governments and high net worth
individuals. Founded in 1869, it is one of the oldest and largest
investment banking firms. The firm is headquartered in New York and
maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major
financial centers around the world.
CONTACT: The Goldman Sachs Group, Inc.
Media: Lucas van Praag/Christopher Williams, 212-902-5400
or
Investor Relations: Dane Holmes, 212-902-3580