The recent effort emerged following a study involving over 2,400 graduates of Goldman Sachs’ 10,000 Women program in India. Female entrepreneurs highlighted the demand for enhanced understanding of diverse funding avenues and optimal approaches to secure external finances for business expansion.
This Monday, the joint collaboration between Goldman Sachs’ 10,000 Women program and the NSRCEL incubator at IIM Bangalore unveiled a novel offering named Goldman Sachs 10,000 Women Finance for Growth. This initiative is designed to empower women entrepreneurs with comprehensive insights into business financing, along with networking and mentorship opportunities to expedite their fundraising endeavors.
The recent effort emerged as a result of research undertaken with over 2,400 Indian graduates from Goldman Sachs’ 10,000 Women program. The majority of female business proprietors underscored the necessity for enhanced awareness regarding diverse financial options and optimal methods to secure external capital for business growth.
As per the findings, 33% of female entrepreneurs pursued funding from acquaintances or family, while 40% relied on bank overdrafts, 38% acquired business loans, and 40% availed bank overdraft facilities.
Innovative Collaboration by IIMB and Goldman Sachs
According to Charlotte Keenan, Global Head of Goldman Sachs 10,000 Women, the alumni of the program have made a considerable impact on India’s economy, quadrupling their business revenue, doubling their workforce, and collectively creating 12,000 new jobs. With the aim of helping these women overcome the primary obstacle to further business expansion – access to financing – the new program strives to equip them with the necessary skills and resources, aiming for an even more substantial influence.
The curriculum comprises three modules. Initially, participants engage in an introductory finance course accessible to Indian graduates of Goldman Sachs’s 10,000 Women program. Following the completion of the first module, a specifically chosen set of promising female entrepreneurs will gain entry to the second module, an advanced finance segment.
In the concluding module, personalized guidance will be provided by Indian Institute Of Management–Bangalore faculty, experts from the financial industry, bankers, venture capitalists, and angel investors. This mentoring will encompass practical insights and tailored recommendations that cater to the distinct requirements of each entrepreneur.
The course signifies our dedication to aiding female entrepreneurs on a national scale by equipping them with relevant training and mentorship to establish and expand their businesses. Anand Sri Ganesh, NSRCEL’s COO, expressed, “We anticipate our female graduates utilizing this opportunity to identify and nurture new business prospects, foster successful enterprises, and transform themselves.” The program commenced with its inaugural cohort on August 7, 2023.
A leap forward in India’s entrepreneurial landscape for women is evident. The Indian Institute of Management Bangalore (IIMB) and global financial giant Goldman Sachs have formed a groundbreaking collaboration, aiming to enhance funding accessibility for women entrepreneurs. Set to launch in 2023, this innovative initiative emphasizes bridging the gap between entrepreneurial ambition and financial backing, particularly for Indian women.
Historically, securing funds has posed significant challenges for women entrepreneurs. Despite possessing innovative ideas and robust business models, limited access to capital has often hindered their growth. Recognizing this disparity, IIMB and Goldman Sachs have joined forces, pooling expertise and resources to create an environment conducive to the flourishing of women entrepreneurs.
Characteristics of the Program
- Customized Workshops and Training: These sessions empower female entrepreneurs with insights into fundraising, valuations, and investor interactions, boosting their confidence in engaging with investors.
- Networking Opportunities: Regular program events foster connections between women entrepreneurs, potential investors, mentors, and peers, encouraging collaborations and alliances.
- Mentorship: Tapping into the extensive networks of IIMB alumni and Goldman Sachs professionals, the program extends mentorship to assist women in refining their business strategies and plans.
- Platform for Presentation: Scheduled events offer entrepreneurs the platform to pitch their concepts to a curated group of investors, increasing their chances of securing funding.
- Resource Hubs: Equipping ventures with essential resources such as market research, legal counsel, and technical assistance to ensure a strong foundational footing.
Enabling women entrepreneurs will drive job generation, innovation, and a boost to the overall economy. By tackling funding inequalities, this endeavor champions gender parity within the entrepreneurial landscape.
Enhancing the Innovation Ecosystem: A greater diversity of viewpoints will enrich the innovation ecosystem, yielding solutions that cater to a wider spectrum of needs.
It is anticipated that other educational and financial institutions will emulate this endeavor. This has the potential to set off a chain reaction, guaranteeing that women all over India, regardless of their domain or region, can access improved resources.
Moreover, this program stands as an inspiration for young women, illuminating the fact that their aspirations in entrepreneurship are both legitimate and attainable, nurturing a fresh wave of female leaders.
The collaborative effort to uplift women entrepreneurs underscores the recognized potential within ventures led by women and signifies a proactive stride in constructing a more balanced entrepreneurial sphere in India. As the program unfolds in 2023, it is poised to establish novel standards in entrepreneurship, potentially serving as a global blueprint for others.
A powerful movement ignited through research and collaboration, fostering financial inclusion for women-led ventures. Bridging funding gaps is paramount, propelling gender equality within entrepreneurship. This initiative illuminates paths for aspiring female leaders, setting benchmarks and inspiring global change.