Why Goldman Sachs Seeks Another 100,000 Women Entrepreneurs

After a successful pilot program with 10,000, the financial giant is looking for another 100,000 women who want to grow their companies. Is this program a fit for you?

Lauren Schiller

Noa Meyer, the global head of 10,000 Women, which has so far helped more than 10,000 entrepreneurs in 56 countries grow their enterprises, echoes an increasingly common refrain: Investing in women is good for business and good for the world.


Are women inclined to start a business because they are unable to get work in other ways, or because they’re truly entrepreneurs?

They truly are entrepreneurs. Our selection process screens for women with established businesses who have a genuine desire for growth. Many of these women are operating in isolation. Many come from very traditional societies that disapprove of them devoting time away from their families. The support that they get from the network gives them the confidence to continue investing in their business, and it gives them growth opportunities through the other women that they are able to meet.

I can’t tell you how many times I’ve heard a story that begins, “My husband really didn’t want me to start my business. My husband was not supportive of me going through the 10,000 Women program, and then after I got out of 10,000 Women I learned all these things, my business changed dramatically, and now my husband works for me.”

What is in it for Goldman Sachs? What would you say to a cynic who might argue that the company is just doing it to burnish its image and make a profit?

We don’t make any profit off of 10,000 Women or any of our philanthropic efforts. I think the firm tries to align our philanthropy with who we are as a company. At the end of the day, Goldman Sachs is about creating economic opportunity and jobs. That’s our day job. That’s what the money-making part of the firm fundamentally does, so we wanted to create philanthropic efforts that aligned with that identity. What spurred the initial investment in 10,000 Women was a desire to help more people benefit from the global economy.

What do you find personally fulfilling about this job?

My background is in public service. I started my career in Washington working for Hillary Clinton when she was First Lady. Everything that I’ve ever done professionally has been motivated by impact and service. I came to Goldman to work on 10,000 Women before it was launched, and I’ve worked on it the entire time. It’s exciting to work at a place where the culture and the values are aligned with the goals of this program, a place that has resources to be able to invest in a meaningful way to drive impact, and a place that holds us accountable for impact.

What were some of the challenges in getting this off the ground?

Like any startup—because that is what we were in the early days—there was a lot of having to prove our value internally and externally. There was a lot of scrutiny until we were able to demonstrate that this was a meaningful program that had significant opportunities for change for its beneficiaries.

Working in so many different environments was challenging, but also hugely exciting. We were helping Goldman have a program on the ground in Afghanistan, Rwanda and Liberia. People saw that there was a big opportunity for us there, but operating in those countries is challenging. Figuring out how to adapt our model, from China to Afghanistan for example, also required a lot of flexible thinking.

You worked in Hillary Clinton’s speech writing office in the late 90s. What was one thing you learned from working for her?

I think the balance that you need to strike between impact and policy work, and how you actually draw attention to the importance of that work—those two need to go hand-in-hand in order to make change. If you are not able to tell the story of why something’s important, it’s like a tree falling in the forest to some degree, but if you’re not doing good work that’s having real impact, you don’t have anything to talk about.

What is the best advice that you’ve ever received about how to help someone succeed?

Listen to what somebody needs rather than dictate what you think they need. It’s a slippery slope when you’re coming in with money and helping people in other communities who approach life from a very different perspective. I think, for anybody who does work with underserved populations, if you approach it with arrogance, it’s inevitably going to fail. But I think if you’re driven by a desire to understand what somebody needs and wants, then you’ll be able to offer something beneficial.

You mentioned that there are more  benefits associated with investing in women…

A lot of research from Goldman and others shows that women invest their earnings back into their families and communities. They invest in education. They invest in health care. The thinking is that investing in women is an investment in the long-term health of families and communities. And research has shown that increasing labor force participation can boost growth. It’s on a micro level, and on a broader macro level there’s a huge opportunity.

Lauren Schiller is the host of Inflection Point, a public radio show and podcast featuring conversations with women changing the status quo. Inflection Point is produced at KALW in San Francisco, podcast on iTunes, and online at inflectionpointradio.org.

The above article is an edited and condensed version of the broadcast interview. Click here to listen to the full audio.

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