Goldman Sachs Pledges US$500 Million For Female Founders
The global economy needs more diversity, and this is what Goldman Sachs is doing about it.
To encourage diversity in the global economy, Goldman Sachs Group Inc. has announced that it will be investing US$500 million of the firm’s and clients’ capital in private, late-stage companies founded and led by women.
Launch with GS: CSO Stephanie Cohen explains
Goldman Sachs’ Chief Strategy Officer Stephanie Cohen is all too familiar with working in a male-dominated industry. For 20 years, she describes her presence in boardrooms as “an anomaly”. Though this came with its perks (she stood out, so people remembered her and what she said), it also came with its drawbacks.
This male-dominated business atmosphere needs to change. It’s not just bad for women, it’s bad for business. “The global economy is propelled by innovation, creativity and the sharing of diverse perspectives,” she writes in this statement. “Effectively shutting out half the population from conversations at the highest levels of business is holding everyone back.”
What can companies do to address inequality in the workplace?
Called “Launch With GS”, this new initiative from Goldman Sachs doesn’t just entail having a fund for women. This initiative will also create a network of investors, entrepreneurs, non-profit organizations to nurture and grow new businesses. “We believe fostering a community will, over time, help increase the pipeline of investment opportunities in women-led businesses.”
10 years ago, Goldman Sachs launched another program designed to help women founders. Called “10,000 Women”, the program has trained more than 10,000 women entrepreneurs in developing economies.
“Empowering women makes sound economic sense,” writes Cohen, which is why Goldman Sachs has decided to extend these efforts to their core investing businesses. “We also hope it makes a difference for women who have big ideas but find themselves cut out of the funding ecosystem.”
What do you think of this news on Launch with GS?
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