IIMB’s Incubator and Goldman Sachs Launch Programme to Ease Fundraising for Women Entrepreneurs in 2023
The new initiative was developed in response to research done on more than 2,400 Goldman Sachs 10,000 Women graduates in India. Most female business owners had emphasized the need for a broader knowledge of the various funding possibilities and the best ways to get outside finance to spur company expansion.
On Monday, the online business education programme 10,000 Women from Goldman Sachs and the NSRCEL incubator at IIM Bangalore introduced Goldman Sachs 10,000 Women Finance for Growth. The new programme will give female company owners a better grasp of business financing and offer networking and mentorship possibilities to hasten their fundraising process.
The new initiative was developed in response to research conducted among more than 2,400 Goldman Sachs 10,000 Women graduates in India. Most female business owners had emphasized the need for more excellent knowledge of the available finance alternatives and the best ways to get outside cash to spur company expansion.
According to the report, 33% of female entrepreneurs sought funding from friends or family, while 40% utilized bank overdrafts, 38% took out company loans, and 40% used bank overdrafts.
As stated by Charlotte Keenan, Global Head of Goldman Sachs 10,000 Women, “Goldman Sachs 10,000 Women alumni have significantly affected India’s economy by quadrupling their company income, doubling their staff, and jointly generating 12,000 new employment. By giving them the skills and resources needed to access financing – the main obstacle to their enterprises expanding further – our new programme intends to assist these women and have an even more significant impact.
There are three modules in the curriculum. Participants initially complete an introductory finance course available to Goldman Sachs’s 10,000 Women graduates in India. After completing the first module, a select group of high-potential women entrepreneurs will be given access to the second, advanced finance module.
The final module will include individualized mentoring from IIMB faculty members, financial industry experts, bankers, venture capitalists, and angel investors on real-world lessons and suggestions tailored to the needs of each entrepreneur.
The course “underlines our commitment to assisting women entrepreneurs nationwide by giving them relevant training and mentoring to help them establish and scale their companies. Anand Sri Ganesh, COO of NSRCEL, stated, “We hope our female graduates make the most of this chance to identify and nurture new business possibilities, establish and grow successful companies, and transform themselves. On August 7, 2023, the program’s inaugural cohort began.
The entrepreneurial ecosystem leaps forward for women in India.
The Indian Institute of Management Bangalore (IIMB) and global financial powerhouse Goldman Sachs have come together in a landmark partnership, paving the way for better accessibility of funding resources for women entrepreneurs in India. Launching in 2023, this innovative programme underscores the need to bridge the gap between entrepreneurial aspiration and financial support, particularly for women in the country.
Historically, women entrepreneurs have faced considerable challenges securing funding for their ventures. Despite being a powerhouse of innovative ideas and robust business models, the need for access to capital has often stunted their growth trajectory. Recognizing this disparity, IIMB and Goldman Sachs combined their expertise and resources to foster an environment where women entrepreneurs can thrive.
Features of the Programme
- Tailored Workshops and Training: These sessions will help women entrepreneurs understand the intricacies of fundraising, valuations, and investor relations, making them more confident when approaching investors.
- Networking Opportunities: The programme will host regular events connecting women entrepreneurs with potential investors, mentors, and peers, facilitating collaborations and partnerships.
- Mentorship: Leveraging the vast network of IIMB alums and Goldman Sachs professionals, the programme offers mentorship to guide women in refining their business plans and strategies.
- Showcasing Platforms: Periodic events where entrepreneurs can pitch their ideas to a curated group of investors, increasing the chances of securing funding.
- Resource Centers: Providing resources like market research, legal advice, and tech support to ensure the ventures have a solid foundation.
Empowering women entrepreneurs will lead to job creation, innovations, and overall economic liftmen. By addressing the funding disparities women face, this initiative promotes gender equality in the entrepreneurial ecosystem.
Innovation Ecosystem With more diverse perspectives, the innovation ecosystem will become more prosperous and varied, leading to solutions catering to a broader audience.
With two giants like IIMB and Goldman Sachs backing this initiative, the expectation is that other educational and financial institutions will follow suit. This can lead to a ripple effect, ensuring that women across India, regardless of their location or sector, can access better resources.
Furthermore, this programme serves as a beacon for young women, showing them that their entrepreneurial dreams are valid and achievable, fostering a new generation of women leaders.
The joint initiative by IIMB’s incubator and Goldman Sachs to support women entrepreneurs is a testament to the potential seen in women-led ventures and a proactive step towards building a more equitable entrepreneurial landscape in India. As the programme unfolds in 2023, it is poised to set new benchmarks in entrepreneurship and serve as a model for others worldwide.
