Harvard Case - The Goldman Sachs 10,000 Small Businesses Program: 2009-2021
"The Goldman Sachs 10,000 Small Businesses Program: 2009-2021" Harvard business case study is written by Leonard A. Schlesinger, Julia Kelley. It deals with the challenges in the field of Social Enterprise. The case study is 25 page(s) long and it was first published on : Mar 21, 2022
At Fern Fort University, we recommend that Goldman Sachs continue to invest in and expand the 10,000 Small Businesses Program, focusing on enhancing its impact through a strategic approach that leverages its strengths in finance and investing, corporate social responsibility (CSR), and strategic alliances. This expansion should prioritize social innovation and impact investing by incorporating sustainable business models and inclusive business models to address the needs of underserved communities and contribute to a more equitable and sustainable future.
2. Background
The Goldman Sachs 10,000 Small Businesses Program, launched in 2009, is a comprehensive initiative aimed at supporting small businesses in the United States. The program provides entrepreneurs with access to business education, mentorship, and capital, with the goal of fostering economic growth and job creation. The program has served over 10,000 entrepreneurs, demonstrating its significant impact on the American economy.
The case study highlights the program's evolution over the years, including its expansion to new markets and its focus on addressing specific challenges faced by small businesses, such as access to capital and technology. The program's success is attributed to its strong partnerships with non-profit organizations, universities, and government agencies, creating a robust ecosystem for entrepreneurs.
3. Analysis of the Case Study
The program's success can be analyzed through the lens of stakeholder theory, which emphasizes the importance of balancing the interests of various stakeholders, including entrepreneurs, investors, employees, and the community. The program demonstrates a strong commitment to this principle by:
- Providing entrepreneurs with access to resources: The program offers a comprehensive package of support, including business education, mentorship, and capital, addressing a key need for small businesses.
- Creating a strong network: The program fosters collaboration among entrepreneurs, mentors, and investors, creating a supportive ecosystem for growth.
- Contributing to economic development: The program's focus on job creation and economic growth aligns with the broader societal goal of improving livelihoods.
However, the program faces challenges in achieving its full potential, particularly in terms of:
- Scalability: The program's current reach is limited, and scaling it to reach more entrepreneurs requires a strategic approach.
- Impact measurement: While the program has demonstrated positive impact, quantifying its long-term effects on businesses and the economy requires robust data collection and analysis.
- Sustainability: The program's long-term sustainability depends on securing adequate funding and maintaining strong partnerships.
4. Recommendations
To address the challenges and maximize the program's impact, Goldman Sachs should consider the following recommendations:
- Expand the program's reach: Leverage the program's success to expand its reach to new markets, including underserved communities and emerging markets. This can be achieved through strategic partnerships with non-governmental organizations (NGOs), social enterprises, and government agencies.
- Integrate social impact: Adopt a triple bottom line approach to measure the program's social, environmental, and economic impact. This can be achieved by incorporating social impact measurement tools and metrics into the program's evaluation framework.
- Promote sustainable business models: Encourage entrepreneurs to adopt sustainable business models, focusing on environmental sustainability and ethical supply chains. This can be achieved through targeted training programs, mentorship opportunities, and access to capital for green initiatives.
- Invest in social innovation: Support entrepreneurs developing innovative solutions to address social challenges, such as poverty, healthcare, and education. This can be achieved through dedicated funding streams, mentorship programs, and partnerships with social innovation labs.
- Develop a robust impact measurement framework: Invest in data collection and analysis to measure the program's long-term impact on businesses, communities, and the environment. This can be achieved by partnering with academic institutions, research organizations, and social impact measurement experts.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Goldman Sachs' expertise in finance and investing, combined with its commitment to corporate social responsibility (CSR), aligns well with the program's goals.
- External customers and internal clients: The program's target audience includes entrepreneurs, investors, and the broader community. The recommendations aim to address the needs of all stakeholders.
- Competitors: The program faces competition from other organizations offering similar support to small businesses. The recommendations aim to differentiate the program by focusing on social impact and sustainability.
- Attractiveness ' quantitative measures: The recommendations are expected to enhance the program's attractiveness to investors and stakeholders by demonstrating its positive impact on society and the environment.
6. Conclusion
The Goldman Sachs 10,000 Small Businesses Program has the potential to be a powerful force for positive change, fostering economic growth, social innovation, and environmental sustainability. By embracing a strategic approach that prioritizes social impact and sustainable business models, the program can significantly enhance its impact and create a more equitable and sustainable future for all.
7. Discussion
Alternative approaches to expanding the program's reach include focusing solely on specific industries or geographic regions. However, this approach could limit the program's potential impact and fail to address the diverse needs of entrepreneurs.
The recommendations are based on the assumption that Goldman Sachs is committed to long-term impact and is willing to invest in developing a robust impact measurement framework. If these assumptions are not met, the program may struggle to achieve its full potential.
8. Next Steps
To implement the recommendations, Goldman Sachs should:
- Form a task force: Create a dedicated task force to oversee the program's expansion and development.
- Conduct a feasibility study: Conduct a feasibility study to assess the potential impact of the recommendations and identify potential challenges.
- Develop a strategic plan: Develop a comprehensive strategic plan outlining the program's goals, objectives, and implementation timeline.
- Secure funding: Secure adequate funding to support the program's expansion and impact measurement initiatives.
- Build partnerships: Strengthen existing partnerships and forge new partnerships with organizations aligned with the program's goals.
By taking these steps, Goldman Sachs can ensure that the 10,000 Small Businesses Program continues to be a leading force for positive change in the years to come.
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Case Description
In December 2021, more than a decade after its founding, Goldman Sachs's 10,000 Small Businesses program was still going strong - and the firm now needed to evaluate potential program modifications to reach a wider group of small business owners. Launched in the aftermath of the Global Financial Crisis, 10,000 Small Businesses provided business education, a wide network, and access to capital to U.S. small business owners through more than a dozen city- and state-based program and a National Cohort model. By 2020, Goldman Sachs achieved its goal of graduating 10,000 small business owners from the program, and the firm decided to renew the program with the goal of reaching another 10,000. Against the backdrop of the COVID-19 pandemic, which placed unprecedented strain on small business owners across the U.S., the 10,000 Small Businesses program office team expanded the program's efforts to organize a collective voice for small business owners in U.S. politics, support an internship program that paired community college students with local small businesses, and admit owners of smaller businesses than had previously been accepted into the program. In late 2021, the team considered how to approach its latest effort: supporting Black women business owners in line with the firm's broader One Million Black Women initiative. As 10,000 Small Businesses expanded its reach to smaller businesses and sole proprietors, what modifications did the team need to make? In what ways did Goldman Sachs need to rethink its work to render its One Million Black Women initiative effective?
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