Goldman Sachs One Million Black Women Announces Partnership With Echoing Green to Invest in Black Women Social Entrepreneurs and Accelerate Change
19 October 2021 - 12:00AM
Business Wire
- Goldman Sachs Foundation will commit $1 million to Echoing
Green as a solution to the lack of access to capital for Black
women entrepreneurs and to accelerate social change for urgent
issues facing communities.
- Echoing Green will establish a cohort of Black women Fellows to
develop projects addressing housing, education, healthcare, digital
connectivity, access to capital, workforce development, financial
literacy and climate justice; all critical needs in underserved
communities.
- The partnership advances Goldman Sachs’ commitment to
positively impacting the lives of one million Black women over the
next decade.
Goldman Sachs One Million Black Women today announced a new
partnership with Echoing Green to accelerate the impact of Black
women social entrepreneurs through its world-renowned Fellowship
program. Goldman Sachs Foundation will provide Echoing Green with a
$1 million grant to develop a new cohort of Fellows who are leading
programs to positively impact and radically transform the futures
of Black women and girls across the U.S.
Through the new partnership, One Million Black Women and Echoing
Green will drive transformation by increasing access to capital for
early-stage Black women social entrepreneurs whose work is designed
with and for their communities.
"We are so proud to develop a partnership with Echoing Green to
support Black women as social innovators," said Asahi Pompey,
Global Head of Office of Corporate Engagement and President of the
Goldman Sachs Foundation. "Giving Black women a platform to
invest in their ideas is essential to driving meaningful community
solutions, because we know that those closest to the problems are
closest to the solutions."
The Fellows’ projects will address housing, education,
healthcare, digital connectivity, access to capital, workforce
development, financial literacy and climate justice.
The Fellows will access seed funding, strategic partnerships,
coaching, mentorship, technical and network support, as well as
life-long connections to a global network of philanthropists,
investors and entrepreneurs. The first cohort supported by One
Million Black Women will be announced in the spring of 2022.
Applications will be accepted from October 19 – November 2. To
nominate a Fellow or to apply, visit
echoinggreen.org/goldman-sachs.
Cheryl L. Dorsey, president of Echoing Green, said, "I am
thrilled that Goldman Sachs One Million Black Women is partnering
with Echoing Green to invest in the voices, visions, and lives of
Black women and their communities. Through our partnership, we will
support the leadership of Black women who leverage social
innovation as a tool to create transformative solutions for their
communities. One Million Black Women is an exemplar of the tangible
and sustained impact the corporate and philanthropic sectors can
have in building a world where all people can truly thrive."
The new partnership marks the latest investment for Goldman
Sachs One Million Black Women, which has committed $10 billion in
investment capital and $100 million in philanthropic support to
impact the lives of at least one million Black women over the next
decade. One Million Black Women is designed and implemented in
partnership with Black women leaders and their organizations, to
ensure it is informed by, reflective of, and responsive to Black
women's viewpoints. In partnership with the One Million Black Women
Advisory Council, which consists of 17 Black business and community
leaders; and Black women-led organizations, One Million Black Women
has hosted 47 listening sessions and engaged more than 18,000 women
across the country since launching in March to help inform where
investments can make the most impact.
For more than 30 years, Echoing Green has worked at the
intersection of social justice and social innovation, supporting
entrepreneurs to create a just, equitable, and inclusive society.
Through the launch of its Racial Equity Philanthropic Fund last
year, Echoing Green is building on its lifelong commitment to
investing in and developing next-generation leaders. Over the next
three years, the fund will support 500 social enterprises whose
work focuses on advancing racial equity and build new onramps to
social innovation by delivering training and programming to 5,000
emerging leaders. Additionally, Echoing Green will engage 10,000
corporate employees, including those at Goldman Sachs Foundation,
to support social innovation leaders and provide programming to
advise social entrepreneurs on their business challenges as well as
highlight innovators who lead efforts to dismantle inequitable
systems.
About One Million Black Women
In partnership with Black women-led organizations and other
partners, Goldman Sachs One Million Black Women
<https://www.goldmansachs.com/our-commitments/sustainability/one-million-black-women/index.html>
is a commitment of $10 billion in direct investment capital and
$100 million in philanthropic support to address the dual
disproportionate gender and racial biases that Black women have
faced for generations, which have only been exacerbated by the
pandemic. One Million Black Women seeks to narrow opportunity gaps
for at least one million Black women over the next decade at key
moments in their lives - from birth to school, career to
retirement, home ownership and everything in between.
About Echoing Green
Since 1987, Echoing Green has been on the front lines of solving
the world's biggest problems, raising up the transformational
leaders willing to speak truth to power and challenge the status
quo. The organization finds emerging leaders with the best ideas
for social innovation as early as possible and sets them on a path
to lifelong impact. Echoing Green's community of nearly 1,000
social innovators includes past Fellows like First Lady Michelle
Obama and the founders of organizations like Teach For America,
Data for Black Lives, and One Acre Fund. Built and refined over
three decades, Echoing Green discovers tomorrow's leaders today and
then funds, connects, and supports a new generation of social
impact leaders.
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Abbey Collins abbey.collins@gs.com Tel: +1 212-902-5400
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