From Community Investment to Global Impact

Session Description

How do corporate foundations and public policies create ecosystems where entrepreneurship thrives? Join us to explore best practices for turning localized community investments into scalable global models. 

In this fireside chat, Jessica Taylor of Goldman Sachs shares lessons from over a decade of work leading transformative initiatives like 10,000 Small Businesses and 10,000 Women. From community colleges to cross-border partnerships, discover how corporate investment—when aligned with policy and local leadership—can unlock lasting economic opportunity.

Key Takeaways:

• How corporate foundations can scale local programs into global platforms
• Lessons from Goldman Sachs’ impact in underserved and underrepresented communities
• What’s next in aligning public policy with private-sector ecosystem building

Step into the insightful world of community investment and global impact, straight from our engaging conference session! This discussion brought together leading voices to explore how strategic initiatives are fostering economic growth and empowering underrepresented communities on a grand scale. Discover the blueprints for sustained impact and how organizations are moving beyond traditional philanthropy to create measurable, lasting change.

Session Recap

The session provided a deep dive into how a prominent financial institution aligns its philanthropic efforts with its core business mission of economic growth, specifically focusing on the empowerment of small businesses. The conversation highlighted the vital role small businesses play in the economy and showcased successful initiatives designed to help entrepreneurs grow their revenues and create jobs. Key themes included the power of partnerships, the importance of data-driven approaches, and the necessity of sustained commitment for achieving measurable impact and scaling successful programs globally.

Outline of Discussion Areas:

• The profound significance of gatherings like this conference for fostering economic growth and entrepreneurial empowerment.
• Goldman Sachs's dedicated commitment to entrepreneurship through flagship programs such as 10,000 Small Businesses and 1 Million Black Women.
• The immense economic impact of small businesses, which employ nearly half of America's workforce and constitute almost 99% of employer firms.
• Real-world success stories and impressive growth witnessed among participants of the institution's educational programs.
• The adaptability and innovation in serving entrepreneurs, including significant expansion into rural America and doubling program sizes to meet unprecedented demand among sole proprietors.
• The critical role of strategic partnerships, specificity of focus, and sustained intervention for achieving long-term, far-reaching impact.
• Methodologies for scaling local successes into global reach, emphasizing a process of starting small, rigorous assessment, and deep, committed partnership.
• The essential function of data and metrics in gauging program success, ensuring accountability, and driving continuous improvement.
• Identifying and supporting entrepreneurs who possess a clear vision for growth and a strong understanding of their business needs and challenges.
• The commitment to nurturing the next generation and strengthening entire ecosystems through well-defined goals, strategic alliances, and a strong emphasis on data-backed insights.

Notable Quotes:

• "You're not going to grow the economy just focusing on your ultra high net worth individuals alone or your larger corporations. You need small businesses to function".
• "I think the lesson to kind of having these sustained initiatives is to do exactly that to be sustained in your intervention and then be able to measure the impact of that over time and to have some pretty incredible partners that can help bring you along".
• "It's getting specific. It's getting brass tax. It's finding the right people. And talking details and talking data".

Key Takeaways:

• Empower Small Businesses for Economic Vitality: Small businesses are foundational to any thriving economy, employing a substantial portion of the workforce. Investing in their growth is paramount for broad economic development.
• Forge Deep and Intentional Partnerships: Large-scale impact is rarely achieved by a single entity. Collaborating with diverse, committed partners – from educational institutions to economic development organizations – is crucial for execution and scalability.
• Embrace Data for Measurable Impact: Consistently tracking key metrics, such as revenue growth and job creation, is vital for understanding program effectiveness, making informed adjustments, and continuously improving interventions.
• Pilot, Learn, and Scale Strategically: Instead of immediately pursuing a massive vision, start with small, manageable pilots. Thoroughly assess the results, learn from them, and then gradually expand with proven methods and strong partnerships.
• Maintain Sustained Commitment and Clear Focus: Long-term success in community investment hinges on maintaining a specific focus on your intervention over time, resisting the temptation to divert resources, and staying true to the initial mission.

Resources Mentioned:

• Goldman Sachs 10,000 Small Businesses program
• Goldman Sachs 1 Million Black Women initiative
• Black & Business program (part of the 1 Million Black Women initiative)
• Babson College: Partnered for survey diagnostics and data analysis.
• Stern School of Business at NYU: Partnership for the education curriculum.
• Jumpstart: An economic development organization partnered for program management.
• Initiative for a Competitive Inner City (ICIC) in Boston: Partnered for recruitment.

Action Items:

• Integrate Small Businesses into Major Economic Events: For large opportunities like global sporting events, develop a concrete game plan to intentionally incorporate and support local small businesses, setting clear goals and identifying key partners.
• Define Specific Goals for Ecosystem Impact: Whether participating in programs or working independently, individuals and organizations should clarify their specific goals for driving impact within an ecosystem, leveraging networks to find best-in-class partners, and focusing on detailed, data-driven execution.
• Continuously Engage and Adapt to Client Needs: Maintain an open ear to the evolving needs of clients and businesses served, adapting programs and strategies to meet those demands, especially during uncertain times.