It is undeniable that there is a racial divide among Black women in the workforce. According to a report by the Bureau of Labor Statistics, Black women only make 68% of White men’s earnings. When it comes to entrepreneurship, even though Black women represent 42% of new businesses, a 2018 report by American Express revealed that the average annual sales for businesses owned by Black women was $27,752 in 2012 (the most recent figure available), compared to $170,587 for white women and $143,731 for all women. Funding can make a difference and Black female founders only receive 0.64% of venture funds. Through The One Million Black Women Initiative, Goldman Sachs is attempting to change this and has an influential advisory council to assist them in their mission.
Exclusively reported by ESSENCE, The One Million Black Women initiative will provide $10B to support Black women in various avenues over the next 10 years. The Goldman Sachs’ initiative has a mission of supporting one million Black women by 2030. The 15 person Advisory Council includes heavy hitters like Valerie B. Jarret, Senior Distinguished Fellow, The University of Chicago Law School; Thelma Golden, Director and Chief Curator, The Studio Museum of Harlem; Melanie Campbell, CEO of The National Coalition of Black Civic Participation, Convener of The Black Women’s Roundtable; Rosalind G. Brewer, Chief Executive Officer, Walgreens. Now they have two additional members who will alley-oop them to their goal: Ayesha and Steph Curry. Ayesha Curry, will bring her entrepreneurial experience from being both a cookbook author and cooking television personality in addition to an actress. When NBA Superstar Steph Curry is not dominating on the court, he’s the co-founder of SC30, an investment company with equity partnerships in fitness company Tonal as well as the beverage brand, Oxigen, in addition to many others. His investment expertise and star power will be an asset to The Advisory Council.
Goldman Sachs CEO, David Solomon will host The Advisory Council for their first meeting scheduled on May 17th. Shortly after, they will announce their first series of investments. Goldman Sachs research has shown that the fastest way to accelerate change and address the racial wealth gap is to listen and invest in Black women. They are putting their money where their mouth is with a dynamic Advisory Council to help enact change.
You can learn more about the initiative and the mission here.