Program Update
Goldman Sachs One Million Black Women: Black in Business
ICIC has served as the national outreach and selection partner of the Goldman Sachs One Million Black Women: Black in Business program since its establishment in 2022. One Million Black Women commits $10 billion in direct investment capital and $100 billion in philanthropic support to address the dual disproportionate gender and racial biases that Black women have faced for generations, which were exacerbated by the pandemic. The One Million Black Women: Black in Business program teaches participants how to price their products or services, hire employees, understand finances, and so much more. The curriculum is delivered in partnership with NYU Stern through in-person sessions at Goldman Sachs headquarters in New York City and virtual sessions over 10 weeks. Met with immense enthusiasm, the program has seen more than 1000 participants across six cohorts since its inception. Now, the Black in Business program looks forward to serving many more Black women sole proprietors in the future.
Black in Business’s Why
Black women start businesses faster than any other demographic. Goldman Sachs created the One Million Black Women: Black in Business program as a response to the specific challenges faced by the growing number of Black women sole proprietors. New data shows that program graduates are growing their businesses, hiring, and innovating.
Impact Snapshot: One Million Black Women: Black In Business
65%
Black in Business alumni who reported increasing revenues
$23K
Median revenue increase
$22M
Collective total revenue
96%
Black in Business alumni who are still operating the same business
Summary of 2024 Participants
434
Total number of participants
39
States represented
18
Industries represented
Alumni Spotlight
“My ‘why’ is knowing that we can solve many of the world’s problems by helping people recognize, understand, manage, and express their emotions in healthy ways. We all deserve to live in a world that recognizes our humanity and gives us the freedom to express how we feel in safe and healthy spaces, free of stigma and judgment.
Participating in the Goldman Sachs Black in Business program has been crucial to my company’s growth, which is expanding our reach and impact. We have experienced international success because of the lessons and goals achieved through the program. I can’t wait to see how much further we can go because of the continued support from the business advisers and coaches!”
Chelsea Elliott, Founder
Sōmōcom Lab
One Million Black Women: Black in Business (2022)