Small Business in the Big Easy: Powering an Economic Revival

Goldman Sachs Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 26 August 2015

⏱️ 18 minutes

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Summary

Dina Powell, head of Goldman Sachs' Impact Investing business and president of the Goldman Sachs Foundation, discusses how investing in the New Orleans small business community has helped to revitalize the city. She is joined by two graduates of the Goldman Sachs 10,000 Small Businesses program: Kristen Preau Moore, CEO and owner of Cook Me Somethin' Mister, and Barrett Wiley, owner of Cleaning Concierge. This episode was recorded on July 28, 2015. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of Goldman Sachs Global Investment Research. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2015 Goldman Sachs. All rights reserved.

Transcript

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0:00.0	This is exchanges at Goldman Sachs where people from our firm share their insights on developments currently shaping markets, industries, and the global economy.
0:17.0	I'm Jake Seawert, Global Head of Corporate Communications here at the firm.
0:21.0	Today I'm joined by Dina Powell, who is president of the Goldman Sachs Foundation and head of our impact investing business.
0:28.0	We're going to discuss community development and small business finance and how it's helping spur an economic revival in New Orleans.
0:35.4	Dina, welcome to the program.
0:37.2	Delighted to be here.
0:38.8	Dina, we're going to focus today on one of the programs that you oversee and that is 10,000 small business,
0:45.0	particularly the impact it's had in New Orleans where we've been operating for some time.
0:50.0	Talk a little bit about how the foundation came to focus on small business and what we try to do with that program.
0:56.0	Sure. Well, over the last several years, we have really believed that the best investment Goldman Sachs can make through our foundation is empowering
1:04.0	entrepreneurs to reach their potential. When they do, they are the best drivers of
1:08.0	economic growth and job creation. 10,000 small businesses is a program co-chaired by our CEO Lloyd Blankfine, Warren Buffett,
1:16.3	Michael Porter of Harvard Business School, and Michael Bloomberg.
1:20.1	And they have really pushed us to think about what it is that grows small businesses.
1:25.2	And we believe that the secret sauce is bringing together business education, access to capital, and technical assistance.
1:32.6	Nowhere has this been exemplified more than in New Orleans,
1:36.0	a city that obviously suffered a great devastation
1:39.7	and is now one of the best labs of entrepreneurship in the country.
1:43.6	We've worked with over 300 business owners, some of them family businesses, some of them new
1:48.1	businesses.
1:49.1	These were business owners who had the passion, had the drive, had the great business model, they just needed some
1:54.6	support to really go to the next level.
	...

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