In 2010, Coca-Cola announced an audacious goal – to enable the economic empowerment of 5 million women entrepreneurs by 2020. The goal was large in scope and bold in its speed – with only 10 years to develop and implement key partnerships and programs to support women entrepreneurs around the world.
Today, we are proud to share that we are well on our way towards achieving our goal, having supported over 1.2 million women entrepreneurs from the Philippines, to South Africa, to Brazil, to the United States and Canada. Of course we haven’t done this alone – we have partnered with a variety of international and community-based not-for-profit organizations to deliver programs, networking, and mentorship opportunities.
Why did we take on this audacious goal in the first place? The reason is actually very simple: There is overwhelming evidence that achieving equality and empowerment for women has both immediate impacts that benefit them directly and broader ripple effects that are good for society. As pillars of their communities, women invest a sizable portion of the income they earn on the health and education of their children and in their local economies, creating a tremendous economic impact.
Take these numbers to heart when considering the tremendous economic impact that women have:
- Women control $20 trillion or almost 2/3 of worldwide spending
- Women do 66% of the world’s work, but earn only 10% of the world’s income
- Yet 90% of that income is reinvested into family and community
In Canada, Mompreneurs Momentum Enterprise of Canada has been a valuable partner in helping us reach our 5by20 goal by supporting a network of over 10,000 Canadian women in launching and growing their businesses. Through the delivery of Coca-Cola’s educational resources we have been both impressed to hear about the success of many businesses in the Mompreneurs network and proud to know that we have been able to contribute in a small way to some of these successes.
As a company that employs 6,200 people in more than 50 facilities, we understand the economic impact that local businesses have in their communities. Our employees live, work and serve our customers in these communities which gives us a collective responsibility to do our part in making them stronger. By supporting the entrepreneurs that serve the needs of their communities, we hope to achieve exactly that.