Commitment to Action to Spend US$1.5 Billion with Women-Owned Businesses
15,000 high potential women entrepreneurs around the globe are part of supplier readiness initiatives as a result of this significant commitment to action by Accenture LLP, The Boeing Company, Cherie Blair Foundation for Women, The Coca-Cola Company, DLA Piper, EY, Exxon Mobil Corporation, Freeport McMoRan Copper & Gold Inc., Goldman Sachs 10,000 Women, IBM, Intel Corporation, The International Center for Research on Women, The Inter-American Development Bank, Johnson Controls Inc., Marriott International Inc., McLarty Global Fellows, Pfizer Inc., The Rockefeller Foundation, The Royal Bank of Scotland plc, Thunderbird School of Global Management, the U.S. Department of State, and Wal-Mart Stores, Inc.
CGI Week of Action Remarks by Elizabeth A. Vazquez
As most of you know, women do 70 percent of the world’s work and earn only 10 percent of the income.
Women own one-third of all private businesses and earn only 1 percent of corporate and government procurement spend.
To help address these gaps, the Clinton Global Intitiative spent two years incubating a mega commitment called “Advancing Women-Owned Businesses in New Markets.”
It was given life at this time in 2013 by WEConnect International and Vital Voices Global Partnership in collaboration with Accenture, The Boeing Company, Cherie Blair Foundation, The Coca-Cola Company, DLA Piper, EY, ExxonMobil, Freeport, Goldman Sachs, IBM, ICRW, IDB, Intel, Johnson Controls, Marriott International, McLarty Global Fellows, Pfizer Inc., RBS, Rockefeller Foundation, TechnoServe, Thunderbird School, U.S. Department of State, and Walmart. It’s a long and impressive list!
These leading organizations committed to collaborate across the SME development lifecycle to address critical areas of need, with each partner focusing on the specific interventions that were most likely to yield the best long-term results.
The partners intended to create a more efficient, effective channel to identify, develop, and scale high-potential women entrepreneurs who could become strong corporate suppliers.
In just two years, partners collectively exceeded both primary objectives of our five-year commitment.
The first objective was to track and measure at least US$1.5 Billion in combined total new money spent by commitment makers on women-owned businesses based outside the U.S. between 2013 and 2018. The actual total spend at the end of 2014 exceeded US$3 Billion.
The second objective was to implement Supplier Readiness initiatives, including mentoring, targeting at least 15,000 women-owned businesses based outside the U.S. between 2013 and 2018. The actual total number of women trained at the end of 2014 exceeded 40,000 women.
We are all proud of our collective accomplishments, but we are keenly aware that this is just the beginning. The success of this CGI commitment hinged on the collaborative spirit in which the partners shared challenges, successes, and best practices with each other.
Going forward, our early achievement in building a reporting infrastructure will make it possible for the partners to continue to track and measure their spend with women-owned businesses and other underutilized groups of suppliers.
But the most meaningful outcome of this commitment, so far, is the evidence we give to you today—that global collaboration is the single most powerful way to realize sustainable change and impact in our life time.
Each commitment partner is powerful in their own right, but it took the CGI commitment platform to bring us all together to work towards something even bigger and greater.
Please help me thank the Clinton Global Initiative and all of the commitment partners for their passion for impact and inspirational leadership!
Photos by Adam Schultz and Clinton Global Initiative
Five-year Clinton Global Initiative Commitment Delivers in First Two Years
Partners Exceed Goal to Track Spend with Women-Owned Businesses by US1.5 Billion
(July 16, 2015 – New York City) Just two years after launching the Clinton Global Initiative (CGI) commitment to advancing women-owned business in new markets, WEConnect International and Vital Voices have helped to facilitate and track more than US$3 Billion in new spend with women-owned businesses and the training of more than 40,000 women business owners based outside the U.S.
WEConnect International and Vital Voices are proud to announce these impressive early results made possible by commitment partners: Accenture, ASU Thunderbird, The Boeing Company, Cherie Blair Foundation, The Coca-Cola Company, DLA Piper, EY, ExxonMobil, Freeport, Goldman Sachs, IBM, ICRW, IDB, Intel, Johnson Controls, Marriott International, McLarty Global Fellows, Pfizer Inc., RBS, Rockefeller Foundation, TechnoServe, U.S. Department of State, and Walmart.
Advancing Women-Owned Businesses in New Markets, a "Commitment to Action" announced at the Clinton Global Initiative (CGI) Annual Meeting in New York City was created to address the challenges associated with advancing and promoting women in a competitive global economy and their effective integration into global supply chains.
This commitment to action, lead by WEConnect International and Vital Voices, brings together a variety of partners to integrate more women-owned businesses into corporate supply chains. Catalyzed at CGI's 2012 Winter Meeting, this commitment aims to increase CGI corporate member spending on women-owned businesses based outside of the U.S. by at least US$1.5 billion by 2018, as well as implement supplier-readiness initiatives targeting at least 15,000 women-owned businesses based outside of the U.S. by the same target year.
Women-owned businesses can now self-register and/or get certified through WEConnect International's eNetwork: Global Directory of Women-Owned Businesses. The eNetwork is a private, multilingual, online platform connecting corporate buyers, representing over $700 billion in annual purchasing power, and certified and self-registered women-owned businesses globally. Join now!
About Vital Voices
Vital Voices Global Partnership is a leading non-governmental organization that identifies, invests in and brings visibility to extraordinary women around the world by unleashing their leadership potential to transform lives and accelerate peace and prosperity in their communities. Founded by former U.S. Secretary of State Hillary Clinton in 1997, the organization trains and mentors women leaders as agents of transformative change in economic development, human rights and political participation. The Vital Voices Global Leadership Network includes more than 14,000 leaders representing 144 countries who have trained and mentored 500,000 additional women and girls in their communities. Visit www.vitalvoices.org to learn more.
About Clinton Global Iniative
Established in 2005 by President Bill Clinton, the Clinton Global Initiative (CGI), an initiative of Bill, Hillary & Chelsea Clinton Foundation, convenes global leaders to create and implement innovative solutions to the world's most pressing challenges. CGI Annual Meetings have brought together more than 150 heads of state, 20 Nobel Prize laureates, and hundreds of leading CEOs, heads of foundations and NGOs, major philanthropists, and members of the media. To date CGI members have made more than 2,300 commitments, which are already improving the lives of more than 400 million people in over 180 countries. When fully funded and implemented, these commitments will be valued at $73.5 billion.