Arguably one of the world’s largest beverage brands, Coca-Cola is set to stake another global victory with its 5by20 Initiative.
The women’s economic empowerment initiative, launched in 2010, recently announced its year-to-date success of reaching 1.2 million women across 60 countries, with 372,000 served in 2015 alone. This milestone achievement brings the global brand closer to their goal of enabling the economic empowerment of 5 million women entrepreneurs across the Coca-Cola value chain by 2020.
By providing access to business skills, financial services, assets and support networks of peers and mentors, 5by20 is helping women succeed as entrepreneurs while also helping to create sustainable communities.
Noko, a guardian to five children and a restaurant owner in Diepsloot, South Africa, learned about bookkeeping, marketing and other business skills in a workshop offered by Coca-Cola’s 5by20 program and UN Women. She says her confidence has grown and her profits have nearly doubled.
“Sometimes when I look around my business, I see how far I have grown and I am filled with so much pride I could cry,” she remarks.”Now I do not worry about my future. I am excited just thinking about how much more I can do. I want to transform my business further so I can add other services that will help my business and serve the needs of the community.”
A recent Impact study of 101 women retailers in the Guateng and North West provinces near Johannesburg, South Africa, reveals that 5by20 participants saw increases in sales and personal income. Here are some other stats:
- Average business sales increased 44% and average personal income increased 23% over one year (July 2014-July 2015)
- More than half (54%) of participants reported that their business improved ‘a lot’ as a result of the training. Of those women reporting business growth, more than half saw an increase in personal income.
- On average, women showed an increased ability to afford basic expenses for themselves and their family, such as education expenses for school children, medical visits, and clothing
- Approximately two-thirds of the participants reported that they were able to put money in savings each month
- More than 90% of women included in the study said they were confident they will keep their business open and will be able to grow.
“We believe thriving, sustainable communities are critical for a sustainable business, and women are absolutely essential to our success,” said Bea Perez, Chief Sustainability Officer of The Coca-Cola Company. “We still have a significant amount of work to do, but I am proud of the progress we are making. It’s inspiring when I am able to meet the participants and see first-hand how 5by20 is transforming the lives of women, families and communities around the world.”
Partnerships with organizations such as UN Women, Inter-American Development Bank (IDB), International Finance Corporation (IFC) MercyCorps, TechnoServe, Bill & Melinda Gates Foundation, Hand in Hand Southern Africa, and many regional and local partners around the world are critical to the success of The Coca-Cola Company’s 5by20 initiative.
Who runs the world? Girls!
Click here for more information on the 5by20 Initiative or join the conversation on Twitter using #5by20.
