Goldman Sachs announced a $500 million funding initiative on Thursday to expand its small-business support program, launching a dedicated institute alongside tech giants Anthropic, Google, Meta, and OpenAI, according to The Next Web. Speaking at the bank's New York headquarters, chief executive David Solomon shared his perspective on how small businesses can adopt emerging technology.
Key takeaways
- Goldman Sachs is injecting $500 million into the next phase of its small-business programme.
- A new Small Business AI Institute is created in partnership with Anthropic, Google, Meta, and OpenAI.
- The funding will provide education, access to capital, and support for another 10,000 businesses.
- Eighty-six percent of surveyed alumni use AI, though most spend under $100 a month.
How does the new small-business AI institute work?
The capital supports education, access to capital, and assistance for an additional 10,000 businesses. The institute will teach owners how to use AI, publish research on those practices, and deploy technology to widen capital access. Each of the four technology partners contributes specific resources to the effort.
The Next Web reports that Anthropic will run a learning series, hands-on workshops, and joint research. Google provides its Grow with Google AI Professional certificate to nearly 20,000 owners and employees alongside three months of Google AI Pro for free. Meta brings tools and training via Muse for Small Business, while OpenAI conducts workshops with community college partners.
What do business owners spend on frontier models?
A report released by Goldman alongside the announcement shows that most entrepreneurs spend very little on technology so far. Babson College surveyed program alumni in August, gathering 2,473 responses. Among those using AI, seventy-three percent spend less than $100 a month, while sixteen percent rely exclusively on free tools.
Only eighteen percent of users employ agentic AI, and fifteen percent report full integration into their core operations. Also, eighty-four percent of users note no change to their workforce due to the technology. Solomon advised owners to take their time rather than rush into expensive adoptions.
What the funding means for entrepreneurs
Entrepreneurs participating in the program gain structured training and resources backed by a massive financial commitment. With previous efforts helping nearly 20,000 business owners since 2010 under a $1.25 billion backing, the fresh initiative targets another 10,000 participants. While big tech firms provide the educational tools, leadership suggests that basic productivity tools matter more for daily operations than advanced frontier models.
Frequently asked questions
Goldman Sachs is putting $500 million into the next phase of its program, which includes the new Small Business AI Institute.
The partners building the new institute alongside Goldman Sachs are Anthropic, Google, Meta, and OpenAI.
The institute will teach owners about AI, publish research on how businesses use it, and use AI to widen access to capital.
Nearly 20,000 entrepreneurs have completed the program since it started in 2010 under an earlier $1.25 billion commitment.
Of the owners using AI, 73% spend less than $100 a month, and 16% use only free tools.
Based on reporting by The Next Web. Read the original article
