PROGRESS REPORT ON GOLDMAN SACHS 10,000 SMALL BUSINESSES PROGRAM
A new report from Babson College, Stimulating Small Business Growth: Progress Report on Goldman Sachs 10,000 Small Businesses details the progress of the thousands of small businesses that have participated in the 10,000 Small Businesses program launched to help entrepreneurs across the United States grow their businesses and create jobs.
“These results confirm that small businesses continue to play a central role in spurring economic growth and job creation in their communities and nationwide and we are so pleased to see how this program has contributed to their success,” said Dina Habib Powell, President of the Goldman Sachs Foundation and head of the firm’s Impact Investing business.
Babson College created an extensive report which you can read but here are a few highlights to point out.
KEY FINDINGS With nearly twice the sample size of last year’s inaugural report, 2,300 of nearly 5,000, and now including data 18 months out from the program, Babson reports that:
- 67% of participants have reported increasing their revenues just six months after graduating, which rises to 76% after 18 months
- 46% of participants have reported creating net new jobs just six months after graduating, which rises to 57% after 18 months
- The program maintains a 99% graduation rate and fosters a marketplace where 84% of graduates do business together
Those who collaborate with others generally more often report growth in revenues and growth in jobs. The number of business owners reporting increased revenue and/or increased jobs generally increases along with the intensity of the type of collaboration.
“Through 10,000 Small Businesses, we see businesses grow their revenues and create new jobs, while we learn more about a crucial sector of the economy-small businesses that are not new or from any particular industry , but develop or flourish through models of peer learning and business collaboration,” commented Patricia G. Greene, Babson College Professor, National Academic Director for Goldman Sachs 10,000 Small Businesses and Lead Author of the Report.
As the Philadelphia capital partner in the Goldman Sachs 10,000 Small Businesses program PIDC has committed to improving access to capital for small businesses in the city ready for growth. Through our flexible financing PIDC is deploying $10 million in capital to growing businesses in Philadelphia. In addition PIDC is proud referral partner for the educational component of the program. We have seen firsthand the dramatic impact the 10,000 Small Businesses program has had on many PIDC clients who have been scholars in the program.
In Philadelphia, 169 entrepreneurs have graduated thus far, with most collaborating or referring work to other graduates. Four have actually teamed up, sharing space at The Navy Yard ; some have assisted in organizing capital for others; and several have received related honors, including the Greater Philadelphia Chamber of Commerce’s 2014 Small Business Excellence Award, the Philly 100 and Small Business Administration recognition.
The deadline for the next round of applications is September 15, 2015. Apply today.
“I have all the tools to take an opportunity and decide whether it’s something that’s going to be profitable or not for my business. I learned through the 10,000 Small Businesses program how to take the company to the next level,” said Michael Brown, President, Environnmental Construction Services.
PIDC CLIENT GRADUATES OF GOLDMAN SACHS 10,000 SMALL BUSINESSES
- AM Electric
- Environmental Construction Services Inc.
- Keystone Tile and Marble
- Khadijah Alderman Funeral Services
- Mercer Café
- North American Roofers
- Nu-Comfort LLC
- Peacock Laboratories
- Safian Rudolph
- Smith Flooring
- Strother Enterprises Inc.
- The Tactile Group
- T McCall Electric and Plumbing
- Torrado Construction