August 5, 2015

Goldman Sachs 10,000 Small Businesses celebrates graduation of more than 60 Southeast Michigan small-business owners

Goldman Sachs 10,000 Small Businesses, Detroit will celebrate the graduation of small-business owners who have completed a rigorous education, coaching and business-support module and are

Goldman Sachs 10,000 Small Businesses, Detroit will celebrate the graduation of small-business owners who have completed a rigorous education, coaching and business-support module and are ready to grow their businesses and deepen their contributions to Southeast Michigan’s economy.

More than 60 Detroit and Southeast Michigan entrepreneurs will graduate from the Goldman Sachs 10,000 Small Businesses initiative during a ceremony from 11 a.m. to noon on Thursday, Aug. 6. The event, at St. Andrew’s Hall on Wayne State’s main campus, will include remarks from U.S. Congresswoman Debbie Dingell (MI-12) and Rodrick T. Miller, president and CEO of Detroit Economic Growth Corporation.

Goldman Sachs launched 10,000 Small Businesses in Detroit and Southeast Michigan in November 2013 and committed $20 million for small-business loans, business education and grants for supporting community partners.

The business owners who will graduate this week participated in more than 100 hours of curriculum delivered across eleven sessions by a consortium of higher education institutions made up of Macomb Community College, Oakland Community College and Wayne State University, studying a business and management curriculum designed by Babson College. The curriculum covered accounting, human resources, negotiation and marketing, among other topics. The program also included one-on-one business advising and accounting workshops. Capital partners are Invest Detroit and the Detroit Development Fund.

National program findings show that, within six and 18 months of completing the program, alumni of the 10,000 Small Businesses program grow their revenue and create jobs faster than U.S. small businesses generally do. According to the latest study, in Southeast Michigan, 73.5 percent of participants realized increased revenues six months after graduating from the program, and 51.9 percent of participants added net new jobs six months after graduating from the program.

10,000 Small Businesses is funded by Goldman Sachs and the Goldman Sachs Foundation. The program is guided by an Advisory Council co-chaired by Goldman Sachs CEO Lloyd C. Blankfein, Warren Buffett, and Dr. Michael Porter of Harvard Business School.

Goldman Sachs 10,000 Small Businesses, Detroit is currently accepting applications for its sixth cohort, launching in fall 2015. Visit 10ksbdetroit.com for more information.

Photo: "Morning Joe" live broadcast at Wayne State's Community Arts Auditorium on Sept. 18, 2014. The show highlighted the graduation of the inaugural class of Goldman Sachs 10,000 Small Businesses, Detroit program.