Goldman Sachs 2012 Annual Report Download - page 31

29Goldman Sachs 2012 Annual Report
Jim Griffin
In the United States, 10,000 Small Businesses is helping entrepreneurs
maximize opportunities in cities across the country. Currently, the program is
active in 11 markets. To date, nearly 1,000 business owners have participated in
the program. Among the first cohorts to graduate, approximately 70 percent of
participants reported increased revenues, while 50 percent reported creating
net new jobs.
In 2012, 10,000 Small Businesses launched in Cleveland, Ohio, with $15 million
in support from Goldman Sachs and the Goldman Sachs Foundation. Participants
study for 11 weeks at Cuyahoga Community College, following a customized
10,000 Small Businesses curriculum designed and delivered nationally by Babson
College, the top-ranked school for two decades for entrepreneurial education,
according to U.S. News & World Report. Courses cover accounting, human
resources, negotiation, marketing and other subjects, while Goldman Sachs
professionals provide workshops and one-on-one business advice.
Also in 2012, 10,000 Small Businesses launched in Salt Lake City, Utah, where
the program is supported by an investment of $15 million. As elsewhere, the
firm is working closely with key community partners. In this case, Salt Lake
Community College delivers the education portion of the program. Other partners
involved in the program include the Pete Suazo Business Center, the Salt Lake
Chamber, the Salt Lake Small Business Development Center, the Utah Hispanic
Chamber of Commerce and the Utah Small Business Development Centers
Network. These partners help with the recruitment of small business owners
and entrepreneurs in Salt Lake City and assist in providing outreach and
business support services.
10,000 Small Businesses
in the U.S.
Among the graduates of 10,000 Small Businesses
U.K. is Jim Griffin of Rugby, who credits the course
work and connections with rekindling his company
and his spirits. “A year ago we were struggling to find
the right growth path,” says the CEO of Automotive
Insulations Ltd., a maker of thermal and acoustic
insulation for such automotive clients as Bentley
and Alfa Romeo. “Since then, we’re working
24/7 and we’ve taken on a second factory site,”
he says, adding that the company has doubled its
workforce and rapidly increased top-line growth.
Read more:
goldmansachs.com/annual-report/10ksb-uk
A prime example of the program’s graduates
is Carmen Maldonado, owner of La Criolla, a
Chicago-based purveyor of quality spices and
specialty ingredients. Through
10,000 Small
Businesses, Maldonado has gained key
leadership skills to move her company forward.
The program, she says, “opened my eyes
to where I wanted to take my business —
and enabled me to communicate that to my
employees.” ”Since graduating,” she adds,
“ La Criolla has increased its revenues by
more than 40 percent.”
Read more:
goldmansachs.com/annual-report/10ksb-us
Carmen
Maldonado