Goldman Sachs, 10,000 Small Businesses UK
Regional programme to accelerate the growth of high potential small businesses to create jobs and grow economies. There are 250 competitively selected new participants per year, forming cohorts of 25-30 entrepreneurs.
The 10,000 Small Businesses programme is targeted at high-growth small businesses in the UK, providing education and training delivered by six universities. The programme is free of charge and is financed by the Goldman Sachs Foundation. Each year 250 small businesses are competitively selected to take part. Participants report an average annual increase of 23% in their net employment compared to 1% for UK small businesses; and an increase in turnover of 16% compared to a fall of 9% or other small businesses, adding £266 million in total revenues.
Since 2010 Goldman Sachs, 10,000 Small Businesses UK programme has helped accelerate the growth of high-potential small businesses through practically-focused business and management education. Each year three cohorts participate in the programme. Since its launch, more than 1,300 businesses have benefited.
As well as high-quality education delivered by university partners, the programme offers networking and peer learning opportunities. Competitively-selected businesses have the opportunity to take part in over 100 hours of education – both online and residential – funded by the Goldman Sachs Foundation.
A recently published impact report that showed that 10KSB alumni were three times more likely to create jobs than other UK small businesses and grow revenue at 81% per year; 77% had increased training opportunities provided to staff; 64% launched a new product or service in the year after completing the programme and 70% had sought external financing.
A recent 10KSB survey showed that compared to just 19% of the general UK business population, half of the 10KSB alumni are exporting, with 71% of these planning to increase their exports over the next 12 months; 17% of those not exporting intended to start in the next 12 months.
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