Miami, June 7, 2016- A recent study on small business growth revealed the Goldman Sachs 10,000 Small Businesses program at Miami Dade College (MDC), is directly helping existing small businesses. These findings are encouraging news in light of a recent study by the Kauffman Index of Growth Entrepreneurship Series ranking Miami as almost last among metro areas with fast growing small businesses.
A recent study included in the Kauffman Index of Growth Entrepreneurship Series as described in a Miami Herald article (http://www.miamiherald.com/news/business/article23061348.html) revealed that Miami ranked 39th out of 40th metro areas for “scale-up” or fast growing small business. In a separate study on small business growth, a recently released Progress Report on Goldman Sachs 10,000 Small Businesses by Babson College (http://www.goldmansachs.com/citizenship/10000-small-businesses/US/program-impact/report.pdf) revealed the 10KSB program, among other impacts, is directly addressing the very issue of helping existing small businesses to scale.
The 10KSB report revealed the nationwide program has now served more than 6,100 businesses, representing more than $5 billion in total revenues and more than 80,000 employees. Nationally, more than 60 percent of program alumni have added jobs 30 months after graduating with average job growth at the rate of 114 percent. Also nationally, 82 percent of program alumni have increased revenues with an average revenue growth rate of 106 percent within 30 months after graduating.
Locally, Goldman Sachs 10,000 Small Businesses at MDC just announced 39 new business owners are now enrolled in Cohort 8. This is the largest class yet for the business education program that was originally launched at MDC in September 2013. The local program has served a total of 230 businesses to date, representing more than 3,900 jobs throughout Greater Miami and more than $340 million in aggregate revenues.
Although the earliest business owners in the MDC program have not been graduates long enough to be counted among those “graduating 30-months ago or more” as described in the report, the growth trends of local MDC graduates have been consistent with the national averages.
The attached report: ”The State of Small Business in America,” offers unique perspectives from entrepreneurs on how to grow the US Business Landscape.
Miami Dade College is accepting applications for the Goldman Sachs 10,000 Small Businesses program at the Wolfson Campus. Applicants should be an owner or co-owner of a business in operation for at least two years, with at least $150,000 in annual revenues in the most recent fiscal year.
To participate in Cohort 9 of MDC’s 10KSB program, visit http://www.10KSBapply.com to apply or call 305-237-7824. The deadline to apply for Cohort 9 is June 16, 2016.