Metro Detroit ‘10,000 Small Businesses’ Graduates Outpace U.S. Economy
Small business owners who have completed the educational components of the Goldman Sachs 10,000 Small Businesses, a program with Detroit offices at Wayne State University, grew revenue and added jobs at a rate that outperformed the national economy, says a new report commissioned by Goldman Sachs.
“We are seeing the results of the 10,000 Small Businesses program in all corners of Detroit,” says M. Roy Wilson, president of Wayne State University. “Alumni are growing their businesses, creating new jobs, and hiring locally, helping to bring back our neighborhoods and creating economic opportunity in Detroit and in southeast Michigan.”
In the metro Detroit, more than 125 small business owners have completed the program at Wayne State. Nearly 74 percent of participants surveyed in the region saw increased revenue six months after graduating from the program, compared to about 67 percent of program participants nationally. Additionally, nearly 52 percent of participants surveyed in the Detroit region added new jobs six months after graduating from the program, compared to about 46 percent of program participants nationally.
“We’re proud that our Detroit graduates are performing even higher than the national average,” says Camille Walker-Banks, director of 10,000 Small Businesses at Wayne State. “Several of our graduates have applied what they have learned from the program and have taken their business to a whole new level.”
Small business owners with annual revenue of more than $100,000, and whose business have been in operation for more than two years, are eligible for the program. The curriculum includes lessons on marketing, identifying growth goals, and increasing operational efficiencies, among other topics. Classes are held on weekday nights and weekends, and the program runs for about six months.
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