70 SMALL BUSINESS OWNERS FROM AROUND THE COUNTRY MEET AT BABSON FOR INTENSIVE ENTREPRENEURSHIP TRAINING (10KSB@BABSON)

The Babson Group is part of the Goldman Sachs 10,000 Small Businesses Initiative to help entrepreneurs innovate and grow their ventures.

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70 entrepreneurs from around the nation have gathered at Babson College this week for 10KSB@Babson ─ a blended on-line and face-to-face program that delivers intensive entrepreneurship training and practical startup advice from Babson’s business experts and peers.

The cohort is part of the Goldman Sachs 10,000 Small Businesses Initiative, a national program to help entrepreneurs create jobs and economic opportunity by providing greater access to education, capital and business support services. Goldman Sachs 10,000 Small Businesses is a $500 million program that aims to unlock the growth and job-creation potential of 10,000 small businesses across the United States through greater access to business education, financial capital and business support services.

10,000 Small Businesses offers qualified business owners:

- The opportunity to create a customized growth plan that includes financial management, people management, negotiations and marketing.

- One-on-one business counseling and a network of support from other small business owners as well as leaders in the business world.

Goldman Sachs 10,000 Small Businesses is based on the broadly held view of leading experts that greater access to this combination of education, capital and support services best addresses barriers to growth for small businesses. 10,000 Small Businesses 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. The National Urban League, U.S. Hispanic Chamber of Commerce and Babson College are also represented on the Advisory Council, among other groups.

Goldman Sachs Media Contact: Leslie Shribman (212) 902-5400

10KSB@Babson

Babson’s program (10KSB@Babson) is a new model that dives the core program into online and face-to-face sessions in order to make the program available to small business owners outside the range of the participating physical sites. This four day face-to-face session includes themed lessons entitled─

• You and Your Business

• Building Out Opportunities

• You Are The Leader

• Markets and Marketing

The program is designed for small business owners with limited resources who have a business poised for growth. Business owners interested in applying must demonstrate a commitment to growing their business and creating jobs in their community. Businesses must be in operation for at least two years, have revenues of at least $150,000 in the most recent fiscal year and have a minimum of four employees.

Faculty teaching this session include professors from Babson College, as well as faculty who teach the 10,000 Small Businesses program at community colleges across the country.

Across the United States, initial results have seen that just six months after graduation approximately 63% of participants reported an increase in revenues, 47% have reported creating net new jobs and 80% are doing business with each other.

Identification and selection of qualified businesses is led by the Initiative for a Competitive Inner City (ICIC).

Among the participants is Babson MBA alumnus James A. Henderson, Partner, Henderson, Grealis & Associates PC, CPA in Braintree, MA.

The educational component of the program is currently operating in twelve sites including Babson and:

• Chicago,

• Cleveland,

• Detroit

• Houston,

• Long Beach,

• Los Angeles,

• Miami

• New Orleans,

• New York,

• Philadelphia, and

• Salt Lake City.

Business owners based in, or near, one of these cities may be referred to the local program. Capital is also provided by local nonprofit lenders to businesses in six additional sites:

• Kentucky,

• Montana,

• Oregon,

• Tennessee,

• Virginia, and

• Washington.

About Babson College

Babson College is the educator, convener, and thought leader for Entrepreneurship of All Kinds™. The College is a dynamic living and learning laboratory, where students, faculty, and staff work together to address the real-world problems of business and society -- while at the same time evolving our methods and advancing our programs. We shape the leaders our world needs most: those with strong functional knowledge and the skills and vision to navigate change, accommodate ambiguity, surmount complexity, and motivate teams in a common purpose to create economic and social value. As we have for nearly a half-century, Babson continues to advance Entrepreneurial Thought and Action® as the most positive force on the planet for generating sustainable economic and social value.


By Barbara Spies Blair, blairb@babson.edu, 781-239-4621 | 02/07/2014 06:00