The first class of the Goldman Sachs 10,000 Small Businesses Program (10KSB) at Sinclair College graduated in December of 2020. The program included 16 local entrepreneurs who took the program virtually over a 15-week period.
The program came from a partnership between Sinclair and Goldman Sachs. Goldman Sachs has previously worked with other community colleges across the country for this program and has a 98% completion rate. Originally supposed to begin in the spring of 2020, the program was delayed to the fall of that year due to the coronavirus pandemic.
“I like to think of it as a crash NBA course for entrepreneurs,” said Goldman Sachs 10,000 Small Businesses Program Manager, Kandise Bobo. “It is a business education program…that provides access to resources and networking that’s more specifically targeted for entrepreneurs.”
Those enrolled are not charged for the program. The entrepreneurs fill out an application and then are selected from among the other applicants. Those chosen are awarded a full scholarship from the Goldman Sachs Foundation.
“The 15-week program goes through all different topics like marketing, reading and interpreting financial statements, business operations – all different types of topics that are relevant to building, growing a small business,” said Bobo. “We graduated 16 Dayton-area businesses this past fall.”
Entrepreneurs of companies related to nutrition, wastewater, catering and media were among those who took part in the program.
“The program is for seasoned entrepreneurs,” said Bobo. “It’s targeted towards entrepreneurs who have been around at least two years…[who] are interested in taking their business to the next level.”
The small business owners have already found their work in the program to be beneficial:
“When they do graduate from the program… they have a five-year growth plan that they can execute immediately,” said Bobo. “We have heard that they are starting to put that into action. We also have an opportunity for these small business owners to do business with each other. That’s another way that they can grow their business and grow their revenue. They are starting to see the fruit of their labor of the 15-week program.”
While the program takes place through Sinclair, it does not follow the school’s academic semesters. The school is currently looking to hold the program once a year, with the next one being May 17 of this year. Around 20 or 25 people are estimated to participate.
“It’s targeted and promoted to small business owners, and it’s a totally different application process than an academic program,” said Bobo. “We don’t consider these typical Sinclair semesters. We can take up to 40 people in one cohort. They have to go through an application process and they have to meet certain criteria.”
To be accepted into the program, entrepreneurs must meet the following:
- They are an owner or co-owner of a business.
- The business must be in operation for at least two years.
- The business revenues were over $75,000 in the most recent fiscal year.
- The business must have a minimum of two employees, which can include the owner.
Originally, the program was set to occur in a face-to-face setting. When the pandemic hit, however, plans had to be changed:
“Goldman Sachs did an awesome job of…offering the entire program online,” said Bobo. “It was a huge lift to take this very intense program and turn it into a virtual program, but it was done. It was really touching and go, but we had a great group of small business owners and they stuck with it. We had some very motivated participants and they did a really good job.”
The upcoming cohort in May will also take place virtually. When in-person classes begin to take place again, they will be held in Building 12 on the Sinclair campus.
“Virtual is not for everyone,” said Bobo. “There may be some entrepreneurs who may be waiting for that face-to-face class. It’s a challenging time right now…so…we’re managing with about 20 [or] 25 people.”
Those who work within the program are thinking of those who may join them in the future:
“We’re looking for them to start their business, get their feet wet into the business, and keep us in mind when they’re ready for this type of program,” said Bobo.
Rebekah Davidson
Intern