Goldman Sachs Celebrates First Graduation of 10,000 Small Businesses in Detroit

By Karen Hudson Samuels/Tell Us Detroit

Billionaire businessman Warren Buffet, White House Senior Advisor Valerie Jarrett, and Goldman Sachs Chairman and CEO Lloyd Blankfein, were all in Detroit Thursday morning to congratulate 64 business owners who successfully completed the Goldman Sachs 10,000 Small Businesses program.

A cheering standing-room-only crowd packed Wayne State’s Community Arts auditorium to celebrate Detroit and Southeast Michigan small business owners whose enterprises are expected to create jobs, thrive, and grow as a result of participation in the program.

The energy of pride was felt throughout the ceremony that was accompanied by band music, applause and remarks from political and business stakeholders.

Governor Rick Snyder told the crowd, “Starting a small business is one the toughest things anyone could ever do and the only reason people really succeed is because they have passion, a vision and a fire that’s special and you can feel it in these graduates.”

With the national spotlight on Detroit’s comeback, Detroit Mayor Mike Duggan remarked that the investment in small businesses will expand the city’s economic growth well beyond the booming development of Detroit’s downtown and midtown districts.

“There is an inequality of opportunity” that the Goldman Sachs program seeks to address said Warren Buffett who serves as Businesses Advisory Council Co-Chair of the 10,000 Small Businesses. Buffett talked about how he spent a small fortune to acquire three different enterprises that started out as small business and grew into profitable enterprises. He joked, “I wish I’d known them sooner”.

Almost every type of enterprise was represented in the two graduating classes, from retail novelty style socks to Information Technology services.

Tell Us Detroit spoke with Louisiana Creole Gumbo restaurant owner; Joe Spencer about what lessons will be applied. Spencer said the strategies for creating solid growth plans will definitely be put to use. He also emphasized that building a new network of small business cohorts was invaluable.

The 10,000 Small Businesses curriculum is designed by Babson College; there are 100 hours of instruction delivered over eleven sessions. Subjects include Marketing & Selling, Growth and Opportunities, Money & Metrics and other business management topics.

In 2013 Goldman Sachs launched the program locally and has committed $20 million to Detroit and Southeast Michigan for small business loans, business education and grants to supporting business partners.