Goldman Sachs, in partnership with Said Business School, Oxford University, Aston Business School, Leeds University Business School and Manchester Metropolitan University today released the Building Small Business Britain Impact report, highlighting the economic contribution of small businesses in the UK. Small Businesses are the backbone of the UK economy and the findings of the report demonstrate the impact of almost 1000 10KSB graduates, who alone collectively produce over £2.1bn of revenue and sustain more than 39,000 jobs in the UK.
Launched to coincide with Global Entrepreneurship Week, Building Small Business Britain is a detailed analysis of the economic and growth impact of almost 1000 graduates of the 10,000 Small Businesses UK programme, measured at four key stages in their growth and conducted by the Enterprise Research Centre and Aston University. The report records the significant impact graduates of the programme have made to UK employment growth – noting that graduates are three times more likely to create jobs than other UK small businesses and grow revenue at 81% per year.
Building Small Business Britain takes a detailed look at who the participants are, the changes they make upon graduation and their impact on generating additional growth. Beyond their economic impact, the report assesses the behavioral and strategic changes that have resulted from their participation in the three month business education programme. 77% of participants increase the training opportunities they provide to their staff after graduating and 93% reported feeling more confident in managing their growth as a result of the training they received.
These strategic changes have led to increased performance and faster growth. The Analysis shows that participants create 17% more jobs and generate 19% higher revenues than they would have without the programme.
Michael Sherwood, Vice-Chairman, Goldman Sachs Group said:
“This report shows the significant impact graduates of the 10,000 Small Businesses programme have made, not only to their own businesses, but to the UK economy as a whole. It is an extraordinary testament to the work, drive and commitment of 10,000 Small Businesses UK participants.”
Small Business Minister Margot James said:
“In the UK there are one million more small businesses now than in 2010, creating jobs and making a significant contribution to local economies. At the start of Global Entrepreneurship Week, it's great to see the positive impact companies like Goldman Sachs are making to help boost growth, jobs, and exports through their excellent ‘10,000 Small Businesses Programme’. It's vital that small businesses have access to advice in growing their organisation and our own government-backed growth hub network and business support helpline can make a real difference in helping the next generation of British entrepreneurs take on the world.”
Amongst the report’s key findings:
The data analysis and evaluation for the report was provided by Professor Mark Hart at Aston University and ERC researcher Karen Bonner. This expertise has enabled Goldman Sachs to subject the programme to the most robust evaluation techniques.
Professor Hart said:
“This report reveals the clear and demonstrable impact of the 10,000 Small Businesses programme, showing that job creation and revenue performance of SMEs can be boosted for participating businesses. This boost is over and above what these businesses would have achieved anyway if they had not had access to the leadership and entrepreneurial education offered through the programme. Aston Business School has been a delivery partner in the Midlands for the 10,000 Small Businesses programme in the 2010-15 period and have played a central role in designing the methodology to measure the real economic impact of the programme. We look forward to working with our national partners to roll out this successful programme to many more ambitious leaders of small businesses across the UK.”
Goldman Sachs Lizzy Walker
+44 (0) 207-774-0937 or Lizzy.Walker@gs.com
Notes to Editors:
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
Goldman Sachs 10,000 Small Businesses UK
10,000 Small Businesses UK is a comprehensive programme of business development and leadership support for small businesses with high growth potential, designed to help them achieve that potential. Piloted in late 2010 and launched in early 2011, to date, 933 entrepreneurs from across the country have graduated from the programme. The 10,000 Small Businesses UK programme is a partnership between Goldman Sachs, the Goldman Sachs Foundation and leading UK universities.
Building on the success of the Goldman Sachs 10,000 Women initiative, which provides a business education to women entrepreneurs in emerging economies, 10,000 Small Businesses first launched in the United States in 2009. To date, 10,000 Small Businesses has reached over 7,600 small businesses across the U.S. and UK.
For more information, visit http://gs.com/10ksb-uk