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Earnings Call, Conference Presentation, Keynote

10,000 Small Businesses: Miami Graduation Highlights

Goldman SachsSandra Williams, Leticia Pollock, Lloyd Blankfein
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  • Program Performance and Economic Impact

    • The Miami Dade College chapter of the Goldman Sachs 10,000 Small Business program has graduated over 70 entrepreneurs across three cohorts.
    • These graduates collectively generate over $55 million in annual revenues and employ more than 1,000 people.
    • Goldman Sachs 10,000 Small Business is operating in its 24th location globally.

  • Case Study: QQ Research Consultants

    • Founder Sandra Williams reported pre-program annual revenues of $200,000.
    • The company is on track to meet its five-year revenue goal of $500,000 within the current year, ahead of previous skepticism regarding the target.
    • The company has established a new five-year strategic goal of $4 million in revenue.

  • Case Study: Panther Coffee

    • Co-founder Leticia Pollock noted a shift from avoiding financial statements to actively preparing growth projections.
    • The company more than doubled its revenues in 2014.
    • Expansion plans include opening three new locations this year, including an expanded wholesale facility, a new grocery section, and an education lab in the Little Haiti neighborhood.
    • Panther Coffee anticipates creating 20 new jobs within six weeks of the announcement.

  • Program Commitment and Outcomes

    • The program maintains a 100% graduation rate for all participants who enter the curriculum.
    • Participants balance the program with full-time business operations, often studying and preparing projections during nights and weekends.
    • Chairman Lloyd Blankfein characterized the participant workload as exceeding standard industry work weeks due to additional family and educational obligations.

  • Strategic Philosophy and Future Outlook

    • Goldman Sachs leadership views the program's objective as enabling individuals to "put into action" their life dreams rather than focusing solely on monetary accumulation.
    • The program is cited as a driver of job creation and economic growth, with specific emphasis on revitalizing communities that have faced economic hardship, such as New Orleans.