Supporting UK's ambitious small businesses can accelerate growth and job creation

The Report, entitled Empowering Entrepreneurs, Accelerating Growth, is the second of its type and builds on an initial Progress Report published in April 2013.

Analysis in the report compares participants' performance with that of similar businesses that did not take part in the programme, concluding that the 10KSB UK programme increases participating businesses' growth by between 10% and 25%, relative to what it would have been without the programme.

The Report further concludes, based on independently collected data, that the strong participant revenue growth and job creation described in the first Progress Report continues well beyond graduation, with 90% of participants growing net employment three years after starting the programme, and 88% of participants growing turnover.

The initiative, which is supported by Goldman Sachs and the Goldman Sachs Foundation and delivered in London by UCL Advances, UCL's centre for entrepreneurship, is designed for the leaders of established small businesses who have the appetite and potential to grow their enterprises. Participants benefit from a high quality, comprehensive package of support and expertise to help them take their businesses to the next level provided by staff at UCL Advances and the university's Department of Management Science and Innovation.

On average, participants are growing employment between 16% and 26% per year after participating in the programme, and growing turnover at between 23% and 42%, depending on when they graduated.

Timothy Barnes, Director of UCL Advances, said:

"It's deeply satisfying to now be at a point in delivering the 10,000 Small Businesses programme where we are seeing the benefits for those that have experienced it really take hold - particularly having the confidence to expand their businesses and create jobs.

"Having the continuing support from Goldman Sachs to deliver the programme over several years has enabled us to change the lives of scores of people and enabled hundreds of businesses across London to flourish."

Michelle Pinggera, International Chief of Staff for Goldman Sachs, said:

"Small businesses are key to the UK's growth prospects and the health of the wider economy. The innovation, growth and employment opportunities they foster have a widespread impact across industries and communities. We are delighted with the impact the 10KSB UK programme has had to date and look forward to seeing continued progress at the participating businesses. We hope the success of the programme will demonstrate the lasting effect that these initiatives can have and encourage others to support small business growth."