This January, Goldman Sachs 10,000 Small Businesses recognized Applied Development’s achievements since graduating the program in August 2018. CEO Kimberly Citizen accepted two awards on behalf of the company. They recognized Applied Development as the graduate with the highest revenue growth and highest employee growth within six months of program completion. Applied Development is one of 157 business graduates in the Baltimore region.
Like most CEOs know, there’s never anything small about their small businesses. Across the country, small businesses create jobs, invest in communities, and build economic opportunity. Leading global investment bank Goldman Sachs recognizes this, and created the 10,000 Small Businesses program to capitalize on how America’s small businesses can continue to be a vital part of the economy. “Our guiding principle in this country is equality of opportunity, and 10,000 Small Businesses is a big part of that,” says Warren Buffett, Berkshire Hathaway CEO and keynote speaker at the 2018 Goldman Sachs’ small business summit. In all 50 states, Washington, D.C., and Puerto Rico, the program provides small business access to education, business support services, and capital. To date, 7,300 business owners have graduated from the program.
Johns Hopkins University hosted a pilot session of the program in Baltimore before Goldman Sachs and Bloomberg Philanthropies invested $10 million dollars to make Baltimore a permanent site for the program. Goldman Sachs 10,000 Small Businesses Baltimore launched in August 2017 with support from the Community College of Baltimore County and Morgan State University. The Baltimore site is the first location to partner with a Historically Black College or University (HBCU).
In 2017, Goldman Sachs selected Applied Development’s CEO Kimberly Citizen to participate in the Baltimore Small Business Program. The selective program looks for businesses that are poised for growth, with leaders who are passionate about growing their business. Following the principles of the program, Goldman Sachs also selects businesses that want to create jobs in the community with a proven track record of success. Applied Development is a U.S. Small Business Administration 8(a) certified business, a Historically Underutilized Business Zone (HUBZone) small business, a Service Disabled Veteran Owned Small Business (SDVOSB), and an Economically Disadvantaged Women Owned Small Business (EDWOSB) focused on designing better tomorrows for our employees, clients, and community.
The program offers a curriculum that includes negotiation, marketing, and employee management, as well as assistance with access to capital and a network of support. There are 30 million small businesses in the U.S., yet many owners struggle with making a business successful. The program allows small business owners to connect with others who are facing similar challenges, while completing a proven program for growth.
Kimberly and COO Biffrey Braxton put the principles of the program into practice, resulting in the company’s growth in the last six months. At Applied Development, we are particularly proud of being awarded the business with the highest growth, given that 67% of all businesses participating in the 10,000 Small Businesses saw revenue growth within 6 months of graduating.