First Iowa-based class of Goldman Sachs 10,000 Small Businesses program announced

Friday, February 8, 2019

(Ankeny, Iowa) – Des Moines Area Community College (DMACC), along with Iowa’s 14 other community colleges,  announced the scholars selected for the inaugural Iowa class of Goldman Sachs 10,000 Small Businesses. The 37 scholars hail from 20 Iowa counties, ranging from Iowa’s largest city to towns with a population of under 1,000. They represent a diverse range of business and industry including restaurants, architecture, professional services and healthcare.

The announcement of the inaugural class comes following a reception at DMACC’s Ankeny campus on Wednesday, Feb. 6, which was attended by a bipartisan delegation of state and local elected officials, business and community leaders and family members of the accepted scholars.

“Goldman Sachs 10,000 Small Businesses is offered for free as a philanthropic investment to help small business entrepreneurs create growth, jobs and economic opportunity across the country – or in this case, across Iowa from the Missouri River to the Mississippi River,” said Katherine Jollon Colsher, National Director of Goldman Sachs 10,000 Small Businesses. “We appreciate the work of our Iowa partners who helped in recruiting scholars and facilitating program delivery, and we look forward to welcoming more Iowans to the strong network of Goldman Sachs 10,000 Small Businesses alumni.”

Goldman Sachs 10,000 Small Businesses has over 7,900 graduates from all fifty states, including Iowa, and is offered at no cost to those accepted. For the first time, Goldman Sachs 10,000 Small Businesses is being offered in Iowa, exclusively to Iowa small businesses. It is hosted at DMACC, delivered in partnership with Iowa’s community colleges. The curriculum was developed in partnership with Babson College, which was recently named the top college in America for entrepreneurship for the 22nd year in a row by US News and World Report.  

The class will last for three months, with scholars taking a blend of in-classroom and online learning. The classes cover everything from identifying growth opportunities, refining operations processes, marketing and selling, understanding and using financial statements and leadership training.

Business owners who have taken the program sometimes call it a real-world MBA – where small business owners focus on growing their business, using their own business as a case study.

Since the inception of Goldman Sachs 10,000 Small Businesses, the national program has been a tremendous success. Sixty-seven percent of alumni report increased revenues six months after graduating, 47 percent report hiring employees during the same time period and nearly 88 percent of graduates do business with one another. 

Those eligible for the program have been in business for at least two years, have at least $100,000 in revenue and have at least two employees, including the business owner.

These three northeast Iowa business owners are members of the first cohort accepted into the Goldman Sachs 10,000 Small Businesses program:

  • Dan Bellrichard, Sogo Snacks, Decorah
  • Luke Hoffman, Higley Industries, Dubuque
  • Tom Rauen, Envision, Dubuque

For more information on the Iowa-based program, or to apply for future Iowa-based classes, visit