The 2024 SBA THRIVE program in Upstate New York has concluded its latest cohort, and it’s time to celebrate the 14 small business owners who graduated from this transformative six-month initiative. Aimed at fostering entrepreneurial growth, THRIVE stands for Train, Hope, Rise, Innovate, Venture, and Elevate, and it has been instrumental in providing small business owners with the tools, resources, and mentorship needed to take their businesses to new heights.
In this blog post, we’ll explore the achievements of these entrepreneurs, dive into the benefits of the SBA’s THRIVE programme, and reflect on the significant impact it has on small business owners in Upstate New York.
What is the SBA THRIVE Program?
The SBA THRIVE program is a reimagined version of the Emerging Leaders initiative, designed to help small business owners grow and scale their companies. The program lasts six months and focuses on developing three-year strategic growth plans, mentoring, business coaching, and fostering peer-to-peer support. Participants engage in over 100 hours of instruction, combining virtual and in-person learning.
The core of the THRIVE program is its emphasis on practical business skills that entrepreneurs need to succeed in today’s competitive market. The program addresses key areas such as:
- Strategic planning and growth strategies
- Leadership and management skills
- Marketing and financial management
- Expanding into new markets
By the end of the program, participants emerge with actionable growth strategies that can be immediately implemented to expand their businesses, hire more employees, and increase revenues.
A Milestone Year for the SBA’s THRIVE Program
This year’s 2024 SBA THRIVE program marked several key milestones that underscore the program’s growing success:
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Diversity Milestone: Over 60% of the graduates were from women-owned businesses, highlighting the program’s positive impact on diversity and inclusivity.
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Geographic Reach: Participants came from across Upstate New York, with some business owners travelling up to five hours for monthly sessions in Syracuse.
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Industry Representation: Graduates represented a wide range of industries, including healthcare, hospitality, landscaping, and technology. This diverse representation reflects the program’s ability to support a broad spectrum of small businesses, regardless of their sector.
Success Stories: The Graduates of the 2024 SBA THRIVE Program
Each of the 2024 THRIVE graduates has a unique story, but all share one common goal: business growth. Here are a few standout examples:
- Salt City Coffee (Syracuse): This coffee shop has become a staple in Syracuse, and thanks to the SBA THRIVE program, it is now looking to expand its offerings and explore new locations.
- Frisbee’s Landscaping, Ponds & Patios (Rochester): With a strong foundation in landscaping, this company is set to grow further by enhancing its customer base and improving operations.
- Boutique Wines, Spirits & Cider (Fishkill): A local winery that has leveraged the THRIVE program to improve its branding and marketing strategies, setting the stage for expansion into regional markets.
- Finger Lakes Staffing Services (Canandaigua): Specialising in staffing solutions, this company plans to hire additional staff and improve its hiring strategies to keep up with growing demand.
These success stories highlight how the SBA THRIVE program is empowering small businesses to scale, hire more employees, and contribute to local economies.
Program Impact on the Local Economy
According to Dan Rickman, SBA Syracuse-Upstate New York District Director, the success of the THRIVE program is not just about individual business growth. He emphasises how the program directly contributes to the local economy. By helping business owners scale their companies, the THRIVE program fosters job creation, stimulates economic development, and strengthens communities throughout Upstate New York.
The SBA THRIVE program has already trained over 8,000 small business owners nationwide since its inception in 2008. Collectively, these businesses have generated nearly $1 billion in new financing and more than $4 billion in government contracts. The ripple effect of this success is felt in local communities where small businesses are a driving force for economic development.
Benefits of Joining the SBA THRIVE Program
For small business owners considering whether to join the SBA’s THRIVE program in future cohorts, here’s why it’s worth it:
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Expert Coaching and Mentorship: Participants gain access to seasoned business coaches and mentors who provide valuable insights and feedback on growing their businesses.
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Strategic Growth Plans: Entrepreneurs work on creating actionable, three-year growth plans that can be directly implemented to scale their operations.
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Networking Opportunities: The program encourages collaboration among participants, which leads to invaluable networking opportunities with other business owners facing similar challenges.
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Diverse Industries Represented: Whether your business is in healthcare, retail, tech, or hospitality, the THRIVE program offers strategies tailored to your specific industry.
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Boosting Your Bottom Line: By the end of the program, business owners are better equipped to make informed decisions that contribute to profitability and long-term success.
The Future of Small Businesses in Upstate New York
The SBA THRIVE program is playing a crucial role in shaping the future of small businesses in Upstate New York. With 14 successful graduates from the 2024 cohort, it’s clear that the program is making a tangible impact. Small businesses that participate in THRIVE are better prepared to meet the challenges of growth, hire additional employees, and create positive change in their communities.
As the program continues to grow and evolve, the future looks bright for small business owners in Upstate New York. The SBA’s continued commitment to supporting entrepreneurship through initiatives like THRIVE ensures that small businesses remain a driving force behind economic development in the region.
Conclusion: Empowering the Next Generation of Entrepreneurs
The 2024 SBA THRIVE program graduates have proven that with the right resources, mentorship, and strategic guidance, small businesses can achieve remarkable growth. This cohort represents the resilience and dedication of entrepreneurs who are committed to not only growing their own businesses but also contributing to the broader economic success of Upstate New York.
As the program continues to evolve, we can expect even more small business success stories from future graduates, each contributing to a brighter and more prosperous future for their communities.
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Photo credit: Inc. Magazine
