McKinsey launches Experience Studios in Toronto and New York

24 October 2016 Consultancy.uk

McKinsey & Company has launched an Experience Studio in Toronto, with a second studio in New York set to be inaugurated within months. With the Experience Studios, the firm wants to provide clients with space outside, and relatively free, from their everyday management context to inspire, educate, and make the connections needed for the next bold move.

The business environment is currently in a state of flux. New technologies, changing generational expectations and value, as well as increased focus on sustainability in the face of global challenges are creating considerable avenues for change. Organisations tend to be relatively slow to change, however, stuck in traditional economic, technological or environmental models.

To help global business leaders bolster their ability to deal with change, build bold strategies and experiment with new organisation models and solutions, McKinsey & Company has developed a new concept which the firm has dubbed ‘Experience Studios’. The new space is specifically developed to inspire leaders with new technologies, enlighten them through insights of peers and best practices, and enable them a safe haven to connect with thought leaders from around the world. Yael Taqqu, a New York-based senior partner who is leading the Experience Studios worldwide, says that the new studios are “about exploring the art of the possible.”

McKinsey launches Experience Studios in Toronto and New York

The new Experience Studios will offer a range of possibilities to clients. “The design is intended to foster collaboration and innovative thinking,” says Rohit Bhapkar, a partner based in McKinsey's Toronto office. Services include a 3-day to 2-week immersive programmes that combine experiential learning, real-time feedback and simulation to accelerate learning and develop the skills needed to master organisational trends such as digital transformation or holocracy.

In addition, the centre provides events and sessions through which participants can either network with new talent or develop potential partnerships with corporations, start-ups, and innovators, and get exposure to new ways of thinking and fresh ideas.

The Canadian city of Toronto boasts the first of the new studios, Bhapkar remarks about the choice of location: “Five of the world’s largest banks are located here as well as a thriving start-up community, so there’s a burgeoning scene around FinTech and machine learning.” A new Experience Studio is set to open in New York within months.

With the move, McKinsey is following in footsteps of many large professional services firms and businesses – recent months has seen an explosion in the number of innovation centres, tech centres, design playgrounds and more.

Earlier this year McKinsey Global Institute – the research arm of McKinsey – was named the globe’s top private sector research institution.

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