KPMG and McKinsey & Co. support Entrepreneur First

23 April 2015 Consultancy.uk

To stimulate exceptional technically inclined people to develop and start their own business, KPMG and McKinsey & Company have committed their support to Entrepreneur First. The initiative offers a comprehensive six month programme in which keen technical minds are able to develop the next big idea, with support from a bevy of experts and modest funding. The programme seeks to help develop the skills of candidates in the areas they may be lacklustre, such as business acumen and network contacts.

In a world of disruptive technologies and exceptional minds, entrepreneurs are quickly able to create multi-million dollar businesses. These businesses have the potential to create huge economic value as well as huge economic surplus value for consumers. Yet the pitfalls in creating a new business are many. And while having a strong technical mind buzzing with ideas that would for instance see the development of a search algorithm that rivals that of Google is key, without an attuned business acumen the idea may find difficulty blossoming to full realisation.

ef - Innovation

To support the development of people with exceptional technical abilities that are looking to create start-ups, Matt Clifford and Alice Bentinck left their safe job at McKinsey & Company in 2011 to realise their dream, and co-founded ‘Entrepreneur First’. This initiative is aimed at attracting highly skilled individuals in technical fields that have the background and drive to create stellar businesses. EF offers a six month programme in which the whole early lifecycle of a start-up is supported – from “day minus 100 to day 100”. The guidance includes the initial development of an idea into a practical solution, the business case development as well as funding for the initial phase of product development and scale up.

Yet rather than provide a “business guy” to the “engineer”, the programme seeks to support brilliant minds in developing the skills required to succeed on their own, thus providing the skills missing to becoming the CEO of a new multi-million dollar start-up. To achieve this, the programme draws on expertise and generous funding from six partners: McKinsey & Company, KPMG, City of London,  Microsoft, Sky, and Workspace. These stakeholders each have extensive knowledge in various technical and business areas that participants are able to draw on for the development of their new offering.

KPMG and McKinsey & Co. support Entrepreneur First

From a financial perspective, EF provides minor support. With the first three month the ‘Team and idea development’ phase offering a stipend investment of £1,000 per person, per month. The ‘Growth’ phase, offered in the last 3 months, brings an additional £10,000 investment per start-up. The long term agreement sees EF take an 8% stake in the company as return on the investment built through the EF programme.

The programme has since its launch built several strong testimonials, with the 60 candidates joining the programme teaming up to create 20 start-ups that have attracted venture capital to the tune of £20 million with the companies now valued at more than £100 million. The programme accepts entrants year round, from diverse backgrounds – from no tertiary training to PhDs.

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Grey Consulting and Makerversity announce strategic partnership

05 April 2019 Consultancy.uk

Grey Consulting has forged a new alliance with Makerversity, a 500-strong community of the brightest creative innovators, headquartered at Somerset House, London. The partnership hopes to tap into the experimental community to develop pioneering solutions for Grey Consulting’s clients.

In August 2018, one of the world’s largest design agencies surprised the business world by launching a dedicated consulting outfit. The news came as the two industries continued on their trajectory towards a historic synthesis. The consulting industry has been engaged in a pitched battle with the advertising and design space for the past few years, as the former increasingly encroaches on the territory of the latter via a protracted campaign of mergers and acquisitions; but there had been little traffic moving in the other direction.

At its launch, Grey Consulting was not billed as a direct competitor to established consultancies. However, the firm behind the new entity hopes that its creative experience will give it a competitive edge in winning consulting business from its existing clients. The Grey Group is a global advertising and marketing agency with headquarters in New York City, and 432 offices in 96 countries, operating in 154 cities. Grey Consulting opened its doors with a view to aiding clients within the areas of business and brand design, innovation and digital transformations.Grey Consulting and Makerversity announce strategic partnership

Now, as the firm looks to further expand its footprint in the market, Grey Consulting has unveiled details of a ground-breaking new alliance with Makerversity, a 500-strong community of creative innovators headquartered at Somerset House, London. The alignment with Makerversity is hoped to unlock the potential of collaborating with one of the world’s most experimental communities.

Makerversity curates and convenes the best talent across product design, fashion, art and experimental architecture, sustainable materials, IoT, digital manufacturing, and coding. It provides spaces and workshops for professional makers to develop and create their work, supported by Somerset House Trust. The alliance is expected to enable Grey Consulting to develop pioneering solutions for its clients, together with innovators who make something amazing for a living, every day. 

Leo Rayman, Grey Consulting CEO, commented, “This gives our clients the potential to access a network of some of the most diverse and innovative individuals in the world today. Being so tightly connected to a community of makers means we don’t just develop transformational strategies but can quickly realise them in three dimensions. This sets Grey Consulting apart from the pure play strategy houses who are sometimes criticised for not making their thinking real at the pace modern businesses require.” 

Fiona Dent, CEO of Makerversity, added, “Makerversity acts as a catalyst for unexpected encounters, fostering collaborations between an incredible range of the brightest leading creators and innovators. Our experimental approach and engaged members, whose own practice is defining our world, create highly original new outcomes. We are delighted to bring this philosophy to a wider audience and generate interesting projects for Makerversity members through our partnership with Grey Consulting.”