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Strategy consultancy Bain & Company has launched a new fund to invest in companies launched by former staff – with over $25 billion already distributed. The firm’s Future Back Ventures fund will also help identify additional investors, and provide early support for ex-employees when determining product market fit.
One of the most common buzz-phrases consulting firms apply to themselves is that they foster “a culture of entrepreneurship”. An ironically common fixture in interviews when managing directors are asked what makes their firm ‘unique’, consultants are always at pains to show that they support their staff when they identify new opportunities to make money.
Whether that usually manifests itself beyond the company prospective of most firms is a matter of discussion across postings on Glassdoor. Whatever the case, though, few firms can claim to go as far in supporting their entrepreneurial staff as Bain & Company. The MBB strategy giant has just launched a new investment fund, Future Back Ventures (FBV), which is dedicated to alumni of the firm who have launched their own businesses.
“13% of Bainies who leave our company take up entrepreneurship and create their own business,” explained Domenico Azzarello. “More than 20 companies founded by #BainAlum(s) are valued at more than $1 billion.”
According to Azzarello, who is Bain’s managing partner for Europe, Middle East and Africa, this meant it “seemed natural” to create FBV. The venture capital fund will invest in early-stage startups founded or led by former colleagues, helping them to accelerate their businesses and to “make an impact in the business world with their innovative ideas”.
Among the services offered by FBV, will be seed to growth stage support, helping alumni determine product market fit through to execution. At the same time, it can partner with existing investors or help identify additional investors when the time comes to scale.
A statement from Bain confirmed it will be offering the service to alumni all around the world, because its work as a strategy consultancy means it knows “innovation happens everywhere”. At the same time, FBV will span a wide range of industries, as employees Bain training has equipped them to “choose the most promising spaces to disrupt” for themselves.
To that end, according to the firm’s data, Bain alumni have already created their own businesses mainly in the technology, health, retail, industry and food sectors. These companies are among the recipients of some $25 million in funding from FBV so far.
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