Consulting Firms Prove Fertile Ground for Entrepreneurial Success
A growing trend among young professionals is the attraction to consulting firms, drawn by the prestige, competitive salaries, and diverse skill sets these positions offer. However, a recent analysis by OnDeck reveals that consulting experience is also becoming a common springboard for successful company founders.
The 2023 LinkedIn study highlighted several consulting firms as frequent starting points for entrepreneurs, with Bain & Company, Oliver Wyman, and McKinsey & Company emerging as top contenders. This trend is exemplified by numerous high-profile companies founded by former consultants.
Warby Parker, the eyewear giant that went public in 2021, was co-founded by three former consultants from Bain and McKinsey. The company reported an impressive $771.3 million in net revenue for 2024 and is currently valued at $1.8 billion.
Similarly, Harry’s, the men’s grooming company founded by ex-Bain consultants Jeffrey Raider and Andy Katz-Mayfield, reached a valuation of $1.7 billion during its Series E funding round in 2021. The company is now eyeing an IPO following a failed acquisition attempt by Edgewell.
DoorDash, founded by former McKinsey consultant Tony Xu, has seen remarkable success since its 2020 IPO. The food delivery service reported a 24% revenue increase in 2024, generating $10.7 billion.
Other notable examples include Kayak, founded by Boston Consulting Group alumnus Steve Hafner and later acquired for $2.1 billion, and Bonobos, started by former Bain consultant Andy Dunn and acquired by Walmart for $310 million in 2017.
The trend extends beyond retail and tech, with companies like Betterment in fintech, Ginger in mental health, and Wellhub in corporate wellness all tracing their roots to consulting firms.
As the correlation between consulting experience and entrepreneurial success becomes increasingly apparent, it’s clear that these firms are not just shaping future business leaders, but also nurturing the next generation of innovative founders.
