The world of consulting has long been a magnet for ambitious young professionals, lured by its prestige, competitive salaries, and the promise of diverse skill development. This industry serves not only as a stepping stone but also as a fertile ground for nurturing future entrepreneurs who go on to establish groundbreaking companies across various sectors.
Many successful founders credit their time in consulting firms for equipping them with the strategic thinking, problem-solving skills, and industry insights that later propelled their ventures. According to an analysis by OnDeck, consulting firms such as Bain & Co., Oliver Wyman, and McKinsey & Co. are among the most common starting points for entrepreneurs. These firms provide invaluable experience that helps shape innovative business leaders.
One notable example is Warby Parker, the eyewear brand launched in 2010 by four Wharton MBA students, three of whom had prior consulting experience at Bain & Co. and McKinsey. The company's rapid growth culminated in its public listing in 2021, achieving a market value of $1.8 billion. Similarly, Harry’s, a shaving brand founded by former Bain consultants Jeffrey Raider and Andy Katz-Mayfield, reached unicorn status in 2021 with a valuation of $1.7 billion.
In the tech sector, DoorDash, founded by Tony Xu after his stint at McKinsey, revolutionized food delivery services. The company's IPO in 2020 marked a significant milestone, with revenues reaching $10.7 billion in 2024. Kayak, a travel search engine, was another success story initiated by Steve Hafner, who worked at Boston Consulting Group before founding the platform. After its IPO in 2012, Kayak was acquired by Booking Holdings for $2.1 billion.
Beyond consumer goods and technology, consulting backgrounds have also fueled innovation in financial services and healthcare. Betterment, a robo-adviser platform founded by Jonathan Stein, who previously worked at First Manhattan Consulting Group, has transformed personal finance management. In the realm of mental health, Ginger, co-founded by Karan Singh, leverages technology to provide accessible mental health support through an app.
These success stories underscore the pivotal role consulting plays in shaping entrepreneurial journeys. The rigorous training and exposure to diverse industries equip individuals with the tools needed to identify gaps in the market and develop innovative solutions. Moreover, the collaborative and fast-paced environment of consulting firms fosters leadership qualities that are essential for building and scaling successful businesses.
Ultimately, the consulting industry serves as a powerful incubator for tomorrow's business leaders. By combining strategic acumen with practical experience, it empowers professionals to pursue their entrepreneurial aspirations and make meaningful contributions to society. As these founders demonstrate, the path from consultant to entrepreneur can be a rewarding and impactful one, driving innovation and progress across multiple industries.