Deloitte to foster start-ups with £25m fund

ACCOUNTANCY FIRM Deloitte is launching a £25m fund to help its employees create and run their own start-ups.
David Sproul, CEO of Deloitte, pictured by Simon HulmeDavid Sproul, CEO of Deloitte, pictured by Simon Hulme
David Sproul, CEO of Deloitte, pictured by Simon Hulme

The Big Four giant said the initiative recognises the demands of a new generation of young professionals who aspire to a diverse and agile career.

David Sproul, chief executive, said: “This is a first for our firm and a first for our industry.

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“We know that an increasing number of people are attracted to the idea of setting up their own business and trying something different. We believe this initiative offers a unique opportunity to pursue those entrepreneurial ambitions while remaining an employee of Deloitte and benefiting from the strength of our brand, experience and expertise.”

Employees will be given funding and allowed to work full-time on developing their business idea, while drawing on legal, risk, technology, brand, marketing and other support from within the firm.

The majority of businesses will be held in a newly formed business unit, Innovation Investments Ltd, with a reward model to ensure mutual benefit for the entrepreneur and the firm, said Deloitte.

Martin Jenkins, senior partner in Yorkshire and the North East, said: “We see this as a fantastic opportunity to grow and support Britain’s future business leaders.”

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The financial services sector is facing a brain drain of talent as young people seek more rewarding careers as entrepreneurs and a better work-life balance. Simon Collins, UK chairman of KPMG, summed up the challenge in a recent interview.

He told the Financial Times: “To motivate my generation was easy, you threw scraps of cash at us and kicked us.

“This generation is looking for meaning in life, which candidly and shamefully I don’t think our generation was.”

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