Deloitte announces £25m fund for employees’ start-up

AROUND £25m is to be set aside by Deloitte to invest in its employees’ start-up businesses.

If their ideas are selected, employees will receive funding and allowed to work full-time on the development of their business, with ‘incubator’ support from the firm.
The bulk of the businesses will be housed in a newly-formed business unit, Innovation Investments, with a “reward model to ensure mutual benefit for the entrepreneur and the firm”.

The move is designed to help Deloitte keep hold of its young talent, who have increasingly been seeking to leave in order to start their own companies.

David Sproul, chief executive of Deloitte, said: “This is a first for our firm and a first for our industry. 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 whilst remaining an employee of Deloitte and benefiting from the strength of our brand, experience and expertise.”

The firm’s managing partner for innovation Simon Owen added: “We have some of the most entrepreneurial minds in the country right here in our organisation and we want to give them the opportunity to develop in unique ways. Combining Innovation Investments with our existing external investment programmes should create something really powerful for our people, our clients and the wider market.”

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