New Websites Let Companies Rent MBAs
Typically, when a company needs business advice, they reach out to a major consulting firm like McKinsey & Co. However, the services of a traditional consulting firm can be prohibitively expensive for small businesses. Two new companies seek to make MBA consulting cheaper for smaller companies. The new companies are websites that allow businesses to hire recent MBA graduates or MBA students as consultants for specific projects. Because MBA graduates are just starting their careers and the websites have less overhead than a traditional firm, the online consulting service is much cheaper than the service provided by traditional firms.
The first company, SkillBridge, provides consulting from MBAs and other professionals. The website was founded by Raj Jeyakumar, who started the website while getting his degree at the University of Pennsylvania’s Wharton School. Jeyakumar explained to ABC News that SkillBridge’s online platform reduces costs for consumers. “In the same way that Amazon and Seamless.com have reduced marketing and infrastructure costs for independent sellers and local food businesses, we’re providing the same service to independent consultants. Our clients don’t want to pay the extra fees that go into maintaining expensive offices and large research teams.”
The second company, HourlyNerd, provides MBA consultants for companies. The company was founded by a group of Harvard Business School students. The startup has been financed by Mark Cuban, the entrepreneur.
Both platforms allow businesses to post projects for consultants to bid on. The companies select an MBA consultant from the bids received.
Peter Steinhauser, the Executive Director of Outward Bound USA, used HourlyNerd to hire two MBA students to provide strategic advice for the nonprofit. He told the Wall Street Journal that the consulting service was valuable. “The final product was 90% of what I might get from one of the better-known consulting firms at about 20% of the cost.”
The new websites can also be beneficial for MBA students and recent graduates. They offer MBAs the opportunity to choose their projects and set flexible schedules.
