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Deloitte sets aside £25m to fund in-house startups

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Under a new plan set out by Deloitte, any employee will be able to submit a new business idea for consideration, after which it may then be held by the firm’s “Innovation Investments” business unit.

The scheme is being bankrolled using £25m of internal capital and will involve financing “standalone” startup businesses and provision of legal, risk, technology, brand and marketing advice.

Deloitte has revealed that staff will be free to work full-time on their new ideas and believes it reflects what it calls a recognition of “a new generation of young professionals who aspire to a diverse and agile career”.

Under the plans, the Deloitte startup CEOs will be able to decide upon, and appoint, a team and board for their new businesses – and have the authority on where funding and resources will be allocated.

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David Sproul, chief executive of Deloitte, revealed that the initiative is a first for the firm and is a “unique opportunity” to help realise entrepreneurial ambition while still remaining an employee at Deloitte. Deloitte says that more than 50 business ideas have been submitted.

Simon Owen, Deloitte’s managing partner for innovation, said: “Our aim is to develop new, standalone businesses that create future solutions for our clients in a world of rapidly changing technologies and shifting consumer demands.

“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.”

The founder of each new company will be remunerated through a bonus linked to the performance of their business, as well as a share of the profits form any future sale.

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