When you think of management consulting, you probably think of an expensive way to have someone tell you that you’re running your business into the ground. For large corporations with deep pockets, this may not be an issue. For small businesses, the idea of management consulting might be too costly to ever prove valuable.
Texas native Shams Juma wants to challenge the traditional consulting model. Juma is the founder and CEO of Quantifye, “an online marketplace that connects businesses with top business experts.” Essentially, it’s a website where companies can sign up to find top-tier management consultants from elite business schools, without spending excessive amounts of money on a large consulting firm.
“On average, it is 70 percent cheaper to hire consultants through Quantifye than a traditional consulting firm,” said Juma.
But how could a Quantifye consultant be just as good for a fraction of the cost? According to Juma, much of the fees for consultants go to the middleman, otherwise known as the traditional consulting firm (think Bain ,McKinsey, EY).
Quantifye replaces expensive consulting firm overheads with a selection of personalized rates from business-minded professionals competing for projects. It also operates without registration fees, making it an economical option for budget-minded businesses.
Juma does admit that he faces an uphill battle in growing his startup into a successful brand. He wants to get small and medium sized businesses to embrace “the nontraditional model of using the Internet to find consultants,” said Juma.
The fact that his company is headquartered in Texas will also be a challenge, according to Juma. “The ecosystem in Texas for startups is very different from the Bay Area,” he said. A friend told him that people aren’t quite as perceptive to startups and new businesses in Texas because it is a more conservative environment.
But, Juma isn’t fazed by the opinion. “I took that challenge head-on,” he said. “I’m from Texas and wanted to come back here and prove that our marketplace will work.”
Private investors, family and friends have provided most of the funding for Quantifye so far, and Juma plans to seek additional money from private investors once his business gains more steam. “With a range of happy customers already on board, we expect many more small businesses to switch to the competitive advantages that we offer.”
Quantifye wasn’t the first company to enter into the “on-demand” consulting market. Skillbridge and HourlyNerd both existed before Quantifye and could create new challenges going forward. But, Juma is optimistic in how he sees his business growing over the next few years and wants to “be the number one or number two company in the US and maybe internationally.”