Mark Cuban Invests in a Startup that Allows Businesses to Rent MBAs
Charismatic Dallas Mavericks owner, entrepreneur, and angel investor Mark Cuban has invested $450,000 in a startup that allows businesses to rent an MBA to help them with specific projects or challenges, even though Cuban personally thinks that getting an MBA is a “waste of money”. The company, HourlyNerd, has just raised $750,000 in seed money, including the money from Cuban.
HourlyNerd began in a first year course at Harvard Business School called Field Immersion Experiences for Leadership Development (FIELD), which gives students the chance to work on real-world problems for business clients. Students were asked to launch their own business the year that HourlyNerd began.
HourlyNerd has a network of about 900 MBAs who provide part time or freelance work to companies. The MBAs come from prominent schools like Stanford, Tuck, and Wharton, and some have experience from well-known investment banks, consulting firms, and other companies. The company aims to provide MBAs to small businesses who want to be able to get advice from skilled professionals on an as-needed basis. HourlyNerd provides an online marketplace where businesses can list a current project or a challenge for their company. MBAs can then bid on the projects on the marketplace, giving companies a summary of their goals and what they plan to help the company achieve, and an estimate of their hourly rate. The company chooses an MBA and submits a payment, including a fee for HourlyNerd’s service.
Cuban said in a press release that he believes that HourlyNerd provides a sevice that “every entrepreneurial company” faces, and he hopes to use HoulyNerd’s services for his portfolio companies. The Boston Business Journal agrees that HourlyNerd has potential, and listed the company on its startup watch list last week.
