The month of June is inextricably linked at McKinsey with Values Day, with nearly all offices around the world holding their events this month.
As we reflected on this year’s Values Day, we thought of several alumni who founded their companies based on values – many of them inspired by the Firm’s.
We spoke with three alums who created their organizations with a set of core values in mind. Here’s what they had to say about what their values are, and why they make up an important part of their companies.
“This has to outlast us.”
Careem, which is deeply rooted in the core values espoused by its founders, is a leading multi-service app that started life as a pioneering ride-hailing service, significantly shaping the transportation landscape in the Middle East. After reaching unicorn status, the company was acquired by Uber in 2020. Mudassir Sheikha (UAE, Dubai 08-12), one of the company's two founding alumni, explains the ethos behind the company's name: "‘Careem’ is an Arabic word that means ‘generous’."
This choice of name was a deliberate reflection of the company’s foundational spirit of generosity, which permeates its business philosophy and aspirations. The name 'Careem' symbolizes the company's commitment to simplifying and improving the lives of people and guides its strategic decisions and community engagements, making it a cornerstone of their corporate identity and mission.
The inception of Careem was significantly influenced by a serious health scare faced by co-founder Magnus Olsson (Stockholm, Dubai, Abu Dhabi 06-12), who was told he might not survive a necessary surgery. Facing this crisis, he resolved to create something impactful and enduring if he lived. This determination shaped Careem's core mission. Reflecting on this, Mudassir says, "That really was a starting point for Careem. How do we build something big and, more importantly, meaningful? We said, ‘This has to be something that can outlast us and will be a legacy for the planet.’" This crisis moment catalyzed the birth of a company aimed at more than just profit; it was about building a lasting, positive impact.
From the very beginning, Careem established a strong value system. In fact, Mudassir and Magnus created their value system before they even knew what kind of company they were going to build. These values were concrete from the outset, guiding every strategic decision. Mudassir notes, “That's what outlives you more than whatever particular business you're doing or a product that you're building.”
Mudassir adds that they took inspiration from the Firm, saying, "Our set of values really looks like it was borrowed from the McKinsey playbook." He explains: "The first value was: customers first. There's also something around hiring amazing people and building a meritocratic culture. We also established a value around building exceptional products that will inspire others to build those kinds of products as well. A lot of the things that we learned at the Firm really went into it. Our values closely resonate with everything that the Firm taught us.”
As Careem has grown, its values have evolved to ensure they remain practical and relevant, adapting to the changing dynamics of the business and its diverse workforce. This flexibility in their values framework has helped Careem maintain its integrity and vision as it expands. Mudassir says, “If you look at Careem, there is one thing that we are doing more right than wrong: it is this focus on purpose, this focus on values, this focus on culture, and the people that it attracts and keeps.”
"Only buy cars that you would sell to your mom."
Loreanne Garcia (Caracas, San Francisco 06-08, 10-13) and her brother Carlos Garcia Ottati (Bogota 12-14), also a McKinsey alum, are the founders of Kavak, which buys, finances, manages, and sells pre-owned cars – and which was Mexico’s first unicorn company.
Values factored into their planning right away, Loreanne says. “One of the first meetings that we had was about creating our culture and values. I wrote everything down in a credo. To summarize, above all, we value empathy: empathy with our clients, and empathy with our team.”
She says, “A lot of what we did was inspired by our time at the Firm. The way that we approached problem-solving in a logical, fast, and analytical way is part of our value system. Also, I remember when I was there, the Firm was coming out with studies about having people focus on what they're good at, and how that drives performance beyond what it would otherwise be.”
Loreanne adds, “Another thing we borrowed from McKinsey is the idea of ‘one team.’ It was impressive that whatever McKinsey office you went to in the world, it really was one team, no matter where you were. We wanted that same ‘one team’ feeling.”
In addition, the values of transparency and customer focus are vividly illustrated by Kavak's commitment to safety and honesty in the pre-owned-car market, a contrast to the often-perilous conditions of buying a used car in Mexico. Loreanne highlights a guiding company principle: "Only buy cars that you would sell to your mom."
Reflecting on the evolution of Kavak's culture, Loreanne mentions the dynamic nature of company values as the organization grows. She underscores the importance of authentic values that truly represent the company and its founders: "Your values have to really be your own values. You can't come up with values that are not yours, because then it's not going to work."
"Think about the ethical considerations as we leverage technology."
Fred Swaniker (Johannesburg, 99-01), founder of Sand Technologies, ALX, African Leadership University, African Leadership Network, and African Leadership Academy, emphasizes that service and leveraging privilege to address significant societal issues are central to his entrepreneurial ethos. Over the past two decades, his goal has been to find exceptional talent, primarily in Africa, develop that talent, and then connect it to opportunities.
"The common theme across all of [my organizations] is a belief that talent can really transform the world,” Fred says. “But it has to be infused with ethics and values. And those who are privileged to be healthy, to have education, to have good networks – the only way we can justify that privilege is by doing hard things and by solving the most meaningful problems for the world.”
Fred credits the Firm's culture of excellence, client service, and lifelong connection to its people as significantly shaping his approach to business and leadership. “We're attracting exceptional people and keeping them. We also incorporate the whole notion of apprenticeship and mentoring and coaching other people.”
“The culture at McKinsey heavily influenced the way that I work, including the notion of serving clients and solving important problems that only McKinsey can do,” Fred says. “At McKinsey, it was always clients first. And today as I build Sand Technologies, I’m making sure we put clients first. And when we select talent, we really look at their values as one of the selection criteria.”
Sand Technologies aims to solve problems with AI – problems such as how to make healthcare more accessible, how to roll out telecom services in cost-effective ways, and how to reduce carbon emissions from waste treatment plants, among many others.
Fred is extremely proud of his unique educational model in the company, which prioritizes ethics and leadership training before moving on to building technical skills. This strategy ensures that the technology solutions developed are not only innovative but also ethically responsible and aligned with societal needs. He says, "No other technology program starts first by training you on ethics and values, and then taking you through the technology. The idea is to create technology talent that will build AI that hopefully will be less biased and that will think about some of these ethical considerations that we need as we leverage technology and AI to do different things.”
Finally, Fred says, he wants to leave the world a better place than he found it. “We challenge leaders that we work with to say, ‘You've got limited time on this earth. Spend it doing hard and meaningful things.’”
Fred was named to TIME's list of the world's 100 most influential people in 2019. Read more here.
