Karmarama founder Dave Buonaguidi: Accenture buyout could be ‘marriage of the year’ but laments lack of independents in an industry ‘devoid of personality'
Karmarama founder Dave Buonaguidi - who departed the agency in 2014 but retained shares - has broken his silence following the sale of the agency to management consultancy Accenture.
Accenture buyout could be ‘marriage of the year’ says Karmarama founder Dave Buonaguidi as he laments lack of independents in a / Karmarama
Choosing to relay his feelings on Instagram, former chief creative officer and originator Buonaguidi described Accenture and Karamarama as “strange bed fellows,” but praised what he saw as a “big play.”
“Consultancies, and PR companies have been moving into the space that ad agencies have inexplicably left wide open for a while now, while agencies seem to be either too reluctant or too scared to embrace the modern business concept of ‘creative’ consultancy, instead concentrating on the safer and more superficial world of ‘adland’ creativity,” he said.
Accenture’s purchase of Karmarama for an undisclosed sum sent shockwaves through the industry last week, with the company declaring that the “next wave of marketing is here,” and that it was going to be the one leading the way. As part of this plan, Karmarama will now join Accenture Interactive, part of Accenture Digital.
In his reaction, Buonaguidi took a more cynical look at the effect the acquisition may have on Karamarama’s culture. He acknowledged that Accenture has “a great business, and strong relationships” and that the team there “know their shit” but asserted the consultancy had “little or no culture of note.”
“Karmarama has a good creative rep, a strong culture and good people. Could be the marriage of the year, but all of that promise depends on the ambition, energy and talent of the people in the agency right now,” he continued.
“The fact is that there is now one less interesting independent company in a business that is sadly devoid of personality and character, and that begs one big question. What are all the visionary entrepreneurs doing? I’m not talking about all the plastic entrepreneurs who start a business with funding, a four year plan and a fucking exit strategy, I’m talking real entrepreneurs that have a real mission, that want to make shit better, and make a difference for staff and clients BEFORE they make any money."
Karmarama was previously one of London’s largest independent agencies with a headcount of 250, working with clients like the BBC and Unilever. It was launched by Naresh Ramchandani and Buonaguidi from a kitchen in Spitalfields without any external funding. In 2011 it received a cash injection from private equity house Phoenix Equity and went on an acquisition spree of its own, buying up agencies Crayon, social media shop Grape and mobile specialist The Nice Agency.
Buonaguidi exited the agency in 2014, first setting up his own beer brand and then moving on to become chief creative officer at CP+B London. When he left Karmarama he told The Drum that he believed the ad industry had gotten itself into “a rut” and was populated with “professional creatives who are only creative between the hours of 9am and 6pm”.
He didn't hold back in his reaction to Accenture's buyout of his previous business venture, finishing up his statement with some advice to other creative entrepreneurs.
"Challenge everything. Shake it up. Work your arse off. Cry. Laugh. Be happy. Hustle like a bastard. Throw a few punches and every now and then, when it has all gone well for a couple of days in a row, celebrate with a glass of warm beer. But please. Fuck the money. Fuck the breadheads. Fuck the exit plan, never ever share equity with people who don’t share your vision and may the bridges you burn light the way," he asserted, finishing: "Thank you to all the people and clients past and present who made the agency so special. Enjoy the next chapter."
You can read his statement in full below.
A photo posted by Dave Buonaguidi (@realhackneydave) on