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Side note:
Background music plays.
Logos:
- JPMorgan;
- (and) Bambee.
On screen:
A bearded man with short black hair, Allan Jones.
Text on screen:
Allan Jones, Founder and CEO, Bambee.com.
Allan Jones:
Bambee essentially offers affordable human resources to micro small businesses across the United States that otherwise could not afford it.
Text on screen:
Bambee.
Allan Jones:
We grew very fast, multiple 100% growth years year over year in a row.
On screen:
Mr. Jones smiles as he speaks with Bambee employees in an open, spacious office. On the roof of the Bambee building, Mr. Jones leads dozens of Bambee team members in a rousing cheer.
Allan Jones:
Went from serving 10 companies to tens of thousands of companies in a really short period of time. Bambee was Inc. 5000, one of the fastest growing private companies last year.
On screen:
Mr. Jones holds up his "Inc. 5000" award.
Allan Jones:
We've got to take a company like that that was growing extremely fast to one that is profitable in the last 12 months. The DNA of those two types of companies are fundamentally different, and the tactics are fundamentally different, and the discomfort are different. The amount of growth and discomfort that I had to be willing to expand to so that the company could continue to reach its potential, it’s life changing.
On screen:
Business professionals collaborate:
- using wall-sized white board diagrams;
- (and) reviewing data on computers.
Allan Jones:
As soon as you start to think, “Man, I'm the only person like me dealing with this set of problems,” that starts to feel like you're facing something insurmountable. And what you need to realize is every founder has their own unique set of problems. I realize that when I walk into a pitch room that most folks don't expect a face like mine to have been in the C-suite at 26 of what's now a billion-dollar public company, and I get to play on that. There's a moment where in the moment of surprise for you is an opportunity for me to seize your attention.
On screen:
Mr. Jones walks through an office hallway with Bambee team members.
Allan Jones:
So how do you take the things that are unique challenges to you and use them as opportunities to get someone's attention or impress? And we all have them.
On screen:
Inside the Bambee office building:
- a blonde woman sits at a conference table;
- Mr. Jones pets a brown dog;
- and the Bambee logo, in neon lights, hangs on a wall.
Allan Jones:
J.P. Morgan was, I think, the first pillar advisor that felt like when I was thinking through forms of liquidity, duration of time, timelines, now, 10 years from now, 5 years from now, etc., they were one of the first kind of pillar advisors that felt like they were giving us objective thought.
On screen:
Photos show Mr. Jones networking with entrepreneurs at a J. P. Morgan-sponsored business seminar. A photo shows Mr. Jones in the Bambee office building.
Allan Jones:
The bank’s also been awesome at expanding my horizons. There's a bunch of things I'd never done before, like helping me find new board members, helping me think about the M&A markets, or what multiples look like for SaaS companies in this space.
On screen:
At Bambee's headquarters a diverse group of men and women:
- meet in a conference room;
- work at their desktop computers:
- and pose for a company-wide photo.
Allan Jones:
I love to build new things, I love hard problems, I love leading people. And so here's what I'll say: why I do this is less important to me than the fact that I love to do it.
On screen:
A montage shows Mr. Jones:
- using his mobile phone;
- at a large conference table;
- at an outdoor company event;
- (and) visiting the beach.
Allan Jones:
And at some point I will know why. But in the meantime, I'll just keep doing it as long as I love it.
Text on screen:
J.P. Morgan. Let's build your future together.
jpmorgan.com/diversebusinesses.
Side note:
Legal disclosures:
Text on screen:
Chase, J.P. Morgan, JPMorgan, JPMorgan Chase, and Story by J.P. Morgan are marketing names for certain businesses of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide (collectively, “JPMC”, “We”, “Our” or “Us”, as the context may require).
The material contained in this video is intended as general market commentary and does not constitute legal, tax, investment, accounting, financial, business, real estate, or any other advice, and should not be relied upon as such. The views, opinions, estimates and strategies expressed in this video are those of JPMC, or other featured speakers, and may differ from those of Commercial Banking or other JPMC employees and affiliates. This video in no way constitutes an offer or commitment to provide a particular product or service. Products and services offered by JPMC and its affiliates are subject to applicable laws and regulations, as well as our service terms and policies. Not all products and services are available in all geographic areas or to all customers. Credit is subject to approval. Rates and programs are subject to change; certain restrictions apply.
This content does not constitute J.P. Morgan research and should not be treated as such. Any views expressed are often based on current market conditions and are subject to change without notice. Any statistics referenced have been obtained from external sources deemed to be reliable, but we do not guarantee their accuracy or completeness. In no event shall JPMorgan Chase nor any of its directors, officers, employees or agents be liable for any use of, for any decision made or action taken in reliance upon, or for any inaccuracies or errors in or omissions from, the information in this video.
Copyright 2024 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Deposits held in non-U.S. branches are not FDIC insured.
END
Allan Jones learned from an early age that ideas aren’t worth much if you just talk about them. At 23, he had an idea for a men’s subscription clothing company and ran with it, raising a successful seed round.
Jones closed the company three years later, but gained a lot from the experience. “Don’t make your first startup one that has 60% of your capital going toward your cost of goods,” Jones said, laughing.
Another key lesson for Jones: Both the business and the founder must grow. “I came in fairly confident that I already had all of the skills to do it—I did not,” Jones said. “The amount of growth and discomfort that I had to be willing to experience so the company could reach its potential—it’s life-changing.”
From his first startup, Jones moved to executive positions at Docstoc and ZipRecruiter. In those roles, he worked directly with small businesses, helping them access financial and legal documents and find talent. Over time, those experiences led to another idea: Giving small businesses access to affordable, effective HR managers and simplifying hiring and employee management.
To learn more about how we support the Innovation Economy, reach out to J.P. Morgan to connect with a Startup Banking expert.
Jones knew the market was already saturated with companies that help small businesses post job listings.
What Jones observed, however, is that, in the early stages of a company, there is often no HR department. Small businesses needed help identifying what to ask candidates in interviews, what to do once they made a hiring decision and how to implement important policies.
Jones saw how much anxiety HR management created for business leaders and saw that as a space to eliminate some friction.
And so Bambee was born in 2016, following the belief that every U.S. business, no matter how big or small, should have access to an affordable, dedicated HR manager.
Not long after Jones found this gap in the market, Bambee took off. By 2023, it was ranked the top 1,000 of Inc.’s 5000 fastest-growing companies.
“We grew very fast. Multiple 100% growth years back-to-back,” Jones said. “We went from serving 10 companies to tens of thousands of companies in a really short period of time.”
Although Jones welcomed this incredible growth, he faced challenges along the way. Bambee had to withstand macroeconomic factors that drastically affected its market—namely COVID-19’s impact on remote work, staff reductions, leave policies and workplace safety, and the unprecedented demand for hiring and onboarding that took place after the recession in 2020.
“We’ve had to adapt. What’s remained the same is our appetite to be dynamic and fluid. So no matter the macroeconomic conditions or the microeconomic factors, we’re a business that can survive and thrive.”
—Allan Jones, CEO and founder of Bambee
Bambee’s success has led Jones to think about the future and how best to serve his company’s needs.
“J.P. Morgan was the first who gave us objective thought when I was thinking through forms of liquidity, duration of time, etc.,” Jones said. “The bank’s been awesome at expanding my horizons.”
Whatever the future holds, Jones knows that his love for building new things, leading people and solving hard problems will keep him going.
“Why I do this is less important to me than the fact that I love to do it. And at some point, I will know why,” Jones said. “But in the meantime, I'll just keep doing it as long as I love it.”
We support the efforts of founders like Allan Jones as they make our communities across the U.S. stronger and more vibrant. Our team can help provide the capital, expertise and solutions that serve your organization’s ambitions.
JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content.
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