The EY organisation has announced the continued expansion of the EY Foundry startup incubator programme into Cambodia, Guam, Thailand and Vietnam. These markets will join Australia, Indonesia, Malaysia, New Zealand, Philippines, Singapore and Sri Lanka, where the programme has been running since 2018.
EY Foundry helps early-stage tech startups to accelerate business growth through piloting and scaling activities with the EY organisation, in particular the EY Tax service line.
EY Foundry is particularly keen to work with those startups that can enhance the EY Tax practice in any of the following innovation areas:
- Services of tomorrow: optimising processes and enhancing the client experience
- New enterprise: reimagining traditional Tax, Law and People Advisory Services (PAS) using disruptive technology to create new markets and business models
- Sustainability: technology that delivers ESG and supply chain transformation resulting in net-zero or negative carbon emissions
- People and wellness: embracing the future of work through continuous learning and development, and employee wellness
"Our incubator programme has a new focus on innovation," says Amarjeet Singh, EY Asean tax leader and tax managing partner, Ernst - Young Tax Consultants.
"Start-ups from all sectors are invited to collaborate with us in developing pilot solutions to enhance our clients' experience and develop the services of tomorrow, leverage disruptive technology to create new markets and business models, meet sustainability goals, and stay centred on people and wellness," he says.
"With the geographic expansion of this year's program to include more countries in Southeast Asia, more start-ups in the region will have the opportunity to participate in the programme and scale their business. By supporting the growth of the start-up ecosystem, this will help to unlock new opportunities for the region."
Successful applicants to the program will be announced at a virtual launch event to be held in May 2022. Winning startups will be offered six months of participation in activities that include tailored learnings by EY subject-matter professionals, as well as EY piloting sessions to better prepare startup products to access the corporate community.
EY Foundry takes no equity in the startups and to further support the programmes participants in building their technology, the successful applicants will be given US$120,000 worth of Microsoft Azure credits.
To qualify for the EY Foundry program, applicants must fulfill a set of criteria:
- Be an early-stage startup (Series A funding or earlier) that is technology- or product-related
- Be able to demonstrate how the startup adds value to the EY business in at least one of the four innovation areas noted above
- Have a working prototype or be working toward having a prototype that is scalable and can be used internationally