Ernst and Young Future Leaders Support Entrepreneurs in Emerging Markets
Ernst & Young LLP celebrates the fifth year of its Corporate Responsibility Fellows program New York, 19 November 2009– Ernst & Young LLP’s Corporate Responsibility (CR) Fellows are on a three-month assignment to help high-impact entrepreneurs in Chile, Uruguay and Argentina strengthen their businesses, free of charge. Now in its fifth year, this skills-based volunteer program enables some of the firm’s top performers to help high-impact entrepreneurs create jobs, foster innovation and generate broad economic value in regional emerging economies.
“Ernst & Young’s CR Fellows Program allows our best and brightest employees to help promising entrepreneurs, while advancing their leadership experience and understanding of global business issues,” explains Deborah Holmes, Ernst & Young LLP, Global Director of Corporate Responsibility. “To maximize the impact, our CR Fellows will also present business seminars for entrepreneurs and local business leaders in their host countries.”
The CR Fellows Program is possible through Ernst & Young LLP’s collaboration with Endeavor, a not-for-profit organization that identifies high-impact entrepreneurs in emerging economies. Through Endeavor’s support, Ernst & Young LLP offers these entrepreneurs professional services ranging from strategy development to human resource planning to financial guidance. The projects leverage the talents of each Fellow to meet the specific needs of each high-impact entrepreneur. On average, these entrepreneurs pay 10 times the minimum wage and generate sustainable economic value in their communities with a 96% survival rate after 10 years. To date, more than 35 high-impact entrepreneurs in Central and South America have received support from Ernst & Young’s Fellows.
“Ernst & Young’s Corporate Responsibility Fellows help our High-Impact entrepreneurs catalyze job growth, generate wealth and inspire people to think big in emerging market communities,” explains Linda Rottenberg, Endeavor’s CEO and co-Founder.
Fellowship assignments include:
Technisys, a provider of IT solutions for the financial services industry, is being supported by a Chicago-based Tax manager who is focusing on transfer pricing issues.
Three Melons, a videogame developer, is being assisted by a Los Angeles-based HR professional who is creating a strategy to support the company’s anticipated growth.
Zott, a promotion and marketing solutions company, is receiving guidance from a New York Transaction Advisory Services senior manager who is updating tools and processes related to managing cash flow.
Chilean Gourmet, a gourmet food exporter, is working with an Advisory Services manager from Baltimore who is helping improve administrative and financial procedures.
Latitud90, a tourism company, is receiving guidance on budgeting and forecasting from a valuations manager from Halifax, Canada.
Scopix, a provider of retail store operational performance metrics, is having its transfer pricing issues analyzed by a New York-based Tax manager.
Betazeta, a network of online vertical communities, is receiving a review of its financial and organizational structure from an Assurance manager from Winnipeg, Canada.
Proactive Office, a project management application service provider, is being assisted by a manager in Atlanta’s Transaction Advisory Services practice on a venture capital analysis.
Ernst & Young’s Corporate Responsibility Fellows Program is an extension of the organization’s global commitment to entrepreneurship, which includes the global Ernst & Young Entrepreneur Of The Year® awards program, now in its 23rd year.
About Ernst & Young
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We make a difference by helping our people, our clients and our wider communities achieve their potential.
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Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. This news release has been issued by Ernst & Young LLP, a client-serving member firm of Ernst & Young Global Limited located in the US.
About Endeavor
Endeavor breaks down barriers that prevent emerging-market entrepreneurs from reaching their high-impact potential. Hailed by NYT columnist Thomas Friedman as the "mentor capitalist" model, Endeavor identifies entrepreneurs leading high-growth innovative companies in emerging markets. These entrepreneurs are given world-class strategic advice, access to key networks and other tools that will catapult them to success. With Endeavor's guidance they become “high-impact” – expanding employment, generating wealth and inspiring others to innovate. Often overlooked, these local entrepreneurs are now jumpstarting private sector development in their countries.
As of 2008, Endeavor Entrepreneurs throughout Latin America, Egypt, India, Jordan, South Africa and Turkey have created 98,000 new jobs and generated over $3.15 billion in revenues. For more information, visit www.endeavor.org
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