EY today announces the expansion of the EY Foundry start-up incubator program to cover Australia, New Zealand and the ASEAN markets of Indonesia, Malaysia, Philippines, Singapore and Sri Lanka. EY Foundry focuses on helping early-stage tech start-ups in the tax, accounting, fintech, legal tech, regulatory tech, compliance tech and HR tech space, to accelerate business growth through piloting and scaling activities with the EY organization. Founders of start-ups in the countries announced today are invited to apply to the program from 28 September 2020 till 6 November 2020 at www.ey.com/eyfoundry.
Due to the impact of COVID-19 pandemic, EY Foundry has evolved into a virtually-run program which will leverage the EY global connectedness to bring greater collaboration opportunities to life among start-ups, EY professionals and the supporting corporate community. Successful applicants to the program will be announced at a virtual launch event to be held in November 2020, where up to 14 start-ups may each be offered six months of participation in high-growth EY activities. These activities include tailored learnings by EY subject matter professionals, as well as EY piloting sessions to better prepare start-up products to access the corporate community.
EY Foundry takes no equity in the start-ups and to further support the program’s participants in building their technology, they will be given US$120,000 worth of Microsoft Azure credits.
Amarjeet Singh, EY Asean Tax Leader and Tax Managing Partner, Ernst & Young Tax Consultants Sdn Bhd shares:
“We are looking forward to offering the program in the participating Southeast Asian countries and engaging with the region’s dynamic and thriving start-up ecosystem. Supporting and collaborating with start-ups through this program help us drive our innovation agenda and explore new solutions for clients. From the experience of participants in the Singapore edition last year, we have observed that this program provides opportunities for start-ups to scale up, strengthen their business model and embark on their next stage of growth.”
Farah Rosley, Programme Director of EY Foundry in Malaysia and Tax Partner, Ernst & Young Tax Consultants Sdn Bhd, adds:
“Malaysia has a multitude of dynamic start-up companies; as such, the launch of EY Foundry in Malaysia is timely indeed. At EY, we have long recognized the potential of entrepreneurs and are committed to support them. Through EY Foundry, we will be able to lend our experience, industry capabilities and global network to help budding entrepreneurial companies scale and grow. Our commitment to entrepreneurial, high-growth companies helps ensure that we’re working with tomorrow’s leaders, today.”
Ben Stein, Co-Founder and CEO of Staple, and EY Foundry Singapore alumni, says:
“I highly encourage any start-up that fits the criteria to apply for EY Foundry. The program has helped us accelerate our company’s growth, increase our enterprise network and establish greater trust with our investors and corporates. Piloting our technology with EY Foundry was a milestone that not only helped get our product corporate-ready, but also provided us with traction in the market to achieve our funding objectives”.
Following successful program launches in Sydney and Singapore, Patricia Xia, EY Asia-Pacific Tax Innovation Leader, believes the program’s expansion will bring greater diversification of applicants, start-up businesses and emerging technologies, and more opportunities to connect these solutions to EY services for clients.
To qualify for the EY Foundry program, applicants must fulfill a set of criteria, including:
- An early stage (pre-series A funding) start-up that is technology or product-related
- Potential applications to the tax, accounting, fintech, legal tech, regulatory tech, compliance tech or HR tech industries
- Having a working prototype or working toward having a prototype that is scalable
- Having a leadership team with demonstrated experience in the relevant industry
- Being able to provide business pitch materials or video in the application
Notes to editors
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This news release has been issued by Ernst & Young Advisory Services Sdn Bhd, a member of the global EY organization.