Twelve winning start-up participants join EY Foundry.
EY today announces 12 winning start-up participants selected as part of the fourth cohort of EY Foundry (EY Foundry cohort 4). EY Foundry is a dedicated incubation program for early stage start-ups in the accounting, tax, FinTech, legal tech, regulation tech and HR tech space.
Unlike previous years, EY Foundry cohort 4 will be a virtually run program and this year is the first to include expanded geographic coverage, including Australia, New Zealand, Indonesia, Philippines, Malaysia, Singapore and Sri Lanka. This is an expansion of five countries (previously run only in Sydney and Singapore). Over 270 applications were submitted – the most that the EY organization (EY) has received to date.
Patricia Xia, EY Asia-Pacific Tax Innovation Leader, says:
“The large pool of high caliber start-ups made it extremely difficult to select the winning participants. It is also reflective of the quality of entrepreneurs from across Asean and Oceania. We’re incredibly excited to begin our journey with the selected participants and we look forward to working together to solve pressing tax, compliance and business efficiency challenges that we and EY clients are facing.”
Cohort 4 begins in early March 2021 for a period of six months and the participants will receive US$120k worth of Microsoft Azure credits, part of the ongoing support from Microsoft for Start-ups. These credits help founders to develop their technology stack. Participants will also benefit from a range of EY industry insights and a wealth of EY experience in improving business growth. EY has no equity stake in the participating start-ups, allowing founders to maintain full ownership and control of their businesses.
Amarjeet Singh, EY Asean Tax Leader and Tax Managing Partner, Ernst & Young Tax Consultants Sdn. Bhd., says:
“The eight winning participants in Asean offer an impressive range of business services that includes making accounting and payments smarter, automating business processes, improving credit accessibility, as well as helping leaders gain insight into their business and people data. These start-ups demonstrate how the application of technological innovation can be used by businesses to accelerate their own digital transformation — a key business priority in the post-pandemic new normal.
We are greatly encouraged by the Asean start-up ecosystem’s support and interest in the EY Foundry program. Thank you to all start-ups, incubators, accelerators, investor networks, various government bodies and other players in the start-up ecosystem who have helped to provide referrals and promote the program.”
Over the past two years, the EY Foundry program has incubated three cohorts, a total of 12 start-ups, and facilitated over 450 meetings, product demonstrations to EY and enterprise teams and technology pilots within the global EY network. EY Foundry has also been a diverse and inclusive program with a strong female-led presence throughout prior cohorts.
To qualify for the EY Foundry program, applicants had to fulfil the following criteria:
- 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 videos in the application
For more information, visit www.ey.com/eyfoundry
Notes to editors
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This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
EY Foundry cohort 4 selected participants
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