EY start-up incubator program to be launched in Singapore
Singapore, 18 March 2019
Professional services organization EY calls for applications to EY Foundry, an incubator program for early stage start-ups in the accounting, tax, fintech, legal tech and regulatory tech space in Singapore. Founders of start-ups in these areas are invited to apply to the program from now till 26 April 2019 at www.ey.com/eyfoundry.
Successful applicants will be announced at the official launch of the program in June 2019. Up to five start-ups will be offered a six-month rent-free residency at the EY wavespace™ in Singapore, an innovation and growth center that was opened late last year to help companies innovate and transform their businesses.
Over the course of the residency, participants will benefit from a tailored learning program based on EY industry insights and wealth of experience in helping start-ups accelerate their business growth and develop their technology. EY takes no equity in the start-ups and to further support participants in building their technology stack, they will be given S$120,000 worth of Microsoft Azure credits. Participants will also have the opportunity to pitch their ideas, technology or products generated from their time in EY Foundry to EY leaders and the supporting corporate community.
Jon Dobell, EY Asia-Pacific Tax Innovation Leader, says:
“By working with the smartest talent in the startup space, we are unlocking new markets and innovation, building new relationships and ultimately better serving clients. It’s one of the ways we are building a better working world for the future.”
Singapore is the second location to host the EY Foundry program, following its successful run in Sydney, Australia in 2018 that had a cohort of entrepreneurs developing a wide range of technologies covering RegTech, Accounting Tech, documentation automation and digital employee giving platforms.
Ms. Soh Pui Ming, Singapore Head of Tax, Ernst & Young Solutions LLP, comments:
“Singapore has a vibrant start-up ecosystem and is well-connected with other innovation hubs in the region. In addition, the country is also a regional hub of choice for professional services, which is set to grow as an economic contributor. We are excited by how our experience, scale and resources can help to unleash the potential of emerging technopreneurs in this space, and the difference this can make to Singapore’s overall innovation footprint.”
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 (not a service offering)
- Have a working prototype or working towards a prototype that is scalable and can be used internationally
- Have a headcount of four individuals or less, with demonstrated experience in the relevant industry
- Cash flow to sustain nine months of operations
- Must be able to provide a business pack in the EY Foundry application
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Notes to editors
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This news release has been issued by Ernst & Young Solutions LLP, a member of the global EY organization.