EY announces its Foundry Cohort 5 winners
By Digital News Asia July 11, 2022
- Aims to help startups accelerate business growth, scale
- Chosen 16 startups for Cohort 5, Incubated 22 startups
EY has announced the winning startup participants accepted into its Foundry Cohort 5.
In a statement, the consulting, tax and audit firm claimed that since 2018, its EY Foundry has helped early-stage tech startups accelerate business growth through piloting and scaling activities with EY, in particular its tax, law and people advisory services teams.
It said its EY Foundry has helped startups to connect and network, with a focus on generating internal traction for the startups and over the past four years, the programme has incubated four cohorts, a total of 22 startups.
It has also facilitated product demonstrations to the EY enterprise teams, and technology pilots within the global EY network.
According to EY, the programme has received a record number of applicants and is going from strength to strength in supporting startups across Asia-Pacific.
It will be run virtually and will include startups from Australia, Cambodia, Guam, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Sri Lanka, Thailand and Vietnam, the firm said.
EY said it has been focused on increasing support for women-led enterprises, and this year eight out of the 16 startups are founded by women entrepreneurs, increasing the average across its five cohorts to 46%, more than double the global average.
It added that the 16 startups in this year’s programme were chosen based on their ability to provide disruptive technologies and solutions across multiple areas of innovation, including people and wellness, sustainability and process optimisation.
Beginning in July 2022 and for a period of six months, the startups in Cohort 5 will participate in a range of activities that will give participants the tools to accelerate growth and expand their customer base.
Participants will also receive Microsoft Azure credits worth US$150,000 (RM664,000) to help develop their technology stack, EY said.
In addition, they will gain exposure to a wealth of industry knowledge and experience, including access to EY industry insights, subject matter professionals and technology collaborators, EY said.
The company stressed that its EY Foundry programme takes no equity stake, with participating startups maintaining full ownership and control of the business.
Ian McNeill, EY Asia-Pacific deputy tax leader, said the EY Foundry is going from strength to strength, growing to 11 countries across Asia-Pacific and attracting the highest number of applicants we’ve seen since the programe’s inception.
“It is therefore only natural that we now have our largest cohort to date. We’re looking forward to welcoming the start-ups into the programme and working with them to collaborate and tackle EY clients’ most complex problems,” he said.
Meanwhile, Farah Rosley (pic), Malaysia tax managing partner, Ernst & Young Tax Consultants Sdn Bhd, said it is encouraging to see eight Asean startups shortlisted to join the programme this year and that Malaysia is represented once again in EY Foundry Cohort 5.
“We see collaboration with startups as an important way to help ensure that the pipeline of entrepreneurial talent continues and helps with the creation of the businesses and jobs of tomorrow.
“EY is looking forward to collaborating with these disruptive technology startups to continue supporting the future of technology and business growth and improve how we service our people and help deliver greater value to our clients and the future of talent,” she said.
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