- Aims to help online companies accelerate business development, scale
- Chosen 16 startups for Cohort 5, Incubated twenty two startups
.png "EY announces its Foundry Cohort 5 winners")
EY provides announced the successful startup participants recognized into its Foundry Cohort 5.
Within a statement, the talking to, tax and audit firm clained that since 2018, its EY Foundry has helped early-stage tech startups accelerate business growth through piloting and scaling actions with EY, in particular its tax, legislation and people advisory services teams.
It said its EY Foundry provides helped startups to connect and network, using a focus on generating internal traction for the online companies and over the past four years, the program has incubated 4 cohorts, a total of 22 startups.
It has also facilitated product presentations to the EY business teams, and technology pilots within the global EY network.
According to EY, the programme offers received a record amount of applicants and is going from strength to strength in helping startups across Asia-Pacific.
It can be run virtually and will include startups from Australia, Cambodia, Guam, Indonesia, Malaysia, Brand new Zealand, Philippines, Singapore, Sri Lanka, Thailand and Vietnam, the firm said.
EY said it has been focused on increasing assistance for women-led businesses, and this year 8 out of the 16 online companies are founded by women entrepreneurs, improving the average across the five cohorts to 46%, more than dual the global average.
It additional that the 16 startups in this year’s programme were chosen based on their ability to provide disruptive technologies plus solutions across multiple areas of innovation, including people and health, sustainability and procedure optimisation.
Beginning in July 2022 and for a period associated with six months, the online companies in Cohort five will participate in a variety of activities that will provide participants the tools in order to accelerate growth and expand their customer base.
Participants will likely receive Microsoft Glowing blue credits worth US$150, 000 (RM664, 000) to help develop their particular technology stack, EY said.
In addition , they will obtain exposure to a wealth of industry knowledge and experience, which includes access to EY industry insights, subject matter experts and technology collaborators, EY said.
The company pressured that its EY Foundry programme takes no equity stake, with participating startups maintaining full ownership and control of the company.
Ian McNeill, EY Asia-Pacific deputy tax innovator, said the EY Foundry is going through strength to power, growing to eleven countries across Asia-Pacific and attracting the best number of applicants we have seen since the programe’s inception.
“It is therefore only natural that we now have our largest cohort to date. We are looking forward to welcoming the particular start-ups into the program and working with these to collaborate and deal with EY clients’ many complex problems, ” he said. 
In the meantime, Farah Rosley (pic) , Malaysia tax managing partner, Ernst & Young Tax Consultants Sdn Bhd, said it really is encouraging to see 8 Asean startups elevated to your shortlist 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 proceeds and helps with the particular creation of the companies and jobs associated with tomorrow.
“EY is looking towards collaborating with these disruptive technology startups to keep supporting the future of technologies and business growth and improve the way you service our individuals and help deliver greater value to the clients and the long term of talent, ” she said.
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