EY launches startup incubator in Singapore

On 18th March, Ernst & Young (EY) made public the launch of a startup incubator programme in Singapore.

Founders of early stage startups in the accounting, tax, fintech, legal tech and the regulatory tech space based on the city-state are invited to apply to the programme from today until 26 April 2019 at www.ey.com/eyfoundry

EY Foundry is a dedicated incubator within EY offices, where selected startups can work alongside like-minded entrepreneurs, EY professionals and EY collaborators to accelerate startup growth and expand customer base.

Singapore is the second location to host the EY Foundry programme, following a 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.

“Singapore has a vibrant startup ecosystem and is well-connected with other innovation hubs in the region,” said Soh Pui Ming, Singapore Head of Tax at Ernst & Young Solutions LLP.

She added: “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.”

Criteria for applications

To qualify for the EY Foundry programme, applicants must fulfil the following criteria:

• 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

Benefits for successful candidates

Successful applicants will be announced at the official launch of the programme in June 2019. Up to five startups will be offered a six-month rent-free residency at the EY wavespace in Singapore, an innovation and growth centre that was opened late last year to help companies innovate and transform their businesses.

The scheme includes a tailored learning programme for startups based on EY insights of the business world and experience from technology collaborators. EY Foundry residents can also access free Microsoft Azure credits of up to S$120,000.

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.

“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,” commented Jon Dobell, EY Asia-Pacific Tax Innovation Leader.