Professional services organization Ernst & Young now welcomes applicants into its incubator program for early stage startups in the accounting, tax, fintech, legal tech, and regulatory tech space in Singapore. The invitation is extended from now till 26 April 2019 here (www.ey.com/eyfoundr) for Singapore-based startups in the mentioned areas.
The official launch of the program itself will be in June 2019. The participants will get a chance to win a six-month rent-free residency at the growth center of the company EY wavespace™ in Singapore, offered only to up to five selected startups.
During the residency, EY will provide a tailored learning program that is based on EY industry insights experience in helping startups accelerate their business growth and develop their technology. What’s interesting is that EY will take no equity in the startups and will give the startups S$120,000 worth of Microsoft Azure credits to further support the building of participants’ technology stack.
EY will also open the opportunity for participants to pitch their ideas to EY leaders and the supporting corporate community, as well as their technology, or products generated from EY Foundry’s residency time.
“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,” said Jon Dobell, EY Asia-Pacific Tax Innovation Leader.
Previously, EY Foundry had a successful run in Sydney, Australia in 2018. Singapore would make its second country.
The criteria to qualify for EY Foundry program are as follows:
- Must be an early stage (pre-series A funding) startup that is technology or product-related (not a service offering).
- Must have a working prototype or working towards a prototype that is scalable and can be used internationally
- Must have a headcount of four individuals or less, with demonstrated experience in the relevant industry
- Must have a cash flow to sustain nine months of operations
- Must be able to provide a business pack in the EY Foundry application