PROFESSIONAL services organisation EY on Monday announced that it will be bringing its startup incubator programme EY Foundry to Singapore, following a successful first run in Sydney, Australia in 2018.
Applications for the programme's six-month, rent-free residency at the EY wavespace in Singapore are open from now until April 26 at www.ey.com/eyfoundry, and the programme will be launched in June 2019.
Early stage startups in the accounting, tax, fintech, legal tech and regulatory tech sectors in Singapore are invited to apply. To qualify for the programme, applicants must be a technology or product-related startup in the pre-series A funding stage; have a working prototype or working towards a prototype that is scalable and can be used internationally; have a headcount of four individuals or fewer with demonstrated experience in the relevant industry; and have sufficient cash flow for nine months of operations, among other criteria.
Over the course of the residency, EY will provide participants with a tailored learning programme to accelerate their business growth and develop their technology. While EY will not be taking equity in the startups, participants will receive S$120,000 worth of Microsoft Azure credits to build their technology stack. They will also be able to pitch their ideas, technology or products generated in the EY Foundry programme to EY leaders and the supporting corporate community.
"Singapore has a vibrant startup 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," said Soh Pui Ming, Singapore head of tax at Ernst & Young Solutions LLP.
"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."
Said Jon Dobell, EY Asia-Pacific tax innovation leader: "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."