Ernst & Young LLP (EY US) today announced the collaboration between EY Foundry (the firm’s internal corporate venturing unit) and Techstars. Leveraging Techstars’ global ecosystem, EY Foundry will work with leading-class startups in eight different subject areas, such as tax, legal tech, HR, compliance and technology, to launch pilots, establish alliances and explore acquisitions.
“I’m thrilled to work with industry leader, Techstars, and tap into its global network,” said Chirag Patel, EY Foundry Leader. “This collaboration will strengthen EY Foundry’s already strong presence in the startup and venture capital markets, while the broad corporate EY client base and distinguished subject matter resources will add value to Techstars’ growing network.”
Global corporate venturing activity—the practice of developing, sponsoring or investing in startups to develop innovative products or services—is at an all-time high. In 2020, there was more than $73 billion in corporate venture capital-backed deals and funding, up from $59 billion in 2019, according to the 2020 Global Corporate Venture Capital Report.
Techstars, a global platform for investment and innovation operating 45 accelerators across 13 countries, is a resource for startups looking to drive growth through collaboration with corporations and investors. This year-long collaboration will focus on providing startups with introductions to key growth and collaboration opportunities within the EY organization.
“We believe entrepreneurs can and do change the world,” said Laura Kennedy, SVP Business & Corporate Development at Techstars. “Our job is to provide our portfolio companies with the resources they need to be successful. Collaboration drives innovation, and we are excited to add the EY network to the Techstars ecosystem.”
About EY
EY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets.
Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.
Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com. This news release has been issued by Ernst & Young LLP, a member firm of EY serving clients in the US.
About Techstars
The Techstars worldwide network helps entrepreneurs succeed. Founded in 2006, Techstars began with three simple ideas—entrepreneurs create a better future for everyone, collaboration drives innovation, and great ideas can come from anywhere. Now we are on a mission to enable every person on the planet to contribute to, and benefit from, the success of entrepreneurs. In addition to operating accelerator programs and venture capital funds, we do this by connecting startups, investors, corporations, and cities to help build thriving startup communities. Techstars has invested in more than 2,500 companies with a combined market cap of more than $207 billion.
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