Ernst & Young LLP (EY U.S.) announced on May 24 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.”