Big four accounting firm Ernst & Young (EY) has selected 16 early-stage startups to join its EY Foundry Cohort 5 program to propel disruptive solutions in four areas: sustainability, new enterprise, people and wellness, and services of tomorrow.
EPC Blockchain, a Malaysian-based firm, is among those chosen, and it utilizes blockchain technology to record energy investments needed when crowdfunding energy projects. As a result, it tackles the challenge of climate change through public mitigation.
EPC Blockchain also enables small project developers to monetize carbon credits from energy projects.
From this month, EY will conduct the six-month incubator program virtually, with participants benefitting from $150,000 in Microsoft Azure credits to enhance their technology stack.
Eight startups are from Southeast Asia, whereas the rest are from Australia. Per the announcement:
“They will gain exposure to a wealth of industry knowledge and experience, including access to EY industry insights, subject matter professionals and technology collaborators. The EY Foundry program takes no equity stake, with participating startups maintaining full ownership and control of the business.”
EY sees the partnership with startups as a stepping stone toward boosting the pipeline of entrepreneurial talent and enhancing the creation of future jobs and businesses.
Farah Rosley, Malaysia Tax Managing Partner, Ernst & Young Tax Consultants, added:
“We are looking forward to collaborating with these disruptive technology startups to continue supporting the future of technology and business growth and improve how we service our people and help deliver greater value to our clients and the future of talent.”
Nurturing talent is emerging as a favoured strategy needed to spur innovation. For instance, Ripple, a leader in enterprise crypto and blockchain solutions, recently opened a key engineering hub in Toronto, Canada, to enhance crypto innovation and growth, Blockchain.News reported.
Image source: Shutterstock