Ernst and Young (EY) has announced a collaboration with the group’s internal corporate venturing unit, EY Foundry, and Techstars, a global network for entrepreneurs.
Through the use of Techstars’ global ecosystem, EY Foundry will work alongside startups in eight different subject areas, including tax, legal tech, and HR, to launch pilots, establish partnerships, and explore acquisitions.
The move follows a spike in global corporate venturing activity, with the 2020 Global Corporate Venture Capital Report finding that corporate venture capital-backed deals grew from $59bn in 2019 to over $73bn in 2020.
Chirag Patel, leader of EY Foundry, said: “I’m thrilled to work with industry leader, Techstars, and tap into its global network.
“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.”
The year-long collaboration is designed to provide startups with an introduction to growth and collaboration opportunities in the EY organization.
Laura Kennedy, SVP of business and corporate development at Techstars, said: “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.”