Australian corporations are certainly beginning to take notice of startups and the innovations they could bring to the corporate world. The latest to demonstrate its support of the startup community is Ernst & Young (EY). Yesterday, the company announced a new multi-year sponsorship of Sydney-based co-working community Tank Stream Labs.
Located in Sydney’s CBD and operating on a membership basis, Tank Stream Labs provides a collaborative space for startups to share otherwise unaffordable office spaces in Sydney. Having EY as a sponsor means the Tank Stream Labs will be able to provide additional support to its startups.
EY Technology, Media & Entertainment and Telecommunications Leader David McGregor said EY’s sponsorship of TSL is about “developing new connections … to financiers, to customers, potential partners or acquirers.”
“It’s building bridges between innovation-focused startups and larger corporates hungry for growth opportunities and new technologies,” he added.
The sponsorship isn’t unusual given EY’s history of celebrating the work of entrepreneurs through its global Entrepreneur of the Year programme which has been running for 15 years as well as supporting entrepreneur-focused initiatives like Rare Birds.
“There is enormous global market potential for Australian innovators and we’ve seen a number of successful examples of this. But we think there is ample potential for much, much more and the market remains largely untapped,” said McGregor.
Tank Stream Labs’ General Manager Balder Tol said the organisation will be setting up an “in-house EY help centre where entrepreneurs can go for premium advice and support in IPO, capital raising, R&D Tax, M&A and risk management”.
“At TSL we cater to everyone from the one-man-band to the country’s leading technology companies such as Airtasker and through this collaboration they will all benefit from real entrepreneurial support and advice,” Tol added.
“Startups have graduated from the garage or spare bedroom and are increasingly seeking a professional environment with all of the necessary support services nearby.”