Cap Gemini Ernst & Young Unveils 'Center for Enterprise Creation' to Help Corporations Stay at the Forefront of Innovation

Merrill Lynch's New Internal Venture Capital Fund is Among the First to Tap


Dec 05, 2000, 00:00 ET from Cap Gemini Ernst & Young

    NEW YORK, Dec. 5 /PRNewswire/ -- Cap Gemini Ernst & Young today announced
 it has formally launched its Center for Enterprise Creation, which helps large
 corporate clients to continue to be at the forefront of innovation by helping
 them discover, fund, and launch business ideas, through its co-creation
     "Increasingly, corporations are seeing the need to take advantage of the
 New Economy trend, known as corporate innovation where the race is on to
 rapidly innovate new businesses, products, services, and other untapped
 sources of revenue using new means.  Furthermore, they have realized the
 benefits of partnering with an external co-creator such as Cap Gemini Ernst &
 Young to achieve success in their innovation," said Terry Ozan, CEO of Cap
 Gemini Ernst & Young Americas.  "Large corporations can combine their core
 strengths with the Center's team of professionals to fundamentally enhance the
 way that enterprises are conceived and created, thus increasing shareholder
     "Merrill Lynch's new Internal Venture Capital Fund will tap the Center for
 Enterprise Creation at Cap Gemini Ernst & Young for its expertise in business
 development, entrepreneurial focus and flexibility.  As part of our continual
 commitment to innovation, we are combining the core strengths of Merrill Lynch
 with our external catalyst partners to drive growth of our internally
 generated business technology ideas," said Madeline Weinstein, Senior Vice
 President, Head of Corporate marketing for Merrill Lynch.
     The Center for Enterprise Creation assists corporations to re-purpose,
 leverage and monetize assets such as brand, people and customers and allows
 them to reclaim their position as innovators in the marketplace.  It provides
 the speed, creation expertise, resource elasticity, industrial strength build
 and delivery capability, global reach, and a network of clients and strategic
 partners to assist in the risk reduction of launching new enterprises.
     When a corporation identifies a possible enterprise creation
 opportunity -- from an employee, a vendor in its supply chain, or a major
 client -- the Center begins a step-by-step enterprise creation process,
 building and launching the enterprise together with the network of best of
 breed providers called the Value Web(SM) (legal, branding, recruiting,
 hosting, funding, etc.).  The Center provides services covering all aspects of
 an enterprise launch including strategic planning, technology architecture,
 operations definition, organization design, systems development, user
 experience design, temporary office space, and administrative support with a
 co-creation mindset.
     "Whether the corporate objective is to reduce brain drain, close a
 capability gap, monetize internally developed products or services, join
 forces with non-traditional partners or simply build a new mechanism to
 explore growth possibilities, the Center can help corporations significantly
 increase the probability of success," said Alvi Abuaf, Vice President of Cap
 Gemini Ernst & Young.
     The time to reclaim innovation is now.  The Center for Enterprise Creation
 and the corporate co-creation partners join forces to leverage their
 collective global networks of customers, suppliers and service providers to
 build and launch new enterprises.
     About Cap Gemini Ernst & Young
     Cap Gemini Ernst & Young is one of the largest management and IT
 consulting firms in the world.  The company offers business strategy,
 management and IT consulting services, systems integration, technology
 development, design, and outsourcing capabilities on a global scale.  The
 Center for Enterprise Creation at Cap Gemini Ernst & Young was founded in 1999
 in New York to quickly and effectively develop and launch new businesses.  The
 Center for Enterprise Creation leverages Cap Gemini Ernst & Young's proven
 capabilities, strong industry focus, and global reach, along with the newly
 established Value Web(SM), a network of best of breed service providers,
 including legal, branding, recruiting, hosting, funding and other providers.
 The Center for Enterprise Creation has locations in New York and Chicago; a
 soon-to-be opened facility in Los Angeles, and has support capabilities in
 Europe.  Several companies have already been successfully launched, and large
 corporations are bringing their innovative ideas to the Center for Enterprise
 Creation.  Cap Gemini Ernst & Young employs more than 58,000 people worldwide
 and reports global revenues of about 7.7 billion euros (1999 pro forma).  More
 information is available at

SOURCE Cap Gemini Ernst & Young