Ernst & Young LLP's Corporate Responsibility Fellows Return from Seven-Week Volunteer and Professional Development Program in Latin America Ernst & Young employees help advance entrepreneurial businesses in emerging economies
NEW YORK, Dec. 5, 2011 /PRNewswire/ -- Ernst & Young LLP's Corporate Responsibility (CR) Fellows have returned from seven-week assignments in Latin America, where they helped high-impact entrepreneurs from the Endeavor Network in Brazil, Mexico, Argentina and Chile strengthen their businesses, free of charge. The CR Fellows leveraged their workplace skills to improve a range of business processes, including business strategy, financial reporting, marketing and information technology, for their respective entrepreneurs.
For the seventh consecutive year, this skills-based volunteer program has enabled a group of the firm's top performers to help high-impact entrepreneurs create jobs, foster innovation and generate broad economic value in regional emerging economies.
"Our Corporate Responsibility Fellows Program underscores the firm's long-standing commitment to supporting entrepreneurs and valuing them as important players within the global market. In the present economic climate, nurturing entrepreneurs is more crucial than ever," explains Deborah Holmes, Americas Director of Corporate Responsibility, Ernst & Young LLP. "Through this program, Ernst & Young contributes our most valuable resource -- our people -- to helping these promising entrepreneurs advance their businesses. This program also reflects Ernst & Young's deep commitment to helping our people advance in their careers by providing them with global stretch assignments."
Ernst & Young collaborates with Endeavor, a not-for-profit organization that identifies and supports high-impact entrepreneurs in emerging economies, to match the CR Fellows with their host company. On average, these entrepreneurs employ over 200 local workers, pay 10 times the minimum wage, and generate sustainable economic value with a 96% survival rate after 10 years. To date, 55 high-impact entrepreneurs in Central and South America have received support from Ernst & Young's CR Fellows.
In 2011, Ernst & Young announced a three-year sponsorship with Endeavor that includes support for International Selection Panels, executive-level mentors and connections, Global events sponsorship and the launch of a new financial course designed expressly for Endeavor Entrepreneurs.
The 2011 Fellows supported 12 distinct entrepreneurs with the following projects:
- Diagnostika, a provider of surgical and oncology diagnostic services to hospitals and clinics, received assistance from a Detroit-based Advisory senior manager to prepare for an upcoming ERP implementation
- Tecno Logys, a provider of wall-building solutions for Brazil's largest construction companies, worked with a Tax manager from Columbus who enhanced their accounting processes
- Endeavor Brazil, the local entity of the global not-for-profit, created a budget and financial analysis system with the support of a New York-based Fraud Investigation and Dispute Services senior manager
- GrupoMIA, a provider of quality housing options to underprivileged populations in Mexico, had a balanced scorecard created by a New York-based Advisory manager
- Alibio, a microbiology researcher and developer for the agricultural aquaculture and wastewater treatment markets, received guidance from a New Jersey-based assistant director in marketing to develop strategic marketing initiatives
- Chilim Balam, a small chain of candy stores, improved their IT capabilities with the assistance of an Advisory manager based in New York
- Mexis, an IT managed service provider, worked with a Miami-based Transaction Advisory Services senior manager to produce an expansion plan
- Keepcon, a moderator of user-generated content, worked with a San Francisco-based Assurance manager to improve their budgeting and cash flow management processes
- Socialmetrix, a provider of market intelligence solutions, re-engineered their key business processes with the help of a San-Francisco-based Advisory senior manager
- Smowtion, an online display ad network, received assistance from a Transaction Advisory Services manager from Tel Aviv for the development of an improved reporting system
- Plataforma Networks, an online community for architects, had assistance with an expansion plan from an Austin-based Advisory manager
- Araucania Yarns, a producer of hand-dyed knitting yarn, enhanced their accounting and financial reporting processes with the assistance of a Boston-based Advisory manager
"High-impact entrepreneurs hold the key to economic growth in emerging markets," notes Linda Rottenberg, CEO and co-Founder of Endeavor. "With the strategic business support provided through Ernst & Young's Fellows, we have the opportunity to create thriving companies that generate thousands of employment opportunities and millions in wages and revenues."
Ernst & Young's Corporate Responsibility Fellows Program is an extension of the organization's global commitment to entrepreneurship, which includes the global Ernst & Young Entrepreneur Of The Year® awards program, now commemorating its 25th year. This milestone marks the program's tremendous growth in scale and influence and celebrates its establishment as the world's most prestigious business award for entrepreneurs.
In addition to the Corporate Responsibility Fellows program, Ernst & Young LLP demonstrates support for the next generation of entrepreneurs with three additional programs:
- The Ernst & Young Entrepreneurial Winning Women program, launched in 2008, helps outstanding women entrepreneurs accelerate the growth of their businesses by identifying and connecting them with the advisors, resources, and insights they need to scale up and become market leaders.
- The Ernst & Young Entrepreneur of the Year Alumni-Youth Entrepreneurship Fund, created in collaboration with the Network for Teaching Entrepreneurship (NFTE), will provide scholarships for NFTE students while supporting NFTE in its mission of helping underserved youth pursue educational opportunities, start their own businesses, and succeed in life. In addition to the Fund, Ernst & Young professionals provide leadership on each of NFTE's 11 Regional Advisory Boards across the US and demonstrate extensive volunteerism in NFTE programs.
- Ernst & Young awarded an in-kind donation of $1 million dollars of professional services to Kiva.org, the world's first person-to-person micro-lending website that has helped fund over 670,000 entrepreneurs in developing markets. Ernst & Young LLP professionals from the Advisory and Assurance service lines contribute their time to Kiva.org in support of projects designed to help Kiva evaluate financial data and improve its controls.
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Hailed by New York Times columnist Thomas Friedman as "the best anti-poverty program of all," Endeavor is leading the global movement to catalyze long-term economic growth by selecting, mentoring, and accelerating the best high-impact entrepreneurs around the world. To date, Endeavor has screened more than 28,000 entrepreneurs and selected 632 individuals leading 399 high-impact companies.
With support from Endeavor's worldwide mentor network, these high-impact entrepreneurs:
- Have created over 156,000 jobs
- Generated over $4.5 billion in revenues in 2010
- Inspire future generations to innovate and take risks
Headquartered in New York City, Endeavor currently operates in 15 countries throughout Latin America, Africa, Southeast Asia and the Middle East. As the high-impact movement expands globally, Endeavor will continue to that anyone with a big idea can succeed, from Silicon Valley to Latin America, the Middle East, and beyond.
SOURCE Ernst & Young LLP