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Ernst & Young LLP Gives Employees an Opportunity to Help Promising Entrepreneurs in South America through Three-Month Fellowship Program
Ernst & Young LLP Gives Employees an Opportunity to Help Promising Entrepreneurs in South America through Three-Month Fellowship Program
Published 11-14-07
Submitted by Ernst & Young
NEW YORK, NY - November 14, 2007 - As part of its ongoing efforts to support entrepreneurship around the world, leading professional services firm Ernst & Young LLP has announced this year's Corporate Social Responsibility Fellows. These high-performing professionals have been sent to Argentina, Chile, and Uruguay to help promising local entrepreneurs grow their businesses. Ernst & Young's Fellows will continue to be paid by the firm, while the high-impact work they are doing for the entrepreneurs - transferring knowledge and helping them to increase the long-term economic value for their companies - is free of charge.
The Ernst & Young Corporate Social Responsibility Fellows have taken a break from their normal job responsibilities in the U.S. to embark on their new assignments, which are designed to improve their entrepreneurs' operational effectiveness. Each Fellow's project is designed to use his or her unique workplace skills to meet the specific needs of each entrepreneurial organization. The Fellows work closely with their client counterparts to transfer knowledge so that their efforts are sustainable after Ernst & Young is gone.
This is the third year Ernst & Young has offered the program and due to the success and popularity among employees, the number of Fellows has doubled this year. In addition, the Fellows will participate in knowledge-sharing events in Chile, Argentina, and Uruguay, where they will lead presentations about their specific area of expertise, sharing their technical knowledge with even more local South American entrepreneurs.
"The Fellows Program provides incomparable development experiences not just to the entrepreneurs we serve, but to the Fellows themselves, and our firm as a whole," noted Deborah Holmes, Americas Director of Corporate Social Responsibility, Ernst & Young LLP. "We go to great lengths to work with organizations that demonstrate both a high likelihood of creating substantial economic value and the strong potential to become a role model to other people and entrepreneurs within their communities."
Unlike traditional volunteerism programs, the Corporate Social Responsibility Fellows Program is designed to leverage the technical skills of Ernst & Young professionals. The firm has collaborated with a leading non-governmental organization, Endeavor, to identify promising "high-impact" entrepreneurs in underserved communities within South America. These high impact entrepreneurs create high-value jobs-employing on average over 200 local workers and paying 10 times the minimum wage, and generate sustainable economic value-with a 96% survival rate after eight years. This year's ten Fellows are putting their problem-solving abilities to the test in order to make an impact at the entrepreneurial companies they are serving.
A few examples include:
"High-impact entrepreneurs are those with the biggest ideas and most ambitious plans for scalable, high-growth businesses," noted Linda Rottenberg, CEO and Co-Founder of Endeavor. "These companies have the potential to employ hundreds - even thousands - of people and generate millions in wages and revenue, encouraging social mobility. Ernst & Young’s Fellows are helping these entrepreneurs develop innovations that transform industries and communities, improving quality of life."
In addition to the Corporate Social Responsibility Fellows Program, Ernst & Young supports and celebrates entrepreneurs through innovative programs such as the Social Entrepreneur Of The Year program that was recently launched in several global markets. This program builds on the successful twenty-year old Entrepreneur Of The Year awards that honor entrepreneurs who have demonstrated excellence and extraordinary success in such areas as innovation, financial performance, and personal commitment to their businesses and communities.
This year, Entrepreneur Of The Year serves as the concluding event of the Ernst & Young Strategic Growth Forum - held in Palm Springs, California from November 12 - 18, 2007. The Forum is a premier gathering of high-growth, market-leading companies. At this exclusive event, companies capitalize on emerging market trends, establish new partnerships and relationships, learn from the most advanced thinkers in the business, and celebrate their success. Strategic Growth Forum also includes the Ernst & Young IPO Transformation~CEO Retreat, for CEOs considering an IPO or other strategic transaction; the Ernst & Young Cleantech Symposium, bringing together entrepreneurs, corporate executives, financiers, and public policy leaders to discuss key industry issues; and a special seminar, Private Equity and the Changing Transaction Landscape.
In the U.S., Ernst & Young's Strategic Growth Markets practice serves the greatest share of emerging growth companies - and of the IPO market - than any other accounting firm.
About Ernst & Young
Ernst & Young, a global leader in professional services, is committed to enhancing the public's trust in professional services firms and in the quality of financial reporting. Its 130,000 people in 140 countries pursue the highest levels of integrity, quality, and professionalism in providing a range of sophisticated services centered on our core competencies of auditing, accounting, tax, and transactions. Further information about Ernst & Young and its approach to a variety of business issues can be found at www.ey.com/perspectives. Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, a U.K. company limited by guarantee, each of which is a separate legal entity. Ernst & Young Global Limited does not provide services to clients. Ernst & Young LLP, a Delaware limited liability partnership, is a U.S. client-serving member firm of Ernst & Young Global Limited.
About Endeavor
Endeavor breaks down barriers that prevent emerging-market entrepreneurs from reaching their high-impact potential. Hailed by NYT columnist Thomas Friedman as the "mentor capitalist" model, Endeavor identifies entrepreneurs leading high-growth innovative companies in emerging markets. These entrepreneurs are given world-class strategic advice, access to key networks and other tools that will catapult them to success. With Endeavor's guidance they become "high-impact" - expanding employment, generating wealth and inspiring others to innovate. Often overlooked, these local entrepreneurs are now jumpstarting private sector development in their countries. As of January 2007, Endeavor Entrepreneurs throughout Latin America, South Africa and Turkey have created 79,000 new jobs and generated over $1.9 billion in revenues. Endeavor plans to launch operations in Egypt and India in early 2008. For more information, visit www.endeavor.org
