E&Y touts for Billion pound incubatees
Wanted: exceptional candidates with very refined products
Soon there are going to be more business incubator companies than there are start-ups. Ernst & Young, the top five accountancy firms and the latest to set out its business incubator stall, says it will work only with companies "capable of producing producing billion-pound entities based on unique business models". Well that narrows the field. A lot. Called future-wealthuk.com, this business incubator will "eschew conventional thinking on e-business and instead leverage Ernst & Young's massive integrated resources and the strength of the E&Y brand, to create businesses capable of becoming billion-pound global companies". Incubatees (Ernst & Young's phrase, not ours) will need to display "extensive, exceptional management experience, along with a very refined product with significant barriers to competition". Their proposed businesses should have the ability to start trading profitably within months, not years. Successful applicants will receive 200-300K worth of consultancy and access to "everything Ernst & Young knows about developing the right business model, management structures and processes". And once they're out of the incubator sausage mill, incubatees get the chance to pitch for more capital before a investment review board, comprising Ernst & Young along with its VC partners. "The launch of future-wealthuk.com means it is no longer enough for an e-business to have a good idea, or follow another to market," future-wealthuk.com co-founder Eric Benedict says. "The market is going to change radically: grabbing market share and hoping to be acquired is no longer a valid strategy. We believe only the holistic approach future-wealthuk.com advocates will create businesses with the right structures capable of producing sustainable profits." This is important, he says, because "the next wave of e-business will be far more complex than the ones we see today, because they’ll leverage the Internet in ways that require more complex structures". Here's a link to future-wealthuk.com's Web site, which goes live sometime on Friday, 10 December. And here you'll find Cash Register, our daily Net finance news round-up.