PracticePeople In PracticePricewaterhouseCoopers staff given money and time-off to launch internet start-ups

PricewaterhouseCoopers staff given money and time-off to launch internet start-ups

PricewaterhouseCoopers staff with ideas for web-based start-ups will be able to apply for support from from a $500m incubator service launched by the firm today.

Staff whose ideas are backed by the incubator will being allowed a three-month ‘sabbatical’ to work on their proposal, following detailed evaluation. Two UK employees have already begun to take advantage of this fee-for-equity exchange arrangement at PricewaterhouseCoopers.

The fund is also open to external entrepreneurs who will gain access to consulting advice as well as financial support.

The firm – which has worked with Internet auction company QXL and sports and news site 365 – plans to invest up to $500m (£314m) in incubators across Europe in the first year. After the first six months, PricewaterhouseCoopers expects to be able to realise the first returns on this investment.

The firm has already backed a proposal from one of its consultants, Adam Jacobs, for a new project, the e-procurement site Cataloga.com.

Robin Tye, e-business leader for the PricewaterhouseCoopers consulting practice in the UK said: ‘We are harnessing the creativity and energy of our staff – exceptional people who can draw on the collective expertise of colleagues across the firm.’

He added: ‘There is an enormous demand from our people and our clients for this service. What is genuinely different about this service is that it covers every aspect of setting up a new dot-com venture, from tax through business strategy and technology implementation to financing and IPO advice.’

K-Incubator to help fledgling dot.com companies

Related Articles

Is inefficiency stealing your time and money?

Accounting Firms Is inefficiency stealing your time and money?

6m Emma Smith, Managing Editor
CIMA elects new president

Institutes CIMA elects new president

6m Emma Smith, Managing Editor
Transparent currency trade: How to achieve costs visibility

Governance Transparent currency trade: How to achieve costs visibility

6m Emma Smith, Managing Editor
Introduction to KPMG UK’s new leadership team

Accounting Firms Introduction to KPMG UK’s new leadership team

6m Emma Smith, Managing Editor
EY appoints head of UK Infrastructure Asset Intelligence practice

Accounting Firms EY appoints head of UK Infrastructure Asset Intelligence practice

8m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
MHA MacIntyre Hudson advises on management buy-out

Accounting Firms MHA MacIntyre Hudson advises on management buy-out

10m Emma Smith, Managing Editor