Chirag Patel launches EY’s Tax Innovation Foundry, a new in-house services and business accelerator
EY has announced the launch of its in-house Americas Tax Innovation Foundry, a new services and business accelerator within EY, responsible for furthering the next generation of tax services EY firms offer clients.
The group will be led by Chirag Patel, who recently joined Ernst & Young LLP along with a core team from Highnote Foundry, a business accelerator and venture capital firm that provided entrepreneur-led business building services to startups and Fortune 500 companies in several complex and rapidly changing industries.
“EY’s goal is to be the leading global professional services organization by 2020 with exceptional client service, and that requires creativity, entrepreneurial speed and flexibility, and disruptive technological advances for EY Tax Services” said Kate Barton, EY Americas Vice Chair of Tax. “We are excited to have Chirag join our Tax Innovation movement, led in the Americas by Jeff Saviano, and the entire EY Tax Innovation network, to identify and help our professionals deploy new services in new ways that will help make the world work better – whether dealing with new US challenges, or helping to equalize the burden of trade growth and compliance among the 50-plus countries and jurisdictions in the Americas.”
Specifically, the EY Americas Tax Innovation Foundry will provide EY firms in the Americas with a systematic approach to address the disruptive forces affecting their clients’ tax liability and functions.
“We stand at the intersection of tremendous shifts in global tax policies, clients’ changing business models, and the development of real-time, often digitally enabled, capabilities,” said Saviano. “Creating the EY Americas Tax Innovation Foundry demonstrates our commitment to building exceptional and innovative services to meet clients’ needs. Chirag and his team’s direct experience helping to transform businesses will prove vital to the success of EY Americas Tax Services.”
In addition to organic development of new EY services, the team will also research and explore collaborations between EY and other companies, including start-ups and academia.
Patel was the managing director of Highnote Foundry since its inception in 2008. He has been an entrepreneur that has taken raw ideas and turned them into new growth businesses, a venture capitalist who has invested in compelling new startups, and a management consultant responsible for helping clients develop and deploy transformational approaches. Prior to Highnote Foundry, Patel worked for companies such as Oracle, Merrill Lynch Debt Capital Markets, IBM and co-founded such companies as Viant and Vytalize Health. Another Highnote leader joining Ernst & Young LLP is Illya Rybchin, who was director of that company’s Media & Entertainment practice.
Patel will immediately start the process of aligning with other EY innovators and hiring to broaden the group’s capabilities.
“Our team is confident that we can succeed with the support of the EY Americas Tax Innovation team and EY leadership that is willing to ask what its next new growth opportunity, business model and business line will be, something uncommon among large organizations that are rooted in providing traditional services,” said Patel. “It’s important to balance the courage to try groundbreaking ideas with pragmatic execution – and it’s rewarding to join an organization that invests in a culture of exceptional client service.”