Latest news with #EYUS
Yahoo
7 days ago
- Business
- Yahoo
Despite Economic Uncertainty, 95% of Entrepreneurs Surveyed Are Confident Their Business Will Grow This Year
Entrepreneurs are pursuing fundraising, strategic transactions and AI investments as the market outlook improves and talent becomes easier to access NEW YORK, June 3, 2025 /PRNewswire/ -- Despite 43% of entrepreneurs saying the economy is hurting their business, 95% remain confident in their success over the next year, according to new research from Ernst & Young LLP (EY US). The EY Entrepreneur Ecosystem Barometer is a biannual study that surveyed 500 established entrepreneurs with $1 million or more in annual revenue to assess their business outlook and strategies. When asked to choose what factors threatened their ability to be successful, entrepreneurs reported economic uncertainty (interest rates, inflation and tariffs), as well as regulatory or policy changes, as their leading concerns (38% each). These two factors together illustrate how overall unpredictable the current market has become due to policy choices and the challenges it creates for entrepreneurs. Despite these concerns, entrepreneurs have an optimistic outlook for their business's ability to succeed. In fact, 73% of entrepreneurs report they've experienced revenue growth this year compared with last year, of which 29% report growth of 20% or higher. "Entrepreneurs are the backbone of the US economy, so their optimism offers a powerful indicator about what's ahead for 2025. Based on our EY survey, despite economic uncertainty, entrepreneurs are forging ahead, remain resilient and continue to drive growth," said Anna Horndahl, EY Americas Entrepreneur Of The Year™ Co-director and an Assurance partner at EY US. In the first EY Entrepreneur Ecosystem Barometer (November 2024) 76% of respondents reported revenue growth over the past year. This optimism extends beyond individual performance. Entrepreneurs also foresee broad market improvement, with 77% anticipating the US economy will be stronger a year from now (April 2026), a slight decrease from 82% in all 2024. Entrepreneurs chase capital and deals to fuel growth This confidence is especially visible when considering the volatility that occurred in fundraising and strategic transactions (initial public offerings (IPOs), mergers and acquisitions (M&A), private sale, etc.) over the past six months. While 95% of entrepreneurs planned to raise capital over the next 18 to 24 months (vs. 91% in fall 2024), only 19% aimed to raise $10 million or more, compared with 30% in fall 2024. Reporting the origins of capital funding, only 36% said they took on debt, a steep drop from 45% in fall 2024. These factors show entrepreneurs are relying less on external capital, signaling growing business strength. In the fall of 2024, 72% of entrepreneurs were considering a strategic transaction, with 33% in early planning. Just six months later, that rose to 81%, with 51% now in early stages — showing a sharp increase in deal interest at the time. Only 3% said they had no plans for a transaction, down from 12% in fall 2024. When asked to choose the reasons why they were seeking a strategic transaction, respondents were split fairly evenly: 19% to gain access to new markets/customers 18% to secure additional capital or financial resources 17% to acquire new technology, talent or capabilities 16% to achieve economies of scale or operational efficiencies 15% to exit the business or transition to a new venture 14% to address competitive pressures or industry consolidation Entrepreneurs turn to AI to boost workforce performance Entrepreneurs view artificial intelligence (AI) as key to boosting competitiveness. When asked how they're building resilience, 40% cited investing in automation and AI — the top strategy — followed by enhancing employee retention strategies (35%). Similarly, when asked where they would invest their budget the most over the next year, entrepreneurs placed AI and machine learning technologies in their top three priorities (42%), with re-skilling and training programs for existing employees (39%) and talent identification and recruitment (36%) following closely. Notably, female entrepreneurs were placing greater priority on re-skilling their existing teams, with 47% noting that it was one of their top three budget priorities, compared with 39% of all respondents. Entrepreneurs said AI was shaping workforce strategy by helping hire talent (34%), reducing headcount while assisting with recruitment (28%), and boosting productivity without changing staff levels (22%). Only 2% weren't using AI in workforce decisions, underscoring its growing role in talent management — possibly explaining why 63% say finding qualified talent is now easier. Methodology Wakefield Research conducted the EY Entrepreneur Ecosystem Barometer survey among 500 established entrepreneurs for a representative read of the market (defined as entrepreneurs at organizations with $1 million or more in annual revenue) between March 31 and April 11, using an email invitation and an online survey. The full survey and more information about the EY Entrepreneur Ecosystem Barometer can be found here. EY | Shape the future with confidenceEY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets. Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow. EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multidisciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories. All in to shape the future with confidence. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit Ernst & Young LLP is a client-serving member firm of Ernst & Young Global Limited operating in the US. © 2025 Ernst & Young Rights Reserved. CONTACT: Maggie Bower, View original content to download multimedia: SOURCE EY
Yahoo
27-05-2025
- Business
- Yahoo
EY US unveils David Erickson of Forward Networks as an Entrepreneur Of The Year® 2025 Bay Area Award finalist
Entrepreneur Of The Year celebrates ambitious entrepreneurs who are shaping the future SANTA CLARA, Calif., May 27, 2025 /PRNewswire/ -- Ernst & Young LLP (EY US) announced the finalists for the prestigious Entrepreneur Of The Year 2025 Bay Area Award. Now in its 40th year, the Entrepreneur Of The Year program celebrates the bold leaders who disrupt markets through the world's most ground-breaking companies, revolutionizing industries and making a profound impact on communities. The program honors bold entrepreneurs whose innovations shape the future and pave the way for a thriving economy and a hopeful tomorrow. An independent panel of judges selected David Erickson among 33 finalists for their entrepreneurial spirit, purpose, growth and lasting impact in building long-term value. In reflecting on this recognition, Erickson said: "Bringing Forward Networks from a concept to a company trusted by some of the world's largest enterprises and government agencies—where data security is critical—has been a journey more than a decade in the making. Being named an EY Entrepreneur Of The Year® Finalist is a true honor. For decades, this award has recognized business leaders whose companies have disrupted industries and created entirely new product categories. Being part of that legacy is a meaningful validation of the work my co-founders, our employees, and I have done to drive real, positive change.'" Entrepreneur Of The Year honors business leaders for their ingenuity, courage and entrepreneurial spirit. The program celebrates original founders who bootstrapped their business from inception or who raised outside capital to grow their company; transformational CEOs who infused innovation into an existing organization to catapult its trajectory; and multigenerational family business leaders who reimagined a legacy business model to strengthen it for the future. Regional award winners will be announced on Friday, June 13 during a special celebration in San Francisco and will become lifetime members of an esteemed community of Entrepreneur Of The Year alumni from around the world. The winners will then be considered by the National judges for the Entrepreneur Of The Year National Awards, which will be presented in November at the annual Strategic Growth Forum®, one of the nation's most prestigious gatherings of high-growth, market-leading companies. SponsorsFounded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards include presenting sponsors PNC Bank, Cresa, LLC, Marsh USA and SAP. In the Bay Area, sponsors include platinum sponsor: DLA Piper, gold sponsor: ADP and silver sponsor: Big Picture. About Entrepreneur Of The Year Founded in 1986, Entrepreneur Of The Year has celebrated more than 11,000 ambitious visionaries who are leading successful, dynamic businesses in the US, and it has since expanded to nearly 60 countries globally. The US program consists of 17 regional programs whose panels of independent judges select the regional award winners every June. Those winners compete for national recognition at the Strategic Growth Forum® in November where National finalists and award winners are announced. The overall National winner represents the US at the EY World Entrepreneur Of The Year™ competition. Visit About EYEY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets. Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow. EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multi-disciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories. All in to shape the future with confidence. EY refers to the global organization, and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit About Forward Networks Forward Networks is revolutionizing the way large networks are managed. Forward's advanced software delivers a digital twin of the network, enabling network operators to ensure the network is secure, reliable, and agile. The platform supports devices from all major networking vendors and cloud operators, including AWS, Azure, and Google Cloud Platform. Forward Networks was founded in 2013 by four Stanford Ph.D. graduates and is headquartered in Santa Clara, California. Investors include MSD Partners, Goldman Sachs, Andreessen Horowitz, Threshold Ventures, Section 32, Omega Venture Partners, and A. Capital. For more information, visit Dawn SlusherForward Networksdawnslusher@ View original content to download multimedia: SOURCE Forward Networks, Inc. Sign in to access your portfolio
Associated Press
28-04-2025
- Business
- Associated Press
EY unveils Dr. Barry Patel & Dr. Wade Smith as finalists for Entrepreneur Of The Year® 2025 Southeast Award
EY US unveils Dr. Barry Patel and Dr. Wade Smith of Galt Companies as an Entrepreneur Of The Year® 2025 Southeast Award finalist ATLANTA, GA, UNITED STATES, April 28, 2025 / / -- Ernst & Young LLP (EY US) announced the finalists for the prestigious Entrepreneur Of The Year 2025 Southeast Award. The Southeast program celebrates entrepreneurs from Alabama, Georgia, North Carolina, South Carolina and Tennessee. Now in its 40th year, the Entrepreneur Of The Year program celebrates the bold leaders who disrupt markets through the world's most ground-breaking companies, revolutionizing industries and making a profound impact on communities. The program honors bold entrepreneurs whose innovations shape the future and pave the way for a thriving economy and a hopeful tomorrow. An independent panel of judges selected Dr. Barry Patel and Dr. Wade Smith among 36 finalists for their entrepreneurial spirit, purpose, growth and lasting impact in building long-term value. About Galt Companies Galt Companies is the parent organization of Galt Pharmaceuticals and Galt Phranchise Systems. Galt Pharmaceuticals focuses on acquiring, developing, and commercializing prescription medications with strong product-market fit—targeting areas of unmet clinical need. The company brings its medications to market through four distinct sales channels, including the industry's first-ever pharmaceutical franchising model: Galt Phranchise Systems. This innovative approach empowers healthcare entrepreneurs to build localized, community-driven pharmaceutical businesses under the Galt brand. Quote from Barry Patel, CEO of Galt Companies 'We're incredibly honored to be named finalists for the EY Entrepreneur of the Year award,' said Barry Patel, CEO and co-founder of Galt Companies. 'Wade and I built Galt alongside a team that has shown remarkable resilience and commitment through every challenge. This recognition is a reflection of their passion, perseverance, and belief in doing things differently to improve healthcare.' Entrepreneur Of The Year honors business leaders for their ingenuity, courage and entrepreneurial spirit. The program celebrates original founders who bootstrapped their business from inception or who raised outside capital to grow their company; transformational CEOs who infused innovation into an existing organization to catapult its trajectory; and multigenerational family business leaders who reimagined a legacy business model to strengthen it for the future. Regional award winners will be announced on June 25 during a special celebration in Atlanta, GA and will become lifetime members of an esteemed community of Entrepreneur Of The Year alumni from around the world. The winners will then be considered by the National judges for the Entrepreneur Of The Year National Awards, which will be presented in November at the annual Strategic Growth Forum ®, one of the nation's most prestigious gatherings of high-growth, market-leading companies. Sponsors Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards include presenting sponsors PNC Bank, Cresa, LLC, Marsh USA, and SAP. In the Southeast, sponsors also include VACO, LLC as the regional Platinum sponsor; ADP and King & Spalding as the regional Gold sponsors; and Babbit Bodner as the regional Silver sponsor. About Entrepreneur Of The Year Founded in 1986, Entrepreneur Of The Year has celebrated more than 11,000 ambitious visionaries who are leading successful, dynamic businesses in the US, and it has since expanded to nearly 60 countries globally. The US program consists of 17 regional programs whose panels of independent judges select the regional award winners every June. Those winners compete for national recognition at the Strategic Growth Forum® in November where National finalists and award winners are announced. The overall National winner represents the US at the EY World Entrepreneur Of The Year™ competition. Visit About EY EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets. Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow. EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multi-disciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories. All in to shape the future with confidence. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit Tucker Bedingfield Galt Companies +1 855-965-2783 email us here Visit us on social media: LinkedIn Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Yahoo
26-04-2025
- Business
- Yahoo
EY US appoints Martin Fiore as Americas vice-chair of tax
Ernst & Young LLP (EY US) has appointed Martin Fiore as the Americas vice-chair of tax, effective 1 July. Fiore will succeed Kevin Flynn, who has led the business since 2022 and is set to retire at the end of the fiscal year. Fiore, currently serving as EY Americas deputy vice-chair – Tax, will be based in New York. In the new role, Fiore will supervise tax strategy and client services, leading a team of more than 18,000 professionals across Canada, the US, North, Central and South America, Israel and the Caribbean. He will also join the US Management Committee, the Americas Operating Executive and the Global Practice Group during what EY described as 'a time of pivotal policy reform'. In his previous positions, Fiore has been credited with guiding EY US and its clients through geopolitical changes and technological advancements including AI, impacting tax. His experience includes serving as US-East region tax managing partner and EY Americas tax talent leader. Fiore is a 31-year veteran of EY US and has been involved in the Americas Inclusiveness Advisory Council. Fiore said: 'I am honoured and excited to be chosen to lead our tax practice. And I feel privileged to inherit the exceptional work of my predecessor, Kevin Flynn. 'I will continue to embrace the technological changes needed to transform tax across compliance, reporting and law while keeping our people at the centre.' Meanwhile, in the UK, the Financial Reporting Council (FRC) is investigating EY for its auditing of the Post Office during the Horizon software scandal. The FRC's investigation will focus on the role of statutory auditors in meeting the auditing standards at the time, excluding broader issues related to the Horizon IT system. Recently, the FRC sanctioned EY and audit partner Christopher Voogd for breaches in the statutory audit of Stirling Water Seafield Finance for the year ending 31 December 2019. EY exceeded the ten-year audit limit for a Public Interest Entity without a public tender, violating company law and the FRC's Mandatory Firm Rotation requirements. Both EY and Voogd failed to adhere to proper procedures for audit engagement, contravening International Standards for Auditing, according to the FRC. "EY US appoints Martin Fiore as Americas vice-chair of tax " was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
25-04-2025
- Business
- Yahoo
EY US appoints Martin Fiore as Americas vice-chair of tax
Ernst & Young LLP (EY US) has appointed Martin Fiore as the Americas vice-chair of tax, effective 1 July. Fiore will succeed Kevin Flynn, who has led the business since 2022 and is set to retire at the end of the fiscal year. Fiore, currently serving as EY Americas deputy vice-chair – Tax, will be based in New York. In the new role, Fiore will supervise tax strategy and client services, leading a team of more than 18,000 professionals across Canada, the US, North, Central and South America, Israel and the Caribbean. He will also join the US Management Committee, the Americas Operating Executive and the Global Practice Group during what EY described as 'a time of pivotal policy reform'. In his previous positions, Fiore has been credited with guiding EY US and its clients through geopolitical changes and technological advancements including AI, impacting tax. His experience includes serving as US-East region tax managing partner and EY Americas tax talent leader. Fiore is a 31-year veteran of EY US and has been involved in the Americas Inclusiveness Advisory Council. Fiore said: 'I am honoured and excited to be chosen to lead our tax practice. And I feel privileged to inherit the exceptional work of my predecessor, Kevin Flynn. 'I will continue to embrace the technological changes needed to transform tax across compliance, reporting and law while keeping our people at the centre.' Meanwhile, in the UK, the Financial Reporting Council (FRC) is investigating EY for its auditing of the Post Office during the Horizon software scandal. The FRC's investigation will focus on the role of statutory auditors in meeting the auditing standards at the time, excluding broader issues related to the Horizon IT system. Recently, the FRC sanctioned EY and audit partner Christopher Voogd for breaches in the statutory audit of Stirling Water Seafield Finance for the year ending 31 December 2019. EY exceeded the ten-year audit limit for a Public Interest Entity without a public tender, violating company law and the FRC's Mandatory Firm Rotation requirements. Both EY and Voogd failed to adhere to proper procedures for audit engagement, contravening International Standards for Auditing, according to the FRC. "EY US appoints Martin Fiore as Americas vice-chair of tax " was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
