CHICAGO, Oct. 18, 2013 /PRNewswire/ -- Ernst & Young LLP awarded serial entrepreneur and HVF President and CEO Max Levchin the inaugural EY Innovation Award at the Chicago Ideas Week Tech Summit, which took place today at the Cadillac Palace Theater. Max was a featured speaker in the half-day summit showcasing the world's leading voices in entrepreneurship, web, design, data and innovation.

The Innovation Award is given to an entrepreneur who reflects EY's values, brand and culture—someone who builds and nurtures high-performing teams; inspires trust in capital markets; collaborates with governments and businesses to foster sustainable, long-term growth; and develops and leads their employees or others in unique and innovative ways.

"EY applauds Max's innovative spirit and his ability to inspire others to reach beyond the ordinary and build a better working world," said Midwest Strategic Growth Markets Leader for Ernst & Young LLP Todd Novak, who presented the award. "Max's endeavors are bold and forward-looking, and we're honored to recognize his achievements."

Levchin has helped build a number of highly respected companies during the past two decades, including PayPal and Yelp. Most recently, he has been integrally involved in developing Glow, a mobile app that tracks and calculates a woman's chances of getting pregnant.

In addition to the EY Innovation Award, the US firm presented a $5,000 scholarship in Levchin's name to an especially innovative college student, Akash Shah, who attends the University of Illinois, Levchin's alma mater.

Shah is a 2013 ThinkChicago Fellow. The program began in 2011 as a collaboration of the City of Chicago, the University of Illinois and Chicago Ideas Week to bring high-performing Midwest college students interested in technology and entrepreneurship to Chicago during Ideas Week, as a way to encourage future talent like Shah to stay in Chicago upon graduation.

For more information about Max Levchin, visit his website: www.levchin.com

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This news release has been issued by Ernst & Young LLP, a member of the global Ernst & Young organization providing services to clients in the US.

SOURCE Ernst & Young LLP

RELATED LINKShttp://www.levchin.com