The FINANCIAL -- Allstate Insurance becomes the first company to commit to a second Corporate-Startup Challenge from The Illinois Science & Technology Coalition, which matches large corporations with startups and emerging technology firms across Illinois. Allstate will host selected companies, provide feedback on their pitches and, ultimately, could engage the startups in future business endeavors.
Allstate was part of the first class of the Corporate-Startup Challenge in the summer of 2013. In that class, 22 companies were referred to Allstate's portfolio, and 13 were selected to present for further evaluation. After the demonstration day, six companies were identified for additional diligence and one became an approved Allstate preferred vendor, according to Allstate.
"As a pilot member of the Corporate-Startup Challenge, Allstate recognized the opportunity Illinois entrepreneurs provide," said Allstate Claims Vice President Shawn Broadfield. "We are always thinking about new ways to deliver on our promise to our customers and the Corporate Startup Challenge is a great way to do that by connecting with promising entrepreneurs in our home state."
Allstate's latest participation in the Corporate-Startup Challenge will be specifically geared toward its Claims department. Allstate is interested in connecting with aspiring companies that can solve challenges and streamline efficiencies related to all aspects of the claims process, including an interest in digital customer experience, data analytics, and sensor/Internet of Things technologies.
"The Corporate-Startup Challenge is all about connecting entrepreneurs and innovators across the state with large corporations for mutual benefit, providing startups with vital access and partnership opportunities, while helping corporations innovate and stay competitive," ISTC President and CEO Mark Harris said. "We are thrilled to be working again with Allstate to help cultivate meaningful matches with the state's thriving entrepreneurial community as the company continues to advance innovative solutions for its customers."
The matchmaking process will take place over the next five months. Corporate partners identify innovation areas for potential collaboration and review selected startups curated by the ISTC through a network of more than 55 referral partners statewide that includes universities, incubators/accelerators, and associations/non-profits (view full list). This culminates in private demo day showcases where corporations connect with promising entrepreneurs.