Greater Des Moines Partnership Announces New Insurance Industry Accelerator
DES MOINES, IA--(Marketwired - May 22, 2014) - The Greater Des Moines Partnership has announced a new insurance industry accelerator program called the Global Insurance Accelerator. This initiative will create a world class accelerator to help grow insurance-based technology startups.
The technology industry has popularized the concept of an accelerator, an entity that invites individuals with ideas around a theme to present their concept. Winning concepts are given seed funding, space, access to mentors and advisors, and ultimately an environment to develop those concepts. The Global Insurance Accelerator is modeled after the highly successful Techstars program, a leading accelerator based out of Boulder, Colorado with locations across the globe. Techstars accelerators assist ideas to become prototype products in a 90 to 120-day period. Like Techstars, the teams entering the Global Insurance Accelerator will be provided with a seed investment of $20,000 and an optional (at the discretion of the insurance partnership) $100,000 in a convertible debt note. In exchange for the funding, the accelerator will receive equity in the company. The program is set to launch in the fall.
The Global Insurance Accelerator is backed by three local insurance companies: Principal Financial Group, Delta Dental of Iowa, and American Equity Investment Life. The Greater Des Moines Partnership is continuing to seek additional companies to create a consortium of insurance companies in central Iowa to support the program.
"This initiative will drive new forms of innovation to the insurance industry," explains Jeff Russell, CEO of Delta Dental of Iowa. "This approach will also help to position Des Moines as the number one city across the globe for the insurance industry."
"The Global Insurance Accelerator will enhance talent recruitment to Des Moines for the insurance industry. It will also allow the start-ups to work directly with the insurance companies allowing us to provide early influence on new products and services," says Larry Zimpleman, President and CEO of the Principal Financial Group.
The Global Insurance Accelerator will develop an international outreach program to find the best of the best in the startup world to be part of the program. Candidates from around the world are encouraged to apply at www.globalinsuranceaccelerator.com.
The Global Insurance Accelerator is an initiative of the Greater Des Moines Partnership and current investors include American Equity Investment Life, Delta Dental of Iowa and Principal Financial Group.
The Greater Des Moines Partnership is the economic and community development organization serving Central Iowa. Together with 21 Affiliate Chambers of Commerce and 5,000 business members which employ a workforce of more than 150,000, the Partnership works to grow opportunity, create jobs, and promote the best place to build a business, a career, and a future.
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