Greater Des Moines Partnership Announces New Insurance Industry Accelerator
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 of insurance companies in central Iowa to support the program.
“This new 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 global 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 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 The Principal Financial Group. Please contact Mike Colwell, mcolwell@DSMpartnership.com or (515) 286-4950 for more information. Media inquiries should be directed to Amy Baker at (515) 286-4919 or abaker@DSMpartnership.com.
About the Greater Des Moines Partnership
The Greater Des Moines Partnership is the economic and community development organization that serves Greater Des Moines (DSM), Iowa. Together with 23 Affiliate Chambers of Commerce, more than 6,100 Regional Business Members and more than 320 Investors, The Partnership drives economic growth with one voice, one mission and as one region. Through innovation, strategic planning and global collaboration, The Partnership grows opportunity, helps create jobs and promotes DSM as the best place to build a business, a career and a future. Learn more at DSMpartnership.com.