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About 18 Chicago startups are now working with Allstate, John Deere, Molex Inc., Motorola Mobility and Walgreens - thanks to the connections made from the Illinois Science & Technology Coalition’s Corporate-Startup Challenge. Yesterday at 1871 the ISTC, along with Governor Pat Quinn, showcased these relationships and announced the launch of the second Corporate-Startup Challenge this year.
Over 200 early-stage companies were referred to Illinois corporations via the Corporate-Startup Challenge, 45 of which came on-site to pitch innovative solutions that solved the companies’ biggest problems. Eighteen of them now have ongoing partnerships with the corporations, which translates to a 40 percent success rate.
“We had 18 wins in our first year; that’s 18 opportunities for companies to grow in a big way,” Illinois Innovation Council Chairman Brad Keywell, who helped launch the program, said. “When we think about creating jobs, these connections are the oxygen.”
Mobile email marketing startup SimpleRelevance, for example, partnered with Allstate and SiNode Systems, which develops silicon anodes for lithium-ion batteries, partnered with Motorola Mobility. Eric Severinghaus of SimpleRelevance said Allstate helped tremendously with customer acquistion: “What it all comes down to is customers. With Allstate, we already have a signed contract in place.” Motorola sponsored Sinode to go to Mobile World Conference in Barcelona in addition to sharing battery expertise with the young company, which was launched by Northwestern students.
As the ISTC moves to launch the second round of the Corporate-Startup Challenge, it is adding ADM, Exelon Corporation and Hyatt Corporation to the list of corporations this year. The goal is to get every Fortune 100 corporation in the state involved in the process of partnering with startups.
“This innovative challenge is helping solve an important piece of the entrepreneurship puzzle – connecting startups with often inaccessible large corporations,” Governor Quinn said. “Every corporation needs a chief startup officer.”
