Date: Jul 28, 2015 Author: John Carpenter Source: Chicago Tribune (
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Grainger and Caterpillar are joining Allstate for the fourth class in the Illinois Science and Technology Coalition's Corporate Startup Challenge, it was announced Tuesday.
The program, launched in 2013, aims to link big companies looking to innovate with startups looking for partners and investors.
Demo days will take place at the three companies in November and December, giving curated startups the chance to pitch their products and services.
ISTC President and CEO Mark Harris said about 30 startups out of 102 that have participated have established partnerships or are working on deals with corporate partners.
Also announced Tuesday was a partnership between Archer Daniels Midland and Veriflow Systems, a Champaign-based online security firm. ADM will install a Veriflow system at one of its corn-processing facilities, a statement said.
Harris said the program gets stronger as the ISTC builds its database of startups and learns more about areas of need for the big companies.
"The data is very powerful," Harris said. "We have a lot of insight in where points of engagement may occur."
Allstate was part of the original Corporate Startup Challenge class, while Lake Forest-based Grainger and Peoria-based Caterpillar are new to the program. Past participants include ADM, John Deere, Microsoft, State Farm, Walgreens and UL, among others.
