DES MOINES, IA--(Marketwired - April 06, 2017) - The Global Insurance Accelerator (GIA) has been selected as this year's winner of the DuPont Pioneer InnovationLEADER Award by innovationIOWA Magazine, an annual publication of the Des Moines Business Record.
Sponsored by DuPont, one of the most successful science and engineering companies in the world, and managed by the Des Moines Business Record (Business Record), the submission process for the Pioneer InnovationLEADER Award recognizes the accomplishments of individual or organizational nominees from across Iowa for products or services which lean into innovation. The nominees are judged on the innovation's originality, leadership, and impact on the company, state and local economy, and/or the general public. Consideration is also given to the commercial impact which the innovation may have on company culture.
"It's not a secret that Iowa in general, and Des Moines in particular, have one of the highest concentrations of insurance companies anywhere in the country," said Jay Byers, CEO of the Greater Des Moines Partnership. "Since its launch in 2015, the GIA has become a big part of promoting not only awareness of the insurance community here in Iowa, but supporting InsurTech startups and entrepreneurs on a global level as well. I hope this award further highlights the good work Brian Hemesath and everyone at the GIA are doing in the local community and worldwide."
The GIA is a mentor-driven business accelerator fostering innovation in the worldwide insurance industry by supporting startups focused on improvements across the entire insurance value chain. The GIA's investors are insurance companies, and the mentors are primarily insurance executives. Participation in the GIA program is typically a highly-strategic decision, undertaken to help startups refine product-market fit and do customer discovery faster than could be done independently.
"We are especially honored to be recognized with an award for innovation which has previously been given to such distinguished companies," said Brian Hemesath, managing director of the GIA. "Insurance plays a strategic role not only in the Iowa community and economy, but globally. GIA is committed to increasing the opportunities for insurance companies looking for new technologies and innovations and for startups developing transformational solutions with solid product-market fit to work together."
This is the third year for the award, which was previously given to Harris Vaccines and NewLink Genetics. The award was presented during a ceremony at the new Iowa State University Economic Development Core Facility in Ames on April 5.
About the Global Insurance Accelerator (GIA)
Launched in 2015, the Global Insurance Accelerator (GIA) fosters innovation in and for the insurance industry via a mentor-driven, 100-day program. GIA supports an annual cohort by providing each graduate company $40K of seed money in exchange for six percent equity. During the program, cohort members get insurance-specific mentoring via 1:1 meetings with industry executives, as well as basic business infrastructure assistance, coaching on garnering investments, and product-specific insights into strategies for increasing applicability to and feasibility for the insurance industry. The GIA extended network includes insurance company investors, startups and mentors from across the global business and insurance communities. For more details please visit www.globalinsuranceaccelerator.com.
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