Today, Governor Quinn was at 1871 to celebrate the success of the Corporate/Startup Challenge, the ISTC's program designed to connect Chicago-based Fortune 500 companies to emerging, local startups and tech. More of an initiative then an actual challenge, the program selected several large Chicago companies, identified a variety of their individual digital priorities, and then presented them with a list of Windy City startups that were developing solutions and software specific to their needs. The program then set-up meetings and introductions and let the players take it from there.
At the announcement, Quinn revealed a number of the successes to emerge from the Challenge. For example, SimpleRelevance, a tech startup that combines predictive analytics and consumer data to help clients generate revenue, has recently signed a contract with AllState, one of the first companies to sign up for the Challenge.
Erik S from @SimpleRelevance - in 6 months moved from meeting to contract with @Allstate thanks to #Illinois Corp- #Startup Challenge
— ISTCoalition (@ISTCoalition) June 23, 2014
Howard Tullman, the CEO of 1871, was also on hand to discuss the initiative and what's next. He reiterated the goal of turning "ideas into invoices" and introduced Hyatt, ADM, and Exelon as the latest companies to join the Challenge. Over the next couple of months, the ISTC will be working with the aforementioned corporations to determine what exactly they need and the startups that are already working on a tailored solution.
“We are hoping every major company in Illinois does business with startups.” -- @tullman @ISTCoalition @1871chicago http://t.co/M05iZvtqyE
— 1871 Chicago (@1871Chicago) June 23, 2014
Two weeks ago, we talked about the concept of 'Tech Local' and how large corporations have a responsibility to work with local tech in order to sustain the city's innovation ecosystem. The Challenge is helping enforce this responsibility by designating a 'Chief Startup Officer' at each company that signs up for the program. The officer's role is to serve as a liaison between the company and the tech community, identifying opportunities within their organization for startups. Basically, it's a job whose sole role is to be aware of the software and solutions that are around them; a tremendous step in the right direction in regards to building a sustainable tech hub.
As Mark Harris, CEO of the ISTC reiterated today, the Challenge is "breaking down cultural barriers between large and small in order to make doing business easier."
Thanks to this initiative, the wall between big corporations and small startups is starting to come down.
