LANSING—On the heels of highly successful first year, the Lansing Economic Area Partnership’s Proto Accelerator InsurTech program has opened its 2020 application process.
Earlier this year, the program welcomed three new international high-tech startups to Lansing, where they set up shop in LEAP’s REO Town office, looking to transform the Michigan insurance industry through technology innovation. At the close of the three-month Proto InsurTech program, all three startups were on the way toward agreements with local insurers.
Proto InsurTech is an innovative business accelerator and equity investment fund led, managed and programmed by LEAP, with a focus on increasing Michigan’s ability to attract high-tech, out-of-state companies, producing cutting-edge technologies, while deepening the state’s business startup toolbox.
Proto Accelerator’s 2020 InsurTech program continues to be supported by the MEDC and founding investors Farm Bureau Insurance of Michigan and Delta Dental of Michigan, along with new investment from AF Group, the workers’ compensation insurance provider that owns the Accident Fund of Michigan.
Through a competitive application process, each startup accepted into the program will receive up to $60,000 in exchange for a small equity stake in the company. During the program, the cohort will establish a home base in the Lansing region, with the optimum end result being the creation of a subsidiary, licensing possibilities, acquisition or other activities that enhance the competitiveness of Lansing region investor insurance companies, and ideally permanently bring new high-tech companies to Michigan.
Companies and entrepreneurs can submit applications to the 2020 PROTO Accelerator InsurTech program now through Nov. 28. Selected startups will be announced in January 2020 with an anticipated program start date of April 2020.
“Proto InsurTech has been designed to inspire and stimulate innovation and entrepreneurship in the insurance industry and across the state,” said Tony Willis, president of Proto Accelerator. “Through Proto InsurTech, our goal is to position Michigan insurance companies on a path toward continued growth, creating and retaining great paying and diverse jobs for all Michigan citizens, and to invite new talent from across the globe to join us as part of the Lansing region’s growing tech community.”