{"id":986,"date":"2016-08-25T16:25:32","date_gmt":"2016-08-25T20:25:32","guid":{"rendered":"https:\/\/www2.law.temple.edu\/10q\/?p=986"},"modified":"2016-08-25T16:25:32","modified_gmt":"2016-08-25T20:25:32","slug":"cybersecurity-startups-poised-for-growth","status":"publish","type":"post","link":"https:\/\/law.temple.edu\/10q\/cybersecurity-startups-poised-for-growth\/","title":{"rendered":"Cybersecurity Startups Poised for Growth"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Cybersecurity solutions are in high demand and investors are betting on startups for high returns. In the past six years, high growth emerging companies in this space have received a total of $9 billion in venture capital funding, according to the National Venture Capital Association.<\/span><\/p>\n<p>But while the private sector has rapidly adopted the solutions that cybersecurity startups develop, the federal government has been missing out on these innovations due to its cumbersome and confusing procurement process.<\/p>\n<p>According to industry insiders, by the time an innovator wins a government contract, the cybersecurity needs have often evolved, requiring products to be adjusted to stay effective.<\/p>\n<p><span style=\"font-weight: 400\">Now two bills pending in Congress are designed to remedy that.<\/span><\/p>\n<p>Both bills were approved by the House Committee on Homeland Security and later passed by the House. They are currently awaiting action by the Senate. Together, they aim to jumpstart a prohibitively slow and complex procurement process for innovative cybersecurity technologies.<\/p>\n<p>Rep. John Ratcliffe (R-TX), Chairman of the Subcommittee on Cybersecurity, Infrastructure Protection and Security Technologies, introduced the\u00a0Leveraging Emerging Technologies Act of 2016\u00a0and the\u00a0Support for Rapid Innovation Act of 2016.<\/p>\n<p><span style=\"font-weight: 400\">The\u00a0<\/span><b>Leveraging Emerging Technologies Act of 2016<\/b><span style=\"font-weight: 400\">\u00a0directs the Department of Homeland Security (DHS) to address homeland security needs by engaging with \u201cinnovative and emerging technology developers and firms, including technology-based small businesses and startup ventures.\u201d<\/span><\/p>\n<p>Specifically, the bill requires the DHS to develop a strategy to engage small businesses and startup ventures developing new security technologies, including by:<\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">ensuring that innovative and emerging technologies can be included in current and future federal procurement contracts<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">coordinating with venture investors, particularly those funding small businesses and startup ventures, to assist with commercializing innovative and emerging technologies<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">addressing existing barriers to small businesses and startup ventures in the Federal Government\u2019s acquisition process<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">The\u00a0<\/span><b>Support for Rapid Innovation Act of 2016<\/b><span style=\"font-weight: 400\">\u00a0expands the Homeland Security Act\u2019s rudimentary framework that already encourages joint federal-private sector efforts to develop and acquire cybersecurity technology.<\/span><\/p>\n<p>Specifically, the DHS, through oversight from the Under Secretary for Science and Technology, would be required to engage in partnerships and commercialization that \u201cintroduce new cybersecurity technologies throughout the homeland security enterprise.\u201d<\/p>\n<p><span style=\"font-weight: 400\">The Under Secretary is required to coordinate activities with the heads of other relevant federal departments and agencies, as well as industry and academia.<\/span><\/p>\n<p>The Under Secretary must also:<\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">support projects through their full life cycles, including research and development<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">identify mature technologies that address existing or imminent cybersecurity gaps in public or private information systems;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">identify and support necessary improvements identified during pilot programs and testing<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">introduce new cybersecurity technologies through partnerships and commercialization<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">target federally funded cybersecurity research that demonstrates a high probability of successful commercialization and will impact public or private information systems<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Nimble startups are well-positioned to address the ever-changing cybersecurity landscape. And the rapid deployment of venture funding into this space attests to the demand for innovative solutions.<\/span><\/p>\n<p><span style=\"font-weight: 400\">It remains to be seen whether these bills, if ultimately signed into law, can make the Federal Government faster on its feet and able to benefit from\u2014and provide support to\u2014private sector innovation.<\/span><\/p>\n<hr \/>\n<p><i><span style=\"font-weight: 400\">Alexander S. Radus (LAW &#8217;13) is an associate in the Corporate Department at Fox Rothschild LLP with a practice that emphasizes entity formation and growth, mergers and acquisitions, franchising, and seed, angel and venture capital. Fox Rothschild is a national firm with more than 700 attorneys in 22 offices coast to coast.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cybersecurity solutions are in high demand and investors are betting on startups for high returns. In the past six years, high growth emerging companies in this space have received a total of $9 billion in venture capital funding, according to the National Venture Capital Association. But while the private sector has rapidly adopted the solutions<\/p>\n","protected":false},"author":5,"featured_media":987,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12,20],"tags":[223],"coauthors":[2,222],"class_list":["post-986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-alumni-authored","category-technology","tag-cybersecurity","masonry-post","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cybersecurity Startups Poised for Growth - The Temple 10-Q<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/law.temple.edu\/10q\/cybersecurity-startups-poised-for-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cybersecurity Startups Poised for Growth - The Temple 10-Q\" \/>\n<meta property=\"og:description\" content=\"Cybersecurity solutions are in high demand and investors are betting on startups for high returns. 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