Cyber-Security Startup Accelerator Gains Home, Funding in Virginia
NEWS ANALYSIS: Center for Innovative Technology launches the first cyber-security-focused accelerator aimed at creating new enterprise security companies.HERNDON, Va.—Virginia’s Center for Innovative Technology (CIT) has launched the first cyber-security technology startup accelerator program in the United States. The Mach37 Cyber Accelerator is intended to locate and leverage the wealth of cyber-security talent in Virginia to create companies that will develop and launch new products. Mach 37 represents 37 times the speed of sound, which is approximately the same as the Earth’s escape velocity. The accelerator is modeled on existing accelerators such as Y Combinator and TechStars in Silicon Valley, according to Mach37 managing partner Rick Gordon. Gordon told eWEEK that a primary difference is that Mach37 is focused on enterprise applications rather than on the consumer market. He also said that the type of entrepreneur in the cyber-security industry is quite different than those typically found in California’s Silicon Valley. “Here they’re more risk-averse,” he said. Gordon said that the typical cyber-security innovator is older, probably has a mortgage and a family, and doesn’t have the ability to simply drop everything and create a startup. Because of that, Mach37 will provide initial funding for the startups while they go through the 90-day process required to be launched.
Companies wanting the help of the accelerator need to apply and convince the organization that they have a cyber-security product that has the potential to succeed. The entrepreneurs will work with the Mach37 partners to analyze any gaps in their business plan and then develop strategies to fill those gaps as part of the program.