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Virginia to Fund Herndon Cybersecurity Incubator

The company will help cybersecurity startups get off their feet and attract investors.

 

A new startup in Herndon will be receiving funds to get off its feet.

Gov. Bob McDonnel announced Thursday that the Mach37 Cyber Accelerator, which plans to launch on July 1, will receive funds from the commonwealth to serve as an incubator for cybersecurity startups, Washington Business Journal reports.

Working out of the Center for Innovative Technology in Herndon, the accelerator plans to host eight to 10 companies twice a year for 90-day sessions, helping them to develop and hone their presentations for potential investors.

The incubator will start accepting applications from cybersecurity startups in June.

New Enterprise Associates Inc. and the Northern Virginia Technology Council are among the initial backers.

What do you think of the commonwealth providing funds for this new venture? Tell us in the comments below.

 

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Dave Webster April 13, 2013 at 02:39 PM
How much money is the Commonwealth of Virginia providing?
Jennifer van der Kleut April 14, 2013 at 01:00 PM
Dave - we've looked everywhere we can think of to try and find that number...doesn't look like they've released it. They'll only go so far as to say "initial funding."
Dave Webster April 15, 2013 at 12:00 PM
Thanks Jennifer. It's hard to know what to think about this until we know how much taxpayer money is involved.
Bob Bruhns April 15, 2013 at 08:15 PM
Offhand, it seems odd for government to fund trainings for cybersecurity companies to focus on getting investor money. This better not be just another careless, government sponsored handout of borrowed money, in the name of economic stimulus. Hopefuly there will be a focus on the cybersecurity need itself. That actually might make sense as part of a business plan presentation focus - maybe it's not as backwards as it seems.
Dave Webster April 15, 2013 at 08:54 PM
The concept is a little odd. We are going to use tax money to start a company that will train start up companies. I also don't like press releases that are the equivalent of the Eleusinian Mysteries. I don't want to read something 5 times in order to understand it.

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