High-growth cybersecurity startups have received a total of $9 billion in venture capital funding in the past six years, according to the National Venture Capital Association. The private sector has rapidly adopted the cybersecurity solutions developed by these emerging companies; however, the federal government has been missing out on these innovations due to its cumbersome and confusing procurement process.
Two bills recently approved by the House Committee on Homeland Security aim to jumpstart a prohibitively slow and complex procurement process for innovative cybersecurity technologies. According to industry insiders, by the time innovators win government contracts, cybersecurity needs have often evolved, requiring products to be adjusted to stay effective.
Texas Rep. John Ratcliffe, chairman of the Subcommittee on Cybersecurity, Infrastructure Protection and Security Technologies, introduced the Leveraging Emerging Technologies Act of 2016 and the Support for Rapid Innovation Act of 2016. House Majority Leader Kevin McCarthy recently indicated that the House may soon consider them.
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