Governor Bob McDonnell Announces Creation of MACH37™ Cybersecurity Accelerator, A Top NVTC Legislative Priority
On Thursday, April 11, Gov. Bob McDonnell announced the creation of MACH37™, America’s premier market-centric cybersecurity accelerator to be located at the Center for Innovative Technology. Initially funded by the Commonwealth of Virginia, the accelerator will leverage private investments to launch new, high growth cyber technology companies in Virginia. Funding to launch the accelerator was a top NVTC priority during the 2013 legislative session in Richmond. Sen. Ryan McDougle (R-Mechanicsville) and Del. Tag Greason (R-Loudoun) sponsored budget amendments to fund the accelerator, and funding also was included in budget amendments introduced by Governor McDonnell.
The MACH37™ Cyber Accelerator was designed to model successful practices deployed in existing accelerators, such as the Y Combinator, TechStars and 500 Startups, but with a concentrated focus on cybersecurity startup companies. MACH37™ establishes a highly integrated network of hundreds of cybersecurity experts to support the earliest stages of company development.
The new accelerator will annually conduct two 90-day sessions, hosting 8-10 companies per session. Participating companies will be guided through a company development process supported by key cybersecurity professionals, investors and technologists. At the completion of the session, companies will make presentations to professional investors at the MACH37™ Demo Day. Accelerator participants will receive an initial company investment upon acceptance and a second investment after a successful Demo Day presentation.
In backing the launch, NVTC President and CEO Bobbie Kilberg made the following statement on behalf of NVTC and its membership:
“Cybersecurity is widely recognized by policymakers and industry leaders as crucial to safeguarding our national security and protecting the nation’s economy. MACH37™ will foster Virginia’s global leadership in cybersecurity by cultivating and accelerating the development of innovative technology solutions that can be deployed in new and existing client markets,” said Kilberg. “NVTC is excited to support MACH37™, which will be an important component of the growing cybersecurity sector in the Commonwealth.”
The MACH37™ Cyber Accelerator will begin accepting applications in early June 2013, with the first session to be held in September 2013. Additional information regarding the session and accelerator will be available at www.MACH37.com. For more information on NVTC’s 2013 General Assembly Session, and other advocacy news, please click here.