In 2011-2012, CIT researched and compiled information used in a report on Virginia’s cyber security assets issued by Virginia Governor Bob McDonnell. A copy of the report, Virginia's Innovation Ecosystem: The Trusted Leader in Growing Cyber Security Solutions, can be found here.
In the 2013 General Assembly session, the Governor took this work to the next step and submitted a budget request to develop a CIT Cyber Accelerator. The CIT Cyber Accelerator is modeled after the highly successful accelerator “Y-Combinator” located in Silicon Valley. Since its inception in 2005, the Y-Combinator has accelerated 466 companies and raised $948 million of private capital for these companies.
The CIT Cyber Accelerator uses the best practices of Y-Combinator with a focus specific to cyber security and infrastructure. This focus takes advantage of the Commonwealth’s statewide expertise and university research in cyber security to create new cyber companies in multiple regions of the Commonwealth. Cyber security is a globally recognized growth market with compounded growth rates projected to be 10% to 12% annually and a market size of $120 billion by 2017.
For more on the CIT Cyber Accelerator, please go to Governor McDonnell’s news release. In addition, the Northern Virginia Technology Council, which is leading the effort in Richmond to secure seed funding, wrote an op-ed that appeared in the Washington Business Journal.
On April 12, 2013 Governor McDonnell announced the creation of MACH37™, America's premier market-centric cyber security accelerator. To learn more about the program, view the official press release.