Posted by msmash from the closer-look dept.
The federal government has spent $22 billion in recent years on technology from the top 100 national-security startups, a paltry portion of overall contract spending and less than half of what venture capitalists have invested in those same companies. WSJ: The gap underscores the discrepancy between the surge of venture capital funding for defense technology and the U.S. government’s spending on substantial contracts to startups. The new numbers come from a report released Thursday by Silicon Valley Defense Group, a nonprofit that started a decade ago with the aim of bringing more startup innovation to the Defense Department.
According to the report, the top 100 venture capital-backed national security startups have raised a combined $53 billion in private funding since their inception, $11 billion of which has come in the past 12 months. Those same startups have collectively earned $22 billion in revenue from federal awards, $6 billion of which came from the Defense Department. The organization ranked the startups based on head count growth, total capital raised and other factors.ÂTraditional defense contractors receive hundreds of billions in awards every year.
Getting the job done is no excuse for not following the rules. Corollary: Following the rules will not get the job done.
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