Navy considers venture capitalism to speed IT acquisitions

The Navy is starting a dialogue with venture capitalists that officials hope will result in a speedier acquisition process for bringing innovative technologies to warfighters.

It currently takes the Navy five to six years to acquire and field a new technology, officials say. Venture capitalists can cut that time significantly, according to several panelists who spoke today at the Department of the Navy Enterprise IT Industry Symposium, sponsored by the National Defense Industrial Association

The Navy is studying the model the CIA has with its venture capital arm In-Q-Tel to see whether it would work with the service. That model could work, although the Navy might do well using several venture firms instead of one, according to one panelist.

By Dawn S. Onley
GCN Staff

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