A business accelerator created specifically for cybersecurity start-ups in Virginia will welcome a new cohort of companies Tuesday, one year after its doors opened with the goal of establishing the commonwealth as a hotbed for the cybersecurity industry.
Among the companies is the developer of a database where companies can securely store customer information, such as credit card numbers, and the creator of software that makes messaging on Facebook Chat private and confidential.
The start-ups accepted into the three-month MACH37 program, which is funded with state money, receive a $50,000 investment, access to a network of mentors and instruction on how to develop their ideas into viable businesses.
“We want to create companies that can be sustainable and that we can get a return on investment from,” said Rick Gordon, the program’s managing partner.
The program also wants those companies to stay in Virginia.
The commonwealth is competing with a number of areas around the country, including neighboring Maryland, to become a hub for companies that sell cybersecurity software and other technology to both the federal government and commercial industries.
Spending on cybersecurity technology has risen dramatically in recent years as government agencies, their contractors and other corporations experience a growing number of cyberattacks that are both increasingly sophisticated and damaging.
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