Stanford’s Steve Blank is warning lawmakers that the Defense Department is not organized to defeat or deter China and is proposing the Pentagon spend large sums of taxpayer cash on new technology to compete with the communist regime.
The intelligence community has also had more success funding bets on tech companies than the military. In-Q-Tel, a nonprofit strategic investment fund contracted with the CIA that has funded tech startups for more than 20 years, has blanketed Silicon Valley.
In-Q-Tel has hundreds of observers spread across the boards of companies it pays, sitting in on meetings where founders aspiring to be the next Mark Zuckerberg and Elon Musk make decisions about their companies’ future, according to In-Q-Tel investment partner Katie Gray. The observers listen as the entrepreneurs decide whether to accept investment offers. The entrepreneurs have become more aware of the danger associated with taking foreign funders’ cash, Ms. Gray said at an Intelligence and National Security Alliance conference in March.
“We’re not on the board of directors, but when we invest in a company, we are sitting in the boardroom,” Ms. Gray said at the conference featuring an audience of government officials and contractors. “I think at any given time, we have about 300 or so boards that we are attending meetings for.” Ms. Gray said In-Q-Tel has invested alongside an estimated 3,000 co-investors funding America’s critical tech. By pairing taxpayer dollars with private venture capitalists, In-Q-Tel aims to keep taxpayers from footing the entire bill when a bet on a new founder goes bad.
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