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Government Venture Capital: a Case Study of the In-Q-Tel Model

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Government Venture Capital: a Case Study of the In-Q-Tel Model View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by AFTI Scholar (Air Force Institute of Technology) Air Force Institute of Technology AFIT Scholar Theses and Dissertations Student Graduate Works 3-10-2004 Government Venture Capital: a Case Study of the In-Q-Tel Model Michael E. Belko Follow this and additional works at: https://scholar.afit.edu/etd Part of the Management Information Systems Commons Recommended Citation Belko, Michael E., "Government Venture Capital: a Case Study of the In-Q-Tel Model" (2004). Theses and Dissertations. 3948. https://scholar.afit.edu/etd/3948 This Thesis is brought to you for free and open access by the Student Graduate Works at AFIT Scholar. It has been accepted for inclusion in Theses and Dissertations by an authorized administrator of AFIT Scholar. For more information, please contact [email protected]. GOVERNMENT VENTURE CAPITAL: A CASE STUDY OF THE IN-Q-TEL MODEL THESIS Michael E. Belko, Captain, USAF AFIT/GAQ/ENV/04M-01 DEPARTMENT OF THE AIR FORCE AIR UNIVERSITY AIR FORCE INSTITUTE OF TECHNOLOGY Wright-Patterson Air Force Base, Ohio APPROVED FOR PUBLIC RELEASE; DISTRIBUTION UNLIMITED. The views expressed in this thesis are those of the author and do not reflect the official policy or position of the United States Air Force, Department of Defense, or the U.S. Government. AFIT/GAQ/ENV/04M-01 GOVERNMENT VENTURE CAPITAL: A CASE STUDY OF THE IN-Q-TEL MODEL THESIS Presented to the Faculty Department of Systems Engineering and Management Graduate School of Engineering and Management Air Force Institute of Technology Air University Air Education and Training Command In Partial Fulfillment of the Requirements for the Degree of Master of Science in Acquisition Management Michael E. Belko, BA Captain, USAF March 2004 APPROVED FOR PUBLIC RELEASE; DISTRIBUTION UNLIMITED AFIT/GAQ/ENV/04M-01 GOVERNMENT VENTURE CAPITAL: A CASE STUDY OF THE IN-Q-TEL MODEL Michael E. Belko, BA Captain, USAF Approved: /signed/ 10 March 2004 _____________________________________ ______________ Timothy S. Reed, Lt Col, USAF (Chairman) Date /signed/ 10 March 2004 _____________________________________ ______________ Bryan J. Hudgens, Maj, USAF (Member) Date /signed/ 10 March 2004 _____________________________________ ______________ Kurt A. Heppard, PhD (Member) Date United States Air Force Academy AFIT/GAQ/ENV/04M-01 Abstract The evolution of information technology (IT) has outpaced the federal acquisition system’s ability to keep up. And as the United States security strategy increasingly demands information superiority to defeat its enemies, national security institutions cannot afford to lag behind the advancements in IT. The CIA addressed their inability to procure the cutting-edge technologies needed to meet their mission requirements and adopted an innovative acquisition strategy to bridge the gap. They engaged the IT sector through In-Q-Tel, a venture capital firm that invests Agency money in companies that could produce commercially viable technologies to fill the Intelligence Community’s (IC) pressing IT shortfalls. This thesis explores two aspects of the In-Q-Tel model, whether In-Q-Tel creates relationships between the IC and promising technology companies that would not have occurred otherwise, and the contributions In-Q-Tel makes to its portfolio companies that contribute to their success. The results of this study suggest that In-Q-Tel has promoted new relationships between the IC and technology firms that were not actively seeking the government market as well as bringing the IC together with technology companies that had viable technology solutions but for various reasons could not connect with the right users within the IC. Findings also show that In-Q-Tel’s technical validation of its portfolio companies’ products, its established network of investors and technology users within the IC, and the capital provided to fund product development and/or operating expenses are highly valued by its portfolio companies and directly contributed to the companies’ success. iv AFIT/GAQ/ENV/04M-01 To my wife and children who helped me to focus on this project even when it was the last thing on my mind. Thank you for your support and sacrifices. I love you. v Acknowledgements I would like to express my sincere appreciation to my research advisor, Lt Col Tim Reed, for his guidance throughout this entire thesis effort and his role in putting together a first-rate strategic purchasing program at the Air Force Institute of Technology. I would also like to thank my faculty advisor, Maj Bryan Hudgens, for his support and willingness to listen as I bounced ideas about where to take this project. The “vector checks” and encouragement helped me keep my sanity. I would also like to thank Greg Pepus and Gayle von Eckartsberg at In-Q-Tel for their assistance in arranging interviews with their portfolio companies and helping me to understand their company’s role bringing technology into the Intelligence Community. I am convinced that what their company does is extremely important work, and our nation is far better off because of it. Special thanks go to the individuals from the technology companies who agreed to participate in this study. They are extremely busy people, and I’m grateful they took the time to help me with this project. In times of war the military seems to get most of the credit for our nation’s security, but many of these individuals have risked their personal wealth and poured their talents and energy into building companies that make direct contributions to our national security. They are patriots, and their entrepreneurial spirit plays no small part making our country great. I wish them all the best. Michael E. Belko vi Table of Contents Page Abstract.............................................................................................................................. iv Dedication............................................................................................................................v Acknowledgements............................................................................................................ vi List of Figures.................................................................................................................... ix List of Tables .......................................................................................................................x I. Introduction .....................................................................................................................1 Background................................................................................................................. 1 Purpose........................................................................................................................ 4 Research Importance................................................................................................... 5 Thesis Structure .......................................................................................................... 5 II. Literature Review...........................................................................................................7 Sources of Innovation in Government ........................................................................ 7 Sources of Innovation in the Commercial Sector ..................................................... 10 The Role of Venture Capital..................................................................................... 12 The In-Q-Tel Model.................................................................................................. 25 Summary................................................................................................................... 39 III. Methodology...............................................................................................................41 Research Objectives.................................................................................................. 41 Research Design........................................................................................................ 41 Data Sources ............................................................................................................. 45 Research Protocol ..................................................................................................... 47 Data Analysis............................................................................................................ 50 Summary................................................................................................................... 51 vii Page IV. Data Analysis..............................................................................................................52 Question 1 ................................................................................................................. 53 Question 2 ................................................................................................................. 63 Summary................................................................................................................... 76 V. Conclusions and Recommendations ............................................................................78 Conclusions............................................................................................................... 78 Limitations ................................................................................................................ 84 Summary..................................................................................................................
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