SOURCE: CyberHive San Diego

CyberHive San Diego

February 13, 2013 09:12 ET

CyberHive Launches Security-Specific Incubator in San Diego

Second Community Spawns New Security Solutions Modeled After Nation's First CyberHive in Maryland

SAN DIEGO, CA--(Marketwire - Feb 13, 2013) - A consortium of the nation's most influential business, government, and financial leaders have joined forces to form CyberHive San Diego, a non-profit organization charged with incubating security-focused startups. CyberHive opens its doors today with the goal of discovering and building world-class security solutions and firms. Modeled after CyberHive/Cyber Maryland, it is the first of its kind on the West Coast. Select firms will receive up to $200,000 in start-up capital in addition to business and research mentoring.

"Incubation organizations are not new, but focusing exclusively on security is," said Darin Andersen, a founder of CyberHive San Diego and General Manager of Norman AS, one of the world's largest cyber threat detection companies. "Cyberattacks are escalating at an alarming pace. We need to make sure that U.S. technology stays ahead of cybercriminals and that means encouraging and fostering bright minds outside as well as inside existing corporate security companies. We will be providing mentoring, office and lab facilities, and business development services designed to accelerate the success of participating companies."

The launch coincides with President Obama's Cybersecurity Executive order announced last night. During his State of the Union address, the president called for Congress to take action to protect the nation's critical infrastructure from cyber attacks. The executive order directs the Commerce Department to work with companies that operate critical infrastructure to develop best practices for cyber security and could serve as a catalyst for San Diego's growing cyber security industry.

The organization is currently led by a Board of Advisors from numerous organizations including General Dynamics, Qualcomm, CyberHive/Cyber Maryland, NSA, and SINET. In addition, CyberHive has reached out to more than 100 San Diego area organizations for financial and mentoring support. It currently has the capability to incubate as many as 20 applicants.

CyberHive San Diego is based on the successful CyberHive Maryland program. The CyberHive model focuses on fostering new research as well as successful business models. CyberHive executives provide mentoring to startups as they fine tune their business plans, identify investors, and prepare to bring their products to market. In return for these services, clients provide a modest equity position to CyberHive, ensuring the program remains sustainable well into the future.

CyberHive will open with two incubation models. CyberHive Jumpstart will include providing a set of services such as mentoring, facilities, expert services and subsidized operational costs. CyberHive Assured includes all Jumpstart services, and also includes a grant of startup capital.

San Diego is already home to many leading innovators in information security and related industries, and has spawned companies from Websense, ESET, and Norman in the security industry -- to industry giants like Qualcomm and General Atomic (formerly a division of General Dynamics).

CyberHive offices are located at 1855 First Avenue, Suite 103, San Diego, Calif., 92101.