Symantec is embracing an open innovation model to deliver advanced cyber security solutions; we are partnering with Frost Data Capital (FDC) to incubate new startup companies to solve hard problems in Internet of Things (IoT) security and cyber security analytics.
As the threat landscape continues to darken and IoT introduces billions of new connected devices, innovative new security approaches are required; the need to innovate and innovate quickly has never been more important. Symantec is expanding our innovation to come from not only inside the company, but to build ecosystems to innovate with partners and customers using a broader, more open approach. This enables us to move beyond our ‘four walls’, encouraging the development of more niche, vertical, and exploratory applications and technologies – that will together deliver the kinds of applications, functionality and features needed in today’s complex world.
Our incubation model is very different than a traditional corporate venture approach where an enterprise invests along side venture capital firms to fund start-ups. We begin by working with our customers and partners to understand the most challenging security issues that they are facing; as we identify the biggest and best ideas, we start companies from the ground up to create solutions to these problems. Symantec and Frost Data Capital will create and seed early-stage start-ups with funding, resources and expertise. These companies will receive access to Symantec’s research telemetry and Frost Data Capital’s data analytics technologies, enabling them to confront the next generation of threats. We believe that analytics will be at the very heart of addressing and resolving many security problems in the future, making it a key part of this new strategy.
Of course, incubation is part of Symantec’s overall innovation model that encompasses R&D innovation, partner innovation, strategic investment, and M&A. Symantec is focused on driving internal R&D innovation: we have increased our internal investment; we have moved to a lean / agile development methodology, and we are delivering platforms that enable our partners and customers to innovate with Symantec in a more seamless way.
The initial plan is to incubate up to 10 companies per year that will deliver advanced cyber security solutions. The Frost Data Capital model to incubate startups works by bringing together seasoned entrepreneurs, a proven innovation methodology and process, and deep expertise in big data analytics, IoT, industrials and healthcare. By partnering with Frost Data Capital, Symantec will be looking to build a solid portfolio of businesses, initially in the US, but then extending our reach into Europe and beyond. We see this as a huge global opportunity for Symantec, its partners and our customers, to drive innovation by leveraging the best ideas and talent to create exciting new security companies.