CIT CEO forecasts startup growth in cybersecurity, biotech

The state of Virginia has made investments to spur industries such as cybersecurity and biotech, according to Ed Albrigo, who leads one of the state organizations leading growth in innovation and entrepreneurship.

The Center for Innovation and Technology works to fund and support early-stage startups.

“When you look out to what’s necessary to keep our economy growing vigorously, it’s coming down to companies, and jobs, and people who are willing to innovate,” Albrigo told What’s Working in Washington.

In fact, government is one of the main centers for innovation, Albrigo said. “Just think back to all the things we now take for granted as far as innovation–the internet, came out of [Department of Defense] or DARPA research projects,” he said.

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CIT helps companies “get launched. Scaling should come from the private sector. That’s when the market should make its decision,” said the CEO of CIT.

One of the areas with the highest potential for innovation in the DMV area is cybersecurity. “Cybersecurity is going to be a hot space for a while, because those people that threaten us, those people who want to come after us, they’re invading at an incredibly fast rate around every solution that we’re putting up,” said Albrigo.
“Biotech for this region is another good area. Some of the challenges for biotech [include] the startup capital that’s required, especially if it involves anything therapeutic.”

Life sciences, data, and specifically smart city technologies are also poised for success in the region.

“That’s going to be a big thrust for CIT.” To facilitate smart city technology, CIT is starting a new actuator for business, Smart City Works.

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