How should a new cybersecurity company navigate the maze of getting investors and standing out in a crowded field?
New technology and security companies seemingly pop up every other week. Some seek to become the next Facebook Inc. or Microsoft Corp. and others aim to be bought out by larger companies before turning to their next venture.
The need for cybersecurity solutions doesn’t seem to be slowing down. Witness the WannaCry ransomware strike that hit over 300,000 computers in 150 countries, the Mirai botnet attack that denied surfers access to thousands of websites around the world, or massive data breaches such as the ones that compromised some 1.5 billion Yahoo! Inc. user accounts.
Despite a growing market need, however, not all cybersecurity offerings are the same. During pitch meetings, where companies seek funding for their cybersecurity solutions from venture capitalists or investors, businesses need to stand out from the pack, Rich Baich, chief information security officer at Wells Fargo & Co., said at the recent Cyber Investing Summit at the New York Stock Exchange. Using security buzzwords, such as artificial intelligence…