After a boisterous 2015, 2016 looks gloomy for the cybersecurity industry as the market correction and uncertain macro economic environment set in. Last year, investors on Sand Hill Road poured $3.8 billion into security startups, many of which will not make it to the end of this year.
The uncertainty stems well beyond valuations. Entrepreneurs and their investors assumed the chief information security officers (CISO) would clamor for new budget to embrace all of the latest security technology in a bout of paranoia. From our vantage point as an enterprise IT investor in New York, the sentiment in the buyer market is far more rooted in practicality. “I don’t want more budget, I just want a solution that works,” said the CISO of a multinational pharmaceutical and medical device manufacturer in the trenches of evaluating new security technologies fit for cloud environments.
Why are many new security products ill-fit for the enterprise? Smart entrepreneurs with expertise in big data and other technology domains are entering the industry expecting a gold rush. Few, however, have the security expertise to build a product tuned to customer requirements. For example, this year the RSA Conference was swarming with Silicon Valley machine learning experts touting preventative security analytics. Without domain expertise and proof beyond theory, it’s all just “snake oil,” as a Global 2000 security director recently commented to me. Despite this skepticism, Forrester Research pegs 2015 spend on cloud security solutions at half a billion dollars.
Work-Bench is powering a new enterprise technology ecosystem in NYC. As an enterprise technology VC fund, Work-Bench bridges enterprise startups and large corporations together to drive innovation and transform enterprise IT. We scale startups through our community, workspace, business development, and venture fund, and we are home to over 25 enterprise startups and growing in NYC.
Work-Bench is looking for a talented Business Development Associate, who is passionate about enterprise technology, to join our Business Development team to support our engagements between Fortune 1000 executives and our startup member community at Work-Bench. If this sounds like you, apply here directly.
Highlights From Our Customer Kickoff Event
Last Wednesday, we kicked off our Innovation in the Enterprise series with a customer event at Work-Bench. The objectives for these customer events are two-fold:
- Introduce our extended corporate network to innovative and disruptive technology coming out of the enterprise technology startup community
- Provide our member companies with introductions, feedback, and insights from potential Fortune 500 partners and customers
Communications and Business Development
Update: These positions have been filled.
Work-Bench is searching for two exceptional full-time paid interns to spend 10 weeks with us this summer building the next hub for enterprise technology in New York City. You'll work closely in the trenches with our team, and you will have the opportunity to build and ship in our collaborative, results-oriented environment.
What Enterprise Technology Means To Us
As we find ourselves in the midst of our quarterly member application process at Work-Bench, we want to articulate the kinds of exceptional enterprise startups we're looking for to join and power our Work-Bench community. In short, Work-Bench's core area of focus is on enterprise software startups with preliminary customer traction. Yet given that "enterprise tech" has become a somewhat overused* term recently, we want to define what enterprise technology means to us, and how we're hoping to transform the space.
*This frenzy may be attributed to the huge market caps of recently IPO'd companies and the valuations of soon-to-go public companies, per the figure below.