Administration looks to attract venture capital to gov contracting

From NextGOV by ALIYA STERNSTEIN 

The Obama administration is reviewing the government procurement process to better position innovative startup companies to compete for technology contracts, said Vivek Kundra, the federal chief information officer, on Tuesday.

Kundra made the announcement at a business conference in Washington hosted by the Mid-Atlantic Venture Association, which represents professionals from private equity and venture capital firms that together manage more than $100 billion in capital.

"We're looking at the procurement process to make sure we're able to tap into some of the best ideas. We cannot continue to spend billions of dollars on IT projects that haven't produced the dividends we've been looking for," Kundra said in his speech. "The federal government can lead when it comes to innovation."

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