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Qualitative analysis of cases led to the following observations.

• In the three government strategic investment (GSI) cases examined, mission-oriented innovation was of equal or greater importance than generating financial return.
• GSI participation in venture capital investments has provided government with additional information about technology-focused market sectors and companies.
• GSI initiatives rely on the operational flexibility afforded by Other Transaction authority.
• GSI initiatives rely in a significant way on a government-to-private sector "interface" function.
• The GSI's responsibility to government customers adds significant difficulty to the task of investment management.
• GSI initiatives need staff with private market capabilities to serve investment management functions.

Economic modeling analysis led to the following observations.

• It is possible to systematically assess selected incentives to which private firms will respond.
• The desired balance of GSI financial support between equity investment and contractual support depends on likelihood of sale in government and commercial markets.
• The GSI initiatives in the case studies illustrate a range in the balance between equity investment and contractual support.

A wide range of military capability improvement efforts have benefited from development and procurement methods that accommodate urgent operational needs. Changes in the threat environment suggest a need for a fresh examination of the adequacy and suitability of acquisition methods for the coming decade. This report examines one class of acquisition method, known as government venture capital (GVC), or government strategic investment (GSI). The research extracts general observations from previous cases and from a partial economic model of the GSI type of initiative. Taken together, these analyses will help government acquisition managers to judge more thoroughly the suitability of strategic investment methods for motivating future government mission–oriented innovation by private firms.

The report does not explicitly compare GSIs and alternatives for their efficacy in advancing government mission objectives. If it had, it is likely that the main advantage of GSI would be improved access to information about alternative approaches available in the commercial market, resulting from the close relationships the GSI structure engenders between government and business.

• Chapter One

  Introduction

• Chapter Two

  Strategic Investment for Innovation Support

• Chapter Three

  Case Studies of U.S. Government Strategic Investment

• Chapter Four

  Economic Framework for Innovation Incentives

• Chapter Five

  Observations from GSI Case Studies and Economic Modeling

• Appendix A

  Economic Model Algebraic Details

• Appendix B

  Other Transaction (OT) Authority Reference