The Homeland Security Department could enter the venture capital business if a new bill from Congress becomes law.

The House Homeland Security Committee approved legislation on April 15 that would have DHS report back on whether the CIA's In-Q-Tel venture capital organization "could serve as a model" for homeland security technology. The bill would require recommendations "regarding whether Congress should create a private, independent, not-for-profit organization to bridge the gap between the technology needs of the homeland security community and new advances in commercial technology."

The bill, the Homeland Security Science and Technology Authorization Act of 2010, would also create a new office of public-private partnerships within the DHS science and technology directorate.

The office would evaluate unsolicited scientific proposals within 60 days and generally liaise with the private sector on behalf of the science and technology directorate.

"I cannot tell you how many times I have been approached by a company with a novel homeland security technology that has been frustrated by how difficult it is to work with S&T," said committee Chairman Bennie Thompson, (D-Miss.), in a prepared statement.

Reached by phone, former In-Q-Tel Chief Executive Officer Amit Yoran said the In-Q-Tel model might or might not work for the homeland security community. If the challenge is finding interesting new technologies, then In-Q-Tel could serve as a model, Yoran said.

"If the challenge is more focused on, or centered around, an inability to contract or procure some of these emerging technologies, then I don't believe In-Q-Tel will be a model that will help them address some of those particular challenges," he added.

In-Q-Tel's main value isn't so much funding new technologies but vetting them, Yoran said.

The House legislation would also authorize S&T to spend $2.27 billion in fiscal 2011 and 2012, and would require the directorate to produce a strategic reform and reform management practices.

For more:
- see the text of the legislation, H.R. 4842
- read a prepared statement by Rep. Bennie Thompson (D-Miss.) on the bill (.pdf)
- listen to an audio recording of a hearing held on the bill

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