WASHINGTON (Pakistan Point News / Sputnik - 02nd December, 2022) US Secretary of Defense Lloyd Austin established a new Office of Strategic Capital (OSC) to bolster the nation's technological advantage by connecting companies developing critical technologies to funding, the Pentagon said on Thursday.
"We are in a global competition for leadership in critical technologies, and the Office of Strategic Capital will help us win that competition and build enduring national security advantages," Austin said in a statement. "By working with the private capital markets and by partnering with our Federal colleagues, OSC will address investment gaps and add a new tool to the Department's investment toolbox."
Critical technologies such as advanced materials, next-generation biotechnology and quantum science require long-term financing to bridge the gap between the laboratory and production, the Pentagon said.
Many of these technologies are essential for future defense capabilities but are not directly purchased by the Defense Department, meaning existing procurement programs are unable to support the companies' immediate capital needs, the Pentagon said.
OSC will be overseen by Austin and have an advisory panel that includes the Under Secretaries of Defense, according to the Pentagon. OSC will work across policy, acquisition and research to increase the amount of capital available to critical technology companies, the Pentagon said.
Additionally, OSC will help counter non-market actions by strategic competitors that use US capital markets to advance their own technology goals, the Pentagon said.
