SECNAV signals vision for industry

WASHINGTON, D.C. - Navy Secretary Richard V. Spencer described the way he envisions establishing a long-term spending process to acquire new technologies and expand the fleet size: “Fast and frugal.” Speaking here at Defense Forum 2017, SECNAV described that future partnership with the defense industrial base. With congressional support authorizing block and multi-year buys, Spencer said the Navy is sending the message to industry now is the time to invest in the future. Navy acquisitions in new technologies, weapons, and systems place much of the risk on taxpayers for research and development, while the industrial base is rewarded with contracts. Spencer wants to create a partnership where the Navy provides industry with what he called, “a clear line of sight” to the service’s needs and resources so industry can invest in the necessary R&D to provide solutions. Spencer comes to the Pentagon from the private sector, where creating better value for the people funding operations has been a hallmark of his career. As CFO with Intercontinental Exchange, Spencer embraced technology to provide investors with a better return. (Source: USNI News 12/04/17)