The Pentagon announced Thursday the establishment of the Office of Strategic Capital to tap into private sector innovation.

“We can build enduring advantages though engagement with trusted private capital that is focused on critical technology areas for the Department of Defense,” Defense Secretary Lloyd Austin wrote in a memo.

The office will “integrate efforts across the Department of Defense and to partner with other U.S. government departments and agencies to develop, integrate and implement proven partnered capital strategies to shape and scale investment in critical technologies,” Austin wrote.

The memo said OSC will identify promising technology in industry and academia, fund investments the private sector has not sufficiently supported, encouraging private sector investment in DOD-critical technology, and work on related policy.

“This is really about looking at how can we move faster and ensure that the department and the U.S. government more broadly have the advanced technology and capabilities that we need to remain competitive,” Pentagon Press Secretary Brig. Gen. Patrick Ryder told reporters, according to C4ISRNET.

Air Force photo by Airman 1st Class Isaiah Pedrazzini