Andy Lustig has been a part of the evolution of the Washington, D.C. tech scene since he joined Cooley LLP in 2000. Though lawyers don't draw the same attention as startup founders or investors, they are instrumental in the process of growing and scaling a company. Lustig and other attorneys at Cooley have facilitated innovation in the area in key ways, whether arranging private equity deals, mergers and acquisitions or any other important moment for any number of fast-growing tech companies. Lustig's work helped secure deals with, and success for companies that over time became pillars of their industries including Blackbird Technologies, Virgil Security and Thycotic Software.
So what exactly is Cooley and why does a law firm matter for innovation.
What I tell [entrepreneurs] is that Cooley is a platform to open their eyes to potential. Everything we do is built to support early stage companies and help them grow. We know it's losing money on the front end, a lot of firms don't back early companies because of it. Our philosophy is that with a strong business sense and focus our platform is a very powerful thing for acceleration. That is what we do in short and sweet terms.
What do you to avoid falling into a rut and avoid burnout?
There's a wonderful farm by Culpepper that I go to. It's where MissionLink [a non-profit business organization promoting early stage tech companies Lustig co-founded] goes on retreats. Whenever I leave there I feel energized and big acquisitions and things happen.
What's your favorite aspect of your work with startups?
The most near and dear part to me is helping companies grow in reputation, in sales, in everything is the biggest high. Helping startups grow is like a roller coaster with the highest high in the last mile when it's being sold. It's time consuming and draining a lot, but gratifying. Just getting Series A is really fun too, all those milestones are.
"People are starting to realize there are so many talented people in D.C."
What stands out to you as unique about D.C. in terms of innovation?
The startup ecosystem and tech in the D.C. area is actually much stronger than people realize. That's a pleasant surprise to those who come here. You used to think you had to hire software guys from Silicon Valley or Boston but now people are starting to realize there are so many talented people in D.C. And you'll see how much more vibrant it is. People realize once you get plugged in it's very easy to navigate and get connected to others. D.C. is very undersold.
How does being around D.C. help a law firm like Cooley?
When Cooley started it was definitely a big experiment, but built on a stable thesis. We saw all the ingredients here for long-term growth, like intellectual capital, and that's borne out. You can see it in the tech and media coverage and in the political sphere and that's interesting because it wasn't around a few years ago. Cooley imported its model but it wasn't being done here in terms of a firm being focused on tech with lawyers for really stage companies as as the secret sauce.
What would you change about D.C. if you could do so instantly?
If there was one wish I had for the area, I'd probably say the angel market still needs to grow a little more. If it became a little more vibrant that would be tremendous and make the scene thrive. I also would want more companies like [new cybersecurity accelerator] DataTribe. I wish there more like that we could point to.
What part of the tech industry would you say is one to watch right now?
I'd probably say virtual reality is one. It's a hot topic in terms of gaming and things like that. Actually, what's really interesting is all the remote sensor operations popping up in drones, smartwatches, health tech, all feeding into platforms.
If you were to jump ship and start your own startup, what kind of company would it be?
I'd want to do something in analytics and cybersecurity, a company that would focus on analyzing cybersecurity concerns.
What's your favorite company you've worked with?
That question will get me into trouble. Blackbird Technology is one, I think. Others I'm fond of: SAP security services, Altamira is another one, Threatconnect. Some of [the startups] their chapter is still being written.
