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CoreStreetLeading provider of Real Time Credentials to security-aware organizations in government, financial services and healthcare.IndustrySecurity, as it is being implemented, is inherently restrictive. Each person or file passing through a checkpoint is stopped and examined for evidence of suspicious activity or intent, when in fact 99 percent of the people or files going through the checkpoint are legitimate. Really, only two questions need to be answered: “are you who you say you are?” and “should you be doing this right now?” A system that does this actively and monitors permissions will keep those without access away while letting in those with access, even without checkpoints.Business Challenge- In December 2002, CoreStreet came to Schwartz Communications to help launch the company, the technology and the company’s first product, the Real Time Credential Validation Authority. As the technology itself was still in its infancy, CoreStreet had few customer implementations and no customers who were able to speak on the record with media. Also, CoreStreet itself was in stealth mode and therefore an unknown in the security field.
- CoreStreet designed its solution to bridge the gap between physical and digital security. However, the concept of the convergence of physical and digital security was in its infancy and rarely discussed by the media. In fact, most publications only examined either physical or digital but rarely the two together.
- CoreStreet’s technology is a quantum leap in the security world and required reporters to put aside long-established security notions to embrace this new form of technology. Traditionally, validation technologies required secure connections to vaulted databases, but CoreStreet technology eliminated the need for these connections, a detail that challenged central beliefs in information security.
Schwartz PR Strategy- Schwartz implemented a multi-phased media and analyst relations campaign to launch CoreStreet. The phase-one goal was to close B round venture funding. To do this, Schwartz worked with CoreStreet to identify the high-level problem with security and position CoreStreet technology as the solution that enables security, privacy and convenience.
- Once the problem was identified, Schwartz developed a media and analyst campaign based on the release of the Real Time Credential Validation Authority and the initial $4.5 million in funding as two key announcements for launching the company. This provided reporters and analysts with a product to help them understand the basics of the technology as well as funding to demonstrate the company’s viability. A series of partnerships announcements would follow to show momentum.
- Schwartz also looked to position CoreStreet President Phil Libin as a security expert on the convergence of physical and digital security by using bylined articles, a media alert campaign and the launch of a security-focused Web log (blog).
Results- Schwartz launched the Real Time Credential Validation Authority with a focus on technology publications, specifically those with strong security coverage. At the same time, the public relations agency used the initial funding announcement to secure local media. Results included standalone coverage in Information Security and Network Computing as well as in the Boston Business Journal, Mass High Tech, WBZ radio and WBIX radio.
- In the 15 months since signing with Schwartz, CoreStreet executives have held nearly 100 media and analyst meetings, resulting in a range of coverage, from standalone articles to expert commentary in larger pieces. To cap it off, as 2004 drew to a close, Schwartz outreach directly resulted in Network Computing calling CoreStreet a “company to watch.”
- Schwartz also worked with CoreStreet President Phil Libin to launch a personal blog focused on security issues at www.vastlyimportant.com. In just two months, the blog had received good traction, attracting more than 100 readers a day while also offering journalists a constant source of information and ideas. Schwartz has also been able to harvest ideas from blog as stories and bylined articles to publications. In one case, a blog entry about PKI still being a viable technology was presented to CNET News.com as a Perspectives piece. The article ran on News.com in the U.S., Australia and Hong Kong editions. It has helped increase buzz about CoreStreet and delivered viewers to the CoreStreet Web site.
- Schwartz continues to work to get Phil Libin’s ideas out through a weekly media alert campaign that presents reporters with a constant stream of high-level story ideas as well as offering feedback on breaking news stories. As a result, Libin himself has become a sought-after expert, developing strong bonds with reporters and analysts alike. In addition to keeping the CoreStreet name in front of reporters during slower news periods, the PR campaign has resulted in greater buzz around the company and its president.
- A little more than a year after initiating the public relations program, CoreStreet closed $8.5 million in venture funding. The company received several term sheets, including one from Updata Partners, which it accepted. Updata learned of CoreStreet directly through the media coverage Schwartz secured.
- Schwartz is now embarking on phase two of the PR campaign—increasing the company’s customer and partner base. The results continue to appear. The day CoreStreet announced its B Round, Schwartz secured nine media placements and the company saw 25,000 hits to its Web site, well above the normal 3,000 hits received each day.
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