What does it take to build a serious profitable, sustainable, scaled defense tech startup? In the newest episode of the Mission Matters podcast David and I sit down with John Serafini, the CEO and founder of HawkEye 360 and a partner at Shield Capital, to discuss what it took to grow HawkEye into a profitable company with:

🛰️ 30+ satellites on orbit

💰 Nine-figures of ARR

🤝 Customers across the U.S. government and allied nations

In this episode, we unpack:

🔹 What it means to “build a serious company” in defense tech

🔹 Why trust, humility, and sustainability matter more than hype

🔹 The realities of working in classified environments

🔹 Lessons from the SPAC boom, capital discipline, and profitability

🔹 Where the real white spaces in space tech still exist

🔹 How to partner effectively with defense primes (without fear-mongering)

This conversation is a must-listen for founders, operators, investors, and policymakers building at the intersection of commercial innovation, space, and national security, and includes some hot takes from John as well.

As always, please reach out if you or anyone you know is building at the intersection of national security and commercial markets. And please make sure to subscribe to the Mission Matters podcast to hear more stories of what it takes to build at the intersection of national security and commercial markets.

KEYWORDS

Hawkeye 360,radio frequency, satellite technology, national security, commercial space,signal intelligence, defense technology, space startups, classified customers,international markets, ITAR compliance, defense primes, profitability,fundraising strategy.

Chapters

The Warfighter Is the SunWhy startups must design around the customer, not themselves

What Hawkeye 360 Actually Does (RF from Space)Commercial signals intelligence, explained simply

From West Point to Founder & InvestorJohn Serafini’s background and path to building Hawkeye 360

“Just Build a Serious Company”The advice that shaped Hawkeye’s operating philosophy

Trust, Humility, and SustainabilityThe three principles every defense tech startup must internalize

SpaceX, Rocket Lab, and What Great Looks LikeLessons from the most successful space companies

Is It Easier to Work with DoD Today?How the defense innovation environment has changed since 2015

The RDT&E Trap and the Valley of DeathWhy too many startups get stuck at TRL 4–6

Buy What We Can, Build What We MustWhat’s actually different in today’s defense procurement climate

The SPAC Boom: Lessons LearnedWhy many space SPACs struggled—and what founders should avoid

Turning Academic IP into a Scaled Space CompanyHow Hawkeye 360 spun out of Virginia Tech research

Building for Classified CustomersWhy practitioner insight and trust matter more than clever tech

In-Q-Tel, Clearances, and Market EntryHow startups should realistically approach the IC

Partnering with Defense Primes (Without Fear)Why primes aren’t the enemy—and how they can accelerate impact

ITAR, International Sales, and Allied CustomersHow Hawkeye built a global business despite regulatory hurdles

Scaling a Space Hardware CompanyThe hidden challenges of moving from first launch to constellation

Capital Discipline and Just-in-Time GrowthAvoiding overhead traps while scaling responsibly

When Should Hardware Startups Focus on Profitability?Why growth and profitability aren’t mutually exclusive

What John Looks for as an InvestorHow he evaluates early-stage space and defense tech startups

Tech That Fell Short of ExpectationsWhy optical communications still haven’t scaled as expected

White Spaces in Space TechOn-orbit processing, data relay, and future opportunities

Who Really Determines Success?The overlooked role of policymakers and appropriators

Final Thoughts: Building for Missions That MatterWhy discipline, trust, and seriousness define enduring companies

What does the 2026 National Defense Authorization Act (NDAA) mean for tech startups? Yesterday, the U.S. House of Representatives passed the 2026 NDAA, and the United States Senate is set to vote later this week.

🎧 Introducing the Techquisition Edition — a new sub-series of the Mission Matters Podcast, where David and I break down major defense acquisition news and explain what it means for technology startups building for the national security mission.

Our very first Techquisition Edition episode just dropped (link in comments). In this inaugural conversation, we dive into the NDAA’s most impactful provisions for companies working with—or hoping to work with—the United States Department of War. We cover:

👉 How the NDAA codifies SECWAR Pete Hegseth’s acquisition reform agenda

🛰️ New guidance accelerating DoW adoption of commercial space capabilities

🚀 What the NDAA signals about Golden Dome

🚨 Key proposals that did not make it into the bill

⚡ And much more...

As always, please let us know your thoughts, and please reach out if you or anyone you know is building in the national security domain.

Keywords: NDAA, Tech Startups, Acquisition Reform, Defense Innovation, Commercial Space, AI, Military Spending, National Security, Golden Dome, Defense Modernization

Chapters

Introduction to Techquisition and NDAA Overview

Understanding the NDAA and Its Importance

Acquisition Reform and Its Impact on Startups

Commercial Space and the Future of Defense

Golden Dome and Missile Defense Initiatives

Changes in the Defense Innovation Unit

AI and Its Role in the NDAA

Wins and Losses for Startups in the NDAA

Notable Provisions and Advice for Startups

In this episode of the Mission Matters podcast, Akhil and Maggie sit down with Andrew Puryear, the CTO of L3Harris, the 6th largest U.S. defense prime, to discuss L3Harris's "trusted disruptor strategy." As part of this strategy, L3Harris partners with startups to bring cutting edge capabilities to the warfighter. We cover:

- How startups should approach working with large primes

- What lessons the U.S. should (and shouldn't) be learning from the war in Ukraine

- The role AI, electronic warfare, air and missile defense, and more will have on future battlefields

- And much more

As always, please reach out if you or anyone you know is building in the national security startup space.

Last week, Secretary of War Pete Hegseth released a memo outlining a series of reforms to the defense acquisition system. In this episode of the Mission Matters podcast, David Rothzeid and Mike Brown break down what these reforms are and what impact they will have on the defense startup community.

We cover:

• The details of the reforms themselves (abolishing JCIDS, changing PEOs to PAEs, MOSA, and more)
• Why some legacy incumbents may resist these changes
• How to incentivize people within the Department to make these reforms a reality
• How startups should work to take advantage of the reforms
• And more

For more, check out David's blog post on the subject: https://drothzeid.medium.com/making-speed-and-accountability-the-new-normal-in-defense-acquisition-88cb84adfb65

There’s a lot of buzz these days around missile defense, but not much discussion around how missile defense actually works. In this episode of the Mission Matters podcast, Matt and I sit down with Shield Capital Operating Partner and former Director of the Missile Defense Agency, Ltg. (ret.) Pat O’Reilly, to discuss the current state of missile defense.

We cover:

• How missile defense actually works, breaking down a) the threats b) the kill chain and c) firing doctrine

• How missile defense has changed over the last several decades

• The role of startups and emerging technologies in the future of missile defense

• The state of our adversaries’ missile and missile defense systems

  
  

As always, please let us know your thoughts, and please reach out if you or anyone you know is building in the national security domain.

What will it take to actually bring manufacturing back to America? In this episode of the Mission Matters podcast, Akhil and I sit down with Cameron Schiller and Aeden Gasser-Brennan, the founders of Rangeview, to discuss the current state manufacturing in the U.S.

We discuss:

• What investment casting actually is and how Rangeview is revolutionizing the ancient manufacturing process

• Why China dominates much of today’s manufacturing landscape, particularly in the world of consumer electronics

• How modern defense manufacturing today differs from the manufacturing we did during WWII

• How industrial policy combined with new technologies can help bring manufacturing back to America

As always, please let us know your thoughts, and please reach out if you or anyone you know is building in the national security domain.

In this episode, we speak with Mike Flanigan, the CEO of Seasats, a startup building the future of maritime autonomy.

This month on the Mission Matters podcast, we sat down with Justin Fanelli, the CTO of the U.S. Department of the Navy, and Artem Sherbinin, the CTO of the U.S. Surface Navy to discuss the future software-defined Navy. We cover everything from computer vision deployment in the maritime domain to why technology will matter in a conflict with China to what “software defined warfare” actually means.

As always, please let us know your thoughts, and please reach out if you or anyone you know is building in the national security domain.

Key words: Navy, technology adoption, software-defined systems, integration, resilient communications, data integration, hybrid forces, geopolitical context, defense technology, innovation, AI integration, defense tech startups, naval operations, generative AI, military technology, DOD tech adoption, Ukraine conflict lessons, computer vision, maritime technology, startup advice

Chapters

• Introduction to the Guests and Their Roles

• Challenges in Technology Adoption and Integration

• The Future of Software-Defined Warfare

• The Importance of Data Integration

• Geopolitical Context and the Navy's Role

• The Urgency of Technological Integration in Defense

• Reviving Patriotism and National Security

• Success Stories in Defense Technology Integration

• Building Effective Partnerships for Innovation

• Key Metrics for Measuring Success in Defense

• Integrating New Technologies with Existing Systems

• Learning from Successful Startups in Defense

• Advice for Startups Entering the Defense Space

• Innovative Program Management in Defense

• Strategic Partnerships and Funding Mechanisms

• Outcome-Driven Metrics and Accountability

• Future Wishes for Defense Technology

• Lessons from Ukraine for Indo-Pacific Conflicts

• Generative AI in the Navy

• Challenges of Technology Integration in the DoD

• Building for the Navy: Unique Considerations

• Computer Vision in the Maritime Domain

• Adversaries' Adoption of Maritime Technologies

• Understanding Adversaries' Military Technology Approaches

What does this new trillion-dollar defense budget and "Big Beautiful Bill" mean for national security startups?

This week on the Mission Matters podcast, I sat down with my teammates Michael A. Brown and David Rothzeid, two former leaders at the Defense Innovation Unit (DIU), to unpack what the trillion-dollar defense budget really means for startups . With only $150B officially appropriated so far via the “Big Beautiful Bill,” there’s still a ton of complexity and opportunity ahead.We break down:

🔴 What’s actually been passed (hint: not the full trillion) and what’s still in flux

🔴 The current state of funding for cutting-edge technologies like Golden Dome, unmanned systems, space tech, and AI

🔴 Where DOD is lagging (AI, autonomy, EW) and what surprises are buried in the latest bill (F-35 cuts?!)

🔴 How startups should position themselves to win contracts

🔴 Where primes will dominate vs. where new entrants can thrive

🔴 What SPEED and FoRGED Acts mean for acquisition reform (spoiler: goodbye to some arcane accounting standards)

🔴 Why DoD “buying as a service” might finally stick

Whether you're a founder, investor, or policymaker—this episode’s for you. It’s a masterclass in how national security budgets translate into startup opportunity.

As always, please let us know your thoughts, and please reach out if you or anyone you know is building in the national security domain.

Keywords: Defense budget,NDAA, Appropriations Act, President's budget request, Big Beautiful Bill,defense spending, startups, commercial technology, unmanned systems, AI, cybersecurity,space technology, defense acquisitions, venture capital, dual-use technology.

Chapters:

• Introduction to Defense Budgeting and Startups

• Understanding the Defense Bill

• Emerging Technologies: Space, AI, and Unmanned Systems

• Challenges and Opportunities for Startups

• Navigating the Defense Acquisition Landscape

• The Debate on Defense vs. Dual-Use Startups

• The Role of Space in National Security

• Innovations in Defense Acquisition Policies

• Impact of the Forge and Speed Acts

• Executive Orders and Their Implications

• Investment Thesis in Defense Technology

This episode of the Mission Matters podcast features a conversation between Shield Capital Managing Partner Philip Bilden and Vice Admiral Kevin “Kid” Donegan. This episode covers everything from:

• The role of cutting edge technology like cybersecurity, drones, and AI in the conflict

• The current state of Iranian proxy forces in the Middle East

• How the conflict in the Middle East compares to Ukraine

• And more!

Keywords: Middle East, geopolitical briefing, national security, technology in warfare, nuclear program, Iran, US-Israel relations, cyber operations, AI

Chapters

Introduction to SHIELD Capital and Geopolitical Briefing
Admiral Kevin Donaghan's Background and Experience
Recent Activities in the Middle East
Command Responsibilities in Iraq and Afghanistan
Assessment of the Recent Conflict and Ceasefire
Iran's Military Capabilities and Regional Dynamics
Technological Advancements in Military Operations
The Role of Cyber in Modern Warfare
Leadership Assessment in Crisis Operations
Iran's Nuclear Program and Military Strategy
Regime Stability and Prospects for Change in Iran
US-Israel Relations and Military Collaboration
Iran's Global Influence and Terrorism Concerns
Geopolitical Implications for China and Russia
Investment in AI and Technology by Gulf Allies
The Future of GPS and Warfare Technology
Cybersecurity Threats from State Actors