FedTech founder and CEO Ben Solomon is, above all, a “venture guy” — connecting new technologies with new markets, running a “deep tech” commercialization platform. But he also has a range of varied interests. He remains a history buff, years after earning a BA in history from Princeton university, a lover of craft beer and a lifelong Cleveland sports fan. Add to that his brief stint as a news assistant at Bloomberg earlier in his career, and a teaching job, as adjunct lecturer, at the University of Maryland’s Robert H. Smith School of Business.
In an interview with Citybiz.co Publisher and Editor Edwin Warfield, Solomon said FedTech was not born out of a moment of brilliance, but emerged from measured steps to commercialize high-quality R&D emerging out of federal agencies and labs across the country.
“As the founder and CEO, I get fantastic satisfaction from being involved in every aspect of the company and seeing entrepreneurs pursue their dreams around technologies that can change the world,” Solomon said. “Every day I get to play in a sandbox that includes growing our terrific staff, helping our partners reach their goals and, yes, on occasion, being the company bartender at a happy hour.”
Since its founding, FedTech has worked with over 700 companies that have together raised over $4 billion. Notably, it has partnerships with U.S. federal agencies, such as the Department of Defense, NASA and the Department of Energy, labs, research institutions, universities and private-sector organizations.
Solomon also spoke about the futuristic technologies emerging from federal labs. These include regenerative medicine, AI and quantum computing in which the federal government has made large investments. During a visit to the Wake Forest Institute for Regenerative Medicine, Solomon said he saw researchers exploring ways to create artificial organs and organs on chips, creating exciting pathways for medicine.
Asked to pick exciting startups, he named Smart Tire, which uses NASA technology used on the Mars Rover. Smart Tire builds stronger tires using a metallic base and one of its founders was on the reality show “Survivor,” Solomon pointed out.
Unlike traditional accelerators, FedTech does not take equity in the companies it supports in a bid to ensure unbiased guidance and alignment with client objectives. This model also allows the accelerator and other programs to focus solely on the success of clients and program participants.
Connect with Ben on LinkedIn
Interview questions:
Introduction |You founded FedTech in 2015. What was the original vision?
FedTech Today | Can you provide a snapshot of FedTech today in terms of scale, people, services/offering? How many programs have been executed?
Solutions | Can you drill deeper into the different solutions that you provide for government, corporate and startups?
Portfolio | Your portfolio includes startup studios, accelerators, internal innovation, TABA Services and alumni startups. Please explain how you collaborate with your portfolio companies
Deep Tech | You recently participated in a panel discussion on Deep Tech. One of the areas of discussion was the multiple valleys of death in deep tech. What are the multiple valleys and how does your company facilitate navigating them?
New Technologies | Are there any new technologies coming out of the government that you would like to highlight?
Startups | Are there any startup stories that you would like to share? Ie. The Smart Tire Company
Background | Your career included stints as a researcher at NBC Sports and news assistant a Bloomberg News. How did your career prepare you for the launch and development of FedTech?
Team | Who are some of the other members of FedTech management team?
FedTech: Bridging Innovation from Lab to Market
Mission Statement: FedTech’s mission is to accelerate the commercialization of emerging technologies by connecting federal labs, entrepreneurs, and the market. We empower innovators to transform groundbreaking research into impactful solutions for both government and commercial applications, driving economic growth and advancing national security. We run 50 programs annually for entities like DARPA, NASA, DOE, DOD, NOAA, NSF and others that are focused on mass commercialization.
Core Competencies:
1. Technology Commercialization: FedTech excels in identifying promising technologies from federal labs and research institutions, and guiding them through the complex journey to market readiness. Our deep understanding of both government and commercial ecosystems allows us to navigate the unique challenges of deep-tech commercialization.
2. Innovation Acceleration: Our programs provide structured support, mentorship, and resources to rapidly advance early-stage technologies and business concepts. We leverage lean startup methodologies and design thinking principles to help innovators validate their ideas and find product-market fit.
3. Startup Creation and Support: We build and nurture new ventures around cutting-edge technologies, providing entrepreneurs with the tools, knowledge, and networks needed for success. Our comprehensive approach covers everything from team formation and business model development to fundraising and customer acquisition.
4. Federal Lab Partnerships: With over 100 partner labs, FedTech has unparalleled access to groundbreaking innovations and deep relationships within the federal R&D ecosystem. This network allows us to source technologies across all major scientific disciplines and technology readiness levels (TRLs).
Key Differentiators:
Non-Equity Model: Unlike traditional accelerators, FedTech does not take equity in the companies we support, ensuring unbiased guidance and alignment with client objectives. This model allows us to focus solely on the success of our clients and program participants.
Extensive Government and Lab Partnerships: Our deep connections across the federal innovation landscape provide unique access to technologies, subject matter experts, and potential customers. These relationships enable us to bridge the gap between government-funded research and commercial applications effectively.
Proven Track Record: FedTech has successfully created and launched over 170 deep-tech startups and accelerated 400+ companies, with alumni raising over $4 billion in funding. Our studio programs have a 72% company survival rate after one year, significantly out performing industry averages for deep-tech ventures.
Programs and Services
Startup Studios
FedTech’s Startup Studios are comprehensive programs designed to create new ventures around federal and university IP. These studios serve as a powerful engine for technology transfer and commercialization, bringing cutting-edge innovations to market. Key components include:
- IP Sourcing: We evaluate thousands of patents annually to identify technologies with strong commercial potential. Our team of experts conducts thorough due diligence to select innovations that address significant market needs and have the potential for broad impact.
- Entrepreneur Recruitment: Our rigorous process attracts and vets diverse, talented individuals to lead new ventures. We focus on building well-rounded teams with complementary skills in technology,business,and industry-specific expertise.
- Education and Support: A 16-week intensive program provides founders with the knowledge and skills to build successful deep-tech companies. The curriculum covers essential topics such as customer discovery, business model development, IP strategy, and fundraising.
- Ongoing Assistance: Alumni receive continued support through our extensive network of mentors, advisors, and partners. This includes access to follow-on funding opportunities, introductions to potential customers, and guidance on navigating government contracting processes.
Accelerators
- FedTech designs and operates customized accelerator programs for government agencies, corporations, and other organizations seeking to drive innovation in specific technology areas or markets. Our accelerators are tailored to meet the unique needs of each client and technology domain, featuring:
- Tailored curriculum and mentorship aligned with sponsor objectives and industry specific challenges
- Access to subject matter experts and potential customers within relevant sectors Connections to funding sources and strategic partners, including venture capital firms and prime contractors
- Hands-on support for technology development, business model refinement, and go-to market strategies
Innovation Training and Consulting
FedTech provides specialized innovation training and consulting services to help organizations foster internal innovation and effectively engage with external innovators. Our offerings are designed to build innovation capabilities within established organizations and create pathways for adopting emerging technologies. Services include:
- Intrapreneurship programs for government agencies and corporations, fostering a culture of innovation and entrepreneurial thinking
- Technology scouting and assessment to identify promising innovations aligned with organizational needs and strategic objectives
- Innovation ecosystem development, connecting clients with relevant startups, research institutions,and industry partners
- Custom workshops and training sessions on topics such as lean innovation, technology commercialization,and open innovation strategies
Success metrics:
- 72% company survival rate after one year for studio spinouts
- Over $4B in public and private capital earned by alumni companies
- 35% of entrepreneurs from under represented backgrounds
- Multiple full-scale integrations into defense programs of record
- 400+ mentors in our network
- 5500+ pieces of IP vetted
- 100+ lab partners
- 100+ programs designed and executed for clients
Recent News: https://www.fedtech.io/resource-category/in-the-news
Edwin Warfield, CEO of citybiz.co, conducts CEO Interviews.
If you’re interested in a citybiz CEO Interview, please contact
Edwin Warfield – edwin.warfield@citybizlist.com
