

Mission Matters Podcast
Shield Capital
The Mission Matters podcast from Shield Capital explores the intersection of technology, national security, and startups through in-depth conversations with early-stage founders and government technologists. Each episode reveals the opportunities, technical challenges, and innovations shaping the future of national security, offering insights from those on the front lines of technological evolution and national defense.
Episodes
Mentioned books

Mar 18, 2026 • 34min
Techquisition: SBIR Reauthorization Explained — What the New Bill Means for Startups
After a 6 month lapse, the SBIR program is officially back following Congressional reauthorization.In this episode of the Mission Matters podcast, we sit down with Chris Benson, the CTO of Istari Digital and an Air Force acquisition pioneer who was one of the architects behind the modernization of the Small Business Innovation Research (SBIR) program during his time at AFWERX.We discuss:• How SBIR evolved from a slow, lab-driven R&D program into a real commercialization pathway• Why Open Topic and TACFI/STRATFI changed the game for venture-backed defense startups• What the new Strategic Breakthrough Awards mean for scaling to production• Why founders need to think about Phase III and production contracts from day one• How proposal caps, foreign due diligence, and other new rules could reshape the program going forwardAs always, please let us know what you think. And please reach out if you or anyone you know is building at the intersection of technology and national security.

Mar 7, 2026 • 1h 1min
Geopolitical Briefing: U.S-Israel Military Strikes on Iran w/Gen. David Goldfein and Norm Roule
Former Air Force Chief of Staff Gen David Goldfein (Ret.) and former CIA Middle East expert Norm Roule break down recent U.S.-Israeli military operations in Iran

Feb 18, 2026 • 43min
Vector Defense: Building American Drone Dominance
Drones are re-defining modern warfare – and the U.S. is behind. On the latest Mission Matters episode, we sat down with Andy Yakulis, CEO & Co-Founder of Vector Defense, to discuss what it will actually take to achieve American Drone Dominance.Vector isn’t just building drones. They describe their business model as “Modern Warfare as a Service.” Instead of waiting years to push hardware through traditional procurement pathways, they deliver integrated capability — technology, tactics, training, and battlefield feedback loops — under service contracts that tap into O&M funding.We discuss:- Why the Pentagon’s $1B Drone Dominance initiative is the clearest USG demand signal for attritable systems yet- How “Drone as a Service” business model unlocks O&M funding (the largest color of money)- Lessons from Ukraine & Israel (and why it’s not copy-paste for the U.S.)- Building a China-free supply chain and re-industrializing American drone manufacturing

9 snips
Feb 11, 2026 • 50min
Starfish Space: Building Autonomous Satellite Servicing in a Contested Space Domain
Austin Link, Co-founder and CEO of Starfish Space, builds software-defined space tugs for satellite life extension and disposal. He talks about the Remora demonstration, how affordable software enables complex rendezvous and proximity operations, commercial and government use cases for Otter, and scaling via SBIR and StratFi while navigating classified work.

10 snips
Feb 3, 2026 • 41min
Techquisition: The $839B FY26 Defense Appropriations Explained — What the New Budget Means for Startups
Johnnie Kaberle, former House Appropriations staff director and WestExec SVP, breaks down the $839B FY26 defense appropriations. Hear concise takes on where real funding lives, which tech areas snag money, how to read the Joint Explanatory Statement, and smart ways for startups to engage Congress without burning credibility.

Jan 14, 2026 • 36min
Techquisition: The War Department's New AI Strategy and Innovation Ecosystem Reform
A fast breakdown of the Department of War’s sweeping AI-first strategy and its seven pacing projects. They cover consolidation of innovation organizations and what ‘field activity’ status means for DIU and SCO. Discussion of GenAI.mil rollout, compute and data infrastructure investments, and new rules to open federated data catalogs. Practical pointers for startups aiming to work with the department.

Jan 13, 2026 • 57min
Geopolitical Briefing: Venezuela with LTG. H.R. McMaster (ret.)
H.R. McMaster, a retired U.S. Army Lieutenant General and former National Security Advisor, shares his insights on Venezuela's geopolitical landscape. He discusses the complexity of modern warfare and the vital role of commercial technology in recent U.S. actions. McMaster highlights Venezuela's connections with adversaries like Russia and Iran, framing it as a strategic linchpin. He emphasizes the importance of behavior change over regime change and shares lessons on the risks of coercive diplomacy, while also addressing the implications for U.S. deterrence.

Dec 19, 2025 • 60min
HawkEye 360: How to Build a Profitable Space Startup in National Security
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 nationsIn 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.KEYWORDSHawkeye 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.ChaptersThe Warfighter Is the SunWhy startups must design around the customer, not themselvesWhat Hawkeye 360 Actually Does (RF from Space)Commercial signals intelligence, explained simplyFrom 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 philosophyTrust, Humility, and SustainabilityThe three principles every defense tech startup must internalizeSpaceX, Rocket Lab, and What Great Looks LikeLessons from the most successful space companiesIs It Easier to Work with DoD Today?How the defense innovation environment has changed since 2015The RDT&E Trap and the Valley of DeathWhy too many startups get stuck at TRL 4–6Buy What We Can, Build What We MustWhat’s actually different in today’s defense procurement climateThe SPAC Boom: Lessons LearnedWhy many space SPACs struggled—and what founders should avoidTurning Academic IP into a Scaled Space CompanyHow Hawkeye 360 spun out of Virginia Tech researchBuilding for Classified CustomersWhy practitioner insight and trust matter more than clever techIn-Q-Tel, Clearances, and Market EntryHow startups should realistically approach the ICPartnering with Defense Primes (Without Fear)Why primes aren’t the enemy—and how they can accelerate impactITAR, International Sales, and Allied CustomersHow Hawkeye built a global business despite regulatory hurdlesScaling a Space Hardware CompanyThe hidden challenges of moving from first launch to constellationCapital Discipline and Just-in-Time GrowthAvoiding overhead traps while scaling responsiblyWhen Should Hardware Startups Focus on Profitability?Why growth and profitability aren’t mutually exclusiveWhat John Looks for as an InvestorHow he evaluates early-stage space and defense tech startupsTech That Fell Short of ExpectationsWhy optical communications still haven’t scaled as expectedWhite Spaces in Space TechOn-orbit processing, data relay, and future opportunitiesWho Really Determines Success?The overlooked role of policymakers and appropriatorsFinal Thoughts: Building for Missions That MatterWhy discipline, trust, and seriousness define enduring companies

Dec 11, 2025 • 37min
Techquisition: What the 2026 NDAA Means for Startups
The podcast delves into the implications of the 2026 National Defense Authorization Act for tech startups. Key discussions include the NDAA’s budget breakdown and its impact on acquisition reform. Insights on commercial space procurement highlight a shift towards buying space data services. The hosts also explore the Golden Dome missile defense priorities and what's missing from the bill. Additionally, they offer valuable advice for startups on navigating these changes and building connections within the national security sector.

Dec 5, 2025 • 59min
L3Harris: Inside the Trusted Disruptor Strategy with CTO Andrew Puryear
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 moreAs always, please reach out if you or anyone you know is building in the national security startup space.


