The Scientists Who Inspired Our $3B+ Milestone in Science Entrepreneurship
The challenges and opportunities in commercializing hard tech are immense, and we’re more convinced than ever that science entrepreneurship is key to solving the world’s toughest problems. The complexity of today’s challenges requires the leadership of scientists and engineers who understand these issues and can drive solutions.
With that in mind, it’s exciting and impressive that Activate Fellows have surpassed $3B in follow-on funding, a milestone that signifies strong validation from government, investors, and industry. This achievement highlights the system’s recognition of the importance of these startups and their impact potential. Our ambitions are growing as we’ve welcomed a record 62 new fellows into Cohort 2024, chosen from over 1,000 applicants, to join the existing community of 187 founders. And we’re excited that applications have just opened for Cohort 2025.
Activate’s mission extends beyond funding. We aim to empower the next generation of science leaders and have proven that supporting individuals in addition to their companies leads to accelerated innovation and tremendous impact. Activate’s model supports early-stage scientists with $340K in direct funding, customized mentorship and education, and a robust network, preparing them to tackle pressing global issues and turn their research into impactful enterprises. The success of our fellows and alumni proves the effectiveness of this model with over 96 percent of our companies still active. And many of them wouldn’t be here without Activate’s support.
“Activate’s mission extends beyond funding. We aim to empower the next generation of science leaders and have proven that supporting individuals in addition to their companies leads to accelerated innovation and tremendous impact.”
For instance, Etosha Cave and Kendra Kuhl (Cohort 2015, Cyclotron Road) are revolutionizing carbon transformation. Their company, Twelve, converts CO2 emissions into useful products like fuels, chemicals, and materials, directly addressing climate change. Twelve's technology has the potential to significantly reduce the carbon footprint of various industries, making it a critical player in the fight against climate change, and they have recently secured $645M in funding from both private and public sources, officially valuing them at over $1B. When Cave and Kuhl were first starting out, they were rejected by venture capitalists because they didn’t have a prototype. They tried to bootstrap, but couldn’t find aligned resources. In fact, Cave almost gave up and took a job at Google. The Activate Fellowship played a significant role in getting Twelve the support they needed to get off the ground at such an early stage.
“It was upon diving into the company that we could see the path ahead was tremendous at best. It is unclear when we would have hit a breaking point,” Cave said. Without the help of the Activate Fellowship, Cave adds, “the chance of stopping our pursuit would [have been] substantially higher.”
Fervo Energy’s Tim Latimer and Jack Norbeck (Cohort 2018, Cyclotron Road) are pioneering advancements in geothermal energy. Fervo's innovative approach aims to provide a reliable and scalable source of renewable energy, significantly contributing to the global transition towards sustainable power. The company has attracted substantial investments, including a $244M Series D round led by Devon Energy affirming its potential to revolutionize the energy sector. When Latimer and Norbeck were first accepted, it was challenging initially to gather secure funding from the federal government to sponsor their two-year entrepreneurial fellowship. However, we were able to raise funding from philanthropic sources to support the two young founders, which was critical in kickstarting their success.
“[Activate] is an unbelievably special organization with outsized impact. We at Fervo Energy are extremely grateful for the support we got from Activate in our earliest days,” Latimer says. “The Activate Fellowship was transformative for me. All scientists should consider applying."
Cody Finke (Cohort 2019, Cyclotron Road), CEO of Brimstone Energy, is at the forefront of sustainable cement production. Brimstone's technology not only eliminates the carbon footprint of cement manufacturing but also captures and stores CO2 during production. This revolutionary approach has garnered significant attention and investment, with the company selected for a federal award of up to $189M from the U.S. Department of Energy’s Office of Clean Energy Demonstrations. When the Brimstone team first applied for the Activate Fellowship, they pitched a different technology targeting hydrogen production. Because, through Activate, they had access to trusted advisors who supported their pivot, Brimstone had the time and resources to explore a new product and market that could have an even bigger impact on climate change.
“There are many, many people and organizations that have helped Brimstone, but there are few organizations where Brimstone would not be around without their contributions,” Finke says. “Brimstone would not be here without Activate.”
“[Activate] is an unbelievably special organization with outsized impact. We at Fervo Energy are extremely grateful for the support we got from Activate in our earliest days.”
These are just a few of the many stories of our fellows that highlight how vision, perseverance, and commitment drive progress, even as we celebrate impressive funding milestones. Science entrepreneurship, as embodied in these individuals, is crucial for turning groundbreaking research into real-world solutions. It bridges the gap between the lab and market, ensuring innovative ideas can scale and make a tangible impact.
Despite our successes, significant challenges remain, including funding gaps, regulatory hurdles, and the need for entrepreneurial training. The journey from lab to market is complex. It demands patience and support to navigate the “Valley of Death,” where many innovations struggle early on to secure necessary resources and navigate toward what ARPA-E’s Director Dr. Evelyn Wang calls the “Mountains of Opportunity” that exist for these startups.
“These are just a few of the many stories of our fellows that highlight how vision, perseverance, and commitment drive progress, even as we celebrate impressive funding milestones.”
To overcome these challenges, scientists need comprehensive support systems, including financial backing, mentorship, and industry networks. Activate's holistic approach is essential for empowering scientists and engineers to effectively and rapidly bring their innovations to market. We’re grateful for our partnerships with government, philanthropy, and corporations that continue to support our model.
Each dollar invested in Activate and our companies represents not just financial success but also the human spirit and brilliant minds dedicated to making the world a better place. Are you interested in partnering with us? Reach out to us here.
