Investing For National Security From The Intelligence Community’s Perspective

Steve Bowsher is the CEO and President of In-Q-Tel. Founded in 1999, In-Q-Tel is the non-profit strategic investor that accelerates the development and delivery of cutting-edge technologies to U.S. government agencies and allied nations.

In an interview with Ernestine Fu Mak and Joe Felter, Bowsher shares his journey from Silicon Valley to leading the CIA-backed venture fund, how In-Q-Tel bridges the gap between government needs and startup innovation, and what the future holds for national security investments. He also discusses how companies like Palantir and Anduril have leveraged In-Q-Tel’s support, the evolving role of commercial technology in defense, and why the U.S. government is now more engaged in startup ecosystems than ever before.

Key Takeaways  

• In-Q-Tel’s Unique Role

  In-Q-Tel was founded to bridge the gap between Silicon Valley innovation and the U.S. intelligence community, providing early investments and strategic support to startups developing cutting-edge technologies for national security.

• Government as a Customer

  Unlike commercial markets, selling to the government requires navigating complex procurement processes and understanding how to align solutions with mission-driven needs. In-Q-Tel aims to help startups overcome these hurdles.

• The Power of Dual-Use Tech

  Many of In-Q-Tel’s most impactful investments (e.g., Palantir, Databricks, FireEye) originated as commercial technologies that later found strong applications in defense and intelligence.

• Emerging Investment Trends

  Key focus areas for In-Q-Tel today include AI, cybersecurity, microelectronics, commercial satellites, and autonomous systems—critical technologies in the era of great power competition.

• Opportunities for Entrepreneurs & Investors

  As the U.S. government shifts more spending towards startups and emerging tech, founders and investors have a growing opportunity to contribute to national security while building successful ventures.