Tampa Bay's Next Innovation Opportunity is Taking Shape in Defense Technology

Twenty years ago, one of Tampa Bay’s biggest challenges was keeping talent in the region.

Founders often felt they had to leave to build high-growth companies. Capital was harder to find. National conversations about innovation rarely included Tampa Bay.

Last week, Tampa Bay took another step in a very different direction.

From left to right: Andy Bennett, National Center for Responsible Government Contracting; Kathryn Starkey, Pasco County Commissioner; Richard Munassi, MD, MBA, Tampa Bay Wave; Mayor Jane Castor, City of Tampa; Harry Cohen, Hillsborough County Commissioner; Linda Olson, Tampa Bay Wave; U.S. Congresswoman Kathy Castor; Taylor Johnston, USF Institute of Applied Engineering; and Paul Sohl, Florida High Tech Corridor

Tampa Bay Wave Awarded $1.38 Million to Launch DefenseTech|X

Tampa Bay Wave has been awarded $1.38 million from the U.S. Economic Development Administration to launch the Tampa Bay DefenseTech Innovation Accelerator, which will operate under the name DefenseTech|X, joining Wave’s family of Tech|X programs alongside CyberTech|X, FinTech|X and BlueTech|X. The program is designed to help early-stage defense technology companies access the capital, mentorship and government relationships they need to scale. With matching support from Hillsborough County, Pasco County, the City of Tampa, USF Institute of Applied Engineering and the National Center for Responsible Government Contracting, the full project is valued at more than $1.7 million.

The grant is significant on its own. But it also reflects something larger: two decades of work by entrepreneurs, investors, researchers, public-sector leaders, corporate partners, mentors and community champions who believed Tampa Bay could become a place where innovative companies are built, not just relocated.

Just over a week before this award, Tampa Bay Wave was ranked the #3 startup accelerator in the United States and #1 in Florida by TIME.

Rebuilding Stronger After Helene and Milton

The timing isn’t random. This funding comes through EDA’s 2025 disaster supplemental program, designed to help communities rebuild stronger after a major disaster. Hurricanes Helene and Milton tore through Tampa Bay in the fall of 2024, less than two weeks apart. Combined damage across Hillsborough and Pinellas counties topped $5 billion. The City of Tampa alone took a $756 million hit, and Wave’s own programming was knocked out for months. Staff, mentors and startups had to evacuate. Some lost their homes.

Why Tampa Bay Is Positioned to Lead in Defense Innovation

DefenseTech|X is Wave’s response. Instead of just rebuilding what was there before, the region is leaning into the industry it’s already built for. Tampa Bay is home to MacDill Air Force Base, including the headquarters of U.S. Central Command and U.S. Special Operations Command, along with a veteran workforce of more than 80,000 people.

How DefenseTech|X Will Work

The accelerator will be delivered in partnership with USF Institute of Applied Engineering and SOFWERX, the nonprofit innovation hub working with USSOCOM to solve warfighter challenges through rapid prototyping and collaboration.

Taylor Johnston, President and CEO, USF Institute of Applied Engineering and Executive Director, Global and National Security Institute

“USF IAE is excited for this partnership and eager to help small businesses work with the Department of War,” said Taylor Johnston, President and CEO of the Institute of Applied Engineering and Executive Director of the Global and National Security Institute. “I firmly believe that academia, small businesses and government working together to solve the nation’s toughest problems will strengthen the city, the region, the state and the country.”

Over an 18-month pilot, two cohorts will support 30 startups, pairing a technical intensive with SOFWERX and Wave’s proven accelerator model. Each cohort will conclude with a Demo Day during SOF Week in Tampa. The program is also built to help founders survive the “valley of death,” the multi-year stretch between early government testing dollars and the larger contracts that follow. Real access to private investors, alongside the government pipeline, is the fix.

The Impact, By the Numbers

The initiative is projected to create 113 new jobs, retain 75 existing jobs and generate more than $14.8 million in private investment. Longer term, Wave and its partners envision supporting more than 135 startups and helping generate over $1 billion in combined public and private capital through 2034.

A Track Record of Federal Investment

This marks Wave’s sixth federal grant as prime recipient since 2022, bringing its total federal investment during that period to more than $18.4 million. That includes a $2 million EDA Build to Scale award in 2022, a second EDA Build to Scale award in 2023 for $396,000, a $500,000 SBA award in 2023, a $250,000 NOAA award in 2024, and a $13.9 million NOAA award the same year backing the four-year Continuum initiative, which includes Wave’s BlueTech|X Accelerator. That track record is part of why this grant exists at all: EDA doesn’t hand disaster recovery funding to organizations without a proven ability to execute.

None of this happens alone. This effort is backed by years of support from regional leaders and partners committed to growing Tampa Bay’s innovation economy.

Twenty years ago, many people questioned whether Tampa Bay could become a recognized innovation hub. Today, the region is attracting national attention, supporting hundreds of founders, and investing in the future of defense innovation.

The momentum continues. Explore all of Tampa Bay Wave’s accelerator programs at tampabaywave.org/startup-programs.