Josh Martin | Fortify

JOSH MARTIN

Co-Founder and CEO of Fortify, an advanced manufacturing startup that aims to disrupt additive manufacturing.

What Is Fortify?

Fortify is a full-stack additive manufacturing company that is combining innovations across materials science, software, and hardware engineering to enable high-value applications that are changing how the world is built. We sell industrial grade hardware and software that processes unique materials that have not been previously available via additive manufacturing.

What Is Your Background? What Led You To Starting Your Own Company? And How Did You Choose This Space?

My background is in materials science and mechanical engineering. Materials drive how the world is build around us, and they are so important that they are used to mark major inflection points in civilization (stone age, bronze age, silicon age, etc). Fortify was spun out of my PhD work, which focused on bio-inspired assembly techniques for manufacturing advanced materials. Natural composites have evolved to produce materials that are strong, tough, and lightweight, despite having simple starting materials to choose from. Additive manufacturing allows engineers to get one step closer to nature's level of precision, while leveraging advanced materials technology. 

My first interaction with 3D printing was back in 2009 when I ordered a sample prototype part for a project. I accidentally broke the part in my hands within the first 3 seconds! It was clear that 3D printing was an innovative method for producing complex parts, but the material properties were very limiting. I later realized that the fundamental science I focused on in graduate school had serious implications for the additive manufacturing industry.

What Have Been The Most Challenging And Most Exciting Moments For You And The Company?

The most exciting part of the entrepreneurial journey for me has been the relationships I’ve made with my team, our customers, our investors, and a number of talented entrepreneurs and strong-thinkers. I believe that entrepreneurship is the ultimate lesson in personal development, and it has been a pleasure to share that process with so many great people.

One of the most challenging parts of the journey for me has been transitioning from an individual contributor to a leader. I like to be hands-on but have learned how to zoom out and focus on more strategic frameworks that unify our team.

What Was The Fundraising Process Like For You? Tell Us About Your Investors And What You Use The Money You’ve Raised For.

We’ve raised two institutional rounds; a $2.5M seed round led by Neotribe and Prelude, and a Series A led by Accel. Raising our first round was a learning experience - we had a very limited network, and did not initially understand the most efficient way of driving the process. In retrospect, we spent a lot of time in educational meetings and could have taken a more targeted approach. Regardless, we successfully used our series seed to determine our beach-head market and productize our fundamental technology.

For our Series A, we were much better prepared and fully embraced the fundraising process. My co-founder Karlo and I relocated to the Bay Area for three weeks to get the process done efficiently. Accel Partners led our $10M round, and we are fortunate to have Eric Wolford on our board. We have been very capital efficient, and used our Series A to get our first product, the Flux One, out to the market.

How Is 3D Printing Growing As An Industry? What Are Some Interesting Applications You’ve Seen 3D Printing Used For?

The 3D printing industry has been steadily growing and has averaged an annual growth rate of 24.7% for the past decade. It is still less than 1% of the global manufacturing market, and therefore has plenty of room for growth. With a focus on industrial applications, the market is expected to double in size every three years according to industry analysts.

Some of the more compelling applications I have seen 3D printing used for are within the medical industry (dental and hearing-aids) where the promise of mass-customization is being realized. What excites me the most are applications where additive manufacturing is being used to provide value that can not be achieved through any other manufacturing method - these are the applications that really highlight what AM is capable of. A few examples can be found recently in the aerospace industry (engine parts), and we are working on a few exciting opportunities within the electronics industry.

Tell Us About Your Cofounders and the Fortify Team.

I am fortunate to have a great team of co-founders that have committed to the journey. Fortify spun-out of my PhD work at Northeastern, and the core part of the team has roots that trace back to Professor Randall Erb’s lab. Building a full-stack company needs to be done with a healthy respect for interdisciplinary skills. Between myself, Randy, Karlo Delos Reyes, Scott Goodrich, Dan Shores, and Andrew Caunter - we have a strong background that spans hardware, software, and materials product development. We were fortunate enough to be honored with the 2020 Forbes 30 under 30 together. Most importantly, we have been able to quickly on-board veterans in the field who are much more experienced than us. Our senior leadership come from recognizable companies such as Desktop Metal, Stratasys, and Carbon. 

Can You Walk Us Through A Typical Work Day?

I’ve found that a routine is really important. I will typically wake up at 6 a.m., take our dog Cosmo for a walk, and then sit down with my notebook as I drink my morning coffee. Each day I will identify the three most important things I need to accomplish, and review my meeting schedule so that I know what is coming and how to prepare. To the best of my ability, I try to keep a theme to each day of the week. Monday is primarily allocated towards internal meetings, Tuesday with our current customers, Wednesday and Thursday for engaging with new prospects and holding follow-up meetings, and Friday for deep work. I have found that keeping the first two hours of the day meeting-free allows me to focus my most cognitively effective hours appropriately. My work day typically ends around 7 PM, and I’ll get a cardio (bike) or climbing specific workout in before dinner. 

What Are The Top Three Most Important Skills A Modern Day Entrepreneur Needs In Order To Be Successful?

Active listening. I believe that listening is the most important communication skill an entrepreneur can have. Listening and actually hearing what people are saying is critical when seeking to understand other perspectives, whether that is your future customer, prospective investors or your team. Listening also forms the basis of asking strong questions.

High-learning efficiency. Starting and running a business requires entrepreneurs to learn on the fly. There is a lot of task-switching involved, and it is necessary to become familiar with different aspects of the business at a rapid pace so that one can effectively learn from and delegate to more experienced individuals.

Focus. As the saying goes, efficiency is doing things right, effectiveness is doing the right things. Startups always have more work than available bandwidth, so being selective about what you spend time on is essential. Once you have identified the most important items, it is important to put yourself in the best environment for success. This may mean saying no to meetings or travel in order to avoid performing in a reactive mode and keep your time focused on what matters most.

If You Can Have A One-Hour Meeting With Someone Famous Who Is Alive, Who Would It Be And Why?

I would love to spend one-hour with Bill Gates. Microsoft is one of the most valuable companies in history, and Bill and Melinda have donated over 28 Billion dollars of their own wealth in conjunction with starting an impactful worldwide charitable organization.

Tell Us A Story Of Something That Happened To You That Either Made You Laugh Or Taught You An Important Lesson.

While we were raising our Series A, the car that my co-founder and I rented was broken into and all of our work materials were stolen (thankfully our box of demo parts was left behind). We had several meetings early the next morning, and ended up borrowing the laptop of Aditya Singh, Managing Director at Neotribe and one of our lead investors. My takeaways from this experience were: a) cloud storage is worth it, b) never leave your belongings in a rental car (even if it is just to have dinner), and c) work with investors you can count on during the eleventh hour. We received a term-sheet as a function of one of the meetings the next morning, and I believe that being forced out of our element was a good thing.

What Do You Do In Your Free Time?

In my free-time, I like to get outside. I’ve been rock climbing for the last decade, and I hope to keep climbing well into my 60’s. 

What Is Your Favorite Quote And Why Does It Resonate With You?

Carl Sagan is quoted saying, “ Absence of evidence is not evidence of absence.” This resonates with me because I think it is important to question your assumptions and acknowledge what you may not know.

How Do You Think Your Industry Will Change Post-COVID?

COVID has forced the additive manufacturing industry to utilize more sophisticated marketing and advertising techniques. Restrictions on travel and large gatherings have put the number one source of networking and lead generation - trade shows - on the back-burner. I have personally noticed a huge uptick in digital marketing (within my own filter bubble at least) and I believe that these strategies are here to stay. 

What Does Success Mean To You?

To me, success is defined by creating value with a positive impact while making strong connections along the way.