{"cache":{"post_18f38_61d79":{"__typename":"Post","id":"cG9zdDo3MDk1","date":"2025-08-05T13:17:12","title_b28e9_bf21a":"Kicking the Growth Engine Into High Gear","uri":"/blog/kicking-the-growth-engine-into-high-gear/","featuredImage":{"__typename":"NodeWithFeaturedImageToMediaItemConnectionEdge","node":{"__typename":"MediaItem","id":"cG9zdDo3MTQ0","sourceUrl_772ce_bf21a":"https://i0.wp.com/eclipsevcprod.wpengine.com/wp-content/uploads/2025/08/DA9F450D-EBBA-45F5-A0F2-DFAC44A84B07.jpg?fit=1280%2C876&ssl=1","altText":"","mediaDetails":{"__typename":"MediaDetails","width":1280,"height":876}}},"content_b28e9_bf21a":"How do you know when a fledgling disruptor will become a generational company? Two decades of investing in pioneering technology companies at their most consequential stages has taught me that this recognition for greatness often comes down to a specific moment: When you interact with their technology and can clearly see the future — changed for the better because of their product. \n\nThis is what I felt the first time I walked on the factory floor at Tesla. It was 2011, and the visit was part of T. Rowe Price’s annual Silicon Valley tour. Tesla was just starting to stamp out the initial body shells for the Model S. I was blown away: After all, the prevailing wisdom was that there would be no new car companies created in the United States. What I saw intrigued me: Tesla was not just building a better vehicle, but a better way of building vehicles. From the freedom with which teams were able to operate — approaching everything with a first-principles, problem-solving mindset even if it flew in the face of conventional rules — to the manufacturing systems they built in-house, leveraging novel technology that allowed for rapid iteration and flexibility at scale. To me, it seemed revolutionary in a way that would flip the automotive industry on its head. This was not a car, it was an iPhone on wheels with a potentially massively disruptive electric drivetrain.\n\nThis wasn’t a widely held belief at the time. Most people thought investing in Tesla was just as crazy as trying to build Tesla. But like so many other once-doubted disruptors, Tesla persisted and ultimately created a multifaceted business that has fundamentally changed not just entire industries, but the world. It also sent a very loud message to other equally ambitious entrepreneurs: You can build brand new complex businesses here in America.\n\nFast forward to today, we’re seeing the long-tail impact of the pioneering companies like Tesla, Rivian, SpaceX, Redwood Materials, Anduril, and others that were early to leverage hardware and software to reinvent physical industries: Talented technologists and operators (nurtured by those early movers) are now building the next wave of game-changing companies, fueled by an influx of capital and unprecedented levels of government support. This is why I am thrilled to go all-in on this growing movement by joining Eclipse as Partner and Head of Growth.\n\nScaling Generational Companies with Eclipse\n\nHaving spent 23 years as a growth investor at T. Rowe Price, I’ve worked with companies that have come to define major tech and economic transitions, from the post dotcom internet boom, to the rise of cloud, mobile, and AI, to the more recent intersection of hardware and software to transform physical industries. I’ve seen what it looks like when a groundswell of innovation is reaching an inflection point; when the factors that serve as key unlocks to create high-margin businesses in massive markets converge. I saw this at Tesla, and I see this in the growing pool of startups in physical industries today. \n\nThe critical element is having the right partners to fuel companies to the next level — investors with deep domain expertise and first-hand operational experience. This skillset is a defining characteristic of Eclipse, which was founded and led by former operators and technologists across industries including manufacturing, energy, transportation, and healthcare. The firm has been solely focused on physical industries for the last decade, and is easily the most seasoned firm leading this new era of industrial innovation. With a deep track record of backing next-generation industrial technologies defining the future of our economy – companies like Cerebras, Cellares, True Anomaly, Mytra, Bedrock Robotics, VulcanForms, Bright Machines, and so many others, Eclipse’s portfolio is proof that what was once “too hard” is now where the most value is likely to be created going forward. \n\nI’m thrilled to join the team and help take the next wave of generational companies to iconic levels. \n\nFrom Growth Funds to Growth Engines: A New Chapter in Industrial Innovation\n\nI’ve always focused on the long game when it comes to building businesses. I started my career at T. Rowe Price as an analyst in 2002, and worked my way to become a portfolio manager for the U.S. Growth Stock Equity Strategy, which included the Growth Stock Fund. I grew the fund from $57 billion in AUM to a peak of over $150 billion. I invested and supported what have become some of the most iconic companies in America today — including Amazon, Meta, and Google — that all started with a genuine technology wedge and then proliferated innovation across the value chain by building chips, data centers, hardware, etc. \n\nMy passion for physical industries is rooted in my personal and early professional background. I spent my early analyst years at T. Rowe focused on the “built” world (shipping carriers, hotels, casinos, cruise lines, and airlines) because I’ve always had an affinity for industries powered by real manufactured and human power. I grew up during a critical juncture for American industries. My father designed and installed sprinkler systems in iconic Chicago buildings including the Willis Tower and the John Hancock Building. He worked with his hands every day and even taught me some of those skills, which led to the two of us spending hours together repairing cars and things around the house. He built a career for himself — and a middle class life for us — in a foundational physical industry. This gave me a deep appreciation for the people and businesses directly responsible for keeping the lights on in our cities. \n\n\n

\"\" — Joe’s father showed him what it means to build things that last through their shared passion for repairing cars.

\n\n\nAs I grew up, it was heartbreaking to see those once-stable domestic sectors decline as entire industries moved offshore, taking hundreds of thousands of jobs with them. I can’t think of a more gratifying role than helping to scale the tech-forward businesses in foundational industries that can not only reverse the trends of those declines, but to build a stronger, more resilient, and a more secure America. \n\nWhile working with Tesla and Rivian, I met Charly Mwangi and Jiten Behl. They didn’t fit the mold of auto execs. I was drawn to their passion and grit for addressing hard problems — and their ability to spot and cultivate great talent. To build durable platform companies, you need integrated, capable, and highly driven people who will stay committed to solving the most foundational problems first (nailing the most complex technology, establishing network effects, etc.) in order to ultimately leverage those wedges into even more successful second, third, or more acts. Unlike generational software companies (which have typically led with their best efforts and followed-up with numerous, but typically economically less attractive, products), companies that successfully do this in physical industries (such as Amazon, Tesla, SpaceX, and Redwood Materials) tend to compound on their initial success — getting more impressive innovation and financial returns with each subsequent business. \n\n\n

\"\" — Joe Fath pictured second from the right with Rivian Founder and CEO RJ Scaringe (center) and former T. Rowe colleagues in late 2020

\n\n\n\n

\"\" — Jiten Behl and Joe Fath at Rivian’s IPO in November 2021

\n\n\nI was struck by Charly and Jiten’s skill at navigating critical growth periods, and when they later both joined Eclipse, it caught my attention. Through Charly and Jiten, I met Eclipse founder Lior Susan. Lior’s passion, energy, and mission-driven mindset made it abundantly clear how aligned we were on how to build the kind of investment firm it takes to support founders tackling some of the world’s toughest problems. \n\nAll Eclipse partners have unprecedented knowledge and the ability to troubleshoot problems unique to their specific industries. By combining that with my familiarity with scaling both private and public companies and allocating capital at scale, we’re creating a rare blend of operational depth and a substantive platform to fund what’s next. That’s what it will take to scale and develop the next trillion-dollar business. \n\n\n

\"\" — Pictured from left to right: Eclipse Partners Charly Mwangi, Joe Fath, Lior Susan, and Seth Winterroth at the 2025 Reindustrialize conference.

\n\n\nSeizing the Moment\n\nFederal policy, national security, and economic revitalization necessity have together opened the window to build exemplary businesses in sectors long overdue for transformation. The opportunity is colossal. The founders best positioned to build the next trillion-dollar companies in physical industries are people with deep domain expertise and first-hand experience in the very sectors they are transforming. They need partners who are equally experienced and dedicated. \n\nI firmly believe we are at the early part of a powerful S-curve for physical industries, which makes it an opportune time for me to bring my full commitment to building the New Economy. When launching a startup, the odds are stacked against you: Historically, out of 10 startups, seven fail, two are mediocre, and one is great. My goal is to leverage my experience to tilt those odds, helping more startups become category leaders and creating portfolio-wide momentum to shape the future of industrial progress.\n\nAs I take on this new role, I think back to my dad. His work was rooted in building things that lasted and he took pride in durability. That same ethos has guided my investment philosophy. At Eclipse, I have the opportunity to honor that legacy by helping the next generation of industry leaders build durable companies that stand the test of time, especially as the world turns its attention back to the physical economy.\n\nMore on today’s news from Bloomberg.

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wasn\\u2019t a widely held belief at the time. Most people thought investing in Tesla was just as crazy as trying to build Tesla. But like so many other once-doubted disruptors, Tesla persisted and ultimately created a multifaceted business that has fundamentally changed not just entire industries, but the world. It also sent a very loud message to other equally ambitious entrepreneurs: You can build brand new complex businesses here in America.\",\"saveContent\":\"This wasn\\u2019t a widely held belief at the time. Most people thought investing in Tesla was just as crazy as trying to build Tesla. But like so many other once-doubted disruptors, Tesla persisted and ultimately created a multifaceted business that has fundamentally changed not just entire industries, but the world. It also sent a very loud message to other equally ambitious entrepreneurs: You can build brand new complex businesses here in 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forward to today, we\\u2019re seeing the long-tail impact of the pioneering companies like Tesla, Rivian, SpaceX, Redwood Materials, Anduril, and others that were early to leverage hardware and software to reinvent physical industries: Talented technologists and operators (nurtured by those early movers) are now building the next wave of game-changing companies, fueled by an influx of capital and unprecedented levels of government support. This is why I am thrilled to go all-in on this growing movement by joining Eclipse as Partner and Head of Growth.<\\/strong>\",\"saveContent\":\"Fast forward to today, we\\u2019re seeing the long-tail impact of the pioneering companies like Tesla, Rivian, SpaceX, Redwood Materials, Anduril, and others that were early to leverage hardware and software to reinvent physical industries: Talented technologists and operators (nurtured by those early movers) are now building the next wave of game-changing companies, fueled by an influx of capital and unprecedented levels of government support. This is why I am thrilled to go all-in on this growing movement by joining Eclipse as Partner and Head of 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Generational Companies with Eclipse<\\/strong>\",\"saveContent\":\"Scaling Generational Companies with 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spent 23 years as a growth investor at T. Rowe Price, I\\u2019ve worked with companies that have come to define major tech and economic transitions, from the post dotcom internet boom, to the rise of cloud, mobile, and AI, to the more recent intersection of hardware and software to transform physical industries. I\\u2019ve seen what it looks like when a groundswell of innovation is reaching an inflection point; when the factors that serve as key unlocks to create high-margin businesses in massive markets converge. I saw this at Tesla, and I see this in the growing pool of startups in physical industries today. \",\"saveContent\":\"Having spent 23 years as a growth investor at T. Rowe Price, I\\u2019ve worked with companies that have come to define major tech and economic transitions, from the post dotcom internet boom, to the rise of cloud, mobile, and AI, to the more recent intersection of hardware and software to transform physical industries. I\\u2019ve seen what it looks like when a groundswell of innovation is reaching an inflection point; when the factors that serve as key unlocks to create high-margin businesses in massive markets converge. I saw this at Tesla, and I see this in the growing pool of startups in physical industries today. 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coursing.\"}},\"deprecated\":[{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"customTextColor\":{\"type\":\"string\"},\"customBackgroundColor\":{\"type\":\"string\"},\"customFontSize\":{\"type\":\"number\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"customTextColor\":{\"type\":\"string\"},\"customBackgroundColor\":{\"type\":\"string\"},\"customFontSize\":{\"type\":\"number\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"customTextColor\":{\"type\":\"string\"},\"customBackgroundColor\":{\"type\":\"string\"},\"customFontSize\":{\"type\":\"number\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"customTextColor\":{\"type\":\"string\"},\"customBackgroundColor\":{\"type\":\"string\"},\"customFontSize\":{\"type\":\"number\"},\"width\":{\"type\":\"string\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"number\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"style\":{\"type\":\"object\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}}]},\"originalContent\":\"The critical element is having the right partners to fuel companies to the next level \\u2014 investors with deep domain expertise and first-hand operational experience. This skillset is a defining characteristic of Eclipse, which was founded and led by former operators and technologists across industries including manufacturing, energy, transportation, and healthcare. The firm has been solely focused on physical industries for the last decade, and is easily the most seasoned firm leading this new era of industrial innovation. With a deep track record of backing next-generation industrial technologies defining the future of our economy \\u2013 companies like Cerebras<\\/a>, Cellares<\\/a>, True Anomaly<\\/a>, Mytra<\\/a>, Bedrock Robotics<\\/a>, VulcanForms<\\/a>, Bright Machines<\\/a>, and so many others, Eclipse\\u2019s portfolio<\\/a> is proof that what was once \\u201ctoo hard\\u201d<\\/a> is now where the most value is likely to be created going forward. \",\"saveContent\":\"The critical element is having the right partners to fuel companies to the next level \\u2014 investors with deep domain expertise and first-hand operational experience. This skillset is a defining characteristic of Eclipse, which was founded and led by former operators and technologists across industries including manufacturing, energy, transportation, and healthcare. The firm has been solely focused on physical industries for the last decade, and is easily the most seasoned firm leading this new era of industrial innovation. With a deep track record of backing next-generation industrial technologies defining the future of our economy \\u2013 companies like Cerebras<\\/a>, Cellares<\\/a>, True Anomaly<\\/a>, Mytra<\\/a>, Bedrock Robotics<\\/a>, VulcanForms<\\/a>, Bright Machines<\\/a>, and so many others, Eclipse\\u2019s portfolio<\\/a> is proof that what was once \\u201ctoo hard\\u201d<\\/a> is now where the most value is likely to be created going forward. 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always focused on the long game when it comes to building businesses. I started my career at T. Rowe Price as an analyst in 2002, and worked my way to become a portfolio manager for the U.S. Growth Stock Equity Strategy, which included the Growth Stock Fund. I grew the fund from $57 billion in AUM to a peak of over $150 billion. I invested and supported what have become some of the most iconic companies in America today \\u2014 including Amazon, Meta, and Google \\u2014 that all started with a genuine technology wedge and then proliferated innovation across the value chain by building chips, data centers, hardware, etc. \",\"saveContent\":\"I\\u2019ve always focused on the long game when it comes to building businesses. I started my career at T. Rowe Price as an analyst in 2002, and worked my way to become a portfolio manager for the U.S. Growth Stock Equity Strategy, which included the Growth Stock Fund. I grew the fund from $57 billion in AUM to a peak of over $150 billion. I invested and supported what have become some of the most iconic companies in America today \\u2014 including Amazon, Meta, and Google \\u2014 that all started with a genuine technology wedge and then proliferated innovation across the value chain by building chips, data centers, hardware, etc. 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coursing.\"}},\"deprecated\":[{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"customTextColor\":{\"type\":\"string\"},\"customBackgroundColor\":{\"type\":\"string\"},\"customFontSize\":{\"type\":\"number\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"customTextColor\":{\"type\":\"string\"},\"customBackgroundColor\":{\"type\":\"string\"},\"customFontSize\":{\"type\":\"number\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"customTextColor\":{\"type\":\"string\"},\"customBackgroundColor\":{\"type\":\"string\"},\"customFontSize\":{\"type\":\"number\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"customTextColor\":{\"type\":\"string\"},\"customBackgroundColor\":{\"type\":\"string\"},\"customFontSize\":{\"type\":\"number\"},\"width\":{\"type\":\"string\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"number\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"style\":{\"type\":\"object\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}}]},\"originalContent\":\"My passion for physical industries is rooted in my personal and early professional background. I spent my early analyst years at T. Rowe focused on the \\u201cbuilt\\u201d world (shipping carriers, hotels, casinos, cruise lines, and airlines) because I\\u2019ve always had an affinity for industries powered by real manufactured and human power. I grew up during a critical juncture for American industries. My father designed and installed sprinkler systems in iconic Chicago buildings including the Willis Tower and the John Hancock Building. He worked with his hands every day and even taught me some of those skills, which led to the two of us spending hours together repairing cars and things around the house. He built a career for himself \\u2014 and a middle class life for us \\u2014 in a foundational physical industry. This gave me a deep appreciation for the people and businesses directly responsible for keeping the lights on in our cities. \",\"saveContent\":\"My passion for physical industries is rooted in my personal and early professional background. I spent my early analyst years at T. Rowe focused on the \\u201cbuilt\\u201d world (shipping carriers, hotels, casinos, cruise lines, and airlines) because I\\u2019ve always had an affinity for industries powered by real manufactured and human power. I grew up during a critical juncture for American industries. My father designed and installed sprinkler systems in iconic Chicago buildings including the Willis Tower and the John Hancock Building. He worked with his hands every day and even taught me some of those skills, which led to the two of us spending hours together repairing cars and things around the house. He built a career for himself \\u2014 and a middle class life for us \\u2014 in a foundational physical industry. This gave me a deep appreciation for the people and businesses directly responsible for keeping the lights on in our cities. 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$\\\"\\\"$
Joe's father showed him what it means to build things that last through their shared passion for repairing cars.<\\/figcaption><\\/figure>\",\"saveContent\":\"
$\\\"\\\"$
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I grew up, it was heartbreaking to see those once-stable domestic sectors decline as entire industries moved offshore, taking hundreds of thousands of jobs with them. I can\\u2019t think of a more gratifying role than helping to scale the tech-forward businesses in foundational industries that can not only reverse the trends of those declines, but to build a stronger, more resilient, and a more secure America. \",\"saveContent\":\"As I grew up, it was heartbreaking to see those once-stable domestic sectors decline as entire industries moved offshore, taking hundreds of thousands of jobs with them. 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$\\\"\\\"$
Jiten Behl and Joe Fath at Rivian's IPO in November 2021<\\/figcaption><\\/figure>\",\"saveContent\":\"
$\\\"\\\"$
Jiten Behl and Joe Fath at Rivian's IPO in November 2021<\\/figcaption><\\/figure>\",\"order\":15,\"get_parent\":{},\"attributes\":{\"url\":\"https:\\/\\/eclipsevcprod.wpengine.com\\/wp-content\\/uploads\\/2025\\/08\\/Joe-Fath-Blog-1-1-768x1024.png\",\"alt\":\"\",\"title\":\"\",\"href\":\"\",\"rel\":\"\",\"linkClass\":\"\",\"linkTarget\":\"\",\"anchor\":\"\",\"id\":7105,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"},\"attributesType\":{\"blob\":{\"type\":\"string\",\"role\":\"local\"},\"url\":{\"type\":\"string\",\"source\":\"attribute\",\"selector\":\"img\",\"attribute\":\"src\",\"role\":\"content\"},\"alt\":{\"type\":\"string\",\"source\":\"attribute\",\"selector\":\"img\",\"attribute\":\"alt\",\"default\":\"\",\"role\":\"content\"},\"caption\":{\"type\":\"rich-text\",\"source\":\"rich-text\",\"selector\":\"figcaption\",\"role\":\"content\"},\"lightbox\":{\"type\":\"object\",\"enabled\":{\"type\":\"boolean\"}},\"title\":{\"type\":\"string\",\"source\":\"attribute\",\"selector\":\"img\",\"attribute\":\"title\",\"role\":\"content\"},\"href\":{\"type\":\"string\",\"source\":\"attribute\",\"selector\":\"figure > a\",\"attribute\":\"href\",\"role\":\"content\"},\"rel\":{\"type\":\"string\",\"source\":\"attribute\",\"selector\":\"figure > a\",\"attribute\":\"rel\"},\"linkClass\":{\"type\":\"string\",\"source\":\"attribute\",\"selector\":\"figure > a\",\"attribute\":\"class\"},\"id\":{\"type\":\"number\",\"role\":\"content\"},\"width\":{\"type\":\"string\"},\"height\":{\"type\":\"string\"},\"aspectRatio\":{\"type\":\"string\"},\"scale\":{\"type\":\"string\"},\"sizeSlug\":{\"type\":\"string\"},\"linkDestination\":{\"type\":\"string\"},\"linkTarget\":{\"type\":\"string\",\"source\":\"attribute\",\"selector\":\"figure > a\",\"attribute\":\"target\"},\"lock\":{\"type\":\"object\"},\"metadata\":{\"type\":\"object\"},\"align\":{\"type\":\"string\",\"enum\":[\"left\",\"center\",\"right\",\"wide\",\"full\",\"\"]},\"className\":{\"type\":\"string\"},\"style\":{\"type\":\"object\"},\"borderColor\":{\"type\":\"string\"},\"anchor\":{\"type\":\"string\",\"source\":\"attribute\",\"attribute\":\"id\",\"selector\":\"*\"},\"blockCommentId\":{\"type\":\"number\"}},\"dynamicContent\":\"\\n
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was struck by Charly and Jiten\\u2019s skill at navigating critical growth periods, and when they later both joined Eclipse, it caught my attention. Through Charly and Jiten, I met Eclipse founder Lior Susan<\\/a>. Lior\\u2019s passion, energy, and mission-driven mindset made it abundantly clear how aligned we were on how to build the kind of investment firm it takes to support founders tackling some of the world\\u2019s toughest problems. \",\"saveContent\":\"I was struck by Charly and Jiten\\u2019s skill at navigating critical growth periods, and when they later both joined Eclipse, it caught my attention. Through Charly and Jiten, I met Eclipse founder Lior Susan<\\/a>. Lior\\u2019s passion, energy, and mission-driven mindset made it abundantly clear how aligned we were on how to build the kind of investment firm it takes to support founders tackling some of the world\\u2019s toughest problems. 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policy, national security, and economic revitalization necessity have together opened the window to build exemplary businesses in sectors long overdue for transformation. The opportunity is colossal. The founders best positioned to build the next trillion-dollar companies in physical industries are people with deep domain expertise and first-hand experience in the very sectors they are transforming. They need partners who are equally experienced and dedicated. \",\"saveContent\":\"Federal policy, national security, and economic revitalization necessity have together opened the window to build exemplary businesses in sectors long overdue for transformation. The opportunity is colossal. The founders best positioned to build the next trillion-dollar companies in physical industries are people with deep domain expertise and first-hand experience in the very sectors they are transforming. They need partners who are equally experienced and dedicated. 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coursing.\"}},\"deprecated\":[{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"customTextColor\":{\"type\":\"string\"},\"customBackgroundColor\":{\"type\":\"string\"},\"customFontSize\":{\"type\":\"number\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"customTextColor\":{\"type\":\"string\"},\"customBackgroundColor\":{\"type\":\"string\"},\"customFontSize\":{\"type\":\"number\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"customTextColor\":{\"type\":\"string\"},\"customBackgroundColor\":{\"type\":\"string\"},\"customFontSize\":{\"type\":\"number\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"customTextColor\":{\"type\":\"string\"},\"customBackgroundColor\":{\"type\":\"string\"},\"customFontSize\":{\"type\":\"number\"},\"width\":{\"type\":\"string\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"number\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"style\":{\"type\":\"object\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}}]},\"originalContent\":\"I firmly believe we are at the early part of a powerful S-curve for physical industries, which makes it an opportune time for me to bring my full commitment to building the New Economy. When launching a startup, the odds are stacked against you: Historically, out of 10 startups, seven fail, two are mediocre, and one is great. My goal is to leverage my experience to tilt those odds, helping more startups become category leaders and creating portfolio-wide momentum to shape the future of industrial progress.\",\"saveContent\":\"I firmly believe we are at the early part of a powerful S-curve for physical industries, which makes it an opportune time for me to bring my full commitment to building the New Economy. When launching a startup, the odds are stacked against you: Historically, out of 10 startups, seven fail, two are mediocre, and one is great. My goal is to leverage my experience to tilt those odds, helping more startups become category leaders and creating portfolio-wide momentum to shape the future of industrial 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coursing.\"}},\"deprecated\":[{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"customTextColor\":{\"type\":\"string\"},\"customBackgroundColor\":{\"type\":\"string\"},\"customFontSize\":{\"type\":\"number\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"customTextColor\":{\"type\":\"string\"},\"customBackgroundColor\":{\"type\":\"string\"},\"customFontSize\":{\"type\":\"number\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"customTextColor\":{\"type\":\"string\"},\"customBackgroundColor\":{\"type\":\"string\"},\"customFontSize\":{\"type\":\"number\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"customTextColor\":{\"type\":\"string\"},\"customBackgroundColor\":{\"type\":\"string\"},\"customFontSize\":{\"type\":\"number\"},\"width\":{\"type\":\"string\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"selector\":\"p\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"number\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}},{\"supports\":{\"className\":false},\"attributes\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"string\",\"source\":\"html\",\"default\":\"\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"backgroundColor\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"style\":{\"type\":\"object\"},\"lock\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"metadata\":{\"type\":\"object\"},\"blockCommentId\":{\"type\":\"number\"}}}]},\"originalContent\":\"As I take on this new role, I think back to my dad. His work was rooted in building things that lasted and he took pride in durability. That same ethos has guided my investment philosophy. At Eclipse, I have the opportunity to honor that legacy by helping the next generation of industry leaders build durable companies that stand the test of time, especially as the world turns its attention back to the physical economy.\",\"saveContent\":\"As I take on this new role, I think back to my dad. His work was rooted in building things that lasted and he took pride in durability. That same ethos has guided my investment philosophy. At Eclipse, I have the opportunity to honor that legacy by helping the next generation of industry leaders build durable companies that stand the test of time, especially as the world turns its attention back to the physical 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on today\\u2019s news from Bloomberg.<\\/a><\\/em><\\/strong>

Follow Eclipse on <\\/em><\\/strong>LinkedIn<\\/em><\\/strong><\\/a> or sign up for <\\/em><\\/strong>Eclipse\\u2019s Newsletter<\\/em><\\/strong><\\/a> for the latest on building the New Economy<\\/em><\\/strong>\",\"saveContent\":\"More on today\\u2019s news from Bloomberg.<\\/a><\\/em><\\/strong>

Follow Eclipse on <\\/em><\\/strong>LinkedIn<\\/em><\\/strong><\\/a> or sign up for <\\/em><\\/strong>Eclipse\\u2019s Newsletter<\\/em><\\/strong><\\/a> for the latest on building the New Economy<\\/em><\\/strong>\",\"order\":23,\"get_parent\":{},\"attributes\":{\"dropCap\":false,\"anchor\":\"\",\"className\":\"is-style-paragraph-2\"},\"attributesType\":{\"align\":{\"type\":\"string\"},\"content\":{\"type\":\"rich-text\",\"source\":\"rich-text\",\"selector\":\"p\",\"role\":\"content\"},\"dropCap\":{\"type\":\"boolean\",\"default\":false},\"placeholder\":{\"type\":\"string\"},\"direction\":{\"type\":\"string\",\"enum\":[\"ltr\",\"rtl\"]},\"lock\":{\"type\":\"object\"},\"metadata\":{\"type\":\"object\"},\"className\":{\"type\":\"string\"},\"style\":{\"type\":\"object\"},\"backgroundColor\":{\"type\":\"string\"},\"textColor\":{\"type\":\"string\"},\"gradient\":{\"type\":\"string\"},\"fontSize\":{\"type\":\"string\"},\"fontFamily\":{\"type\":\"string\"},\"borderColor\":{\"type\":\"string\"},\"anchor\":{\"type\":\"string\",\"source\":\"attribute\",\"attribute\":\"id\",\"selector\":\"*\"},\"blockCommentId\":{\"type\":\"number\"}},\"dynamicContent\":null}]","author":{"__typename":"NodeWithAuthorToUserConnectionEdge","node":{"__typename":"User","id":"dXNlcjo5OQ==","name":"Joe Fath"}},"link":"https://eclipsevcprod.wpengine.com/blog/kicking-the-growth-engine-into-high-gear/","tags_67cce_bf21a":{"__typename":"PostToTagConnection","nodes":[{"__typename":"Tag","id":"dGVybToyNDk=","name":"Early Growth"},{"__typename":"Tag","id":"dGVybTo0Njg=","name":"Firm News"},{"__typename":"Tag","id":"dGVybTo0Njk=","name":"Growth"},{"__typename":"Tag","id":"dGVybTo4Ng==","name":"Hardware"},{"__typename":"Tag","id":"dGVybTozOTU=","name":"Software"}]},"excerpt_b28e9_bf21a":"
Eclipse is thrilled to welcome Joe Fath as our newest Partner and Head of Growth
\n"},"posts_f30bc_59968":{"__typename":"RootQueryToPostConnection","nodes":[]}}}

Kicking the Growth Engine Into High Gear

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