FedSat 1 was an Australian scientific satellite developed by the Cooperative Research Centre for Satellite Systems (CRCSS) and launched into an 800 km altitude orbit in December 2002. The primary aim of the CRCSS was to grow Australian microsatellite capability and develop a new sustainable space industry. Weighing 58 kg, FedSat included one cultural and six scientific payloads and achieved several notable firsts. The satellite also survived a major space weather event and exceeded its three year design life by 18 months. Proposed follow-up activities included new satellites to monitor bushfires, track boats illegally entering Australian waters, and relay message data. This paper briefly reviews the FedSat program, its achievements and lessons.