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How to Win in a Zero-Sum Defense Market: 7 Tactical Lessons
Defense- & Dual-Use Technologies Edition

How to Win in a Zero-Sum Defense Market: 7 Tactical Lessons

Hedging against a Defense Tech bubble

Apr 18, 2025
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Building Our Future
Building Our Future
How to Win in a Zero-Sum Defense Market: 7 Tactical Lessons
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Good morning!

Defense tech funding is exploding.

This is great news, right?

Even investors that previously shied away from defense-tech deliberately due to limited growth opportunities are now piling into the sector.

Defense Tech funding is accelerating

Of course this makes sense as global tensions rise and as the administration promises ever larger budgets.

We NEED innovative technologies that enhance our national security, international stability, and allow us to defend ourselves. We need to be able to see further, shoot faster, and hit targets more accurately. That requires multiple sensors, sense-making from the data, tools that allow massed effects from disaggregated units, and more. Thank goodness we have startups that want to solve these problems.

But here’s what everyone is missing: the defense budget, whether it’s $800B or $1T, is relatively static.

In B2B sectors, technology can have an accretive effect, where great technology causes the growth of the TAM. By contrast, defens…

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