DefTechPod

DefTechLink.com

DefTechLink podcasts are practical conversations about how defence markets actually work, starting with the United States and extending to the UK and allied systems. We speak with practitioners, operators, founders, and programme insiders about funding, experimentation, procurement, and why transitions stall or succeed. The focus is lived experience, not hype: what decisions matter, where risk sits, and how defence pathways behave in practice.

  1. 2d ago

    Fast, Lean and Fundable: Mads Jensen on AI Founders and Seed Investment

    In this episode of DefTechPod, Erica Dill-Russell is joined by Mads Jensen, Managing Partner at SuperSeed, for a practical conversation about AI, seed investment, technical founders and what it takes to build a credible company in a very noisy market. Mads is a former entrepreneur, technologist and investor who has spent two decades building and scaling technology businesses. At SuperSeed, he backs ambitious technical founders across the UK and Europe, with a particular focus on AI, enterprise technology and what he describes as “physical AI”: the next generation of AI systems that can help software understand, navigate and transform the real world. The conversation looks at what investors are really listening for when founders pitch AI companies. Mads explains why buzzwords are not enough, why “me too” AI companies are hard to fund, and why the strongest founders usually have a clear view of how the world is changing, a deep understanding of the customer problem, and enough technical capability to build something genuinely differentiated. Erica and Mads also discuss the changing shape of early-stage company building. With tools like Claude Code and other AI-enabled development systems, small teams can now build faster, iterate more quickly and get much further before raising significant capital. For Mads, that changes investor expectations. Founders should be able to show evidence of customer engagement, real learning and momentum before asking for large amounts of money. The episode also covers founder risk, pitch quality, customer discovery, internationalisation and the difference between raising capital to scale and raising capital simply to buy time. Mads is clear that early-stage founders should stay lean for as long as possible, learn quickly, test their assumptions with customers and only raise serious capital once they have a stronger signal that they are onto something. For the defence and dual-use audience, the conversation turns to where AI investment is heading next. Mads discusses why SuperSeed is interested in technologies that transform real-world sectors such as manufacturing, logistics, construction, energy and agriculture, and why many of these areas naturally overlap with defence and security applications. He also gives his view on dual-use companies, the extra requirements that appear when defence becomes part of the customer base, and why companies need to understand the difference between selling to industry and selling directly to government. The episode closes with a wider discussion about sovereignty, European supply chains and the scale of the AI transformation still ahead. Mads argues that we are still in the early stages of AI’s impact, and that by 2030 many sectors may look very different from how they do today. This is a useful listen for technical founders, AI companies, defence and dual-use start-ups, investors, and anyone trying to understand what credible AI company-building looks like beyond the buzzwords.

    38 min
  2. Jun 19

    Protecting What You’ve Built: Drew Rudhall on IP, Patents and Defence Innovation

    In this episode of DefTechPod, Erica Dill-Russell is joined by Drew Rudhall, Senior Associate at Reddie & Grose, for a practical discussion on intellectual property and what defence, security and dual-use technology companies need to understand before they start sharing their ideas with the world. Drew is a UK and European patent attorney with a technical background in laser physics and biophotonics. His work covers a wide range of technology areas, including telecommunications, AI, cybersecurity, electronics, medical devices, mechanical engineering and 3GPP technologies. That combination of scientific training and legal practice gives him a useful perspective on how technical companies think about invention, protection, disclosure and commercial value. The conversation focuses on a problem that comes up repeatedly for small businesses and start-ups entering defence and security markets: how much to say, when to say it, and what needs to be protected before conversations with government, investors, partners or potential customers begin. Some companies are so protective of their IP that they struggle to explain what they have built. Others disclose too much, too early, and risk undermining the very protection they later need. Drew explains why public disclosure can be such a serious issue for patent protection, why timing matters when filing a patent application, and why companies should speak to a patent attorney before a conference, investor pitch or government engagement if they think their technology may be protectable. He also discusses the limits of relying on NDAs alone. An NDA may be necessary, but it is not the same thing as having a robust IP position, especially if a company would struggle to enforce it later. The episode also looks at collaboration risk. Defence and security companies often work with partners, subcontractors, advisers, investors and government users while their technology is still developing. Drew explains why it is important to understand what IP each party brings into a collaboration, who owns anything created during the work, and what happens if a key inventor leaves the company. These issues can become particularly difficult when technical staff move to competitors or when patent applications have been filed in the wrong name. Erica and Drew also discuss when patenting may not be the right answer. Some technologies may be better protected as trade secrets, particularly where the underlying process is hard to reverse engineer. Other inventions may be difficult to patent because the genuinely new element is narrow, easy to design around, or falls into a difficult area such as some types of software. Drew explains how companies should think about the difference between commercial value, patentability and freedom to operate. For companies building technology for defence, security, R&D, trials, procurement or investor-backed growth, this episode is a useful guide to the decisions that need to be made before momentum builds. It is not enough to have a strong invention. Companies also need to understand how to protect it, how to talk about it, and how to avoid creating problems that only become visible when funding, procurement or investment due diligence begins.

    46 min
  3. Jun 11

    Europe’s New Defence: Jonatan Luther-Bergquist on Startups, Risk and Real Capability

    In this episode of DefTechPod, Erica Dill-Russell speaks with Jonatan Luther-Bergquist, General Partner at Inflection and co-founder of the European Defence Tech Hub. Jonatan comes to defence through engineering physics, cryptography, venture capital and deep tech rather than a conventional defence career. Since Russia’s full-scale invasion of Ukraine, he has been focused on how Europe can move faster, invest more seriously, and build a new generation of technology-first defence companies. The conversation looks at what Jonatan calls “New Defense”: agile, software-centric, venture-backable companies that can work alongside legacy primes but move at a very different pace. He explains why not every successful defence company is right for venture capital, why some defence problems require genuinely transformational engineering, and why the best founders are often assessed less on their first product than on their ability to learn, adapt and find the right one. Erica and Jonatan also discuss the European Defence Tech Hub hackathons, which bring engineers, founders, defence users and Ukrainian stakeholders into the same room to work on real operational problems. Jonatan explains what these events are designed to solve, why technically capable people often need better access to defence problem owners, and what can realistically come out of a seventy-two-hour build sprint. The episode also covers the relationship between new defence companies and the established primes, the continuing challenge of the defence “Valley of Death”, the need for Europe to become more comfortable with risk, and why founders should think beyond single national markets if they want to build companies that can matter at scale. Topics covered include: European defence tech after Ukraine Why venture capital is moving into defence and deep tech What “New Defense” means in practice The role of hackathons in connecting builders with real defence problems How Ukrainian defence stakeholders change the quality of challenge-setting Why not every defence company is venture-backable Space, cyber, subsea and other areas of emerging defence opportunity The role of primes and where smaller companies can move faster The defence Valley of Death in Europe Why founder quality matters so much at idea stage How European defence companies need to think beyond domestic procurement This episode is for founders, engineers, investors and defence professionals interested in how Europe builds a stronger defence-tech ecosystem, and what it takes to turn technical talent into companies that can solve serious defence problems.

    25 min
  4. Jun 4

    Winning the Contract Is Not Enough: Alex Scott on Defence Finance and Delivery Risk

    In this episode of DefTechPod, Erica Dill-Russell speaks with Alex Scott, Director of Commercial Affairs at Steel Rock Capital, a specialist financing house working exclusively with companies in the defence, security and resilience sectors. For many defence SMEs, the problem is not only finding opportunities or understanding procurement routes. It is surviving the financial reality of delivery. Long procurement cycles, milestone payments, delayed invoices, sovereign buyers, prime contractors and complex consortium structures can create serious cash-flow pressure, even for companies with strong technology and credible contracts. Alex explains why defence requires a specialist approach to finance, why standard bank products often do not fit the sector, and how private credit can help companies bridge the gap between winning work and being paid. The conversation covers the difference between scaling capital and working capital, how invoice and purchase-order finance can support delivery, and why companies should think about contract finance before they win the contract, not seven days before they run out of cash. The episode also explores the role of finance in Ukraine-linked defence production, the practical barriers facing companies moving between the UK, Europe and the front line, and why risk cannot simply be pushed onto small companies trying to deliver critical capability. Alex and Erica also discuss common red flags for defence SMEs seeking finance, including unclear funding asks, weak financial planning, late-stage CFO hiring and poor understanding of repayment cycles. For founders, operators, investors and anyone working with defence SMEs, this is a practical conversation about the financial mechanics that often sit behind successful defence delivery. Topics covered include: Specialist finance for defence, security and resilience companies Why mainstream banks often struggle to lend to defence SMEs Working capital, scaling capital and contract delivery Invoice and purchase-order finance How companies can bring finance into the tender process The importance of early financial planning Ukraine, frontline supply chains and defence production risk Red flags for SMEs seeking finance Why CFO discipline matters earlier than many founders expect The changing appetite for defence investment and lending across Europe This episode is for defence and dual-use companies that are moving from opportunity to delivery, and for anyone who wants to understand why cash flow, not technology, is often the point where promising defence businesses break.

    28 min
  5. May 1

    Cold Weather, Real Lessons: Anssi Aikio on Arctic Testing and Defence Innovation in Finland

    In this episode of DefTechPod, Erica Dill-Russell speaks with Anssi Aikio of XD Solutions about Finnish defence innovation, Arctic testing, and why cold-weather experimentation matters far more than many companies realise. The conversation explores how XD Solutions works with the Finnish Defence Forces and the wider Finnish defence ecosystem to connect emerging technology with real operational needs. Anssi explains where Finland is making progress, where the system is still fragmented, and how companies can begin to engage, whether through ecosystems, innovation networks, or practical testing opportunities. A major focus of the episode is Griffin Tech Days, the large-scale Arctic event run on behalf of the Finnish Defence Forces and Finnish Special Operations Forces. Erica and Anssi discuss what companies actually learn when they test in extreme cold, from battery failure and de-icing issues to glove compatibility, brittle components, and the simple reality that laboratory testing is not the same as three days above the Arctic Circle. They also get into a point that more founders need to hear: failure in a demanding test environment is not always a negative outcome. Often it is the fastest way to understand what needs fixing before a technology reaches operators in the field. The episode looks at how companies should prepare for these events, why the right technical people need to be in the room long before demo day, and how much better performance tends to be when firms treat preparation seriously. The conversation closes with a look at the technologies currently catching attention in Finland, including battery innovation, Arctic mobility, sensor integration, GNSS-denied navigation, and practical solutions for harsh operational environments. It also highlights what is coming next through XD Solutions, SOF Week, and future Nordic testing opportunities.

    34 min
  6. Apr 23

    From Hype to Capability: Nico Nelson on Defence-First Investing in Europe

    In this episode of DefTechPod, Erica Dill-Russell speaks with Nico Nelson, founding general partner of Archangel Ventures, about what it really takes to build, back, and scale defence technology in Europe. Drawing on two decades across defence, intelligence, national security, corporate strategy, and investing, Nico brings a sharp view of where founders, investors, and institutions still get things wrong. The conversation tackles one of the biggest questions in defence tech right now: whether companies can genuinely succeed as dual-use businesses in the early stages. Nico explains why Archangel backs defence-first and defence-only companies, why trying to serve both commercial and defence markets too early often weakens focus, and why Europe still struggles with the underlying definitions and funding structures around defence. Erica and Nico also get into the practical reality of scaling across Europe. They discuss why defence markets cannot be treated as interchangeable, why country-to-country differences matter more than many founders expect, and how factors such as landed requirements, interoperability relationships, domestic capability priorities, and regional trust all shape whether a market is genuinely attractive. They then turn to venture capital itself: what defence-focused investors should actually be doing beyond writing cheques, how hype can distort the market, and why marketing that outruns real capability is dangerous not just for investors, but for governments and end users as well. Nico sets out Archangel’s view that capital must be paired with operational judgement, technical roadmapping, investor readiness, and access to credible defence pathways if early-stage companies are going to survive the journey from promise to adoption. The episode closes with a wider look at the future of European defence tech: which technologies are overhyped, where Nico sees real capability gaps, why open architectures and collaboration matter more than ever, and what a healthier long-term ecosystem could look like if Europe builds a stronger chain from angel capital through to growth and liquidity.

    42 min

About

DefTechLink podcasts are practical conversations about how defence markets actually work, starting with the United States and extending to the UK and allied systems. We speak with practitioners, operators, founders, and programme insiders about funding, experimentation, procurement, and why transitions stall or succeed. The focus is lived experience, not hype: what decisions matter, where risk sits, and how defence pathways behave in practice.