Discover/Seedcamp Podcast

From the Forces to Investing in Deeptech, Dual-Use, and the Defence Sector

Seedcamp PodcastNicola Sinclair — General PartnerOct 24, 20251h

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This episode explores the unique challenges and opportunities in deeptech and defense sector investing, featuring experts who discuss connecting startups with defense customers. Key insights include the importance of diversified revenue beyond single defense contracts, understanding true customer needs, and how early-stage companies can successfully navigate military procurement processes.

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33:51· 28sPractical Framework

A heuristic that we use quite often is, are these people founding who are coming from the intelligence community or perhaps from the special forces, and they have a really deep understanding of a problem set.

33:51 / 34:19

So a heuristic that we use quite often at expeditions is, are these people founding who are coming from the intelligence community or perhaps from the special forces, and they have a really deep understanding of a problem set. And they're combining that with perhaps an outside technical expertise, and they're creating something really innovative to go after that problem. And those are the types of founders that we find that can break through tricky walls that are erected.

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Seedcamp Podcast · Nicola Sinclair

Practical Framework

A heuristic that we use quite often is, are these people founding who are coming from the intelligence community or perhaps from the special forces, and they have a really deep understanding of a problem set.

Provides a specific, actionable investment heuristic combining domain expertise with technical skills. The intelligence/special forces angle adds credibility and intrigue to the framework.

33:51 - 34:1928s

Seedcamp Podcast · Nicola Sinclair

Business Mechanics

If you sell one of your businesses to a prime and you value it at 10 times revenue, the prime would have to immediately destroy 80% of the value of that company in order to subsume it into their business.

Reveals a shocking structural inefficiency in defense M&A with specific numbers (10x revenue, 80% value destruction). This counterintuitive business mechanic explains why traditional defense primes struggle with acquisitions.

52:26 - 53:0741s

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