Caroline Hyde

There are a lot of amazing companies in the defense tech space, but companies like Hadrian didn't start just selling into governments.

And I think particularly at the early stages, the sales cycles are still long.

You need to have a lot of different compliance requirements.

Getting into one of these government contracts can be critical, can be company moving.

But fundamentally, what excites us about these companies is half the GDP sits within foundational industries.

These are massive spaces.

There has been almost no technology incumbents.

And when you think about AI and you think about sort of what we can do, we can really leapfrog forward

We are never going to be as good as China or other countries at sticking a large number of people doing repetitive tasks over and over.

And software can change that.

Software is what we are excellent at.

Innovation is what we are excellent at.

And I think there's broad recognition there.

Do these companies have a future that's more focused on selling to government and the public sector?

Or is there an addressable market where all of these different companies are doing business with one another?

I think there's a real distinction there, too.

Yeah.

Look, I think you need volume.

You need the supply chains.

And those things happen in a very symbiotic way.