Torsten Reil

By contrast, there are innovation projects, which is quite often almost a parallel track to all of this, where there are smaller pots of money to prove that certain forces or nations can do innovation and defense. The problem is you may kind of get 500K from one of these projects, and you win it and you show to your VC, we've made revenues.

By contrast, there are innovation projects, which is quite often almost a parallel track to all of this, where there are smaller pots of money to prove that certain forces or nations can do innovation and defense. The problem is you may kind of get 500K from one of these projects, and you win it and you show to your VC, we've made revenues.

By contrast, there are innovation projects, which is quite often almost a parallel track to all of this, where there are smaller pots of money to prove that certain forces or nations can do innovation and defense. The problem is you may kind of get 500K from one of these projects, and you win it and you show to your VC, we've made revenues.

The jump from there to actually a program of record is huge because all of the apparatus that's required to pitch for these programs, to have, again, the government relationships, some of the lobbying that's required, compliance, again, export law, I mentioned it earlier, that isn't required for these innovation projects.

The jump from there to actually a program of record is huge because all of the apparatus that's required to pitch for these programs, to have, again, the government relationships, some of the lobbying that's required, compliance, again, export law, I mentioned it earlier, that isn't required for these innovation projects.

The jump from there to actually a program of record is huge because all of the apparatus that's required to pitch for these programs, to have, again, the government relationships, some of the lobbying that's required, compliance, again, export law, I mentioned it earlier, that isn't required for these innovation projects.

So these kind of teams have a feeling of, I've now taken the first step, now the next step is a program of record, not realizing it's a completely different kettle of fish. And again, I had to learn all of this because for me, it was natural

So these kind of teams have a feeling of, I've now taken the first step, now the next step is a program of record, not realizing it's a completely different kettle of fish. And again, I had to learn all of this because for me, it was natural

So these kind of teams have a feeling of, I've now taken the first step, now the next step is a program of record, not realizing it's a completely different kettle of fish. And again, I had to learn all of this because for me, it was natural

They need to build the teams around it. And this is where one of the problems lie. There's a scarcity of talent around go-to-market government relations, even compliance and other things, even security, to be honest, in defense. So all of these companies would be competing for a very small pool of people. It's just impossible to turn them all into primes. It's just not going to happen.

They need to build the teams around it. And this is where one of the problems lie. There's a scarcity of talent around go-to-market government relations, even compliance and other things, even security, to be honest, in defense. So all of these companies would be competing for a very small pool of people. It's just impossible to turn them all into primes. It's just not going to happen.

They need to build the teams around it. And this is where one of the problems lie. There's a scarcity of talent around go-to-market government relations, even compliance and other things, even security, to be honest, in defense. So all of these companies would be competing for a very small pool of people. It's just impossible to turn them all into primes. It's just not going to happen.

Coming back to the innovation side, you end up with something that looks like product-market fit, and you think it's great technology, you've shown it, and you can do something, maybe take a drone down or something. But I had to learn that that is just a very small part of building a prime. It's like one-eighth maybe or something. It's product-market fit. Then you have to do all the rest.

Coming back to the innovation side, you end up with something that looks like product-market fit, and you think it's great technology, you've shown it, and you can do something, maybe take a drone down or something. But I had to learn that that is just a very small part of building a prime. It's like one-eighth maybe or something. It's product-market fit. Then you have to do all the rest.

Coming back to the innovation side, you end up with something that looks like product-market fit, and you think it's great technology, you've shown it, and you can do something, maybe take a drone down or something. But I had to learn that that is just a very small part of building a prime. It's like one-eighth maybe or something. It's product-market fit. Then you have to do all the rest.

And for that, you need to build the infrastructure to build a prime, which Android has done, for example. It's a good example. We've done it too. We're certainly in the process of doing it. And there's still a ways to go. But I think that's what's underappreciated.

And for that, you need to build the infrastructure to build a prime, which Android has done, for example. It's a good example. We've done it too. We're certainly in the process of doing it. And there's still a ways to go. But I think that's what's underappreciated.

And for that, you need to build the infrastructure to build a prime, which Android has done, for example. It's a good example. We've done it too. We're certainly in the process of doing it. And there's still a ways to go. But I think that's what's underappreciated.

And it's not underappreciated with VCs that know about defense, but with, I think, VCs that are maybe as distant as I was when I was previously in the gaming industry. I think for them, they quite often don't get what it takes to actually build a large company.

And it's not underappreciated with VCs that know about defense, but with, I think, VCs that are maybe as distant as I was when I was previously in the gaming industry. I think for them, they quite often don't get what it takes to actually build a large company.