My guests today are Josh Wolfe and Chris Power. Josh will be a familiar voice to many of you and is the co-founder and General Partner of Lux Capital. Chris is the founder and CEO of advanced manufacturing start-up, Hadrian. Most of our discussion centers on the need to modernize the factories that supply our space and defense industries. But given the current market environment, we also talk about capital conditions and the responsibility to build products that really matter. Please enjoy this conversation with Josh Wolfe and Chris Power. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick. And until 2023 every Tegus license comes with complimentary access to BamSec by Tegus. ----- Today's episode is brought to you by Brex, the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes [00:02:40] - [First question] - An overview of the precision manufacturing industry writ large [00:08:28] - Why the manufacturing sector has so many great investment opportunities [00:12:58] - Anduril Breakdown; What Hadrian in its final form will unlock for manufacturing [00:16:08] - What the demand side looks like for manufacturers in its current state today [00:18:29] - How the nature of demand will shift for this style of manufacturing in the future [00:22:51] - Important rare earth materials, supply chain constraints, and the revival of commodities [00:27:55] - The key set of jobs being done by mom and pop shops that could be innovated on and done within a Hadrian factory [00:30:35] - What is going on inside of a Hadrian factory and how they will evolve over time [00:32:10] - Prosecuting diligence on someone's ability to execute on their behalf [00:37:14] - The PhD arrogance trap and how a Hadrian machine will be better in five years from now [00:48:08] - Breadth of ability versus focus and selling parts to buyers early on [00:50:42] - Lessons learned and advice for understanding the focus problem [00:56:39] - Fat startup vs. lean startups and making the hardest irreversible decision during Hadrian’s early days [00:58:31] - Enduring more schlep work than less being a good signal [00:59:06] - Chris’ thoughts on the future of Hadrian and defining the exciting and scary edges of the spectrum of outcomes [01:03:36] - Josh’s thoughts on the future of Hadrian and defining the exciting and scary edges of the spectrum of outcomes [01:07:22] - The kindest thing anyone has ever done for Chris

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