Sherman Williams, the co-founder of AIN Ventures, joins Ryan at the bar to discuss the hard realities of dual-use investing. They dig into inflated valuations, the dangers of easy capital, and the risks of betting on defense budgets that may not endure. They also examine the outlook for space companies, the role of private equity, and what it really takes for startups to survive in this sector.

Tory Bruno, president and CEO of United Launch Alliance, joins us to talk about the hard business of getting things into space. He reflects on competition, what it took to turn ULA around, the politics of building new rockets, and what assured access to space means in the new era of great-power competition.

There's a fundamental mismatch between the agile acquisition processes that the Pentagon says it wants, and the unfortunate bureaucratic reality. Bonnie Evangelista, an acquisition maverick, joins the show to explain why. She spent the last seven years implementing rapid acquisition strategies for Army Defensive Cyber, the Joint AI Center, and the Chief Digital AI Office, and is now a strategic advisor supporting the Revolutionary FAR Overhaul team rewriting the Federal Acquisition Regulations.

What does it take to push aerospace innovation from concept to battlefield? Ryan sits down with John Clark, Lockheed Martin's senior vice president for technology and strategic innovation and former head of the legendary Skunk Works. They unpack the Skunk Works playbook for rapid innovation, reveal proven strategies for bending the cost curve, and explore why established defense giants may have an unexpected edge in the race for AI advantage.

"Innovation adoption is a contact sport." As the chief technology officer of the Department of the Navy, Justin Fanelli is one of the leaders responsible for ensuring warfighters have access to bleeding edge solutions. Listen to his conversation with Ryan Evans, recorded live at an event in Washington, DC — our first episode of Cogs of War, a new vertical on defense tech and the defense industry brought to you by War on the Rocks and supported by Booz Allen Hamilton.