In this episode of DefTechPod, Erica Dill-Russell speaks with Jonatan Luther-Bergquist, General Partner at Inflection and co-founder of the European Defence Tech Hub.

Jonatan comes to defence through engineering physics, cryptography, venture capital and deep tech rather than a conventional defence career. Since Russia’s full-scale invasion of Ukraine, he has been focused on how Europe can move faster, invest more seriously, and build a new generation of technology-first defence companies.

The conversation looks at what Jonatan calls “New Defense”: agile, software-centric, venture-backable companies that can work alongside legacy primes but move at a very different pace. He explains why not every successful defence company is right for venture capital, why some defence problems require genuinely transformational engineering, and why the best founders are often assessed less on their first product than on their ability to learn, adapt and find the right one.

Erica and Jonatan also discuss the European Defence Tech Hub hackathons, which bring engineers, founders, defence users and Ukrainian stakeholders into the same room to work on real operational problems. Jonatan explains what these events are designed to solve, why technically capable people often need better access to defence problem owners, and what can realistically come out of a seventy-two-hour build sprint.

The episode also covers the relationship between new defence companies and the established primes, the continuing challenge of the defence “Valley of Death”, the need for Europe to become more comfortable with risk, and why founders should think beyond single national markets if they want to build companies that can matter at scale.

Topics covered include:

European defence tech after Ukraine

Why venture capital is moving into defence and deep tech

What “New Defense” means in practice

The role of hackathons in connecting builders with real defence problems

How Ukrainian defence stakeholders change the quality of challenge-setting

Why not every defence company is venture-backable

Space, cyber, subsea and other areas of emerging defence opportunity

The role of primes and where smaller companies can move faster

The defence Valley of Death in Europe

Why founder quality matters so much at idea stage

How European defence companies need to think beyond domestic procurement

This episode is for founders, engineers, investors and defence professionals interested in how Europe builds a stronger defence-tech ecosystem, and what it takes to turn technical talent into companies that can solve serious defence problems.

In this episode of DefTechPod, Erica Dill-Russell speaks with Alex Scott, Director of Commercial Affairs at Steel Rock Capital, a specialist financing house working exclusively with companies in the defence, security and resilience sectors.

For many defence SMEs, the problem is not only finding opportunities or understanding procurement routes. It is surviving the financial reality of delivery. Long procurement cycles, milestone payments, delayed invoices, sovereign buyers, prime contractors and complex consortium structures can create serious cash-flow pressure, even for companies with strong technology and credible contracts.

Alex explains why defence requires a specialist approach to finance, why standard bank products often do not fit the sector, and how private credit can help companies bridge the gap between winning work and being paid. The conversation covers the difference between scaling capital and working capital, how invoice and purchase-order finance can support delivery, and why companies should think about contract finance before they win the contract, not seven days before they run out of cash.

The episode also explores the role of finance in Ukraine-linked defence production, the practical barriers facing companies moving between the UK, Europe and the front line, and why risk cannot simply be pushed onto small companies trying to deliver critical capability.

Alex and Erica also discuss common red flags for defence SMEs seeking finance, including unclear funding asks, weak financial planning, late-stage CFO hiring and poor understanding of repayment cycles. For founders, operators, investors and anyone working with defence SMEs, this is a practical conversation about the financial mechanics that often sit behind successful defence delivery.

Topics covered include:

Specialist finance for defence, security and resilience companies

Why mainstream banks often struggle to lend to defence SMEs

Working capital, scaling capital and contract delivery

Invoice and purchase-order finance

How companies can bring finance into the tender process

The importance of early financial planning

Ukraine, frontline supply chains and defence production risk

Red flags for SMEs seeking finance

Why CFO discipline matters earlier than many founders expect

The changing appetite for defence investment and lending across Europe

This episode is for defence and dual-use companies that are moving from opportunity to delivery, and for anyone who wants to understand why cash flow, not technology, is often the point where promising defence businesses break.

In this episode of DefTechPod, Erica Dill-Russell speaks with Steve Mason, founder and CEO of Nova Blue Technologies and former technical director at GCHQ, and Dave Collins OBE, senior director for cybersecurity at Nova Blue and former Royal Air Force officer.

The conversation looks at what cybersecurity really means for companies working in and around UK and NATO defence. Steve and Dave explain why small and medium-sized companies are not too small to be targeted, how adversaries use supply chains and digital infrastructure as attack surfaces, and why cyber risk is now a business and operational issue, not just a technical one.

They also discuss Cyber Essentials, the MOD cybersecurity model, the Defence Cyber Certification framework, and the gap between basic cyber hygiene and what defence customers may expect. For SMEs, the message is practical: start early, build cyber into your business roadmap, understand your cloud security settings, use multi-factor authentication, and treat cyber readiness as part of being credible in the defence market.

This episode is for founders, SMEs, dual-use companies, defence suppliers and anyone trying to understand what cyber readiness means before it becomes a blocker to growth, contracts or survival.

In this episode of DefTechPod, Erica speaks with Denys Demko, Economic Secretary at the Embassy of Ukraine in the United Kingdom, about Ukraine’s defence technology ecosystem and what allied companies, investors and partners can learn from it.

Denys explains how Ukraine’s defence sector has grown under wartime pressure, with thousands of companies now operating across drones, UGVs, electronic warfare, air defence, AI and battlefield data. The conversation looks at why Ukraine’s innovation cycle can move in weeks rather than years, how developers work directly with military users, and why operational feedback has become central to capability development.

The episode also covers Brave1, Ukraine’s defence innovation platform, and how international companies can engage with testing, partnerships and investment routes. Denys discusses the importance of working with Ukrainian industry rather than simply trying to sell into Ukraine, the role of local presence and collaboration, and why investors should pay closer attention to battlefield-tested Ukrainian defence technologies.

For companies, investors and ecosystem organisations trying to understand Ukraine beyond the headlines, this is a practical conversation about urgency, adaptation, procurement, partnership and the realities of building technology in wartime.

In this episode of DefTechPod, Erica Dill-Russell speaks with Anssi Aikio of XD Solutions about Finnish defence innovation, Arctic testing, and why cold-weather experimentation matters far more than many companies realise.

The conversation explores how XD Solutions works with the Finnish Defence Forces and the wider Finnish defence ecosystem to connect emerging technology with real operational needs. Anssi explains where Finland is making progress, where the system is still fragmented, and how companies can begin to engage, whether through ecosystems, innovation networks, or practical testing opportunities.

A major focus of the episode is Griffin Tech Days, the large-scale Arctic event run on behalf of the Finnish Defence Forces and Finnish Special Operations Forces. Erica and Anssi discuss what companies actually learn when they test in extreme cold, from battery failure and de-icing issues to glove compatibility, brittle components, and the simple reality that laboratory testing is not the same as three days above the Arctic Circle.

They also get into a point that more founders need to hear: failure in a demanding test environment is not always a negative outcome. Often it is the fastest way to understand what needs fixing before a technology reaches operators in the field. The episode looks at how companies should prepare for these events, why the right technical people need to be in the room long before demo day, and how much better performance tends to be when firms treat preparation seriously.

The conversation closes with a look at the technologies currently catching attention in Finland, including battery innovation, Arctic mobility, sensor integration, GNSS-denied navigation, and practical solutions for harsh operational environments. It also highlights what is coming next through XD Solutions, SOF Week, and future Nordic testing opportunities.

In this episode of DefTechPod, Erica Dill-Russell speaks with Nico Nelson, founding general partner of Archangel Ventures, about what it really takes to build, back, and scale defence technology in Europe. Drawing on two decades across defence, intelligence, national security, corporate strategy, and investing, Nico brings a sharp view of where founders, investors, and institutions still get things wrong.

The conversation tackles one of the biggest questions in defence tech right now: whether companies can genuinely succeed as dual-use businesses in the early stages. Nico explains why Archangel backs defence-first and defence-only companies, why trying to serve both commercial and defence markets too early often weakens focus, and why Europe still struggles with the underlying definitions and funding structures around defence.

Erica and Nico also get into the practical reality of scaling across Europe. They discuss why defence markets cannot be treated as interchangeable, why country-to-country differences matter more than many founders expect, and how factors such as landed requirements, interoperability relationships, domestic capability priorities, and regional trust all shape whether a market is genuinely attractive.

They then turn to venture capital itself: what defence-focused investors should actually be doing beyond writing cheques, how hype can distort the market, and why marketing that outruns real capability is dangerous not just for investors, but for governments and end users as well. Nico sets out Archangel’s view that capital must be paired with operational judgement, technical roadmapping, investor readiness, and access to credible defence pathways if early-stage companies are going to survive the journey from promise to adoption.

The episode closes with a wider look at the future of European defence tech: which technologies are overhyped, where Nico sees real capability gaps, why open architectures and collaboration matter more than ever, and what a healthier long-term ecosystem could look like if Europe builds a stronger chain from angel capital through to growth and liquidity.

In this episode, Erica Dill-Russell speaks with Luca Leone, CEO of Kahootz, about secure collaboration in defence, what sovereignty actually means in practice, and why these questions matter far more than many early-stage companies realise. Luca brings a rare mix of experience across engineering, defence business development, innovation support, and software leadership, and the conversation gets into the less glamorous but very real layers that sit underneath effective defence work.

They discuss how Kahootz grew from a healthcare-focused collaboration platform into a long-standing defence supplier, and why secure information-sharing is not a side issue but part of the architecture that allows defence, government, and industry to work together properly. The episode looks at sovereignty beyond the usual buzzwords, including not just where data sits, but who controls the platform, who supports it, where it is developed, and how far down the supply chain those questions need to be asked.

The conversation also covers cyber risk, supply-chain vulnerability, and the practical tension between security and usability. Luca explains why organisations cannot just lock everything down and hope for the best, why people remain one of the biggest risks, and why resilience matters just as much as prevention. There is also a very useful discussion about the reality of secure-by-design approaches, the burden this places on smaller firms, and the trade-offs companies have to make when they cannot afford to build an entirely sovereign stack.

The second half of the episode turns to Luca’s role with Constellation Software and the world of defence software M&A. They discuss what makes a software company attractive from an acquisition perspective, what investors and acquirers want to hear, and why understanding the customer properly is still one of the clearest signals of a serious company. For founders building in defence software, this is a very grounded conversation about growth, relevance, and long-term value.

If you work in defence software, secure collaboration, cyber, government technology, or are trying to understand how sovereignty, resilience, and customer understanding fit together, this episode is well worth a listen.

In this episode, Erica Dill-Russell speaks with Jake Bostock, Technology Scout at Beaten Zone Venture Partners and an Australian Army reservist working in capability development, about the realities of the Australian defence market, AUKUS Pillar 2, and why Australia can be both a valuable landing point and a difficult market to break into.

They discuss what makes Australia different from the U.S. and UK, why a smaller defence market creates less room for blue-sky experimentation, and how companies often need to arrive with credibility already built elsewhere. Jake explains the Australian innovation architecture, the role of organisations such as Jericho, Army Battle Labs, SOCOM innovation groups, and ASCA, and why companies need to understand what these pathways actually offer before investing too much time in them.

The conversation also looks at where attention is moving in the Indo-Pacific, with particular focus on maritime capability, autonomy, counter-UAS, and systems that can operate in littoral environments. Jake gives a very practical view of what is drawing interest, where the real opportunities are, and why companies looking at APAC often need a more grounded market-entry strategy than they first expect.

They also discuss the defence venture capital landscape in Australia, including what dual-use and lethality-focused investment looks like, typical cheque sizes, and how companies should approach investors in the space. The episode closes with a candid discussion about veterans moving into defence industry, the value they bring beyond networks alone, and why lived operational context is often far more useful than companies realise.

For anyone trying to understand AUKUS opportunity, Australian defence innovation pathways, or how to think more realistically about market entry in the region, this is a very useful conversation.

In this episode of DefTechPod, Erica Dill-Russell speaks with Chloe Friberg, President of the Norwegian American Defense and Homeland Security Industry Council, about what serious market entry support actually looks like when a country is trying to help its defence companies succeed in the United States. They discuss how NADIC became a practical bridge between Norwegian industry and the U.S. defence ecosystem, why the wider Team Norway model works, and what other countries can learn from it.

The conversation gets beyond the usual language of international collaboration and into the mechanics that matter: trusted networks, embassy support, trade associations, service providers, conferences, pavilions, and the steady work of helping companies show up in the right rooms with the right message. Chloe explains how NADIC grew from an industry-led need into a mature support structure, backed by close coordination across government, industry, and research organisations.

They also speak candidly about the harder side of entering the U.S. market. Presence matters. Repetition matters. Budget matters. This episode is a useful listen for companies that assume one visit, one conference, or one good meeting is enough. Erica and Chloe discuss why it usually is not, why relationships still need to be built in person, and why some of the most valuable opportunities happen in the gaps between formal meetings.

If you are a defence or dual-use company thinking about the U.S. market, or trying to understand what a well-supported national ecosystem can look like in practice, this is a very grounded discussion.

For many international defence companies, entering the U.S. Department of War can feel slow, opaque, and highly competitive.

This episode challenges that assumption.

Erica Dill-Russell is joined by Colonel Jeffrey Naff, Director of the Foreign Comparative Testing (FCT) Program, to unpack one of the most underused and misunderstood pathways into U.S. defence acquisition.

FCT exists for a specific purpose: to identify, validate, and transition non-U.S. technologies into U.S. military use. It is not a traditional competition route, and it does not behave like most acquisition programmes.

Instead, it acts as a bridge between international innovation and U.S. service demand.

In this conversation, Colonel Naff explains how FCT actually works in practice, where companies go wrong, and what makes the difference between being noticed and being ignored.

Key themes covered:

• What FCT is and why it exists within U.S. defence acquisition
• Why submitting your technology is not the same as applying for funding
• The role of “socialisation” and why relationships still matter
• How FCT enables direct, sole-source acquisition for international technologies
• What “verification and validation” really means and why speed matters
• Common misconceptions that prevent companies from progressing
• Why persistence, not process-following, is often the deciding factor

One of the most important insights from this episode is simple:

FCT does not replace other routes into the U.S. market. It sits alongside them. The companies that succeed are the ones that pursue multiple paths at once and keep pushing until they create traction.

As Colonel Naff puts it, there is no single entry point, and no single right way in.

But there is a consistent pattern among those who make it through.

They do not stop.

About the guest:
Colonel Jeffrey Naff is the Director of the Foreign Comparative Testing (FCT) Program within the Office of the Secretary of War for Research and Engineering. He leads efforts to identify and transition international technologies into U.S. military capability, working across all services and acquisition bodies.