About this episode

This episode features Steven Miller discussing the complexities of dual-use investing and the importance of understanding government demand versus revenue.

🗞️ Get essential angel intel straight to your inbox every week with The Diligent Observer Newsletter. 🗞️ Today's episode explores three ideas that caught my attention: ① Government demand is not the same as government revenue: Steven explains why “the government needs this” is not enough for an investor. A real dual-use thesis requires evidence of a buyer, a budget, a contracting path, and people inside the government who can execute. ② Commercial-first companies need a distinct government st...

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