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It wasn’t that long ago that “deep tech” felt like a niche category—a distant frontier for either big defense contractors or university labs surviving on government grants. Today, it’s a different story. From space infrastructure and advanced AI to next-gen biotech and energy solutions, the types of technology once reserved for research institutes or the largest industrial conglomerates are now at the center of venture capital discussions. But there’s one twist: increasingly, the real winners in these categories are those that bridge both commercial markets and government demand—especially in defense.
Dual-use technology might sound like one of those catch-all terms often used at the intersection of Silicon Valley and the Pentagon. However, there’s a long history behind it—one that dates back decades to when the U.S. government-funded “public goods” like GPS and the internet. The concept originated in the 1950s when the term “government” primarily referred to the military.
One key takeaway from this great conversation with Sherman Williams, Managing Partner, and Forrest Underwood, Venture Partner, at AIN Ventures., is that government bodies can serve as both customers and partners for critical emerging technologies—especially those with security applications that also translate to large-scale civilian markets. On the other hand, dual-use technologies must address both government and commercial demand signals, reinforcing their broad and multifaceted impact.
But that’s just the beginning. In this Venture Guide, we explored and analyzed:
The value of dual-use technology—and why its relevance is growing
The importance of non-dilutive vs. dilutive funding
Scaling dual-use technologies: case studies and historical perspectives
Key due diligence considerations for dual-use startups
Essential insights into revenue expectations and growth targets for dual-use ventures
If you’re just joining us, our Venture Guide series is a detailed exploration of the strategies and tactics of global deep tech investors and experts—delivered straight to your inbox.
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We’ll be publishing more editions over the coming weeks and months. By joining Scenarionist Premium, you’ll unlock access to the full series and much more, exclusively available to our premium members. This includes our carefully curated list of 30 Venture Lessons distilled from the wisdom of 50+ Deep Tech investors and experts from around the globe.
The DIME Framework and Its Role in Dual-Use Investments
For those new to dual-use technology, the DIME framework is a useful tool for understanding how national power is structured. It categorizes the 4 key instruments of national power that influence both government and commercial markets:
