How Defense Tech Investors Evaluate Startups | Jocelyn Kinsey (DFJ Growth)

Jocelyn Kinsey, Partner at DFJ Growth, joins us for a deep dive into defense tech investing, startup strategy, and the realities of building in the national security ecosystem.

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Jocelyn Kinsey on LinkedIn:

https://www.linkedin.com/in/jocelyn-kinsey/

DFJ Growth Website:

https://dfjgrowth.com/

DFJ Growth has been investing in deep tech for decades, including early bets on SpaceX.

In this conversation, Jocelyn explains how the firm approaches growth-stage investing—and why defense is fundamentally different from traditional venture categories.We cover:

• Why defense is a hit-driven industry, not SaaS
• The surge of capital into defense and whether it’s a bubble
• Lessons from SpaceX and Palantir on working with government
• How modern drone warfare is reshaping defense priorities
• The need for layered counter-drone systems
• Why detection remains one of the hardest problems
• What investors look for in defense founders and teams
• The importance of marketing, lobbying, and go-to-market

If you’re building or investing in defense tech, this episode is a clear look at how the game actually works.

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