Build vs Buy: Steven Miller on dual-use investing.
A conversation about the distance between promising technology and a government customer ready to buy it.
From interest to a credible customer
Steven Miller joined Andrew Kazlow on The Diligent Observer to discuss the thinking behind Black Prism and the practical demands of dual-use investing. The conversation draws on Steven’s experience building a government contracting business before moving into venture capital.
A central distinction is between a technology the government might need and an opportunity a company can actually pursue. Steven describes the need to identify a buyer, understand the budget, and establish a viable contracting path.
Diligence beyond the deck
The discussion also examines why commercial businesses need a deliberate federal sales strategy. A promising government application should not become an untested distraction from the commercial business.
For investors, the episode looks beyond familiar signals such as research awards and prominent advisory boards to the evidence behind them. The full conversation includes AI security, Hardshell, and Steven’s transition from operator to investor.
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