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New Spin on a Revolving Door: Pentagon Officials Turned Venture Capitalists
Key Excerpts from Article on Website of New York Times
Posted: January 22nd, 2024
https://www.nytimes.com/2023/12/30/us/politics/pentagon-vent...
The high-stakes world of Pentagon lobbying is being altered by the rise of defense technology startups. Retiring generals and departing top Pentagon officials once migrated regularly to the big established weapons makers like Lockheed Martin and Boeing. Now they are increasingly flocking to venture capital firms that have collectively pumped billions of dollars into Silicon Valley-style startups offering the Pentagon new war-fighting tools like autonomous killer drones, hypersonic jets and space surveillance equipment. The New York Times has identified at least 50 former Pentagon and national security officials, most of whom left the federal government in the last five years, who are now working in defense-related venture capital or private equity as executives or advisers. In many cases, The Times confirmed that they continued to interact regularly with Pentagon officials or members of Congress to push for policy changes or increases in military spending that could benefit firms they have invested in. Pentagon procurement officials confirmed that they had repeatedly met with former Defense Department officials who are now venture capitalists. They said recommendations pushed by the venture capitalists had played a role in changes they are making in the way they acquire technology. In the last four years, at least $125 billion of venture capital has flooded into startups that build defense technology ... compared with $43 billion in the prior four years.
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