and I have come to believe that we are radically overthinking this problem. Much of the answer hinges on basic supply and demand. Again, it is a question of incentives. On any given day, billions of dollars of private capital sit on the sidelines in America, looking for promising new ventures that could yield big returns. More of that money does not flow into the defense sector because most venture capitalists have come to believe that defense is a lousy investment, and plenty of empirical evidence supports that assumption. For decades, too many defense technologies have failed to transition
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