Eric Slesinger, a former CIA officer, has taken a courageous leap into the world of defense technology investing. Recently, he launched a new $22 million fund aimed at EU defense tech seed-stage European startups. Slesinger, the founder of 201 Ventures, has made eight such strategic investments thus far. His expertise includes developing technology solutions that address gray zone competition — a theater of war that extends beyond typical combat scenarios.
In 2022, Slesinger moved from the United States to Madrid, where he set up the European Defense Investor Network. This network serves as an ongoing convening platform for entrepreneurs, investors, and policymakers. Here, they can interject directly and begin to strategize on these defense technology hot issues in the EU. Slesinger’s move to Europe comes at a time when he believes that the region’s defense sector is poised for growth.
In the process, he makes the case that U.S. venture capitalists (VCs) are dramatically overlooking key opportunities in this market. He emphasizes this because too many founders are scared off from the defense space. This fear and reticence can lead to major missed opportunities for positive innovation and growth.
“Many founders think about it, deciding not to build a company in the defense space.” – Eric Slesinger
The $22 million fund aims closely at seed-stage startups. Slesinger has already made headlines by personally investing several million into European defense tech startup Delian, and Swedish company Polar Mist which is building military maritime drones. This strategic vision seeks to cultivate a more united European defense ecosystem able to meet tomorrow’s challenges.
More aggressive, early-stage lobbying by European companies Slesinger believes is crucial. He’s convinced that coming to the table with and before defense tech policymakers do can yield dividends for the burgeoning defense tech sector. But despite all the change and disruption, he said, the environment makes way for unique opportunities and challenges.
“Whether they’re price inefficiencies or a government playing a larger role in a market that it might otherwise not be involved in… these gray zone dislocations actually are a good form of alpha.” – Eric Slesinger
Slesinger’s experiences at the CIA set the foundation for his investment philosophy. He recalls the mantra of CIA officers: “Go where others don’t go and do what they can’t do.” Building on this belief, he has developed a keen interest in overcoming areas that tend to be underserved by traditional investors.
“I have always enjoyed going where other people tend to not want to go.” – Eric Slesinger
For one, he’s the first to admit that the optics around investing in defense tech have changed quickly and drastically. Slesinger is happy to find that this issue is enjoying newfound momentum and legitimacy. Long considered a taboo topic in polite society, that’s changing quickly as defense priorities shift and transform.
“It was seen as uncouth, something that should be done but not spoken about, and certainly not spoken about in polite company at the dinner table.” – Eric Slesinger
In an interview, Slesinger expressed optimism that defense technology could help unite a fractious Europe. He’s convinced that investment activity will expand dramatically over the next few years. He challenges the notion that European entrepreneurs lack the same desire and savvy as their peers around the globe.
“Europe has individual entrepreneurs that are just as hungry, just as high conviction, and just as smart as anywhere else in the world.” – Eric Slesinger
His focus on gray zone competition speaks to an important challenge European firms can address and win on innovatively. Slesinger wants to address all these challenges directly. He imagines a more cohesive and more independent European defense landscape that will be better equipped to counter contemporary threats.
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