Pentagon Seeking To Attract Start-Ups To Defense Contracts To Keep Up With China - Reports
Fahad Shabbir (@FahadShabbir) Published March 26, 2023 | 09:30 PM
MOSCOW (UrduPoint News / Sputnik - 26th March, 2023) The Pentagon is seeking to tap Silicon Valley start-ups for its defense contracts in order to keep up with China's military tech development, The Wall Street Journal reported on Sunday.
In particular, the US Defense Department hopes to attract start-ups to finance and devise new types of weapons and "more-nimble" suppliers, the report said.
The US defense industry has grown to be dependent on "a few large companies" that receive state funding for research. This situation causes concern and drives the need to look for new solutions that meet Pentagon's requirements, the newspaper reported.
The US defense and aerospace industry is currently receiving around $6 billion from private capital annually, a significant increase from just $1 billion in 2017, as shown by data from private market data provider PitchBook Data Inc.
In contrast to the United States, China is reported to be more actively recruiting private companies to develop new types of weapons. Beijing's capital infusions into the tech sector have exceeded $1 trillion, the newspaper reported, citing Steve Blank, co-founder of the Gordian Knot Center for National Security Innovation at Stanford University.
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