Welcome back to the EUCVC Summit Talks, where we bring you the voices shaping Europe’s venture and corporate collaboration landscape.
In this episode, Andreas Munk Holm speaks with Tanja Lind Melskens, Head of Corporate Strategy and M&A at Terma, Denmark’s tier-one defense technology group. As Europe re-arms and defense spending surges, Tanja shares how startups, corporates, and investors must rethink dual-use technology, navigate inflated wartime valuations, and prepare for the post-conflict market.
From frontline innovation in Ukraine to the challenges of ESG in defense tech, this conversation sheds light on one of the most important—and controversial—frontiers for venture collaboration.
🎧 Here’s what’s covered
00:10 Europe’s re-armament: rising budgets, real opportunities—and inflated valuations.
01:30 Ukraine as the “Silicon Valley of defense tech”: 4 million drones a year and frontline R&D.
03:00 Why startups must prepare for the post-conflict market, not just donation-driven sales.
04:30 Terma’s Kyiv subsidiary and partnerships with Ukrainian startups.
06:00 Drone wars and critical infrastructure: protecting energy, transport, and hospitals.
07:00 ESG in defense: compliance vs. survival in frontline innovation.
08:00 Risks no VC faces: working with founders whose survival is uncertain.
You can listen to the full conversation from the EUCVC Summit 2025 on Apple Podcasts and Spotify.
✍️ Show Notes
Europe’s Defense Moment
NATO commitments are climbing from 3.5% to 5% of GDP.
Defense budgets will grow by billions across Europe, making the market very real.
But valuations are overheated, driven by wartime donations and one-off sales.
Ukraine: Silicon Valley of Defense
Over 4 million drones produced annually.
Startups are testing and iterating in frontline bunkers, 3D printing parts and updating software in real time.
Innovation pace far outstrips Western defense companies.
Post-Conflict Reality
Donation-driven revenues don’t prove market viability.
Long-term defense customers demand proven, reliable, and compliant products.
Many VCs entering defense may get burned if they don’t plan for post-war conditions.
Critical Infrastructure Protection
Lessons from Ukraine show hospitals, power plants, and transport hubs as military targets.
Terma is focusing on protection solutions for these sectors across Europe.
ESG & Survival
Terma maintains strict compliance in normal operations.
But in frontline partnerships, survival trumps convention: startups don’t have a copy of the Geneva Convention on the table.
Post-conflict, ESG standards and anti-corruption safeguards remain essential.
💡 One-liner takeaway: Europe’s defense tech boom is real but risky—success depends on bridging frontline innovation with post-conflict markets, and balancing ESG ideals with the brutal realities of war.
