The UK Ministry of Defence hosted a first-of-its-kind Dragons’ Den-style event, allowing pioneering defence and dual-use technology firms to pitch directly to potential investors. Ten innovative UK SMEs presented their technologies to more than 100 venture capitalists, institutional investors, and defence stakeholders, showcasing solutions with both civilian and military applications.
The event aimed to bridge promising SMEs with private capital, ensuring the UK remains at the forefront of defence innovation within NATO. It also supports commitments from the Strategic Defence Review and Defence Industrial Strategy, driving economic growth and jobs across the country while helping SMEs access international markets.
Defence Secretary John Healey highlighted the government’s backing for British innovators and emphasised that the initiative will help take next-generation warfighting technology from concept to frontline deployment, boosting national security. Rupert Pearce, National Armaments Director, noted that SMEs’ agility and risk appetite make them a powerful force in driving novel technologies that benefit both security and society.
The showcase was accompanied by sessions from the Defence Office for Small Business Growth, which helps SMEs navigate funding and procurement challenges. The MOD also announced a new business centre in Kyiv, backed by three years of UK government funding, to support SMEs in supplying Ukraine’s Armed Forces, while creating jobs and opening new markets across the UK.
This initiative forms part of a wider SME engagement strategy, including £1.2 billion of direct investment in 2024/25, an SME spend target of an additional £2.5 billion by 2028, and tools like the Online Export Faculty and SME Surgery Programme, which provide tailored advice to help SMEs scale their operations and expand into international markets.
