Defense technology is heating up, with valuations soaring and a hefty government budget boost on the horizon. But venture capitalist Ross Fubini warns that most startups will fail in the transition from prototype to production.

Newcomers are jostling for a piece of lucrative defense contracts, but only a select few seem destined to survive the arduous journey.

Fubini speaks on TechCrunch’s Equity podcast about what sets successful tech ventures apart, and whether the current rush is sustainable in the long term.

The episode delves into the challenges faced by startups, from securing initial funding to navigating complex government procurement processes. Fingers crossed for those who make it past the Valley of Death.