Summary of the Caprock-hosted conversation in Scottsdale, Arizona
Like-minded industry leaders, entrepreneurs, and investors gathered in Scottsdale, Arizona, for an intimate fireside chat to discuss the evolution in the tech industry and the innovations developing at a pace not seen since the dotcom boom of the late 90s, particularly with a rise in innovative start-ups. This event featured a panel with Matt Mulvey of Liquid 2 Ventures, Richard Coleman of MissionRT, and Jack Selby of Thiel Capital. Caprock’s Co-Chief Executive Officer, Gregory Brown, and Chief Investment Officer, Vivek Jindal, served as moderators for the discussion. Caprock Director of Strategic Development Melissa Ahearn coordinated the event with an exclusive, curated guest list.
The leaders shared their fresh perspectives; a handful of themes and actionable insights emerged for anyone navigating the future of technology and finance.
The Evolution of Private Markets
Caprock’s Co-Founder and Co-CEO, Gregory Brown, opened the discussion by highlighting the dramatic changes in private markets over the past two decades. “Private markets were important 20 years ago, 30 years ago, but they’re dramatically different today than they were back then,” Greg explained. He emphasized that while private markets once seemed inaccessible and administratively complex, they now represent most innovative, high-growth companies in the U.S.
This shift means that investors seeking exposure to the most dynamic sectors must look beyond public markets. As Brown noted, “It’s not just a slice of the capital markets; it’s most of the capital markets, and it’s certainly most of the really big, really innovative companies.”
Defense tech companies like Palantir, Anduril, Saronic, and Overland AI are “radically transforming what’s possible, the economic model, and the speed of innovation,” said Brown. These firms are driving a renaissance in private sector innovation, often outpacing traditional defense contractors in both agility and impact.
The Rise of Neo Primes
Matt Mulvey opened the conversation by describing “neo primes” as vertically integrated, software-first defense companies—akin to Tesla in the automotive sector. “Neo primes are those vertically integrated. They build the hardware, they build the software, and they build the components, the sensor systems, and the autonomy stack, all from the ground up. They own their own R&D rather than outsourcing that to a third-party supply chain.” These neo-primes are changing the way companies grow, often allowing for efficiency that is completely reliant on internal operations.
Cloud Adoption and Government Innovation
Richard Coleman highlighted a major shift in the defense industry from a government standpoint: “For the first time, I am seeing the government starting to trust the cloud. And this is a critical shift… We went from 0% to 90% of federal law enforcement agencies using cloud infrastructure.” This move has lowered barriers to entry, accelerated innovation, and enabled new software solutions to disrupt legacy systems.
Portfolio Diversification and Partnership
Throughout the discussion, the importance of portfolio diversification and trusted partnerships was a recurring theme. Jindal emphasized, “You don’t want to over diversify, and you definitely want to step into innovation and growth because that’s really what’s going to drive your portfolio’s returns over the next 20 years.” At the same time, engaging in less risky activities, whether on the private or public side, provides you with the necessary capital to take those risks elsewhere.
Tech & Defense Trends to Watch
The panel concluded with direct insights from each of the panelists on the future of tech and defense and what to expect if/when the AI bubble “pops.” The panelists primarily emphasized how advancements in robotics and computer vision are reducing costs and enhancing productivity in industries such as agriculture and manufacturing. Additionally, companies such as SpaceX are redefining industry norms, delivering taxpayer value, and accelerating progress through reusable technology and efficient manufacturing.
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