Leonid Capital Partners Co-Founder Chris Lay was recently featured on The Innovators podcast, hosted by Tomás Pueyo. In this episode, Chris shares how Leonid is rethinking capital for companies working with the U.S. government—especially in defense, dual-use, and public-sector tech.
Chris walks through Leonid’s origin story, the gaps in traditional venture and banking models, and why non-dilutive credit can be a better fit for contract-backed innovation. The conversation also touches on Leonid’s philanthropic mission to donate 50% of profits, how the firm evaluates founders and technologies, and why speed and trust are essential to financing national security outcomes.
Whether you’re a founder, investor, or operator working at the intersection of tech and government, this episode offers an inside look at what it takes to scale in this space.
Listen to the full episode here.
