Pentagon Says Venture Capital Needed to Revive Defense Base

The Pentagon acknowledged it needs an injection of fresh ideas — and venture capital — to revive its industrial base as the US seeks to gain ground lost to China.

China has become “the global industrial powerhouse in many key areas – from shipbuilding to critical minerals to microelectronics,” surpassing the US as well as its European and Asian allies, the Defense Department said in its new National Defense Industrial Strategy released Thursday.

“As we build a modern industrial ecosystem we remain mindful of the environment which private industry operates in and look forward to work with them to tackle ...