Leading in the Era of Global Competition and Innovation; A Seminar with Christina Alfonso

How do we rewire the capital market brain to understand national security investing today? How do we engage the full capital stack? On September 16, 2026, CGCI Executive Director and founder Christina Alfonso explained how these questions frame Council on Global Competition and Innovation’s (CGCI) mission to connect national security priorities with private-sector investment, and how she has approached them. 

CGCI seeks to broaden the understanding of national security investing beyond traditional defense capabilities to include artificial intelligence, quantum technology, biotechnology and biomanufacturing, cybersecurity, space, and other critical technologies. CGCI engages the full capital stack, including venture capital, banks, pension funds, insurance companies, and private equity, in supporting innovation relevant to U.S. security and economic resilience. 

Christina framed this effort within the concept of economic statecraft: the strategic use of economic tools, such as trade, investment, technology controls, and sanctions, to advance foreign policy and national security objectives. The premise of her talk was that private capital must play a larger role in enhancing the country’s industrial, manufacturing, and technological bases to maintain its technological edge. A central theme of the discussion was the changing relationship between government and business. Historically, the private sector has often viewed government primarily as a regulator, while government has relied on public budgets and traditional defense contractors to address national-security challenges. This model is increasingly insufficient in an era defined by rapid technological change and strategic competition with countries such as China. 

Rather than asking investors to participate solely out of patriotism, CGCI conveys to investors that national-security investments can also represent attractive commercial opportunities. One salient argument was regarding dual-use technologies (innovations with both military and commercial applications): expanding business models to include both government and private contracts helps create a broader and more sustainable source of revenue. Drawing on her own experience in the financial sector, Christina emphasized the importance of presenting national-security priorities in terms that investors can understand: market opportunity, risk, return, growth, and long-term competitiveness. 

The conversation also addressed several challenges facing national security investing. These included the difficulty of investing in areas with long development timelines, the role of government contracts, the classified nature of some technologies, and the competing international interests of multinational financial institutions. Christina noted that many critical technologies can be supported without access to classified information and that commercial investment can help strengthen the broader ecosystem in which national-security capabilities are developed. She also highlighted the importance of cooperation among the United States and its allies, and the role of allied countries in building resilient technology and supply chains. 

Christina concluded the discussion with an invitation to students and professionals to consider how their own backgrounds in finance, technology, policy, entrepreneurship, or national security could contribute to shaping the next generation of investment and international cooperation, and how they could lead in this new era of global competition and innovation.