Insights
Strategic intelligence for those operating at the intersection of capital, sovereignty and industrial consequence.
We publish reports, briefings and thematic studies on the financial and strategic dynamics of European critical and sovereign industries. Our research is not designed for general audiences — it is written for policymakers, institutional investors and industrial decision-makers who need rigorous, independent analysis of the markets where capital allocation is a strategic act, not just a financial one.
Our publications serve two purposes:

They position Sovereign & Critical Frontier Group as a reference voice in the markets we serve, and,

They give our clients and counterparties a continuous window into our thinking on the transactions, regulations and geopolitical shifts that shape their decisions.
a light bulb over a blue background
22/09/2026
Towards a Polish Dual-Tech Nation Strategy
From industrial convergence to technological sovereignty
Poland has largely achieved income convergence. Its next challenge is to build greater productive autonomy. The capital-and-labour model that powered growth is progressively exhausting its returns precisely at the moment when innovation-led productivity growth becomes decisive.
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Our studies
The following publications represent our current research programme. Topics are selected for their direct relevance to transaction activity in critical and sovereign industries — not for general interest. Each study is made available to our network and, where appropriate, distributed to targeted institutional audiences.
Report
Report #1
08/06/2026
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Policy brief
Report #2
08/06/2026
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Paper
Report #3
08/06/2026
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Industry focus
Report #4
08/06/2026
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Paper
Report #5
08/06/2026
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Report
Report #6
08/06/2026
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External publications
The following publications have been authored or co-authored by members of Sovereign & Critical Frontier Group in external policy, academic and media outlets. They reflect our intellectual positioning on the strategic, regulatory and financial questions that define our markets — and are presented here as part of the public record of our thinking.
a schema of a areas of a battlefield
Política Exterior
Essay
Spain
Lessons from Ukraine and Iran for European rearmament
March 2026
Lessons from Ukraine and Iran for Europe's rearmament.
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a conference speaker wearing a blue suit
Agenda Pública
Op-Ed
Spain
The Indra-Escribano merger: the conditions to create an Iberian defence champion
October 2025
Conditions for the  Indra-Escribano merger to forge an Iberian defence champion.
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strips of bullets
Política Exterior
Essay
Spain
How to finance the  necessary European defence industry
JULY 2025
How to finance  Europe's much-needed defence industry.
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a futuristic metro stop
Agenda Pública
Op-Ed
Spain
How a sovereign  wealth fund could transform Catalonia's economy
March 2025
The case for a  sovereign wealth fund to transform Catalonia's economy.
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relections of thousands of lights
Agenda Pública
Op-Ed
Spain
Why has Chinese  artificial intelligence shifted the geopolitical board?
February 2025
How Chinese AI is  reshaping the geopolitical landscape.
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a sophisticated robotic arm
Agenda Pública
Op-Ed
Spain
EU can be relevant in AI through frugal development
February 2025
The EU can compete  in AI through frugal, efficient development.
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telefonica building
Agenda Pública
Op-Ed
Spain
A new era at  Telefónica: the keys to European strategic autonomy
January 2025
Telefónica's new  phase and the path to European strategic autonomy.
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blocs of city seen from the sky at night
Agenda Pública
Op-Ed
Spain
Deep tech: key to  European defence and a differentiator for Barcelona
November 2024
Deep tech as  central to European defence and Barcelona's competitive edge.
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a man walking in front of an stc store
Cinco Días
Op-Ed
Spain
After  STC-Telefónica: how is Middle Eastern capital invested in Spain?
October 2023
How Gulf capital  is investing in Spain after the STC-Telefónica deal.
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a military camp
Cinco Días
Op-Ed
Spain
When Silicon Valley and the Pentagon join hands again
July 2023
On the renewed  alliance between Silicon Valley and US defence.
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an american shop with written "Buy American"
El País
Op-Ed
Spain
The great return of industrial policy
May 2023
The global revival  of industrial policy.
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a bird resting on a branch with a ring on his leg
Maddyness
Op-Ed
France
Sovereignty: the risk lies elsewhere than in startup acquisitions
October 2021
Why startup  acquisitions are not the real threat to French sovereignty.
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Media presence
El Español
Deep-tech investment in Spain and Andalusia: the most innovative technology, and we are moving slowly
November 2024
Spain and Andalusia lag in deep-tech investment despite its strategic value.
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El Periódico
Catalonia accounts  for 40% of deep-tech company investment in Spain
November 2024
Catalonia attracts  40% of Spain's deep-tech investment.
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Euromoney
Can banks  capitalize on the fintech fallout?
May 2023
Whether banks can seize the opportunity from the fintech downturn.
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Sifted
How venture debt actually works?
March 2023
A practical  explainer on how venture debt works.
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El País
The battle for digital sovereignty intensifies
November 2022
On Europe's  intensifying battle for digital sovereignty.
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Retina
Deep tech and digital sovereignty
November 2022
How deep tech  underpins Europe's digital sovereignty.
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Retina
Deep tech  objective: Europe's last lifeline for power and sovereignty
November 2022
Deep tech as  Europe's last lifeline for power and strategic sovereignty.
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ABC
Spain's eternally  postponed journey to the limits of innovation
September 2022
On Spain's stalled  push to the innovation frontier and the need to back deep tech.
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El Español
Why Spain needs  more deep tech
September 2022
Why Spain must  invest more in deep tech to stay competitive.
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Les Echos
Startup  acquisitions are boosting the industrialization of innovation
March 2021
How startup  acquisitions accelerate the industrialization of innovation.
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L'Agefi
Startups need  venture capital more than merger control
February 2021
Startups need  venture capital more than tighter merger control.
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L'Opinion
Startup: escaping  the valley of death — and then? — Emmanuel Combe's column
February 2021
On helping  startups survive the 'valley of death' and scale up.
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Selected Publications
Spain
Report
Real Instituto Elcano
11/2023
Innovate or die: the EU facing the industrial and technological challenge of the US and China
A roadmap for the EU to meet the US-China industrial and technological challenge.
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France
Report
Institut Montaigne
06/2023
Defence innovation: instruments to strengthen
Policy report on strengthening France's defence-innovation instruments.
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Spain
Report
Real Instituto Elcano
09/2022
A national Deep Tech strategy for Spain
A policy blueprint for a national deep-tech strategy for Spain.
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France
Academic paper
French Treasury
02/2021
Venture capital and development of French start-ups
Analysis of venture capital's role in scaling French start-ups.
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France
Academic Paper
French Treasury
02/2021
Taking stakes in French start-ups: predation or development?
Whether foreign stakes in French start-ups mean predation or development.
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Belgium
Book
DeBoeck
03/2019
Venture capital and innovation financing
A book on venture capital and the financing of innovation.
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Conferences
Three people seated on chairs on a stage in front of a large screen displaying a virtual meeting with multiple participants.
Conference
El Deep Tech en las agendas de investigación e innovación
Universitat Politècnica de València
06/2025
On placing deep tech at the centre of research and innovation agendas.
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Close-up side view of a futuristic humanoid robot with a white, smooth face and mechanical components visible around the neck and ear area against a muted background.
Keynote
The Rise of Sovereign Wealth Funds as Drivers of Deep Tech
Barcelona Deep Tech Summit
11/2025
How sovereign wealth funds are emerging as drivers of deep tech.
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Two men seated and talking during an event, one gesturing with his hand, the other listening attentively, with a wooden background displaying partial text.
Conference
Deep-Tech Entrepreneurship in Spain
Fundación Rafael del Pino
03/2023
On the state and prospects of deep-tech entrepreneurship in Spain.
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A woman speaking during a conference, the audience is listening attentively
Conference
Una estrategia de tecnología avanzada para España
Transfiere
03/2023
The case for a national advanced-technology strategy for Spain.
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Group photo of 22 people standing and two crouching in an indoor setting, all wearing event badges on lanyards.
Keynote
Navigating the Polish defence market and its institutional...
EUDIS
12/2025
A guide to Poland's defence market and its institutional landscape.
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Use cases
We regularly publish new use cases drawn from real-world engagements. While certain details may be anonymized, each case reflects situations observed in practice.
More case studies will be added soon.
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