Michelle Le Merre, finance director – corporate development and strategy at BAE Systems, is one of the 100 leading corporate venturing professionals in our 2026 Powerlist.
In an era when venture capital is rediscovering the value of hard power, Michelle Le Merre has quietly reshaped how one of Europe’s largest defence companies approaches innovation. At the corporate venturing arm of BAE Systems, her tenure has marked a transition from observation to execution, turning venture investing into a strategic instrument rather than a peripheral activity.
The UK defence and aerospace company has launched a technology incubator to take dual-use technologies from research and innovations developed in-house to beyond the defence sector.
The incubator, called Launchpad, seeks to move defence technologies beyond prototype into independent startups with BAE Systems taking equity stakes in the companies it spins out.
The first company established by the Launchpad programme is Rho-C, a technology that enables the transmission of power and data through solid materials. The technology, developed by BAE Systems’ submarine business, eliminates the need to drill holes for wires. It is expected to have application in the oil and gas industry. Rho-C is closing its first VC funding round.
BAE Systems has also invested in external startups, such as flying taxi maker Eve and SAR satellite provider Iceye but does not have a dedicated VC arm. Its most recent investment was in Oxford Dynamics, a UK defence tech startup making AI for battlefield systems.
Le Merre’s contribution has been to broaden the aperture through which defence innovation is viewed, recognising that many of the most important technologies of the coming decade will emerge from commercial markets before finding military applications. By supporting dual-use pathways and encouraging greater engagement with entrepreneurial ecosystems, she has helped position BAE Systems to access innovation earlier, while creating new routes for technologies developed within the group to reach wider markets and customers.
As governments push for sovereign capability and trusted supply chains, corporates like BAE Systems are uniquely positioned to intermediate between startups and state demand. Venture units that can operationalise that role will define the next decade of corporate innovation.
The GCV Powerlist represents the 100 individuals spearheading the future of the corporate venturing industry.
These individuals excel in terms of their venturing approach and structure, number and quality of portfolio companies and in their contributions to the corporate venturing profession.
Here’s a snapshot of their recent deals:
