Since the end of the Cold War, the defence industry has emerged as a leader in innovative technologies, and the Russo-Ukrainian war has provided a unique opportunity to test these technologies in a real combat scenario. As a result of the geopolitical events of February 2022, the European defence industry has faced unprecedented political, economic, and technological changes. This study examines these transformations through semi-structured, open-ended, in-depth interviews with twenty-five experts across ten European countries, analysed using qualitative content analysis, with a focus on small and medium-sized enterprises (SMEs). While perspectives on the necessity of defence innovations vary, there is considerable market demand for both disruptive innovations and the advancement of conventional technologies. However, despite the theoretical benefits, the current uncertain environment leads policymakers to view international defence collaborations as insecure. Consequently, SMEs develop military technological innovations either independently or with domestic partners. This study's novelty lies in its foundation on real empirical data, contributing practically applicable insights to the existing literature on the subject.