Tank Talks By Ripple Ventures: Recent Episodes

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In this episode of Tank Talks, host Matt Cohen sits down with Wayne Pommen, Chief Revenue Officer at Affirm and founder of PayBright, Canada’s first e-commerce buy now, pay later platform. Wayne shares his unlikely journey from competitive rowing, including the Oxford-Cambridge Boat Race, to a PhD in international relations, Bain Consulting, and private equity at TorQuest, where a failed deal set him on the path to building a fintech unicorn.

Wayne pulls back the curtain on PayBright’s early days, from spinning out a tiny 5-person division called HealthSmart Financial Services to pivoting into e-commerce and landing Casper and Endy as launch partners. He offers a practical breakdown of running a successful M&A process, sharing the dos and don’ts that led to Affirm’s acquisition of PayBright in 2020.

Now a senior executive at a public fintech giant, Wayne reflects on what he’s learned from working alongside Max Levchin, why Affirm refuses to charge late fees or deferred interest, and how AI is transforming everything from underwriting to go-to-market. He also shares his views on agentic commerce, the Canadian consumer credit landscape, and why “don’t quit” is his favorite life lesson.

Whether you’re a founder navigating a pivot, an operator scaling through acquisition, or just curious about the future of payments and AI, Wayne Pommen delivers the kind of straight talk that comes from building and scaling one of Canada’s most successful fintech stories.

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From Cambridge to Bain to Private Equity (03:10)

• The Oxford-Cambridge Boat Race, a broken wrist, and a comeback story

• Why he chose Bain over academia and how consulting shaped his career

• Joining TorQuest and zeroing in on non-bank financial services

Finding the Kernel: HealthSmart Financial Services (05:18)

• The summer of 2013, losing a deal but falling in love with the point-of-sale lending model

• Why banks ignored this niche and how technology was changing the game

• Spinning out a tiny five-person division with no CEO

The Pivot to E-Commerce (10:14)

• Doubling the health business in 2016 and realizing it would take forever

• The epiphany: Canada had no point-of-sale financing for e-commerce

• Mapping out the user experience over Christmas 2016 and pre-selling Casper and Endy

Building PayBright: Scrappy, Fast, and Capital Efficient (15:00)

• Running a “double-headed monster,” healthcare and e-commerce side by side

• Advice for founders navigating platform shifts, from legacy platforms to AI-native products

• The economics of buy now, pay later, merchant fees, interest rates, and cost of risk

The Affirm Acquisition (21:02)

• Growing annual loan volume from $6 million to $220 million in five years

• The COVID boom and inbound interest from Klarna, RBC, TD, and Affirm

• Running a mini process, dos and don’ts for founders

Staying On: Becoming CRO at Affirm (27:34)

• Why he stayed past the earnout and has now been there for more than three years

• Lessons from Max Levchin and the “dog on a bone” approach to going deeper

• How to stay focused across multiple products and jurisdictions

Agentic Commerce and the Future of Shopping (33:09)

• What agentic commerce really means and what it doesn’t

• Why agents will read the fine print and guide consumers to better choices

• The partnerships with Google, Stripe, and Shopify

Banning Deferred Interest and Late Fees (36:04)

• Why deferred interest is “borderline abusive” and hard to defend

• Affirm’s no-late-fee, no-compounding, transaction-level underwriting model

• Aligning lender and consumer interests, the Max Levchin insight

From Private to Public: Lessons in Discipline (40:32)

• How being public forces discipline without over-dictating the quarter

• Advice for CROs on timing the public markets

• Why Stripe staying private proves there’s no one-size-fits-all path

AI at Affirm: Supercharging Revenue and Underwriting (44:11)

• The proliferation of AI tools internally and the excitement of experimentation

• How transformer-based models are improving underwriting

• The future of work, querying Slack for tribal knowledge in seconds

About Wayne Pommen

Wayne Pommen is Chief Revenue Officer at Affirm, where he oversees the company’s revenue-generating teams and products. He joined Affirm in January 2021 through its acquisition of PayBright, Canada’s leading buy now, pay later provider, which he founded and led as President and CEO starting in 2015, growing it from 5 to 250 employees with retail partners including Apple, Hudson’s Bay, Wayfair, Samsung, and Sephora. Before PayBright, Wayne was a Principal at TorQuest Partners and a consultant at Bain & Company. A former competitive rower for Canada’s national team, he holds a degree from Harvard and a PhD from Cambridge.

Connect with Wayne Pommen on LinkedIn: https://www.linkedin.com/in/wayne-pommen-8844021/

Visit Affirm’s website: https://www.affirm.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen sits down with Julia Maltby, a Principal at Fengate Asset Management who has lived the full venture capital lifecycle. Julia started as the first employee at Plum Alley Investments, ran partnerships at WeWork during its hyper-growth phase, spent over five years rising from Associate to Principal at Flybridge Capital, and even ran her own seed fund, Deco Ventures, before moving to the LP side at Fengate in 2025. Today, she invests in early-stage VC funds and direct opportunities across North America.

Julia offers a brutally honest perspective on what she wishes every emerging manager knew about fundraising. She explains why LPs value process over outputs, why founder references from failed companies are more valuable than those from winners, and how GPs can stop leaving first meetings as a “polite maybe” and start qualifying LPs like a sales funnel. She also pulls back the curtain on LP-to-LP communication (which she says is 10X stronger than GP gossip), shares tactical advice on building data rooms that actually get read, and reveals how Fengate pre-approves co-investments to move at startup speed.

Whether you’re a GP in the middle of a raise, an LP sorting through an endless stack of emerging manager pitches, or just curious what venture looks like from every seat at the table, this episode is for you.

From Liberal Arts to Venture Capital (02:07)

• Julia’s unconventional path from studying architecture and social inequality to becoming one of venture’s most respected emerging investors.

• How a cold LinkedIn message landed her first job in venture capital.

• Why having no finance background became an advantage instead of a limitation.

Learning Venture from the Ground Up (04:13)

• Building crowdfunding platforms and SPVs before venture became mainstream.

• Why early-stage investing means wearing product, operations, and fundraising hats.

• Lessons learned from saying “yes” before knowing exactly how to do the work.

Inside WeWork’s Hypergrowth Machine (05:11)

• Joining WeWork during its explosive expansion and learning from one of startup history’s fastest growth stories.

• What Adam Neumann got exceptionally right about building mission-driven teams.

• The leadership lessons worth keeping and the scaling mistakes worth avoiding.

The Flybridge Investing Framework (10:39)

• Why durable venture investing starts with disciplined systems rather than intuition alone.

• The importance of pricing integrity and staying focused on core business strengths.

• How evaluating customer urgency shaped Julia’s investment philosophy.

Becoming a Solo GP (14:14)

• Launching Deco Ventures with Flybridge’s support.

• The challenges of making investment decisions without partners.

• Why every solo GP needs trusted people whose job is to challenge—not validate—their thinking.

What Makes a Venture Manager Truly Different? (18:00)

• Why there isn’t just one formula for becoming a successful GP.

• Understanding your competitive advantage instead of copying other managers.

• How LPs think about portfolio fit beyond fund performance.

The Data Room Mistakes GPs Keep Making (23:18)

• Why withholding information often slows fundraising rather than helping it.

• Julia’s advice: send everything instead of drip-feeding documents.

• How GPs should reference-check LPs before sharing sensitive materials.

Looking Beyond Markups and Valuations (27:16)

• Why portfolio KPIs matter more than inflated funding rounds.

• How disciplined reserve strategies separate thoughtful investors from reactive ones.

• Using follow-on decisions as a measure of investment discipline.

The Power of Great References (31:45)

• Why founders from failed companies often provide the strongest references.

• How LP references reveal governance, transparency, and communication quality.

• Why perfect references can actually make LPs more skeptical.

Stop Leaving Meetings as a “Maybe” (34:35)

• The questions every GP should ask before ending a fundraising meeting.

• Understanding the difference between genuine interest and structural misalignment.

• How qualifying LPs like a sales pipeline saves months of wasted fundraising.

Building Better Co-Investment Relationships (37:06)

• How proactive communication makes co-investments move faster.

• Why LPs build internal pipelines long before deals officially launch.

• The importance of giving institutional investors time to prepare.

The Future of Early-Stage Venture (39:27)

• Why Julia remains optimistic despite today’s challenging fundraising environment.

• The growing divide between mega-funds and smaller venture firms.

• Why smaller funds continue delivering meaningful returns that often go unnoticed.

Using AI to Build Better LP Portfolios (41:17)

• How Fengate uses AI to understand portfolio exposure across hundreds of startups.

• Moving beyond broad fund branding into detailed market analysis.

• Why better portfolio intelligence leads to better future investment decisions.

About Julia Maltby

Julia Maltby is a Principal at Fengate Asset Management, where she invests in early-stage VC funds and direct opportunities across North America. She has lived the full VC lifecycle: she was the first employee at Plum Alley Investments, ran partnerships at WeWork, spent 5+ years rising from Associate to Principal at Flybridge Capital, and founded her own seed fund, Deco Ventures. She holds an MBA from Harvard Business School and writes about her LP experiences on her Substack, Julia’s Field Notes.

Connect with Julia Maltby on LinkedIn: linkedin.com/in/juliamaltby

Learn more about Fengate Asset Management: https://fengate.com/

Read Julia’s Field Notes:

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Everyone Has the Same AI Tools Now. So where’s the Moat?

In this episode of Tank Talks, host Matt Cohen sits down with Jacob Jackson, partner at Julian Capital and founder of Deep Checks. A physicist turned SaaS founder turned deep tech investor, Jacob brings a unique perspective on the shifting landscape of venture capital. He shares his personal journey from developing MRI techniques at UBC to founding MedStack, and why he made the full-circle pivot back to backing companies building real, hard technology.

Jacob offers a frank assessment of the defensibility crisis in software, explains why AI is democratizing superpowers across every industry, and makes the case that deep tech offers faster exits and higher unicorn density than its reputation suggests. He also breaks down how Julian Capital supports founders with growth and go-to-market muscle, and why the team behind the idea matters more than ever in today’s market.

Whether you’re a founder building hardware, an investor looking for the next generation of venture returns, or just trying to understand where technology is headed, Jacob Jackson delivers the kind of straight talk that cuts through the hype.

Why Software’s Moat Is Gone (04:00)

• Jacob’s firsthand experience building MedStack, where Amazon, Google, and Azure built competing products almost overnight

• Why the defensibility crisis in SaaS is making it harder than ever for new companies to get off the ground

• The shift from competing on product to competing on capital and go-to-market

Redefining Deep Tech: What Everyone Gets Wrong (06:44)

• The biggest misconception: that deep tech requires 20-year fund cycles

• How SpaceX-style private market liquidity proves milestone-based exits work

• Why the hottest sector of the year is never where the biggest company gets seeded

How AI Accelerates Hardware Development (08:23)

• AI as a democratizing force that makes everything faster and more competitive

• From CAD design to patent strategy: how AI is becoming a founder’s essential tool

• The commoditization of vertical robotics and what it means for defensibility

Building Moat in Deep Tech: Talent, Networks, and Network Effects (10:30)

• Why network effects and talent density matter more than patents alone

• How to pull the “ladder up” behind you as you scale

• Incumbents vs. upstarts: why everyone has access to the same tools now

The Rise of Deep Checks (18:01)

• How Deep Checks became the world’s largest network of deep tech founders and VCs

• The platform that helps founders run a tight, accelerated fundraising process

• Over $100 million deployed and 5,000+ founders submitted in just two years

What Jacob Looks for in Founders (24:50)

• The 50/50 split between team and idea

• Why obsession and speed matter more than business experience

• How to spot the founders who will learn to sell, recruit, and negotiate

Frontier Tech vs. Deep Tech (29:20)

• Why Julian Capital backs “picks and shovels” companies in spaces like fusion and quantum

• The importance of market pull and meaningful near-term milestones

• Why a 20-year fund cycle makes financial math nearly impossible

The Data That Surprised Everyone (32:58)

• Deep tech exits are 25% faster with more unicorns per dollar invested

• Why historical data shows deep tech outperforming software

• The role of capital flooding and dilution in venture returns

About Jacob Jackson

Jacob Jackson is a partner at Julian Capital and the founder of Deep Checks, the world’s largest network of deep tech founders and VCs. A physicist by training, Jacob pivoted from academic research to founding MedStack, a privacy and security SaaS platform, before returning to his engineering roots as an investor. He now backs founders building hardware and tackling the world’s hardest problems. Jacob is known for his data-driven approach, obsession with team quality, and candid takes on the future of venture capital.

Connect with Jacob Jackson on LinkedIn: https://www.linkedin.com/in/jonlovekingsett?originalSubdomain=ca

Visit Julian Capital’s website: https://www.julian.capital/

Submit to Deep Checks: https://www.deepchecks.vc/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Matt Cohen is joined by John Ruffolo for another hard-hitting Tank Talks: The Rundown, covering the biggest stories shaping Canadian technology, venture capital, defence, and artificial intelligence. They break down TouchBistro’s dramatic fall from Canadian tech darling to a roughly $100 million exit, examining how inflated valuations, founder transitions, and restrictive financing can leave a company with nowhere to go.

The conversation also explores Dominion Dynamics’ major defence technology funding round, Meta’s $13 billion AI data centre investment in Alberta, and the growing open-weight AI movement that could threaten the business models and valuations of OpenAI, Anthropic, and other leading AI companies. John explains why foreign-owned infrastructure alone will not create true AI sovereignty or lasting economic value for Canada.

Finally, Matt and John discuss Mark Carney’s efforts to attract Saudi investment and whether renewed international interest in Canada will translate into real capital and economic growth. Listen to the full episode of Tank Talks: The Rundown for candid insights on startup valuations, Canadian defence technology, AI infrastructure, venture capital risk, and the decisions founders and investors must make before the market forces their hand.

TouchBistro’s $100M Exit: When Valuation Becomes a Trap (01:57)

John breaks down how TouchBistro went from a promising Canadian tech company to a sale far below its expected value. He explains how inflated valuations, founder changes, and restrictive financing can leave a business with no room to recover.

Canada’s Defence Technology Gold Rush (10:06)

Dominion Dynamics’ major Series A signals growing investor interest in Canadian defence technology. John warns that the sector requires deep expertise, trusted government relationships, and strategic investors, not just capital chasing the latest trend.

Meta’s $13B Alberta AI Bet: Infrastructure or Sovereignty? (14:24)

Meta’s massive Alberta data centre could bring billions in investment, jobs, and energy demand to Canada. But John argues that the highest-value assets, the models, chips, data, and intellectual property, will still be owned outside the country.

Open-Weight AI Could Change the Entire Market (18:14)

Powerful open-weight AI models are giving startups alternatives to expensive closed platforms. Matt and John discuss whether this shift could weaken the business models of OpenAI, Anthropic, and other frontier AI companies.

The AI Valuation Reckoning Is Getting Closer (20:32)

John argues that many leading AI and technology companies are priced far ahead of their current economics. A public market correction could quickly drag down private startup valuations and force founders to accept difficult resets.

Carney’s Saudi Capital Push: Interest Is Not Investment (24:01)

Mark Carney is working to attract Saudi and international investment into Canada. John believes Canada’s global credibility has improved, but warns that meetings and interest mean little until they produce actual deals and committed capital.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen sits down with Paul Ziadé, CEO and co-founder of North Vector Dynamics, a Calgary-based company building full-spectrum precision missile systems for Canada and its allies. A former tenured professor at the University of Calgary turned defence entrepreneur, Paul brings a deeply personal and historically literate perspective to the Canadian defence landscape. He shares his family’s story of displacement from Lebanon and Armenia, and how that legacy of resilience informs his mission to build a sovereign missile capability for Canada.

Paul offers a frank assessment of Canada’s defence complacency, arguing that the culture of risk-aversion is “upstream of everything.” He explains why the obsession with “dual-use” investing is holding the country back, why pure-play defence innovation is critical, and how startups like his can deliver capability faster than the traditional 10-year procurement cycle. He also breaks down the massive opportunity presented by the Golden Dome NORAD modernization and why Canada must participate not just as a buyer, but as an active builder.

Whether you’re a defence founder navigating the Canadian ecosystem, an investor trying to understand the shift in risk capital, or a policy wonk watching the Arctic heat up, Paul Ziade delivers the kind of straight talk that cuts through the noise.

From Civil War to Canadian Soil (00:01:20)

• Paul’s upbringing as the child of Lebanese-Armenian immigrants who fled civil war and genocide.

• How his parents’ appreciation for Canada’s peace and rule of law instilled a deep sense of responsibility.

• The household rule: “Laziness was never an option” , competitive soccer, piano, student government, and French schooling.

The Kennedy Space Center Spark (00:04:00)

• How a grade 10 family trip to the Kennedy Space Center “lit the fuse” for his obsession with rocketry.

• Touching the Saturn V and realizing what human ingenuity could achieve.

• Why he needed a strong goal to anchor his focus and drive.

Academia to Entrepreneurship (00:05:38)

• Why he left a tenured professorship after 10 years at the University of Calgary.

• The mindset shift: moving from committee-driven, overthinking academic life to the velocity and action-mentality of startups.

• How academia trained him to be a better communicator, but startup life gave him instant feedback on every decision.

The North Vector Vision (00:08:53)

• The mission: precision missile systems on every continent protecting allies and Canada.

• Full-spectrum air defence , from low-and-slow drones to hypersonic threats.

• Assembling the “Avengers” team from his university labs, including co-founders Craig (aerospace research chair) and Colin (former TA).

The Supply Chain Blind Spot (00:10:36)

• Canada’s massive gap in energetics , from solid rocket motors to warheads, and upstream chemical synthesis (RDX, HMX, C4 propellants).

• Why “vertically integrated” doesn’t always mean what people think.

• The need for government signals to encourage private companies to take the risk and spool up.

Defence Investing: Then vs. Now (00:14:48)

• In 2022, no one wanted to look at North Vector , squeamishness around defence was rampant.

• The gap between the narrative and reality on the ground in Canada.

• Why most Canadian investors are still obsessed with “dual-use” investing, which Paul argues is historically misguided.

The Dual-Use Delusion (00:29:31)

• The problem with forcing every defence tech to have a civilian application.

• Historical examples: GPS (missile guidance), duct tape (waterproof ammunition sealing).

• The parallel to basic science , pure math and quantum mechanics funded with no immediate application, yet yielding enormous real-world benefits.

Canada vs. The U.S. (00:18:43)

• Honest admission: it’s easier to build defence tech south of the border.

• Why North Vector chose to stay in Canada despite the friction.

• Canada as a “frontier market” , a massive opportunity for those willing to build.

• The debt of gratitude to the country that gave his family refuge.

ACDC & The 70% Target (00:21:20)

• Paul co-chairs the Alliance of Canadian Defence Companies (ACDC) , now nearly 200 members.

• The goal: champion Canadian-owned, Canadian-controlled companies and advocate for fast contracts.

• Holding the government accountable to the Defence Industrial Strategy (DIS) without displacing primes.

In-Q-Tel & The Culture Shift (00:23:16)

• What a Canadian version of In-Q-Tel would need to get right.

• The critical need: give delegated authorities permission to take risks and accept failure as part of the process.

• Moving money out the door faster to small, scrappy startups that could win big.

The Golden Dome Opportunity (00:27:13)

• Canada’s lack of commitment to NORAD modernization and the Golden Dome.

• The upside: a $500B–$1.2T opportunity.

• Paul’s proposed win-win: “Give Trump the $61B win, but ensure $40B goes to Canadian firms.”

• How Canada can participate as an active builder, not just a buyer.

About Paul Ziadé

Paul Ziadé is the CEO and co-founder of North Vector Dynamics, a Calgary-based company building full-spectrum precision missile systems for Canada and its allies. A former tenured professor at the University of Calgary, Paul holds deep expertise in high-speed propulsion and aerodynamics, having spent over a decade in academia before pivoting to the startup world. He is also the co-chair of the Alliance of Canadian Defence Companies (ACDC) , advocating for Canadian-owned, Canadian-controlled defence firms. A first-generation Canadian with roots in Lebanon and Armenia, Paul brings a historically literate perspective to national security and the urgent need for Canada to build sovereign defence capability.

Connect with Paul Ziadé on LinkedIn: https://www.linkedin.com/in/paul-ziade/

Visit North Vector Dynamics’ website: https://www.northvectordynamics.com/

Learn more about ACDC: https://www.alliancecanada.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this special episode of Tank Talks, recorded live during Toronto Tech Week at Moomoo Canada’s flagship store in Yorkville, Matt Cohen sits down with two of venture’s sharpest data and investment minds for an unfiltered conversation on the state of private markets.

Peter Walker, Senior Director of Insights at Carta, brings the hard numbers from 60,000+ companies and 3,000+ US venture funds, revealing the stark reality behind valuation markups, unicorn deterioration, and the widening dispersion between top-tier and median deals.

John Rikhtegar, Vice President at Northleaf Capital Partners and former RBC investor, offers the LP perspective on why trust matters more than ever, why emerging managers are bearing the brunt of capital allocation challenges, and how disciplined pacing and vintage diversification separate winning funds from the rest.

Together, they tackle the 4.3 trillion-dollar NAV overhang, the brutal graduation rates for 2021 vintage funds, whether valuations have permanently shifted, and why the ATM analogy might be the best way to understand AI’s impact on venture careers.

If you’re a GP raising capital, an LP sorting through manager pitches, or just trying to make sense of where venture is headed, this episode is a must-listen.

The Great LP Reset: Trust Over Performance (08:05)

• Why LPs are letting go of newer relationships while sticking with 15-year partners.

• The COVID furlough analogy: why junior and newer team members are the first to go.

• How trust became the ultimate table stakes in today’s fundraising environment.

The 4.3 Trillion Dollar NAV Problem (12:33)

• Why SpaceX’s IPO would return only 10% of capital deployed over the last decade.

• The staggering number of unicorns still sitting on stale marks from 2021.

• What happens when 50% of unicorn down rounds become the new normal.

Valuation Dispersion Is Breaking the Model (17:38)

• Seed valuations jumped from $15M post-money (2022) to $24M (2025).

• Series A went from $46M to nearly $80M in the same period.

• Why the gap between the top decile and the median has never been wider.

• How GPs must adapt ownership expectations or get priced out of deals.

The Unicorn Graveyard: Stale Marks and Deteriorating Assets (19:28)

• December 2021: 640 unicorns on Carta; 85% of current US unicorns.

• 30% have raised new up-rounds; of the rest, half raised down rounds of 50% or more.

• How GPs are forced to tell LPs that their “trophy assets” are no longer real.

Pacing, Reserves, and Portfolio Construction (22:53)

• Why disciplined 3-4 year deployment beats 18-month “firehose” strategies.

• The 80/20 reserve debate: why leading rounds can become a net negative.

• How “deal 13” is just as likely to succeed as “deal 12”, and why slightly larger portfolios make sense.

LP Diligence: It’s Not About the Marks (31:55)

• Why TDPI and DPI are just 2 of 100 mosaic factors in LP decision-making.

• How LPs now go company-by-company, not fund-by-fund.

• The importance of founder references, especially from failed companies.

Canada vs. The US: A Fractal Problem (40:44)

• Why every market (Toronto, Sydney, London, Seattle) faces the same “Silicon Valley problem.”

• The importance of domestic liquidity and secondary markets over chasing US LPs.

• Why returns, not international capital, will ultimately scale Canadian firms.

AI and the Future of Venture Careers (44:44)

• The ATM analogy: AI will eliminate tasks, not jobs.

• Why the role of the investor becomes more important as noise and froth increase.

• How family offices are shifting their mix between fund investing and direct deals.

Retail Access to Private Markets: Feature or Bug? (53:27)

• Why illiquidity in private markets is a feature, not a bug.

• The absurdity of allowing crypto “shitcoins” but blocking friends from investing in startups.

• Why “401k-entrance” to private equity is a bigger story than retail venture access.

About the Guests

Peter Walker is the Senior Director of Insights at Carta, where he leads the team responsible for analyzing data from over 60,000 companies and 3,000+ venture funds. His work on valuations, liquidity, and fundraising trends is widely cited across the venture ecosystem. He is a regular speaker at industry events and writes extensively on LinkedIn about the intersection of data and venture capital.

Connect with Peter Walker on LinkedIn: linkedin.com/in/peterjameswalker

Learn more about Carta: carta.com

John Rikhtegar is a Vice President at Northleaf Capital Partners, joining in early 2026 after a distinguished career at RBC and as an operator at Shopify and in the UK. He brings a unique blend of LP and operational perspectives, with deep expertise in due diligence, portfolio construction, and the dynamics of emerging manager investing.

Connect with John Rikhtegar on LinkedIn: https://www.linkedin.com/in/johnrikhtegar/

Learn more about Northleaf Capital Partners: https://www.northleafcapital.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Canada is entering one of the most important moments in its innovation history. As global tensions rise and national security becomes a growing priority, founders, investors, and governments are being forced to rethink how Canadian defence technology is built, funded, and scaled.

In this special episode of Tank Talks, host Matt Cohen steps into the guest seat as part of a live panel recording from the Arctic Edge event, held during Toronto Tech Week on May 26th, 2026. Against the backdrop of escalating Arctic sovereignty concerns and a new era of national security, this panel, aptly named “The Backers,” brings together leading Canadian investors to dissect the burgeoning defence technology sector in Canada.

Moderated by Matthew Lombardi of The Icebreaker, the discussion features Matt Cohen (Ripple Ventures), Devin Galloway (Garage Capital), and Mark Maybank (Maverix Private Equity). Together, they explore the seismic shift in Canadian capital markets, from the historical reluctance to fund defence to the current “cultural permission” that is finally opening doors. They tackle the complexities of dual-use technology, the harsh realities of government procurement, the critical “Series A gap” for sovereign-interest companies, and what it truly takes to build a world-beating defence company from Canada.

Whether you’re a founder navigating the defence landscape, an investor looking for the next frontier, or simply interested in the future of Canadian sovereignty, this episode offers a raw, unfiltered look at the challenges and immense opportunities ahead.

Why Defence Investing is Finally Changing in Canada (02:48)

• Why Canadian defence technology has become a national priority after years of limited investment

• How changes to venture fund mandates and government policy are opening new opportunities for founders

• Why investors believe Canada is only at the beginning of its defence innovation journey

Defence vs. Dual Use: The Debate Every Founder Should Understand (04:08)

• Why some investors believe dual-use businesses reduce risk while others see them as a distraction

• The challenges of serving both commercial and government customers at the same time

• Why simply having the conversation around defence represents major cultural progress for Canada

Why Procurement Still Matters More Than Capital (10:00)

• The encouraging signs that Canadian procurement is beginning to move faster

• Why government demand signals remain one of the biggest barriers to investment

• How procurement reform could unlock the next generation of defence startups

The Hottest Trends and Biggest Mistakes in Defence Tech (12:06)

• Why AI, robotics, drones, and autonomous systems are attracting enormous investor attention

• How experienced operators separate themselves from founders chasing hype

• Why understanding military procurement is just as important as building great technology

What Great Defence Founders Do Differently (15:33)

• Why credibility, patience, and long-term relationship building matter more than moving fast

• The importance of recruiting exceptional talent around a mission that inspires people

• Why fundraising skills are critical for capital-intensive defence businesses

Building Companies for Decades, Not Years (17:44)

• Why defence investing requires a completely different timeline than traditional software startups

• How venture firms are adapting to longer company-building cycles

• Why patient capital is essential for creating world-changing businesses

Expanding the Definition of Defence (21:00)

• Why protecting critical infrastructure is becoming just as important as military applications

• How ports, utilities, emergency services, and cities fit into the modern defence landscape

• Why startups should think beyond government procurement when building go-to-market strategies

Helping Startups Win Beyond Writing the First Check (25:11)

• How strategic corporate relationships can accelerate growth alongside government contracts

• Why investors are building networks of executives who actively support portfolio companies

• The growing momentum behind procurement reform across Canadian institutions

Advice for Founders Building Canada’s Next Great Defence Company (27:20)

• Why founders should spend time with customers before perfecting the product

• The importance of building relationships in Ottawa long before contracts arrive

• Why the ambition should be to build a company that leads the world, not just Canada

The Funding Gap Threatening Canadian Innovation (34:18)

• Why Canada still struggles to fund companies through critical growth stages

• How government matching funds and institutional investors could help close the gap

• Why keeping Canada’s best companies at home will require larger pools of patient capital

Valuations, Venture Math, and Keeping Canadian Founders in Canada (39:29)

• Why Canadian and American venture markets operate under very different economic realities

• The dangers of raising oversized rounds before a company is ready

• Why solving Canada’s capital challenges is essential for keeping world-class entrepreneurs at home

About the Panel

Matt Cohen is the Founder and Managing Partner of Ripple Ventures, an early-stage venture capital firm investing in exceptional founders across Canada and the United States. Ripple has expanded from its roots in B2B software into frontier technologies, including defence and dual-use innovation.

Mark Maybank is the Co-Founder and Managing Partner of Maverix Private Equity. Maverix focuses on growth-stage investments across North America, with defence and dual-use technologies forming a core part of its investment strategy.

Devin Galloway is a General Partner at Garage Capital, one of Canada’s leading early-stage venture funds. Since 2014, Garage has backed founders building category-defining companies across software, deep technology, and defence.

Connect with Devin Galloway on LinkedIn: https://www.linkedin.com/in/devongalloway

Visit the Garage Capital website: https://www.garage.vc/

Connect with Mark Maybank on LinkedIn: https://www.linkedin.com/in/mark-maybank

Visit the Maverix Private Equity website: https://www.maverixpe.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this special episode of Tank Talks, Matt Cohen brings listeners inside Toronto Tech Week with a live podcast studio recorded at the Toronto Homecoming event. This episode captures a fast-moving snapshot of the Canadian tech ecosystem through candid conversations with Boris Wertz of Version One, Lawrence Mandel and Farhan Thawar of Shopify, Ben Vinegar of Modem, Andrew Chau of Neo Financial, Fahd Ananta of Opendoor, and Eliot Pence of Dominion Dynamics. Across venture capital, AI-native engineering, product management, fintech, defense tech, and startup turnarounds, the episode explores why Toronto Tech Week feels like a real inflection point for Canadian founders, operators, investors, and returning global talent.

Matt and the guests dig into the biggest questions shaping startups in 2026: how AI is changing the speed of company-building, why “AI wrappers” are becoming harder to defend, how Shopify is rethinking engineering culture around AI, what agentic coding still gets wrong, why Neo Financial is taking on Canada’s banking oligopoly, what Opendoor’s turnaround reveals about velocity, and how Dominion Dynamics is building sovereign Canadian defense technology for the Arctic. The recurring theme is clear: Canada has talent, capital, technical depth, and ambition, but the ecosystem needs to move faster, take bigger risks, and stop hiding its best builders under a very polite rain jacket.

Whether you’re a Canadian founder, venture capitalist, AI operator, fintech builder, defense tech investor, or someone trying to understand why Toronto Tech Week has become such a high-energy gathering for the startup community, this episode is packed with sharp insights from leaders building at the edge of what comes next.

Boris Wertz on Early-Stage Investing in a No-Playbook AI Market (02:16)

Boris Wertz of Version One Ventures compares Toronto Tech Week to other tech gatherings and explains why today’s early-stage investing environment is unlike anything he has seen before. He discusses the faster pace of innovation, why founders need to be nearly perfect from the start, and how AI-native companies require a different mindset than traditional SaaS startups.

Lawrence Mandel on Shopify’s AI-Native Engineering Culture (07:13)

Lawrence Mandel shares how Shopify’s engineering organization is building for merchants, APIs, analytics, and the third-party ecosystem while operating with a mostly remote team. He explains how Shopify’s intern program, engineering culture, and AI-first mindset are shaping the next generation of Canadian technical talent.

Farhan Thawar on Remote Work, Bursts, and Shopify’s Meeting Armageddon (16:46)

Farhan Thawar shares a blunt view on Shopify’s remote-first culture, saying most companies should not simply copy it unless they are deeply intentional. He explains Shopify’s “bursts,” company-wide summits, hackathons, and Meeting Armageddon, where recurring meetings are deleted so teams can rebuild their calendars from first principles.

Ben Vinegar on Modem and AI Product Management (31:52)

Ben Vinegar introduces Modem as an AI product management platform focused on the non-coding work behind software development. He explains why user conversations, product feedback, and customer experience are harder to understand deterministically, and why LLMs create a new way to analyze human signals at scale.

Andrew Chau on SkipTheDishes, Neo Financial, and Taking on Canadian Banking (45:23)

Andrew Chau shares the origin story of SkipTheDishes and how that experience led him to build Neo Financial. He explains why Neo chose one of the hardest and most regulated industries in Canada, and why the big five banking oligopoly creates a massive opportunity for a better consumer banking experience.

Fahd Ananta on Opendoor, Turnarounds, and Speed (59:20)

Fahd Ananta shares how he joined Opendoor during its turnaround after reconnecting with Kaz from Shopify. He explains how a simple congratulatory message turned into a strategic document, a fast offer, and a move into one of the most closely watched public-company turnaround stories in tech.

Eliot Pence on Returning to Canada to Build Dominion Dynamics (01:04:34)

Eliot Pence shares why he is moving back to Canada after years abroad and why he believes this is a unique moment for Canadian ambition. He explains that Dominion Dynamics is being built in Canada because the customer is here and because Canada is reinvesting in defense.

About Boris Wertz

Boris Wertz is the founder of Version One Ventures, an early-stage venture capital firm known for backing ambitious technology companies across emerging markets and frontier categories. A longtime investor in the Canadian and global startup ecosystem, Boris brings a clear-eyed perspective on how venture has changed in the AI era, why founders now need to move with more speed and precision than ever, and what separates truly defensible companies from short-lived AI wrappers.

Connect with Boris Wertz on LinkedIn: https://www.linkedin.com/in/bwertz/

Visit the Version One website: https://versionone.vc/

About Lawrence Mandel

Lawrence Mandel is a VP of Engineering at Shopify, where he helps lead major parts of Shopify’s core technical infrastructure, including merchant-facing systems, analytics, API layers, and the third-party developer ecosystem. With more than eight years at Shopify and a team of hundreds of engineers, Lawrence has been closely involved in how one of Canada’s most important technology companies builds, hires, trains, and adapts in an AI-native world.

Connect with Lawrence Mandel on LinkedIn: https://www.linkedin.com/in/lmandel/

Visit the Shopify website: https://www.shopify.com/

About Farhan Thawar

Farhan Thawar is a senior engineering leader at Shopify and one of the most distinctive voices in Canadian tech on AI, software development, and engineering culture. Known for his practical, high-conviction thinking, Farhan has helped shape how Shopify approaches remote work, engineering velocity, AI tooling, internal systems, and company-wide habits like Meeting Armageddon and Delete Code Club. His perspective blends deep technical experience with a founder-style obsession for speed, leverage, and better systems.

Connect with Farhan Thawar on LinkedIn: https://www.linkedin.com/in/fnthawar/

Visit the Shopify website: https://www.shopify.com/

About Ben Vinegar

Ben Vinegar is the founder and CEO of Modem, an AI product management platform built to help teams understand users, product feedback, and the non-coding work behind building great software. Before starting Modem, Ben was VP of Engineering at Sentry, where he spent years working on developer tools, engineering productivity, and software observability. His work now sits at the intersection of AI, product development, user insight, and the future of agentic software workflows.

Connect with Ben Vinegar on LinkedIn: https://www.linkedin.com/in/benvinegar/

Visit the Modem website: https://modem.dev/

About Andrew Chau

Andrew Chau is the co-founder and CEO of Neo Financial, one of Canada’s most prominent fintech companies, and a co-founder of SkipTheDishes. After helping build and exit one of Canada’s breakout consumer technology companies, Andrew turned his attention to one of the hardest markets in the country: banking. Through Neo, he is focused on giving Canadians a modern alternative to legacy financial institutions, with digital-first products spanning credit cards, savings, checking, mortgages, rewards, and major brand partnerships.

Connect with Andrew Chau on LinkedIn: https://www.linkedin.com/in/andrew-chau-1046749/

Visit the Neo Financial website: https://www.neofinancial.com/

About Fahd Ananta

Fahd Ananta is an operator and investor with experience across Shopify, Opendoor, and Roach Capital. He recently joined Opendoor during a major turnaround period, bringing with him the systems-driven operating mindset shaped by his time around Shopify’s culture of speed, abstraction, and company-building discipline. Fahd represents a new kind of Canadian tech operator: globally experienced, deeply technical, quietly intense, and focused on helping large, complex companies move faster.

Connect with Fahd Ananta on LinkedIn: https://www.linkedin.com/in/fananta/

Visit the Opendoor website: https://www.opendoor.com/

About Eliot Pence

Eliot Pence is the founder of Dominion Dynamics, a Canadian defense technology company focused on sovereign capability, Arctic security, and dual-use technology. A former leader at Anduril, Eliot returned to Canada to build a defense company designed for speed, risk-taking, and real-world deployment. His work is centered on helping Canada rebuild ambition in national security, defense procurement, Arctic infrastructure, and the kind of company-building required to create globally consequential Canadian technology.

Connect with Eliot Pence on LinkedIn: https://www.linkedin.com/in/eliotpence/

Visit the Dominion Dynamics website: https://www.defendthedominion.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This episode is brought to you by Deel. Receive our exclusive offer here: https://www.deel.com/partners/tanktalks/?utm_source=podcast&utm_medium=partner-sourced&utm_content=rippleventures&utm_place=organic-community

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In this episode of Tank Talks, recorded live at the Global Startups Conference, Matt Cohen and John Ruffolo take the stage for a wide-ranging conversation on the future of Canada’s innovation economy, the AI infrastructure race, and why this moment feels different, even if John still refuses to fully believe “this time is different.” The conversation opens with SpaceX’s historic IPO, massive valuation hype, and the question of whether public market demand can support a new wave of AI and frontier tech giants like OpenAI and Anthropic.

Matt and John then dig into one of the biggest strategic questions facing founders today: should startups build on top of frontier AI models, or will those platforms eventually come for their margins? John draws a sharp comparison to Hootsuite’s dependence on social media APIs, warning founders not to build businesses where a monopolistic platform can eventually “come calling.” From LLM unit economics and inference costs to local models, edge compute, AI sovereignty, and Canada’s weak position in the full AI stack, this episode breaks down why real moats may come from deep tech, defense, energy, chips, space infrastructure, and hard-to-build businesses.

The discussion also tackles Canada’s AI strategy, the tension between innovation and regulation, the rise of dual-use defense startups, the shortage of domestic growth capital, and whether Canada is becoming a farm team for U.S. acquirers. John and Matt close with a candid look at family offices, immigrant founders, Canadian ambition, and what actually separates fundable founders from the noise: purpose, focus, and the ability to build something hard when everyone else is chasing the latest shiny object.

SpaceX’s IPO and the return of the hype machine (02:48)

Matt and John open with the massive SpaceX IPO, its soaring valuation, and whether the market is being driven by fundamentals or pure scarcity-fueled hype. John argues that discounted cash flows still matter, even when investors are caught up in the next great frontier tech story.

Satya Nadella’s warning to AI founders (05:56)

Matt brings up Satya Nadella’s warning about relying too heavily on frontier models. The discussion explores why businesses built on top of OpenAI, Anthropic, or other LLM platforms may eventually face direct competition from the very infrastructure they depend on.

Canada’s AI strategy: long overdue, but too unfocused? (16:14)

Matt and John assess the government’s AI strategy and the promise that Canadian AI adoption could add massive GDP growth. John says the strategy contains useful objectives, but risks becoming a laundry list without a clear answer to the question: which pedal are we actually pressing?

Building trust in AI without creating regulatory capture (21:46)

The audience asks how Canada can build trust in AI adoption. John argues for clear guardrails, but warns that large AI players may eventually welcome heavy regulation because it protects incumbents and locks out smaller competitors.

Defense tech is hot again, but not every startup is real (25:19)

Matt and John discuss the surge of interest in dual-use defense technology. John warns that when government money appears, everyone suddenly claims to be a defense company, making it harder to separate serious builders from PowerPoint tourists.

Is building in Canada patriotic or financially irrational? (33:19)

Matt asks the blunt question: in 2026, is staying in Canada a patriotic endeavor or a financial mistake? John argues Canada has the talent, ecosystem, and raw materials, but lacks confidence and ambition at the capital layer.

Why Canada needs real growth capital, not just early-stage funding (37:34)

John explains why he created Mavericks to address the gap in Canadian growth equity. The issue is not founder ambition, but the lack of domestic capital willing to write meaningful checks once companies need to scale past the early stage.

Family offices, education gaps, and Canada’s missing innovation capital (43:56)

Matt explains why many Canadian family offices are still learning how venture and startup investing work. Unlike real estate or private equity, venture requires patience, a tolerance for the J curve, and a different understanding of risk and return.

Canada’s AI edge may be hiding in resources, minerals, and chip substrates (49:43)

The episode closes with a discussion of Canada’s possible edge in AI infrastructure through natural gas, rare earth materials, zinc byproducts, indium phosphide, and semiconductor supply chains. Matt and John argue that Canada’s issue is not a lack of resources, but a lack of permission, capital, and long-term conviction to build around them.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen sits down with Michael Arbus, CEO of moomoo Canada, for a wide-ranging conversation on Wall Street trading floors, Canadian fintech, crypto regulation, AI-powered investing, and what it really takes to build and scale financial technology companies. Michael’s career has taken him from the chaos of Bay Street and Wall Street desks at firms like RBC Capital Markets, TD, UBS, and Merrill Lynch to operating industrial businesses, helping scale Bitbuy into a regulated Canadian crypto marketplace, and now leading moomoo Canada as it pushes into self-directed retail trading, AI tools, options education, and investor communities.

Michael shares the lessons he learned from covering major hedge funds, why one trade during the financial crisis made him rethink his role as an advisor, how spreadsheet-driven decision-making helped him turn around operating businesses, and why retail investors in Canada are ready for better tools than the legacy banking platforms have historically offered. They also dive into moomoo’s AI-native product strategy, agentic investing, algorithmic trading in natural language, Canada’s loyalty to big banks, the rise of retail options trading, and the founder advice Michael wishes more entrepreneurs would hear before wasting years on a business that cannot support them.

Whether you’re a fintech founder, startup operator, retail investor, trader, or Canadian tech ecosystem builder, this episode is packed with sharp, practical insights on the future of investing, AI, and financial platforms.

From Trading Floor Chaos to Wall Street Scar Tissue (03:30)

Michael describes life on massive institutional trading floors as a “casino with pumped oxygen and insanity.” The early mornings, morning meetings, nonstop client calls, and constant pressure to be relevant. Why the trading desk taught him how to process information quickly and turn noise into action.

Investing in Businesses vs. Investing in Stocks (12:12)

Matt and Michael break down the difference between knowing a ticker and understanding the actual company underneath it. Why some good businesses can be bad stocks, and some bad businesses can still become great trades.

Scaling Bitbuy and Learning the Reality of Regulation (22:33)

Michael shares how he joined Bitbuy when the business was growing but still needed operational structure. The shift from institutional finance to B2C financial services. Why serving retail customers creates a much deeper sense of accountability, especially when people are trusting a platform with their hard-earned money.

What moomoo Actually Is and Why Canada Matters (27:41)

Michael explains moomoo’s global footprint across markets like Hong Kong, Singapore, Australia, the U.S., and Canada. The scale of Futu Holdings, the role of product and R&D, and why joining a 4,000-person global fintech machine was very different from building Bitbuy from a smaller startup team.

Canada’s Loyalty Problem With Big Banks (29:44)

Why Canadian retail investors are deeply loyal to legacy banking brands. Michael explains how trust, safety, and brand recognition are baked into Canadian financial behavior, and why moomoo believes a regulated challenger brand can win by offering a product Canadian investors have not seen before.

AI Trading Inside the moomoo App (35:55)

How moomoo became one of Canada’s first AI brokerage platforms. Why its AI tools are different from generic public LLMs because they are connected to paid, live market data behind the platform’s firewall. How this changes the quality of answers retail investors can access.

Can moomoo Challenge Canada’s Banking Giants? (41:24)

Michael explains who moomoo is built for and who it is not built for. Why the next generation of investors may care more about control, education, and outperformance than branch loyalty. How AI, job market uncertainty, and personal financial pressure could make self-directed investing more important.

Canada’s Top Trader and the Nasdaq Partnership (43:20)

Michael shares moomoo Canada’s trading competition, including real prize money, a $100,000 top prize, and partnership with Nasdaq. Why the initiative is designed to bring retail investors into the market in a more systematic, educated way.

Can Your Startup Actually Pay for Your Life? (47:42)

Michael explains why founders need to calculate their personal take-home pay before committing years to a venture. The danger of getting caught in a self-fulfilling story that feels exciting but cannot support the builder behind it.

The Leadership Lesson That Still Matters Most (51:32)

Michael closes with a simple but powerful lesson: kindness goes a long way. After scaling multiple teams from small groups to dozens or more than 100 people, he explains why intelligence is common, but kindness is what compounds in leadership, hiring, and company building.

About Michael Arbus

Michael Arbus is the CEO of moomoo Canada, a global self-directed investing and trading platform under Futu Holdings focused on retail investors, trading tools, market data, options education, and AI-powered investing experiences. Before joining moomoo, Michael built a diverse career across institutional finance, entrepreneurship, industrial operations, crypto, and fintech. He spent years on Bay Street and Wall Street trading desks at firms including RBC Capital Markets, TD, UBS, and Merrill Lynch, working with global hedge funds and covering M&A event-driven situations, mining, and energy stocks. He later moved into operating businesses, including oil, scrap metal, industrial recycling, and crypto mining, before helping scale Bitbuy into one of Canada’s leading regulated crypto marketplaces. Today, Michael is focused on expanding moomoo Canada, bringing institutional-grade tools to retail traders, and helping Canadian investors understand the future of AI, options trading, and self-directed financial platforms.

Connect with Michael Arbus on LinkedIn: https://www.linkedin.com/in/michael-arbus-cfa-mba-299a49/

Visit the moomoo Canada website: https://www.moomoo.com/ca

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen sits down with Aidan Madigan-Curtis, Partner at Eclipse, for a sharp conversation on physical AI, frontier tech, robotics, manufacturing, and the future of building in the real world. Aidan shares her unlikely path from a small mountain town in Penticton to Harvard, Bridgewater, Apple, Samsara, and now Eclipse, where she invests at the intersection of atoms and bits.

She breaks down what factory floors taught her that most software-first founders miss, why physical AI is becoming one of the biggest venture capital opportunities of the next decade, and what the U.S. and Canada must understand about China’s manufacturing advantage. From launching the first Apple Watch manufacturing lines to scaling Samsara’s hardware operations and investing in autonomous excavation, robotics, energy, defense, and supply chain technology, Aidan brings a rare operator-investor perspective to one of the most important shifts happening in tech today.

Buckle up to understand why the next wave of AI won’t just live in software; it will reshape factories, robots, infrastructure, and the physical world around us.

The Unlikely Path from Penticton to Harvard (00:04:25)

Aidan shares the wild story of growing up in a tiny Canadian mountain town, applying to Harvard almost by accident, and nearly missing her acceptance letter because it sat undelivered in a PO box. She reflects on how community support, risk-taking, and a willingness to swing big shaped the rest of her career.

Bridgewater, Systems Thinking, and Conviction Investing (00:09:00)

Aidan explains how Bridgewater’s fundamental, systematic approach to markets shaped how she evaluates venture opportunities today. She breaks down why Eclipse starts with deep theses, pressure-tests industries, and backs founders before the market fully understands where the world is going.

The Factory Floor Lesson Every Founder Needs (00:17:27)

Drawing from her time launching Apple Watch manufacturing lines, Aidan explains why the best founders must balance brutal honesty with extreme optimism. She argues that founders who get “high on their own supply” lose touch with reality, while founders without belief cannot rally a team to do the impossible.

Why Physical AI Was the Bet Before It Was Cool (00:20:34)

Aidan walks through her career pattern of choosing the “unsexy” path before it becomes obvious: Bridgewater before it was famous, Apple supply chain when software was eating the world, Samsara before industrial IoT was hot, and Eclipse before physical AI became a major venture category.

China’s “Vibe Manufacturing” Advantage (00:28:37)

Aidan unpacks Eclipse’s China Field Notes and explains what “vibe manufacturing” really means: a deeply layered, highly competitive, fast-moving manufacturing ecosystem that can turn ideas into physical products at extraordinary speed. She discusses China’s compounding advantage in tooling, suppliers, human capital, robotics, and government-backed industrial competition.

Where the U.S. Is Ahead and Behind in Robotics (00:37:18)

Aidan breaks down the robotics race between the U.S. and China. She says the U.S. remains highly competitive in embodied AI, autonomy, and goal-oriented machine intelligence, but lags badly in manufacturing depth, actuators, magnets, physical iteration speed, and lower-level robotic control.

The Robotics Data Problem (00:41:14)

Aidan explains why video data alone is not enough to build general-purpose robotics. She discusses the need for proprioception, haptics, physics data, and real-world interaction data, plus why China’s robotic data farms could become a major strategic advantage.

Canada’s Opportunity in AI, Energy, and Deep Tech (00:44:47)

As a Canadian-born investor, Aidan lays out where Canada can win: talent attraction, smart immigration policy, abundant clean energy, AI infrastructure, university research, biotech, quantum, defense, and strategic government offtake. She argues Canada has the raw ingredients to become a major player if it moves with urgency.

Eclipse’s Interest in Canadian Founders (00:49:20)

Aidan shares that Eclipse is already investing in Canada, including companies in Toronto and Vancouver, and is actively interested in deep tech and physical AI founders coming out of Canada’s strongest ecosystems.

About Aidan Madigan-Curtis

Aidan Madigan-Curtis is a Partner at Eclipse, where she invests in physical AI, robotics, manufacturing, energy, defense, supply chain, and frontier technology companies. Before Eclipse, she was an early executive at Samsara, helping scale the industrial IoT company from pre-product to public company. She previously worked on Apple’s manufacturing team for the first Apple Watch and began her career at Bridgewater, where she developed a systems-thinking approach to markets and complex industries.

Connect with Aidan Madigan-Curtis on LinkedIn: https://www.linkedin.com/in/aidan-madigan-curtis/

Visit the Eclipse website: https://eclipse.capital/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen and John Ruffolo unpack the latest leaked details around Canada’s national AI strategy, including a proposed Canadian Tech Growth Fund that would take direct equity stakes in AI startups and scale-ups. John pushes back on whether creating yet another government-backed fund solves the real problem or simply adds more confusion to an already crowded funding landscape.

The conversation then moves into the AI capital arms race, where Anthropic, OpenAI, SpaceX, and Alphabet appear to be racing toward public markets and massive equity raises at the same time. Matt and John unpack Anthropic’s reported path toward a late 2026 IPO, Alphabet’s massive $80 billion equity raise to fund AI infrastructure, and why even companies with enormous free cash flow may be rushing to secure capital before debt markets tighten further.

The episode closes with what Matt calls the “fugazi” layer of the AI boom: complex GPU financing structures, off-balance-sheet debt, SPVs, and Michael Burry’s criticism of NVIDIA’s xAI-related financing arrangement. From Canada’s AI strategy to Alphabet’s infrastructure spend to opaque AI financing models, the core question is clear: is this the beginning of a new AI-driven market cycle, or are the biggest players trying to raise capital before the music stops?

Canada’s New National AI Strategy & Tech Growth Fund (00:52)

Matt introduces leaked details of Canada’s expected national AI strategy, including a new Canadian Tech Growth Fund that would take direct equity stakes in AI startups and scale-ups, along with additional funding for the AI Compute Access Fund.

Direct Investment vs. Backing Canadian VC Funds (05:02)

John argues that government capital may be more effective when deployed through BDC, EDC, and Canadian venture funds, rather than direct government selection of startups. The concern is that direct investment could create political complications and distort private capital markets.

Anthropic’s $65B Raise and Potential 2026 IPO (09:02)

The conversation shifts to Anthropic’s massive fundraising round, reported $900 billion pre-money valuation, and potential late 2026 IPO path. Matt frames it as part of a broader wave of trillion-dollar AI and space-related public market activity.

The IPO Race Between Anthropic, OpenAI, and SpaceX (10:04)

Matt and John discuss whether the IPO window is reopening or whether the biggest private companies are rushing to get out before capital markets become less forgiving. John speculates that Anthropic may want to reach public markets before OpenAI captures investor attention.

Alphabet’s $80B AI Infrastructure Raise (12:18)

Matt outlines Alphabet’s reported $80 billion equity raise, including a private placement to Berkshire Hathaway, a public offering, and an at-the-market equity program. The raise is positioned as fuel for Alphabet’s unprecedented AI infrastructure build-out.

The AI Infrastructure Cold War (14:41)

Matt argues that hyperscalers like Google are proving that frontier AI economics are fundamentally different from prior technology waves. John compares the AI arms race to baseball owners escalating salaries because no one can afford to fall behind.

Michael Burry, NVIDIA, xAI, and “Fugazi” GPU Financing (16:01)

Matt breaks down Michael Burry’s critique of NVIDIA’s GPU financing structure involving Valor, xAI, Apollo, Athene, and an SPV. The arrangement raises questions about revenue recognition, asset ownership, credit risk, and who ultimately carries the liability.

The Real Question: What Happens When the Music Stops? (17:55)

The episode ends with Matt and John questioning how these layered financing structures will play out as AI CapEx continues to explode. From public markets to SPVs to off-balance-sheet risk, the AI boom is starting to look less like a clean growth story and more like a capital market stress test.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks: The Rundown, Matt Cohen and John Ruffolo break down a huge week across Canadian tech, quantum computing, SPACs, AI infrastructure, vertical SaaS, and the reported SpaceX IPO filing. They start with Xanadu’s $300 million at-the-market equity facility and what it reveals about the funding challenge facing Canadian quantum companies that need billion-dollar scale capital to compete globally.

John argues that Xanadu should use current market hype to fully fund the business now, even if short-term shareholders hate the dilution. From there, Matt and John unpack why quantum remains a long-term binary bet, why SPACs may be coming back for Canadian growth companies like UniUni, and why Clio’s jump from $100 million to more than $500 million in ARR proves vertical SaaS is far from dead, especially when the product is mission-critical and deeply embedded.

The episode then shifts to OpenAI, Anthropic, and the AI infrastructure boom, with John warning that massive top-line revenue can hide dangerous burn and accounting optics. Matt and John close with a deep debate on the reported SpaceX IPO, Starlink’s growth, Starship risk, xAI, and Cursor being folded into the story, SPV cap table chaos, and whether trillion-dollar tech IPOs could pull capital away from the Mag Seven.

Listen to this episode for a sharper read on where capital is really flowing across AI, quantum, SaaS, and space. Matt and John cut through the hype to show which tech narratives are built to last, and which ones could crack under pressure.

Xanadu’s $300M ATM Facility and the Quantum Funding Problem (00:49)

Matt opens with Xanadu’s $300 million at-the-market equity facility, explaining how the structure gives the company access to capital while raising questions about dilution, public market volatility, and the long-term cost of funding a quantum data center.

John Ruffolo’s Advice: Fund the Business While the Market Is Hot (02:45)

John explains why Xanadu should take advantage of momentum in the public markets and raise as much primary capital as possible, even if short-term shareholders dislike the dilution.

Why SPACs Are Coming Back for Canadian Growth Companies (07:17)

Matt brings up UniUni’s $1 billion SPAC agreement to list on the TSX, and John explains why companies struggling to raise late-stage private capital may see SPACs as their best path to primary money.

Could Clio Be Canada’s Next Major Tech IPO? (10:56)

As Clio’s valuation grows, John argues that the universe of private equity buyers gets smaller, making an IPO one of the more realistic paths for investor liquidity.

The Accounting Trick John Says AI Investors Need to Watch (12:23)

John criticizes the capitalization of compute, infrastructure, sales, marketing, and partnership costs, arguing that burn may be a better proxy for the real economics than adjusted profitability claims.

The Reported SpaceX IPO and the $1.75 Trillion Valuation Debate (14:20)

Matt introduces the reported SpaceX IPO valuation and breaks down how much of the story depends on Starlink growth, Starship launches, and the company’s ability to scale space-based broadband.

Why Everything Hinges on Starship (18:51)

John explains that Starship is the key dependency behind the SpaceX story, because Starlink’s ability to scale depends heavily on launch capacity, satellite economics, and execution.

SpaceX vs. Canadian Banks: The Scale Shock (22:37)

Matt points out that the reported SpaceX valuation could be roughly twice the combined market cap of Canada’s big six banks, underscoring the staggering scale of the next wave of tech IPOs.

The Early Investors Who May Win Big (25:26)

Matt and John close by highlighting early institutional bets from Washington State University’s endowment and Ontario Teachers, showing how patient capital in breakthrough companies can create generational outcomes.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen sits down with Jason Shuman, General Partner at Primary Ventures, New York’s largest dedicated seed fund. With a journey that spans from raising money for a nonprofit at eight years old to driving Uber at night while sourcing deals like Latch, Jason’s experience offers valuable insights for founders, especially those navigating the challenges of building companies in the AI era.

Jason shares his entrepreneurial beginnings, the painful lessons from shutting down his DTC footwear brand Category5, and how that shaped his investing philosophy at Primary. He also discusses why software-only moats are dead, how Primary’s 60-person impact team delivers customers (not just capital), and the firm’s unique incubation model that backs founders only after the wedge is validated. From vertical AI to hardware-activated agent networks, Jason dives into the key principles he follows in his investing and why he still believes backing great founders beats incubating anything.

Whether you’re interested in AI, venture capital, or building deep-tech companies, Jason’s story provides inspiration and practical wisdom.

From Sick Kid to Serial Founder: Jason’s Origin Story (01:53)

• Growing up outside Boston with a family of entrepreneurs and a mother who was a therapist

• Being diagnosed with primary immune deficiency as a child and becoming a spokesperson for the Jeffrey Modell Foundation at age eight

• Why a life lived with urgency became the defining trait of his career

Building and Winding Down Category5 (05:33)

• Launching a direct-to-consumer boat shoe brand while still in college - before Shopify was good and when Facebook ads were cheap

• The hard realization that a brand without a visual cue has a ceiling, and why he saw the Allbirds story coming

• Hitting his quarter-life crisis at 23, burning out, and what he learned from the process

Breaking Into Venture: Sourcing Deals While Driving Uber (11:38)

• How Jason made money driving Uber nights while sourcing deals during the day in 2014

• Building a bridge between Boston founders and New York VCs - one warm intro at a time

• The story of Latch: why a B2B mortise lock for apartment buildings, with near-perfect logo retention and CapEx billing, was the first deal he ever sourced

Working with Mark Gerson and the Family Office Years (16:17)

• Meeting Mark Gerson at a dinner, not knowing who he was, and getting a cold call months later

• The lessons in trust, urgency, and delegation he learned running the family office

• Backing AI sales enablement, AI accounting, and robotics in 2015 - and why being too early is almost always better than being too late

Joining Primary: The Case for Concentrated Seed (21:14)

• Why Jason chose a principal role at a six-person, $190M AUM Primary over a partner title elsewhere

• What he saw in founders Ben and Brad that others were missing - the depth of diligence, the buttoned-up fundraising, the point of view

• How Primary has scaled from $190M to $1.6B AUM while staying obsessively focused on seed

Primary’s Differentiated Model: Impact, Incubation, and the 60-Person Team (25:56)

• The three things companies need most - customers, people, and capital - and how the Impact team is built around them

• How a VC firm’s email address can deliver a 25X higher outbound conversion rate than a startup’s own SDRs

• The “glass ball” monthly review process: triaging the highest-priority risks across the portfolio before anything breaks

Why Platform Is Broken - and What Primary Does Instead (31:36)

• Why most VC platform teams are set up to fail: too few people, too many companies, treated as second-class

• Primary’s Impact team is run by former C-suite executives from multi-hundred-million-dollar ARR companies

• The shift to AI-native operating inside the platform team - and what that means for portfolio companies

Vertical AI, Hardware Agents, and Why Software Moats Are Dead (42:09)

• Why Jason is spending more time on physical-world businesses than pure software right now

• The wedge vs. system of record debate: why jaw-dropping UX and fast customer acquisition beat “10X better” enterprise replacements every time

• Hardware-activated agent networks: how cheap cameras, sensors, and downstream automation are eating vertical workflows - and why Flock Safety is the model

What Jason Looks for in Founders Today (50:07)

• The qualities that define the founders Jason is most excited to back: urgency, learning velocity, customer obsession, and the ability to sell product and equity

• Why he would always rather back a great founder than incubate a company himself

• Where incubation and inbound sourcing sit in his priorities heading into the new fund

About Jason Shuman

Jason Shuman is a General Partner at Primary Ventures, New York’s largest dedicated seed fund with over $1.6 billion in AUM. A former founder himself, Jason built Category5, a direct-to-consumer footwear brand, before transitioning to venture capital. At Primary, he leads investments in vertical AI, hardware-enabled systems, and incubation, and has been part of building one of the most differentiated seed platforms in the industry. His portfolio includes companies like Latch, Dandy, and several active incubations. He is known for his operator-first investment approach, his conviction in hardware-activated agent networks, and his belief that software-only moats are no longer enough.

Connect with Jason Shuman on LinkedIn: linkedin.com/in/jasonshuman

Visit Primary Ventures website: https://www.primary.vc/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen sits down with Mina Mitry, CEO and Co-Founder of Kepler Communications, one of the world’s most ambitious space infrastructure companies. With a journey that spans from winning $75,000 in university pitch competitions to building the world’s first commercial optical data relay network, Mina’s experience offers valuable insights for founders, especially those navigating the challenges of building deep-tech and hardware-driven companies.

Mina shares his entrepreneurial beginnings, the lessons he learned while scaling Kepler, and the hard pivot from off-the-shelf software to a vertically integrated satellite manufacturing model. He also discusses the Arctic surveillance gap, why real-time space data is critical for Canadian sovereignty, and how Kepler was selected as prime contractor for ESA’s Hydron Element 3 project.

From launching 10 satellites on a SpaceX Falcon 9 to shooting lasers across 6,500 kilometers in orbit, Mina dives into his journey and the key principles he follows in his entrepreneurial endeavors. Whether you’re interested in space tech, defense, or sovereign infrastructure, Mina’s story provides inspiration and practical wisdom.

From University Rockets to Building Space Infrastructure (02:03)

• Mina’s journey from a first-generation immigrant family to co-founding Kepler at the University of Toronto

• Why Kepler’s original mission of bringing the internet beyond Earth has never changed

• The ultimatum that convinced his co-founders to leave traditional career paths behind

The Early Days of Kepler and Finding Product-Market Fit (06:36)

• How Kepler survived the early years with limited capital and massive ambition

• Why remote communications in the Arctic became one of the company’s first real-world use cases

• The challenge of convincing investors in 2015 that orbital laser networks were even possible

Satellites, Orbital Networks, and Why Space Connectivity Matters (08:25)

• A breakdown of low Earth orbit, geostationary orbit, and why northern connectivity remains difficult

• How Kepler built the world’s first commercial laser-based relay network in space

• Why real-time data transmission is becoming critical for everything from disaster response to defense

Building Canada’s Largest Orbital Data Center (14:22)

• What it actually means to put compute infrastructure in orbit

• Why SpaceX, Starship, and falling launch costs could completely reshape the space economy

• The engineering, thermal, and regulatory challenges of scaling orbital infrastructure

Inside Kepler’s Falcon 9 Launch Moment (16:48)

• What it felt like watching Kepler’s satellites launch from Vandenberg for the first time

• The emotional significance of one of Canada’s largest space milestones in years

• Why launch economics and insurance remain misunderstood parts of the industry

Defense, Arctic Surveillance, and Sovereign Space Infrastructure (19:42)

• How Kepler is helping governments access real-time intelligence from space

• Why the Arctic has become a major strategic priority for Canada and its allies

• The role of orbital infrastructure in missile detection, surveillance, and national security

The Geopolitical Tailwinds Behind Space Sovereignty (23:19)

• Why middle powers are increasingly investing in sovereign technology infrastructure

• How defense ministries around the world are approaching space-based intelligence differently

• The recurring revenue model behind Kepler’s government partnerships

Why Space Tech Moats Are Built Over Decades (26:56)

• Why Mina believes infrastructure, regulatory access, and time are harder to replicate than capital

• The importance of spectrum rights, security clearances, and orbital heritage

• Why Kepler’s biggest competitive advantage may simply be the years it has already spent building

Jeremy Hansen, Artemis II, and Inspiring the Next Generation (28:43)

• What Canada’s moon mission means for the future of the country’s space sector

• Why Mina believes visibility and inspiration matter as much as technology itself

• How astronauts have become both cultural icons and catalysts for innovation

Why Ambition Still Matters Most for Founders (31:00)

• Mina’s advice for founders building difficult, long-term companies

• Why independent thinking matters more than following trends

• The types of space startups Mina believes are still too early to realistically succeed

About Mina Mitry

Mina Mitry is the CEO and co-founder of Kepler Communications, a Toronto-based space infrastructure company building the world’s first commercial optical data relay network. A first-generation Egyptian-Canadian, Mina started Kepler out of the University of Toronto in 2015 with $75,000 from pitch competitions. Under his leadership, Kepler has grown to over 200 employees, vertically integrated its satellite manufacturing, and launched 10 optical relay satellites on a SpaceX Falcon 9 in January 2026. Mina holds advanced degrees in engineering, left a PhD program to start Kepler, and has become one of Canada’s most outspoken advocates for sovereign space capability, real-time data infrastructure, and ambitious engineering.

Connect with Mina Mitry on LinkedIn: https://www.linkedin.com/in/mmitry?originalSubdomain=ca

Visit Kepler Communications website: https://kepler.space/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen sits down with Jon Love, founder and executive chair of KingSett Capital, one of Canada’s largest and most experienced private equity real estate platforms. A seasoned investor who has navigated multiple market cycles, Jon is known for his frank, unfiltered takes on Canadian policy, regulation, and capital deployment, and this conversation is no different.

Jon shares his honest assessment of the federal government’s newly announced $25 billion Canada Strong sovereign wealth fund, the push to fast-track major resource projects, and what’s really holding Canada back: not a shortage of capital, but a shortage of permission. He also breaks down where the real estate market stands today across office, retail, industrial, and residential, and why he believes a sharp recovery is coming for those with the balance sheet to wait it out.

Whether you’re a developer, investor, policy watcher, or simply trying to understand what’s actually happening in the Canadian economy, Jon Love delivers the kind of straight talk that cuts through the noise.

Canada’s $25 Billion Sovereign Wealth Fund: Progress or Déjà Vu? (02:48)

• Jon’s honest take on the Canada Strong fund and what’s still missing

• Why the real barrier to investment isn’t capital, it’s permission

• Lessons from the Heritage Fund and what discipline looks like in practice

Resource Fast-Tracking and the Major Projects Office (08:36)

• The bull and bear case for Tim Hodgson’s promise of 5–10 shovel-ready projects by spring 2027

• What regulatory bottlenecks remain under the Carney government

• Why Shell’s takeover of Arc Resources signals renewed confidence and what still needs to happen next

Institutional Capital Coming Home (14:50)

• What’s different about this wave of pension fund repatriation

• OMERS, the Maple Eight, and why Canadian real estate returns are among the best in the world

• The case for Canada as a technology superpower and why Jon is more optimistic than most

The Real Estate Cycle: Where We Are and What’s Coming (20:25)

• Triple-A office as the surprise strongest asset class in the country

• Why for-sale residential is in pain and why a sharp recovery is inevitable

• How banks are behaving with stressed borrowers, and the Oxford story from 1992 that defined a strategy

Creative Repurposing, Affordable Housing, and the HST Rebate (30:44)

• Office-to-hotel conversions in Toronto and why adaptive reuse is just getting started

• Why streamlining affordable housing approvals matters more than new funding programs

• The HST rebate: right medicine, but the prescription still isn’t written

Media, Trade Wars, and What Jon Would Tell Carney (33:24)

• Why the Port of Vancouver’s seven-day container turnaround vs. Dubai’s seven hours is a symbol of a much bigger problem

• How media fragmentation and social media have made constructive policy debate nearly impossible

• The one frank piece of advice Jon would give Prime Minister Carney if he had 15 minutes: give permission

About Jon Love

Jon Love is the founder and executive chair of KingSett Capital, one of Canada’s leading private equity real estate platforms. With decades of experience across multiple market cycles, Jon has built a reputation for candid, principle‑driven commentary on Canadian policy, regulation, and investment. He is a former CEO of Oxford Properties and has been a key figure in shaping Canada’s institutional real estate landscape. Beyond investing, Jon is known for mentoring young talent, championing affordable housing, and relentlessly advocating for cutting red tape.

Connect with Jon Love on LinkedIn: https://www.linkedin.com/in/jonlovekingsett?originalSubdomain=ca

Visit KingSett Capital website: https://www.kingsettcapital.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen and John Ruffolo break down one of the biggest economic policy announcements in Canada’s innovation economy: Mark Carney’s proposed $25 billion Canada Strong Fund, a sovereign wealth fund designed to invest in nation-building projects, strategic industries, Canadian technology companies, and long-term economic sovereignty. John, who previously argued for this type of fund in his Substack piece Canada’s Missing Pot of Gold, explains why Canada’s biggest structural problem is undercapitalization and why relying on foreign direct investment for critical industries creates serious sovereignty risks.

Matt and John dig into the hard questions behind the fund: Where does the money come from? Can Canada borrow at low rates and invest for long-term returns? How should the fund be governed so it does not become a political slush fund? And can this vehicle finally force a more serious conversation around Canadian pension funds, domestic capital formation, and backing companies like Cohere, Kepler, and Xanadu before they are pushed toward foreign capital markets?

The episode also covers Cohere’s acquisition of German AI firm Aleph Alpha, the rise of sovereign AI alternatives outside the U.S. and China, Xanadu’s volatile post-SPAC quantum stock run, SpaceX’s reported Cursor acquisition talks, Meta’s 8,000-person AI-driven workforce reduction, and Thoma Bravo’s massive Medallia equity wipeout. From sovereign wealth and AI infrastructure to quantum financing and private equity pain, this episode asks the real question: can Canada build the capital systems needed to own its future?

Canada Strong Fund: Carney’s $25B sovereign wealth fund announcement (00:31)

Matt opens the episode by laying out the breaking news: Mark Carney has launched the proposed Canada Strong Fund, a $25 billion sovereign wealth fund aimed at giving Canadians a stake in strategic national projects and critical industries.

Why John Ruffolo says Canada is dangerously undercapitalized (01:22)

John argues that Canada’s core economic problem is not a lack of ideas, talent, or companies, but a lack of domestic capital formation. He explains why foreign-controlled capital in sovereign industries is a bad idea and why Canada needs its own funding mechanism.

The biggest risk: governance or political slush fund? (03:14)

John explains that the Canada Strong Fund will only work if it is independently governed, similar to CPPIB or CDPQ. Without strong governance, he warns, the fund could collapse into politically motivated pet projects.

Can Canada borrow at 3.5% and earn 7% long term? (04:59)

John breaks down the financial logic behind using Canada’s strong credit rating to borrow at lower rates and invest through a professionally managed fund targeting long-term returns similar to major pension funds.

Why the fund fails if returns do not materialize (08:15)

Matt raises concerns about launching a sovereign wealth fund during a deficit environment. John says the idea only works if the fund is independently managed and capable of generating real long-term returns.

No more grants: John’s blunt plan for government funding (14:02)

John calls for Canada to stop giving grants, especially to foreign-based companies, and instead convert government support into equity investments that create long-term ownership and capital recycling for the country.

Cohere acquires Aleph Alpha and makes a sovereign AI play (16:12)

Matt breaks down Cohere’s acquisition of German AI firm Aleph Alpha, the new Berlin European headquarters, and the reported $600 million financing commitment from Schwarz Group as part of a broader sovereign AI strategy.

Xanadu’s quantum stock surge and post-SPAC volatility (19:59)

Matt explains Xanadu’s post-SPAC trading action, including its sharp rise, options activity, and SEC filing registering nearly 300 million Class B shares for sale after the lockup period expires.

SpaceX, Cursor, and peak AI paper-deal froth (24:25)

Matt and John react to reports that SpaceX could acquire AI coding startup Cursor for $60 billion, with John arguing that SpaceX shareholders should be furious about the growing complexity and governance concerns.

Meta layoffs and the real cost of AI capital spending (27:56)

Matt highlights Meta’s reported 10% workforce reduction tied to massive AI capital spending. John argues the “AI efficiency” explanation often masks bad capital allocation and failed strategic bets.

Thoma Bravo’s $5.1B Medallia equity wipeout (29:55)

The episode closes with Thoma Bravo handing Medallia back to creditors after a major private equity software deal collapses, raising questions about SaaS valuations, debt structures, and exit assumptions in the AI era.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Originally recorded as Matt Cohen’s guest appearance on Mantle Mondays hosted by Amar Varma.

In this special episode of Tank Talks, Matt Cohen joins Amar Varma on Mantle Mondays for a candid conversation about how to get VC funding in 2026, what early-stage investors actually look for, and where the next wave of breakout startups is being built. As the Founder and Managing Partner of Ripple Ventures, Matt shares his path from RBC trading desks and public markets to startup operating experience, angel investing, and eventually building one of Canada’s most active early-stage venture firms. He breaks down how founders can stand out in a crowded market, why validated problems and technical execution matter more than hype, and what separates companies that can raise from companies that get left behind.

The conversation also dives into how Matt evaluates founders before product-market fit, why recruiting ability and fundraising skill matter as much as product vision, and how AI, deep tech, biotech, aerospace, and software-enabled physical systems are reshaping venture capital. Matt also opens up about Ripple Ventures’ own evolution, the firm’s investment philosophy, and how Ripple OS and internal AI agents are helping portfolio companies move faster.

If you want an honest look at startup fundraising, venture capital in Canada, founder-investor fit, AI startup differentiation, and the future of early-stage tech, this Tank Talks episode, originally recorded as Matt Cohen’s appearance on Mantle Mondays with Amar Varma, is packed with practical insights.

How Turnstile Pulled Matt Into the Startup World (03:07)

The origin story of Turnstile, the wifi marketing and analytics company Matt co-founded, and how building and exiting that business gave him his first real startup education.

Why Startup Struggle Matters More Than Investor Talk (05:11)

Matt gets real about how hard it was to raise capital, why Turnstile had to grind toward profitability, and why lived operator experience matters when founders pick investors.

How Ripple Ventures Started Before the Fund Existed (07:42)

Matt explains how he built the Ripple brand before institutional capital was in place, why perception matters in venture, and how his early angel wins created momentum with family offices.

The Long-Game Philosophy Behind Fund I (10:51)

A great story about raising a first fund, proving commitment to LPs, and why first-time managers need to stop waiting for the “perfect” close and just get moving.

What Gets a Founder’s Attention in 2026 (16:44)

Matt breaks down what’s changed in venture, why deep tech and frontier ideas are more investable today, and why ambitious founders are tackling much bigger problems than they were a decade ago.

The 4 Things Ripple Ventures Looks For in Founders (19:25)

Matt lays out Ripple’s core framework: validated problem, technical founding team, recruiting ability, and fundraising skill.

The Startup That Blew Matt Away (23:29)

Matt shares the story of Clover and why seeing a young team scale to massive early traction changed how he thinks about speed, execution, and modern company building.

What a Generational Company Actually Looks Like (33:59)

Matt gets honest about what he can and can’t claim to know, then shares the founder traits he believes matter most when building something truly enduring.

What Founders Should Look For in an Investor (38:05)

A powerful section on support during hard moments, reputation in venture, and why investors are really tested when a company is struggling, selling, or stuck.

Tank Talks, Community, and Playing the 25-Year Game (44:24)

Matt reflects on building Tank Talks, surrounding himself with younger talent, and why staying close to ambitious founders keeps him sharp.

Matt’s Best Advice for Founders and Builders (46:31)

A strong closing section on paying it forward, reputation, and why the people you meet on the way up are the same people you’ll see on the way down.

Mantle Mondays on YouTube: https://www.youtube.com/@withmantle

Connect with Amar Varma on LinkedIn: https://www.linkedin.com/in/amar-varma-8041b9/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen and John Ruffolo break down the latest developments shaping Canada’s tech landscape, from AI policy and government regulation to talent flight and emerging cybersecurity risks. They discuss proposals to restrict AI chatbot access for minors, the broader implications of tech regulation in a fast-moving market, and the controversial idea of imposing an exit tax on Canadians who leave for the U.S. for work.

The conversation then turns to the next wave of AI competition and enterprise transformation. Matt and John unpack Cohere’s reported talks to merge with a German AI company as part of a broader push around sovereign AI, data infrastructure, and enterprise model deployment in Europe. They also debate Anthropic’s Claude Mythos preview and whether its reported ability to uncover zero-day vulnerabilities represents a real cybersecurity breakthrough or clever marketing. From there, they explore the rise of agentic AI inside large enterprises, where token allocation, workflow automation, and AI agents are becoming real boardroom priorities. The episode closes with Hootsuite founder Ryan Holmes returning as interim CEO, prompting a broader discussion about founder-led turnarounds, SaaS disruption, and how AI is reshaping leadership across the tech sector.

Tune in for a sharp breakdown of the policy decisions, market shifts, and AI developments that could have a lasting impact on Canada’s innovation economy.

The Blanket AI Ban Proposal for Youth in Canada (00:57)

John and Matt debate the implications of a blanket ban on AI chatbots for individuals under 16 in Canada, exploring how this could hinder youth innovation and global competitiveness, especially when countries like China are advancing rapidly in AI development.

Balancing AI Privacy Concerns with Innovation (01:39)

John shares his thoughts on the growing debate around AI privacy laws and whether Canada should follow the EU’s model of regulation or take a more pragmatic approach. The conversation touches on the risks of banning AI technologies without considering the broader impacts on tech development.

Patrick Bette’s Proposal for Exit Tax on Canadians Moving to the U.S. (04:56)

Matt and John discuss the controversial proposal from Patrick Bette to charge an exit tax on Canadians who leave for the U.S. to work, aiming to recover the public investment in their education. They debate whether this idea is practical and whether it reflects a misunderstanding of the challenges facing Canada’s youth.

Cohere’s Strategic Merger with German AI Player (11:12)

Matt and John talk about Cohere’s potential merger with a German AI company and its implications for Canada’s AI sovereignty. John examines the strategic motivations behind this move and whether this type of cross-border alliance could position Canada as a leader in AI innovation.

AI’s Role in the Corporate World: From Job Replacements to New Capabilities (19:00)

A major topic in the episode is how AI is shifting from being seen as a tool for job replacement to one that unlocks new capabilities in various industries, including healthcare, banking, and retail. John and Matt delve into the emerging concept of internal AI agents and the complexities of managing compute resources in organizations.

Hootsuite’s CEO Shake-Up: Ryan Holmes Returns (21:56)

The episode wraps up with a discussion on Hootsuite’s recent leadership change, where founder Ryan Holmes returns to the helm as interim CEO. Matt and John explore the implications of this shift, especially in the context of the current AI-driven market disruptions.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Venture debt might be the most misunderstood tool in startup finance. Ask ten founders to explain it, and you will get ten different answers, most of them wrong.

In this episode of Tank Talks, Matt Cohen sits down with Marshall Hawks, a 16-year Silicon Valley Bank veteran who structured hundreds of venture debt deals, including for Airbnb, Twitch, and Fitbit. After SVB’s collapse in 2023, Marshall stepped away to write the playbook founders had been missing: Venture Debt Deals: How to Fund Growth with Less Dilution.

He breaks down what is actually happening in the 2026 venture debt market, including bigger facilities, new players in private credit, and what terms really look like today. They also get into when debt actually makes sense and when it does not, the biggest mistakes founders make on term sheets, and why the right lending partner matters more than squeezing out the lowest rate.

If you want to grow faster without giving up more equity, or just understand how the full capital stack really works, this one is worth your time.

Marshall’s Early Lessons in Finance and Entrepreneurship (02:30)

• Learning secured lending basics in his grandfather’s Arkansas pawn shop

• Reading people, judging value, and knowing what you don’t know, including the cubic zirconia story

• Growing up with a venture-backed CEO father who later became a VC, building empathy for founders

Life at SVB and the 2023 Collapse (08:24)

• 16+ years, nine roles, including helping build SVB Canada

• Inside the third-largest bank failure in U.S. history

• The power of simply answering the phone during a crisis

Venture Debt vs. Private Credit (15:58)

• The key differences: venture banking (customer acquisition model) vs. private credit (deployed capital seeking returns)

• Why banks offer smaller deals tied to revenue multiples, while private credit writes $50M–$150M+ checks

• The role of warrants (equity kickers) in almost every venture debt deal

What Lenders Actually Underwrite (20:58)

• Why the cap table and investor syndicate matter more than financial models (models are always wrong)

• How lenders assess whether a company can raise its next equity round

Key Case Studies and Lessons (23:53)

• Airbnb: The energy you could feel walking into the office

• Subtle signals Marshall looks for: office vibe, founder energy, and the “Airbnb Rhode Island office” effect

Clearco: A Cautionary Tale (28:03)

• How Clearco used venture debt to scale rapidly and how over-leveraging nearly broke the company

• The surprising role SVB’s own failure played in saving Clearco

• Why revenue-based financing models can become burdensome when revenue becomes less predictable

The State of the Venture Debt Market in 2026 (35:30)

• Recorded $62 billion in volumes, recovered faster than expected

• More choices than ever, including Stifel, HSBC, J.P. Morgan, BlackRock, Apollo, KKR, and Blue Owl

• AI companies largely do not need debt right now

Breaking Down Venture Debt Term Sheets for Founders (40:47)

• Founders do not understand what motivates venture banks vs. private credit firms

• Getting the right partner trumps any term sheet detail

• Price and economics matter, but choosing the wrong lender is a disaster

• The right lender can be meaningfully impactful as a company ramps up

• Most founders think about terms first. They should think about their partner first.

When to Start Building Lender Relationships (47:05)

• It’s never too early, meet lenders 6–12 months before you need capital

• Most venture debt deals happen after an equity round closes (serial, not parallel)

• Send regular updates to lenders just like you would to investors

Hybrid Rounds: Will Venture Debt and Equity Merge? (49:37)

• Traditional SaaS players are stuck. They need to incorporate AI to survive.

• Inside rounds with debt and equity stapled together feel like bridge rounds to buy time.

• Marshall’s view: this will not become the norm.

• Timing is wonky. Getting equity investors and lenders to work together is cumbersome.

• Separate events work better: raise equity first, then raise debt.

Marshall’s Closing Advice for First-Time Founders (51:22)

• Treat venture debt as a tool, not a silver bullet

• Prioritize finding the right long-term partner over optimizing every last term

About Marshall Hawks

Marshall Hawks spent 16 years at Silicon Valley Bank, where he originated and closed hundreds of venture debt deals with companies like Airbnb, Twitch, and Fitbit. Following SVB’s collapse in 2023, he left banking to write Venture Debt Deals: How to Fund Growth with Less Dilution, the practical guide he wished every founder had before opening a term sheet. He now serves as an independent voice on venture debt, helping founders navigate the post-SVB landscape of banks, private credit, and alternative financing.

Connect with Marshall Hawks on LinkedIn: https://www.linkedin.com/in/marshallhawks/

Buy Venture Debt Deals: https://www.amazon.com/Venture-Debt-Deals-Growth-Dilution/dp/B0FZYQ53MW

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Originally recorded as Matt Cohen’s guest appearance on the Make It Click podcast hosted by Willson Cross.

Matt Cohen joins Willson Cross on the Make It Click podcast for a sharp, no-fluff conversation on what actually makes early-stage startups click. As the founder and managing partner of Ripple Ventures, Matt breaks down how he went from Bay Street and Wall Street trading desks to becoming one of Canada’s most active early-stage investors, backing founders at the inception stage, sometimes before incorporation, bank accounts, or even customers exist.

Matt shares the real frameworks he uses to evaluate founders before product-market fit: team quality, problem validation, recruiting ability, and fundraising muscle. The conversation dives into how Ripple Ventures helps companies graduate from pre-seed to Series A, why Matt loves pivots (or “evolutions”), how Canadian founders differ from U.S. founders in ambition and risk tolerance, and why AI, deep tech, space tech, and defence are reshaping venture capital in Canada. If you’re a founder thinking about taking the leap, or an investor trying to understand the next wave of Canadian innovation, this episode is packed with practical, brutally honest insight.

Matt Cohen’s Unconventional Path Into VC (02:07)

From trading on Bay Street and Wall Street during the financial crisis to angel investing after the Turnstile exit, and eventually launching Ripple Ventures. How early wins in angel investing attracted Toronto family offices and became the foundation for Fund I.

How Ripple Ventures Was Born Before the Fund Existed (06:04)

Why Matt created the Ripple Ventures brand before raising institutional capital, how reputation compounded deal flow, and the early angel investments that became proof points for LPs.

The Ripple Ventures Framework: The 4 Things Matt Looks For (16:46)

The four-part founder filter: team, problem, recruiting, and raising capital. Why most inception-stage companies don’t need customers yet, and what really matters before the first pilot.

The Ideal Founding Team Structure in 2026 (20:56)

Why two to three founders is the sweet spot, what breaks when there are four or five, and how AI-native companies are changing the ideal division of roles between technical, research, and business founders.

Why Matt Loves Pivots (and Hates the Word Pivot) (24:48)

A fascinating story of a database company evolving into consumer healthcare, plus the decision framework Matt uses to pressure-test major product or market changes.

Why Canada’s Founder Quality Is Rising Fast (34:18)

Matt’s most bullish view yet on Canadian founders, the Build Canada momentum, Shopify and AI spinouts, and why technical founders from Vector, Mila, and DeepMind alumni networks are creating a new wave.

The Biggest Difference Between Canadian and U.S. Founders (41:34)

A brutally honest comparison around ambition, downside protection, and why U.S. founders often optimize for upside while Canadian capital historically optimized for risk management.

The Brutal Truth Every Founder Needs to Hear (48:25)

Matt’s best founder advice: don’t believe your own BS, prepare for everything to go wrong, and understand the life cost of building a venture-scale company before you start.

Ripple Ventures’ New Startup Studio Thesis (55:20)

Matt reveals how Ripple Ventures is evolving from fund + fellowship into a studio model, using AI agents and internal problem discovery to build products before bringing in founding teams.

Listen to the Make It Click podcast: https://www.youtube.com/@hireborderless

Connect with Willson Cross on LinkedIn: https://www.linkedin.com/in/willsoncross/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen and John Ruffolo unpack a major week across Canadian venture capital, deep tech liquidity, sovereign investment strategy, and the rapidly shifting AI software stack. The conversation opens with Ontario’s newly announced $4 billion Protect Ontario Account investment fund, designed to back artificial intelligence, defence, manufacturing, and growth-stage businesses while shielding jobs from trade disruption. John breaks down the real strategic question beneath the headline: whether Ontario should centralize capital with one fund manager or use a multi-manager, co-investment model that mirrors the Canada Growth Fund and Quebec’s long-standing institutional playbook.

The episode then shifts into a stacked run of liquidity events reshaping tech markets. Xanadu’s public debut becomes a lens into Canada’s capital formation challenges, while the looming SpaceX IPO raises bigger questions about how billions in founder and employee liquidity could flood back into deep tech, defence, and space infrastructure. The discussion sharpens further with CoolIT Systems’ $4.75B acquisition by Ecolab, a staggering private equity outcome fueled by AI data center demand, before closing on a real-time operating lesson from inside the Tank Talks fund: why Claude has overtaken OpenAI for enterprise workflows, coding agents, and operational leverage. From sovereign capital to AI agents, the throughline is clear: infrastructure, liquidity, and execution are redefining where value compounds.

Ontario’s $4B Protect Ontario Fund & the Single-Manager Debate (00:44)

Ontario unveils a $4 billion investment vehicle targeting AI, defence, manufacturing, and job protection. Matt and John unpack whether concentrating capital under one GP creates governance risk or strategic efficiency.

Why Ontario Is Finally Playing Offense in Capital Formation (02:06)

John explains why Ontario’s vulnerability to trade shocks and weak co-investment capacity made this move overdue, especially compared to Quebec’s institutional investing model.

Xanadu Goes Public: A Canadian Deep Tech Financing Milestone (05:33)

Xanadu begins trading on both TSX and Nasdaq, giving Canadian deep tech founders a new case study in alternative financing structures through SPACs.

SpaceX’s IPO Could Trigger a Deep Tech Liquidity Supercycle (09:12)

SpaceX’s rumored IPO filing and potential $1.75T valuation spark a discussion about how recycled liquidity may turbocharge space, defence, and physical AI startups.

CoolIT’s $4.75B Exit & the AI Infrastructure Gold Rush (12:14)

CoolIT Systems’ sale to Ecolab highlights how AI data center infrastructure is driving some of the fastest PE returns in Canadian tech history.

The 15x Private Equity Return Nobody Saw Coming (13:17)

KKR’s three-year hold turns into a stunning 15x equity return, proving that “feature businesses” can become platform-scale winners when AI demand rewrites infrastructure economics.

Why Claude Is Beating OpenAI in Enterprise Workflows (15:32)

Matt breaks down how Claude-powered agents now run finance audits, subscription cleanup, workflow automation, and internal ops, saving real dollars and flipping AI usage across the portfolio.

Consumer AI vs Enterprise AI: The Real Claude vs OpenAI Story (18:20)

The closing thesis: OpenAI may dominate consumer mindshare, but Claude is winning where workflows, coding, and high-value enterprise execution matter most.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen sits down with Glenn Cowan, a former Canadian Special Forces squadron commander, world-record skydiver, and founder of ONE9 Investments, one of Canada’s most focused venture firms in defence, national security, and dual-use tech. He has experienced both sides of the mission, from the field to the boardroom, and brings a perspective you do not hear often when it comes to building serious, sovereign technology in 2026.

Glenn opens up about his unexpected shift from military operations into venture capital and what he is seeing firsthand as Canada’s defence landscape rapidly evolves. He breaks down major moves like the federal government’s $35 billion Arctic defence infrastructure push and BDC’s expanded $6 billion defence platform, translating what those headlines actually mean for founders, investors, and the country’s long-term capability.

The conversation also digs into bigger questions, including how Canada balances sovereignty with working alongside allies, why the Arctic is becoming strategically critical, and how venture capital is stepping in as a real force in national security.

If you are building in defence tech, investing in dual-use innovation, or simply trying to make sense of where Canada is heading globally, this episode offers a grounded, no-nonsense look at what is happening and what it takes to be part of it.

Glenn’s Unconventional Path to Venture Capital (01:48)

• From infantry officer to JTF2 squadron commander

• How 20 years in special operations shaped his investment philosophy

• The “wrong end of the trade” moment that led to founding ONE9

The Shift in Canada’s Defence Landscape (05:37)

• Why Canada is moving from the “kids’ table” to a relevant middle power

• The $35 billion Arctic defence infrastructure announcement

• How venture capital is becoming a tool of national security

Public-Private Partnerships in Defence (08:37)

• Why government end users are no longer the sole owners of critical capability

• The democratization of space, surveillance, and intelligence

• How founders and VCs can partner with end users to build faster

The Future of Conflict: Cost Asymmetry and Contested Domains (21:52)

• How $500,000 in drones can destroy $7 billion in strategic bombers

• The rise of lasers, kinetic interceptors, and counter-drone technology

• Space as a warfighting domain and what happens when Starlink goes down

Sovereignty vs. Interoperability (26:55)

• What it means for a defence company to be truly Canadian

• IP residency, data governance, and Canadian capital stacks

• Why Canada needs its own defence primes, not just multinational subsidiaries

The Arctic as a Front Line (31:05)

• Why the Northwest Passage and critical minerals are strategic flashpoints

• Russian and Chinese activity in Canada’s North

• Building the first Inuit-led defence company and the importance of local partnership

ONE9’s Evolution and the Kensington Partnership (40:57)

• Why ONE9 joined forces with Kensington Capital and AGF

• Scaling a defence-focused investment platform with institutional backing

• What’s next for Canada’s most specialized defence tech fund

About Glenn Cowan

Glenn Cowan is a former Canadian Special Forces squadron commander, world-record skydiver, and founder of ONE9 Investments, a venture firm focused on defence, national security, and dual-use technology. A 20-year veteran of the Canadian Armed Forces, Glenn spent over a decade conducting strategic missions on behalf of the Government of Canada. He now applies his operational expertise to early-stage investing, backing founders building critical capabilities in autonomy, space, intelligence, and Arctic security. Glenn is also a co-founder of the first Inuit-led defence company and holds multiple world records for skydiving on all seven continents.

Connect with Glenn Cowan on LinkedIn: https://www.linkedin.com/in/glenn-cowan-3387b656/

Learn more about ONE9 Investments: https://www.one9.ca/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen sits down with Ali Asaria, Co-Founder of Transformer Lab, to unpack the less visible side of the AI boom, from broken machine learning tools to the rise of autonomous research agents. Ali shares what it really looks like inside modern AI development and why the biggest opportunity isn’t just using models, but having the ability to train, control, and improve them.

Ali also reflects on his journey building across multiple tech waves, from creating BrickBreaker on BlackBerry to scaling Well.ca and Tulip, and now tackling AI infrastructure with Transformer Lab. He breaks down the realities most founders don’t talk about, why great products lose deals, how long enterprise sales actually take, and why success often comes down to trust, timing, and people more than technology.

Beyond AI, the conversation takes a broader turn into the future of innovation. Ali challenges the tech industry, especially in Canada, to think bigger, rebuild public trust, and focus on solving real-world problems through ambitious “mega projects.” If you’re trying to separate AI hype from reality and understand where the real leverage is being created, this episode gives you a much clearer lens.

Building BrickBreaker on 150M Devices (00:02:41)

How a side project at BlackBerry turned into a global phenomenon. The early lesson that distribution beats perfection. Ali shares how building something simple but widely adopted gave him an early taste of scale. It also shaped his belief that getting into users’ hands fast matters more than polishing endlessly in isolation.

The Early Days of E-Commerce in Canada (00:05:36)

Packing boxes manually, hacking payment systems, and why investors believed e-commerce would never work in Canada. From manually processing credit cards to building infrastructure from scratch, Ali walks through how scrappy the early days really were. It’s a reminder that many “obvious” markets today once looked completely unworkable.

Scaling Well.ca and the McKesson Exit (00:08:18)

How relationships with partners turned into acquisition opportunities. The messy reality behind “successful exits.” Ali explains how long-term partnerships quietly set the stage for acquisition, even before it was intentional. He also highlights how unpredictable and fragile deals can be, even when they seem done.

Enterprise Sales Lessons from Tulip (00:11:19)

Why great products don’t win deals. Trust, relationships, and the human side of multi-million dollar contracts. Ali breaks down how enterprise sales are less about features and more about credibility and relationships built over time. He also shares how incumbents win not because they’re better, but because they’re already embedded.

The Hard Truth About Startup Life (00:13:52)

“90% hell, 10% fun.” What founders don’t talk about publicly and how to choose the right investors. Behind the highlight reels, Ali emphasizes how difficult the journey really is and how rarely things go to plan. Choosing the right partners becomes critical when things inevitably get hard.

The Moment AI Changed Everything (00:16:22)

Why language models shattered the belief that human intelligence couldn’t be replicated. Ali describes the exact moment his worldview shifted after seeing what LLMs could do. What once felt impossible suddenly became inevitable, changing how he thought about both technology and opportunity.

What Transformer Lab Actually Does (00:20:11)

Simplifying AI model training, orchestration, and infrastructure across local machines and massive GPU clusters. Ali explains how fragmented and complex current AI workflows are, especially for researchers. Transformer Lab aims to remove that friction and make building models far more accessible and efficient.

Scaling AI From One Machine to Thousands (00:23:14)

The technical leap required to move from hobbyist experimentation to full-scale AI labs. Moving from a single machine to distributed systems introduces massive complexity most developers never see. Ali breaks down why solving this unlock is essential for the next generation of AI builders.

AI Hype vs Reality (00:25:41)

Why Ali believes we may already have AGI, and why valuations still don’t make sense. Ali challenges the common narrative by arguing we’re closer to AGI than people admit. At the same time, he questions whether the current market can realistically justify the valuations we’re seeing.

Canada’s Startup Ecosystem: Challenges & Advantages (00:32:11)

Why geography matters less than mindset, and why building is always hard everywhere. Ali pushes back on the idea that location is the primary constraint for founders. Instead, he argues that resilience and ambition matter far more than where you’re building from.

Why Tech Has Lost Public Trust (00:34:12)

From rebels to power players, and what founders must do to rebuild credibility. Ali reflects on how the tech industry’s image has shifted over time and why that matters. Rebuilding trust requires focusing on real impact, not just growth or financial wins.

The Case for Mega Projects (00:38:09)

Why Canada needs bold, visible innovation bets that actually improve everyday life. Ali argues that large-scale, collaborative initiatives could realign public perception and drive meaningful progress. The key is solving problems people actually feel in their daily lives.

The Future of AI and Talent Sovereignty (00:41:28)

Why owning talent matters more than owning infrastructure in the AI race. Ali emphasizes that long-term advantage comes from people, not just technology or compute. Countries that develop and retain top talent will ultimately shape the future of AI.

About Ali Asaria

Ali Asaria is a serial entrepreneur and one of Canada’s most accomplished technology founders. He created the iconic BrickBreaker game on BlackBerry, founded Well.ca (later acquired by McKesson), and built Tulip into a leading enterprise retail platform backed by top-tier investors.

He is now the co-founder of Transformer Lab, an open-source platform designed to simplify and scale AI model development. His work focuses on democratizing access to AI infrastructure, enabling developers and organizations to build advanced models without the complexity traditionally required.

Ali is known for his bold thinking on AI, startup ecosystems, and the future of technology, often challenging conventional narratives around innovation and scale.

Connect with Ali Asaria on LinkedIn: https://www.linkedin.com/in/aliasaria/

Visit the Transformer Lab website: https://lab.cloud/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen and John Ruffolo unpack a volatile moment across software, capital markets, AI, and Canadian industrial policy. The conversation opens with Constellation Software’s AI-era challenge, as new president Mark Miller faces investor skepticism around whether legacy vertical market software can maintain its moat in a world increasingly shaped by AI-driven productivity, automation, and code generation.

From there, Matt and John examine Salesforce’s decision to raise billions in debt to fund share buybacks, questioning whether this is smart balance-sheet engineering or a red flag that large software companies are running out of offensive growth options. The episode then turns to the private credit market, where redemption gates, liquidity pressure, and fears around AI infrastructure lending raise deeper concerns about leverage, accounting, and systemic fragility.

Back in Canada, the discussion shifts to the country’s defence industrial strategy and why the real opportunity is not just traditional military spending, but dual-use investment across AI, quantum, satellites, aerospace, and strategic infrastructure. The episode closes with a look at Andrej Karpathy’s open-source Auto Research project and what it signals about the speed of AI progress, the democratization of research capabilities, and the growing pressure on knowledge workers and software engineers to keep up.

If software moats are weakening, private credit is wobbling, and defence dollars are becoming innovation dollars, where will the next real edge come from?

Constellation Software, AI Pressure, and the Future of Vertical SaaS (00:43)

Matt and John break down Constellation Software’s latest numbers, the market’s growing skepticism toward legacy software businesses, and the bigger question of whether mission-critical vertical SaaS can stay resilient as AI chips away at traditional moats. They explore why trusted workflows and proprietary data still matter, but also why even durable software businesses may face long-term pressure.

Salesforce’s $25 Billion Debt Bet and What It Really Signals (06:28)

Matt and John unpack Salesforce’s plan to raise massive debt for share buybacks, debating whether this is efficient capital structure management or a defensive move from a software giant with fewer compelling growth opportunities. The bigger issue is what this says about confidence, capital allocation, and the mood inside mature SaaS companies right now.

Private Credit Redemption Gates and the Fear Beneath the Surface (10:49)

A wave of redemption limits across major private credit funds becomes the next flashpoint. Matt and John explain why retail money flooded into the asset class, how managers were pushed into riskier lending, and why the underlying concern is no longer just liquidity management, but whether private credit has been pricing equity risk like it was safe debt.

Canada’s Defense Strategy Is Really a Dual-Use Tech Strategy (16:29)

Matt and John shift to Canada’s defense industrial strategy and the National Research Council’s planned investment, arguing that the real opportunity is in dual-use innovation. Rather than thinking only in terms of tanks and submarines, John reframes defense spending as investment in AI, quantum, satellites, aerospace, and strategic infrastructure that can serve both government and enterprise customers.

The AI Catch-Up Panic Is Real (21:26)

Matt and John zoom out from markets and policy to the personal reality of AI acceleration. John admits he feels both energized and behind, capturing the exact tension many operators and investors feel as new tools emerge faster than most people can realistically absorb them.

Andrej Karpathy Auto Research and the One-GPU Research Lab Moment (22:58)

The episode closes with Andrej Karpathy’s open-source Auto Research project and why it matters. Matt explains how autonomous research loops, overnight experimentation, and low-cost GPU access could dramatically speed up model tuning, product testing, and AI development, making advanced experimentation far more accessible than before.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen sits down with Didier Lavallée, Founder and CEO of Tetra Digital Group, to explore one of the most important frontiers in Canadian fintech: regulated digital assets and the rise of a sovereign Canadian stablecoin.

Didier shares his journey from more than a decade in capital markets and custody roles at RBC to founding Tetra following the collapse of QuadrigaCX, an event that exposed the need for secure and regulated digital asset custody in Canada. His experience in trading desks, foreign exchange, and global custody infrastructure helped shape his vision for building institutional-grade digital asset infrastructure.

Didier also discusses Tetra’s growing platform, including Tetra Trust, Canada’s regulated digital asset custodian, and Tetra Unity, a custody orchestration SaaS platform designed to help institutions manage digital asset infrastructure. He explains how these tools bridge the gap between traditional financial systems and blockchain technology.

From the launch of CADD, Tetra’s upcoming Canadian dollar-backed stablecoin, to the partnerships powering its ecosystem with companies like Wealthsimple, Shopify, and National Bank, Didier dives into the future of digital payments, cross-border settlement, and programmable financial infrastructure.

Whether you’re interested in fintech innovation, digital assets, or the evolution of global payments, Didier’s perspective offers valuable insights into how Canada can build the next generation of financial infrastructure.

The QuadrigaCX Collapse and the Birth of Tetra (10:12)

• How the QuadrigaCX scandal exposed the need for regulated custody

• The founding of Tetra to provide institutional digital asset security

• Building a regulatory framework for digital asset custody in Canada

• Why secure custody is foundational to the digital asset ecosystem

Building Institutional-Grade Infrastructure for Digital Assets (14:35)

• Why Tetra positioned itself as a regulated financial institution first

• The development of Tetra Unity, its custody orchestration platform

• How APIs and automation help reconcile transactions across crypto networks

• Turning internal infrastructure into a scalable SaaS platform

The Vision for Canada’s Stablecoin: CADD (16:40)

• Why Canada has lagged behind other jurisdictions in stablecoin development

• How CADD aims to become Canada’s regulated fiat-backed stablecoin

• Partnerships with Wealthsimple, Shopify, National Bank, and others

• The importance of regulatory clarity for stablecoin innovation

Stablecoins and the Future of Payments Infrastructure (21:50)

• How stablecoins enable 24/7 programmable settlement

• Why traditional payment rails struggle with cross-border transfers

• The role of stablecoins in treasury management and automation

• How global companies could use stablecoins to streamline payments

The Role of Banks in the Digital Asset Transition (26:54)

• Why traditional financial institutions must adapt or risk disruption

• How fintech platforms are redefining customer expectations

• The generational wealth transfer shaping financial innovation

• Why blockchain infrastructure may operate invisibly behind consumer apps

Tetra’s Business Model and Growth Strategy (30:49)

• The three pillars of Tetra’s business: custody, software, and stablecoins

• How the Unity platform generates SaaS revenue

• Custody services and institutional digital asset management

• How stablecoin reserves generate yield and network incentives

Canada’s Opportunity in Digital Asset Infrastructure (36:56)

• Why Canada once led the digital asset industry but has fallen behind

• The need for clear regulatory frameworks to unlock institutional adoption

• Tetra’s goal to become the institutional backbone of digital assets in Canada

• Why 2026 could be a breakthrough year for the Canadian ecosystem

About Didier Lavallée

Didier Lavallée is the CEO of Tetra Digital, a Canadian digital asset infrastructure company focused on custody, stablecoins, and institutional blockchain services. With a background in financial markets and banking, Didier is building infrastructure designed to help financial institutions and businesses adopt digital assets securely and efficiently.

Connect with Didier Lavallée on LinkedIn: https://www.linkedin.com/in/didier-lavallee

Visit Tetra Digital Group Website: https://tetradg.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen and John Ruffolo unpack the most pressing trends shaking up the innovation economy, from AI-driven layoffs to the ongoing turbulence in the private credit market. The conversation kicks off with insights from the Upfront Summit 2026, where AI dominated the spotlight. As venture firms scramble to stay ahead of the curve, Matt and John delve into how AI is reshaping industries, shifting investment priorities, and creating new tensions on the global stage. They tackle everything from the overhiring that fueled AI layoffs at Block to the growing concerns about AI’s role in disrupting traditional markets.

Whether you’re an investor, a business leader, or someone navigating the AI landscape, this episode is packed with the insights you need to understand where the tech economy is heading, and how to prepare for what’s next.

AI Takes Over: The New Normal for Venture Capital (01:11)

The Upfront Summit’s emphasis on AI models and technology is explored, with Matt and John analyzing how this disruption will affect traditional business models and market structures.

U.S. Dominance in Tech: A Global View (06:02)

John critiques the assumption that the U.S. should control the global tech agenda, discussing how rising global mistrust of American standards is reshaping the international tech scene.

AI and Layoffs: Block’s Controversial Move (08:45)

The conversation shifts to Block’s controversial use of AI as a justification for mass layoffs. Matt and John question whether AI is truly to blame or if this is a convenient excuse for deeper structural issues.

Private Credit Risks Exposed (11:03)

John unpacks the growing concerns around private credit markets, examining how mispricing risk and opaque debt structures could lead to a wider financial crisis.

Private Credit’s Role in Tech Growth: At What Cost? (15:27)

John explains how private credit is being used by growth-stage tech companies to bridge the financing gap, but warns that rising credit costs and tightening liquidity could stifle innovation.

AI and Tech Sovereignty: Who Should Control the Future? (17:44)

As governments and large tech players clash over AI models, Matt and John discuss the broader implications for tech sovereignty and the power struggle between countries, corporations, and consumers.

The Great AI Safety Debate: What Happens When Governments Take Sides? (19:00)

John and Matt wrap up the episode by discussing the U.S. government’s aggressive stance against certain AI models, questioning whether this marks the beginning of a deeper clash between tech companies and governments over control of emerging technologies.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen sits down with Christian Weedbrook, founder and CEO of Xanadu, and Bill Fradin, CEO of Crane Harbor Acquisition Corp., to explore the historic SPAC merger that is bringing Xanadu to the public markets. With a focus on photonic quantum computing, Xanadu has rapidly advanced in the quantum tech space, positioning itself as a leader in both hardware and software innovation.

The merger, which values Xanadu at $3 billion, will not only help accelerate the company’s growth but also raise significant capital, enabling it to expand its groundbreaking quantum computing solutions. Christian and Bill dive into why they chose the SPAC route, the strategic value behind their merger, and what sets Xanadu apart in the competitive quantum ecosystem.

In addition, the episode takes a deep dive into Xanadu’s PennyLane software, which is already making waves in academia and the broader quantum community, and explores how the public market debut will position the company for future commercialization and innovation. Whether you’re an investor looking to understand quantum tech’s potential or someone interested in cutting-edge science, this episode is a must-listen.

Introduction to Xanadu’s Quantum Computing Vision (01:23)

Christian Weedbrook gives a quick overview of Xanadu’s mission to build useful quantum computers with their photonic modality using lidar photons. Learn how they’re positioning themselves in both hardware and software through their PennyLane software stack.

Xanadu’s Decision to Go Public (04:09)

Christian explains why going public was always part of Xanadu’s strategy and how the company transitioned from private funding rounds to a SPAC merger, raising $275 million in just four weeks.

Why Choose a SPAC (10:02)

Christian and Bill discuss the advantages of a SPAC over traditional IPOs, particularly for deep-tech companies like Xanadu, where the usual metrics for IPOs aren’t always applicable.

The Power of PennyLane (14:43)

Christian highlights the growing adoption of PennyLane, Xanadu’s quantum software, which is already being used across 150 universities worldwide and growing. Learn how going public will further accelerate its adoption.

Strategic Partnerships and the Path to Commercialization (16:20)

Bill shares insights on how going public will help Xanadu expand its industry partnerships, including major players like Volkswagen and Rolls-Royce, and how these collaborations could lead to breakthroughs in areas like electric vehicle batteries and pharmaceuticals.

Energy Efficiency and the Future of Quantum Computing (24:39)

Christian explains how quantum computing can drastically reduce energy consumption in computing, using Xanadu’s Borealis quantum computer as an example. This new approach promises significant energy savings, especially in industries like AI, drug discovery, and material design.

Xanadu’s Road Ahead in the Public Market (27:27)

Christian reflects on the monumental journey Xanadu has been on, comparing it to the early days of the internet and digital computing. He also discusses how this milestone will change the company’s trajectory and impact the quantum computing ecosystem.

About Christian Weedbrook

Christian Weedbrook is the founder and CEO of Xanadu, a leading quantum computing company based in Toronto. With a passion for quantum technology, Christian has spearheaded the development of Xanadu’s groundbreaking photonic-based quantum computers. His leadership has positioned Xanadu as one of the pioneers in quantum computing, not only through its hardware advancements but also with the development of its PennyLane software platform. Christian’s vision is to build quantum computers that are both useful and accessible to people around the world, and he is committed to driving forward the next era of quantum technology.

Connect with Christian Weedbrook on LinkedIn: https://www.linkedin.com/in/christianweedbrook/

Visit the Xanadu website: https://www.xanadu.ai/

About Bill Fradin

Bill Fradin is the CEO of Crane Harbor Acquisition Corp., a SPAC focused on identifying and merging with innovative companies in the tech sector. With over 20 years of experience in the financial industry, Bill has been at the forefront of numerous successful SPAC transactions, specializing in high-growth, disruptive technology companies. His leadership has been integral to bringing Crane Harbor to the public markets, and he has built a strong reputation for identifying companies with significant long-term potential. Bill’s experience in both private and public markets has made him a trusted partner for visionary companies like Xanadu, helping them navigate the complexities of the SPAC process and positioning them for success in the public arena.

Connect with Bill Fradin on LinkedIn: https://www.linkedin.com/in/bill-fradin-83196b3/

Visit the Crane Harbor Acquisition Corp website: https://www.craneharboracquisition.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen and John Ruffolo dive into Canada’s bold new defence industrial strategy, backed by $6.6 billion to reduce U.S. dependency and prioritize domestic tech suppliers. They discuss the challenges of defining a “Canadian” company and whether the strategy has the right balance of government procurement and private sector support to succeed. The conversation also explores how AI, quantum, and other emerging technologies fit into Canada’s national defence vision and what it means for the future of innovation.

The episode also tackles the disruption facing vertical SaaS industries from large language models (LLMs) and AI. Are these technologies a threat to traditional SaaS business models, or do they create new opportunities for growth? Matt and John share their insights on navigating the evolving tech landscape, including the implications for investors and companies, and explore the recent leadership change at Telus and what it could mean for Canada’s tech ecosystem.

Tune in to hear how these seismic shifts will impact tech, investment, and business strategies in the coming years.

Canada’s New Defence Industrial Strategy (00:34)

Prime Minister Mark Carney’s announcement of Canada’s first-ever defence industrial strategy (DIS) aims to reduce the country’s dependency on U.S. suppliers. Matt and John break down the key components of the new strategy, its emphasis on domestic procurement, and the challenges in defining what constitutes a “Canadian” company.

Sovereignty and Economic Policy (02:00)

John Ruffolo sheds light on how the integration of national security, economic policy, and procurement is essential for a sovereign tech strategy. They discuss how Canada can avoid the pitfalls of previous initiatives like the Supercluster strategy by ensuring that small businesses can grow into global players.

Canadian Government as a Catalyst for Tech Startups (05:02)

Matt and John explore the role government-backed procurement and industrial strategy play in supporting Canadian startups, especially in AI, quantum computing, and clean energy. Will these policies level the playing field for domestic companies competing against their U.S. counterparts?

Investment Strategies in Dual-Use Technologies (07:34)

With dual-use technologies taking center stage, John discusses the investment opportunities in AI, photonics, quantum space, and more. What challenges do investors face when funding Canadian companies, and how can government support help them scale internationally?

The Changing Face of Vertical SaaS (10:24)

The discussion shifts to the evolution of vertical SaaS as AI-native companies begin to challenge longstanding industry moats. John and Matt debate whether large language models (LLMs) are eroding the traditional SaaS model and what it means for investors.

Evaluating SaaS Companies in the Age of LLMs (13:29)

As the market for SaaS companies evolves, Matt and John explore the risks of overvaluing growth at the expense of unit economics and profitability. They share tips for evaluating SaaS companies and distinguishing between real opportunities and the false positives that emerge during market shifts.

The Future of Telus and Leadership Transition (21:23)

The episode concludes with a fascinating discussion about Telus’ leadership transition, as Victor Dodig takes over from Darren Entwistle. John and Matt analyze what this shift means for Telus’ future strategy, especially in the context of the changing telecom landscape and the growing importance of data and communications in space.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Why is gold suddenly back in the spotlight?

In this episode of Tank Talks, Matt Cohen sits down with Peter Grosskopf, a seasoned veteran in the precious metals and investment management world. Peter has seen it all. He helped scale Sprott from $5 billion to over $20 billion in assets under management, and now, he’s co-founded Argo Digital Gold, a platform pioneering the tokenization of physical gold.

Peter breaks down how gold is reasserting itself as the ultimate hedge against today’s inflation, debt crises, and financial uncertainties. From the global financial crisis to the latest trends in digital gold, they explore how gold remains the bedrock of wealth preservation and why even the tech-driven world is waking up to its importance. Plus, hear why Peter believes tokenization is the key to democratizing access to gold for everyday investors.

Peter shares his wealth of knowledge on the role of gold in modern portfolios, how blockchain is transforming the way we interact with real assets, and why long-term patience with gold has paid off for investors. Get ready for a deep dive into gold’s resurgence and what it means for the future of investment.

The Role of Gold as a Defensive Hedge (02:03)

Why gold acts as a key insurance asset in uncertain times and how it has performed during global financial crises. Peter explains why gold often takes a short-term dip but then explodes as a long-term haven.

Scaling Sprott to $20 Billion (03:06)

Peter discusses the pivotal moment that drove the growth of Sprott, focusing on the creation of physically-backed ETFs that gained the trust of investors globally. Learn how this became a game-changer for the company’s success.

Real Assets and Family Office Strategies (09:14)

A discussion on how real assets like gold and silver have become crucial in the portfolios of family offices, foundations, and institutional investors. Peter explains how real assets help hedge against inflation and government-controlled currencies.

Gold’s Role in Today’s Macro Environment (12:09)

How gold is perceived by investors in a high-debt, inflationary world. Peter shares his thoughts on why governments are turning to gold and how this is affecting the gold market globally.

Tokenization of Gold and the Future of Blockchain (25:02)

Peter outlines his involvement in tokenizing physical gold and the benefits it brings to the retail and institutional markets. We explore how blockchain is disrupting traditional gold storage and trading, creating 24/7 access with lower fees.

The Gold vs. Bitcoin Debate (32:29)

In a world where both gold and Bitcoin are being digitized, Peter shares his thoughts on how they can complement each other and why gold remains the more stable choice for wealth preservation.

Gold in the Future of Investment (35:01)

What’s next for the precious metals market as governments try to navigate their debt crises and central banks keep a close eye on gold? Peter discusses the future of gold in both physical and digital forms.

About Peter Grosskopf

Peter Grosskopf is a renowned leader in the precious metals space, having served as the CEO of Sprott, where he played a pivotal role in scaling the firm’s assets under management from $5 billion to over $20 billion. He is also the Co-Founder of Argo Digital Gold, a platform at the forefront of tokenizing physical gold. With extensive experience in both the resource banking and asset management sectors, Peter has advised family offices and institutional clients on real asset strategies. As a director of Agnico Eagle Mines and the World Gold Council, he brings deep insight into gold’s macroeconomic role and its function as a defensive hedge in volatile times.

Visit the Argo Digital Gold website: https://www.argovault.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen sits down with Amar Varma, CEO and Co-Founder of Mantle, a revolutionary platform designed to transform the private investing landscape. As a serial entrepreneur with experience as both a General Partner (GP) and Limited Partner (LP), Amar offers a rare, dual perspective on the world of investment. His background spans multiple industries, including mobile, connected vehicles, and now private market infrastructure, where he is tackling one of the most persistent pain points: the fragmented, manual world of LP operations.

Amar dives deep into how Mantle is positioned at the intersection of chaos and clarity, automating the heavy lifting to help investors make better decisions without drowning in documents. From global scaling and customer obsession to the parallels between today’s AI transformation and past tech waves like mobile, this conversation covers a lot of ground. Whether you’re an investor, allocator, or founder, there’s something for everyone in this episode.

Amar Varma’s Early Influences and Entrepreneurial Spirit (00:02:15)

Amar shares his journey from growing up in Ottawa to becoming a serial entrepreneur. He talks about his first exposure to tech industries and how a global perspective shaped his career. The experience of being raised in a government and tech hub like Ottawa gave him early access to innovation and a deep curiosity about the world.

The Power of Perseverance and Growth Mindset (00:06:16)

Growing up with an immigrant background, Amar reflects on the importance of perseverance and a growth mindset in overcoming struggles. His belief in the value of individual and team struggles is evident in his journey as a founder, investor, and parent.

The Shift from Founder to Investor (00:13:50)

Amar explains the transition from being a founder to taking a break and exploring the world of investing. His time working as an LP and angel investor gave him insights into the challenges faced by investors, especially when trying to scale operations without sufficient data or structure. This led to his founding of Mantle, which solves many of these problems.

The Birth of Mantle: Revolutionizing LP Operations (00:25:40)

Mantle is designed to automate and streamline the process of managing private market investments. Amar breaks down how Mantle’s software works to track investments, capital calls, K-1s, and investor reports. He discusses the challenges of managing unstructured data and how AI-powered features have allowed Mantle to offer LPs and family offices a more seamless experience.

The Power Law of Venture Capital (00:15:49)

In the world of venture capital, Amar talks about the concept of the power law, how a few investments end up driving the majority of returns. He also discusses the importance of knowing when something is truly working in early-stage investments and how understanding this can lead to better investment decisions.

Family Offices and LP Tech Stacks (00:29:00)

Amar explains how Mantle is helping family offices and LPs with managing their investments, especially when dealing with the unstructured documents that are common in private markets. He shares how Mantle is creating a single source of truth for private assets, helping LPs track their investments across multiple funds, and how AI is helping improve efficiency in this space.

AI-Driven Insights and Workflows (00:32:01)

AI plays a major role in Mantle’s value proposition, helping automate workflows, track financial data, and ensure accuracy across private market investments. Amar dives into the layers of AI that are stitched into Mantle’s platform to help LPs and family offices gain more insight into their portfolios.

The Future of Private Market Investments (00:40:00)

Amar discusses the ongoing evolution of private market investments and the role technology, particularly AI, will play in shaping the future of LP operations. He also reflects on how private market infrastructure is moving towards a more standardized and efficient process, making data more accessible and reliable.

About Amar Varma

Amar Varma is the CEO and Co-Founder of Mantle, a private market infrastructure platform designed to streamline the operations of LPs and family offices. With a background spanning semiconductor design, mobile technology, connected vehicles, and AI, Amar has built multiple successful startups. As an investor and founder, he has gained invaluable insights into the challenges of scaling and managing private market investments.

Connect with Amar Varma on LinkedIn: https://www.linkedin.com/in/amar-varma-8041b9/?originalSubdomain=ca

Visit the Mantle website: https://withmantle.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen and John Ruffolo rip through a stacked rundown of tech, venture capital, and geopolitical “sovereignty” theater. They open with Europe’s accelerating shift away from Microsoft Office and big U.S. platforms toward open-source alternatives, then jump straight into a breaking change from Y Combinator CEO Garry Tan: Canada is back on the list of accepted incorporations, reversing a move that sparked serious backlash about Canadian startup brain drain and U.S.-domicile pressure.

From there, they dissect Elon Musk’s headline-grabbing SpaceX–xAI all-stock merger and why it looks way better for xAI holders than SpaceX shareholders ahead of a rumored SpaceX IPO window. The episode also digs into Canada’s national AI consultation (and the government openly using multiple LLM providers like Cohere and OpenAI to process submissions), the EU’s push for digital sovereignty (and the risks of swapping to “free” tools), and the brutal reality of AI-driven search gutting legacy media traffic, with the Washington Post laying off a third of its newsroom. The big throughline: information is cheap now, execution and trust are expensive, and countries (and companies) that don’t adapt are about to get cooked.

Y Combinator Reverses Course: Canada Back on the List (00:43)

YC CEO Garry Tan adds Canada back to YC’s list of accepted incorporation jurisdictions after removing it, triggering a wave of criticism. Matt and John break down what changed, why the original rationale (Canadian winners re-domiciling to the U.S.) was a flawed signal, and why the real issue is still Canadian capital formation and follow-on funding strength.

SpaceX Buys xAI: A $1.25T Story Swap Before an IPO? (02:34)

Matt tees up the shocker: SpaceX acquires xAI in an all-stock deal valuing xAI at $250B and SpaceX at $1T, creating a combined $1.25T entity. They discuss xAI’s massive burn versus SpaceX’s improving cash profile (driven by Starlink) and why this kind of move raises eyebrows heading into an IPO narrative.

Second-Order Effects: When a Cash-Burning AI Company Merges Into Space Infrastructure (07:35)

They debate whether this becomes a template for other pre-IPO restructures or stays a one-off “Elon special.” John says a Starlink-style consolidation would make strategic sense; folding in xAI doesn’t feel like a choke-point win.

Canada’s AI Strategy Consultation: Government Using LLMs in the Workflow (09:10)

Canada’s ISED publishes a high-level summary of its AI consultation and explicitly notes using multiple LLMs and pipelines (including Cohere and OpenAI) to process massive public input. Matt frames this as a meaningful “government actually doing something” moment, even if the public is still anxious about jobs and privacy.

Europe’s Digital Sovereignty Push: Dropping Teams/Zoom for Open Source? (12:40)

They react to reports of governments moving away from Teams/Zoom and Microsoft tooling in the name of sovereignty. Matt calls the open-source swap risky from a security and operational standpoint; John says the bigger signal is global: sovereignty is now a first-order priority, and Canada can’t pretend this wave isn’t coming.

Washington Post Layoffs: AI Search Is Eating the Referral Economy (16:48)

Matt highlights the Washington Post’s reported search traffic collapse and layoffs impacting a third of the newsroom. John calls journalism an obvious early disruption target: LLMs compress content production costs, and the old newsroom pyramid doesn’t match the new economics.

The Survival Play: Media Becomes a Live Events Business (19:26)

They land on the counter-move: stop fighting the trend and monetize what still works: brand, access, community, and in-person experiences. If content becomes commoditized, relationships and trust become the product.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen sits down with Hugh Kolias, Co-Founder and CEO of Canada Rocket Company, right as the company exits stealth with a $6.2M all-Canadian seed round backed by Ripple Ventures, BDC, Garage Capital, and others. Hugh breaks down the real mission: give Canada sovereign, medium-lift launch capability, so we’re not dependent on foreign nations to put critical satellites into orbit, while still building a business that can win globally.

They get into the “hard part” behind the headline: pulling top-tier aerospace talent back home (including veterans from SpaceX), choosing a propulsion strategy that stays competitive by the time the rocket actually reaches orbit, and building a Canadian supply chain without over-verticalizing too early. If you care about dual-use tech, defense tailwinds, or what it actually takes to go from “deck” to “orbit,” this one’s a blueprint.

From Calgary to PropTech Exit to Rockets (02:13)

• Hugh’s path: mechanical engineering, a detour into finance, then building and selling a PropTech SaaS business.

• Why deep tech finally felt “doable” in Canada: shifting market appetite + policy momentum.

Repatriating Talent and Building a Team That Can Actually Ship (07:01)

• How Hugh discovered just how many Canadians were already working across elite aerospace teams.

• The pitch that works: Canada’s stability + genuinely hard problems + a rare “clean sheet” chance.

The SpaceX Co-Founder Moment (09:38)

• How Hugh recruited his co-founder David, a former SpaceX engineer who helped optimize Falcon 9.

• Why “paper to orbit” is the kind of challenge that pulls experienced builders in fast.

The Medium-Lift Strategy and Why Small Launch Fell Off (12:20)

• CRC’s focus: ~6,000 kg to LEO (the market gap between small launch and heavy lift).

• The key market shift: satellites didn’t keep shrinking once launch costs dropped, so demand moved upmass.

Methalox, Reusability, and Not Building a Rocket That’s Obsolete on Arrival (15:51)

• Why CRC is betting on Methalox vs Kerolox: reusability economics and less refurbishment burden.

• Their cycle choice: keep it simpler early (open-cycle gas gen) and iterate toward more advanced designs later.

Supply Chain, Partnerships, and Making It Actually Canadian (19:23)

• Why CRC prioritizes partnerships early instead of trying to vertically integrate everything on day one.

• Designing to match Canada’s industrial strengths (ex: metals/welding realities vs composites constraints).

Government Tailwinds: Defense, Sovereignty, and Capital Unlock (23:47)

• How rising defense focus and sovereign launch priorities change the startup math for deep tech.

• The bigger point: the “space multiplier” effect and why governments care (jobs, manufacturing, spillovers).

Timeline to Orbit and the Hiring Wave (34:01)

• Benchmarks Hugh cites: ~4 years and ~$160M (inflation-adjusted) to reach orbit for top performers.

• Scale expectations: ~150 people for light lift to orbit, then 500–1,000 for medium lift + manufacturing.

About Hugh Kolias

Co-Founder and CEO, Canada Rocket Company

Hugh Kolias is a Canadian founder who previously built and sold a PropTech SaaS company before returning to his original obsession: space. Now he’s leading CRC’s mission to build a globally competitive, Canadian sovereign launch capability, while repatriating elite aerospace talent and aligning rocket design with real-world economics, policy tailwinds, and Canada’s industrial base.

Connect with Hugh Kolias on LinkedIn: https://www.linkedin.com/in/hugh-kolias-71a402b0/?originalSubdomain=ca

Visit the Canada Rocket Company website: https://www.canadarocketcompany.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen and John Ruffolo unpack the ripple effects of Y Combinator’s decision to exclude Canadian startups from their investment portfolio unless they’re incorporated in the U.S. or other tax-friendly jurisdictions. This move has sent shockwaves through the Canadian tech ecosystem, and Matt and John break down exactly why this matters for founders and investors alike.

The conversation explores the myth of U.S. incorporation being the golden ticket for capital-raising and the rise of a narrative that Canadian entrepreneurs must leave their home country to achieve success. Matt and John challenge this narrative head-on, providing deep insights into why Canadian tech companies can still thrive domestically and refuting the data that YC used to justify their decision.

Y Combinator Shakes Up Canadian Startups (01:09)

YC has revised its investment criteria to exclude Canadian companies unless they’re incorporated in the U.S. or certain tax havens. The duo debates the implications of this shift and how it impacts Canadian founders who are now questioning their incorporation choices.

The False Narrative of U.S. Incorporation (03:09)

John breaks down the myth that U.S.-incorporated companies raise more capital than their Canadian counterparts, calling out misleading data points used by YC’s Garry Tan to justify the shift. The conversation digs into why this narrative is misleading and what Canadian entrepreneurs can do to counter it.

Why YC’s Data Doesn’t Tell the Full Story (05:35)

John explains how some of Canada’s most successful tech companies didn’t follow the YC path and still thrived, refuting the idea that incorporation in the U.S. is always the best move for Canadian startups.

The Ripple Effect on Early-Stage Founders (06:25)

The discussion turns to the younger generation of founders who now believe they must incorporate in the U.S. to succeed, potentially setting them up for unnecessary challenges.

The Shift from PE to VC: Innovator’s Dilemma (14:07)

Matt and John shift gears to discuss private equity’s struggle with legacy enterprise software companies in the wake of AI disruption. They explore how PE firms are transforming into venture funds to keep up with market changes, creating a new kind of investment landscape.

The AI Crisis for Private Equity (15:10)

As AI-native startups disrupt traditional software models, private equity firms face extended hold periods on their investments. Matt and John explore how firms like Thoma Bravo are adjusting their strategies to deal with these changes.

CGI Partners with OpenAI: The Changing Consulting Landscape (18:54)

The episode wraps up with a discussion on CGI’s new global alliance with OpenAI. This partnership marks a major shift in the IT consulting world, with CGI aiming to integrate AI at scale. Matt and John speculate on the future of AI in enterprise consulting and what this means for legacy players like CGI.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen and John Ruffolo unpack Prime Minister Mark Carney’s China agreement and his Davos speech, calling out the collapse of the rules-based international order and pushing “middle powers” to coordinate against coercion. John and Matt agree the speech was sharp, but they hammer the real issue: Canada has to build leverage at home (resources, infrastructure, internal trade, and actual execution) or “diversifying” becomes a vibes-only strategy.

The conversation then pivots to Trump’s Greenland framework, rare earth realities, and why the real choke point is processing, not just “owning minerals.” Finally, they switch lanes into markets, covering the biggest anticipated IPOs of 2026 (SpaceX, OpenAI, Databricks, Stripe, Revolut, Canva), why liquidity could snap back for LPs, and why SPACs are creeping back as a funding path for deep tech, including General Fusion’s SPAC and the emergence of the Canadian Rocket Company as Canada tries to repatriate space talent.

Canada–China trade reset and what it actually means (02:13)

Matt tees up the January 16 China agreement and the idea of trade diversification under U.S. tariff uncertainty. John frames it as a fix for specific trade pain (not a full political pivot) and warns against treating China as a “safe alternative.”

Davos speech: “truth bombs” vs real-world action (04:11)

They break down Carney’s Davos message on coercion, great power tactics, and middle-power coalitions. John calls it “spectacular,” but both stress the gap between rhetoric and measurable outcomes.

Canada’s leverage problem: “build Canada first” (06:39)

John argues Canada can’t diversify trade if it has nothing competitive and scalable to trade. The conversation turns into a blunt call for domestic execution: resources, pipelines, and the hard stuff that moves GDP.

Matt’s frustration: Why no national address to Canadians? (08:06)

Matt goes off on the lack of direct, plainspoken communication to Canadians about what has to change, what’s coming, and what tradeoffs might be required.

Trump and Greenland: Bond markets, politics, and power (12:32)

John calls Trump’s posture performative and points to constraints that actually matter, including internal GOP pressure and market reactions (he highlights the bond market as the real “adult in the room”).

Top anticipated IPOs of 2026: the mega list (19:12)

They run through what’s being floated as the monster class of potential offerings: SpaceX, OpenAI, Databricks, Stripe, Revolut, Canva (and more speculation). The bigger point: it’s not number of IPOs, it’s dollar value and liquidity unlock.

Canada’s space bets: Canadian Rocket Company emerges (21:15)

Matt shares CRC’s emergence from stealth with $6.2M funding (all Canadian investors including BDC and Garage). Focus: repatriating SpaceX/Blue Origin talent and pushing Canada deeper into the space industrial base.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen sits down with Timothy Chen, the sole General Partner at Essence VC. Tim shares his remarkable journey from being a “nerdy, geeky kid” who hacked open-source projects to becoming one of the most respected early-stage infrastructure investors, backing breakout companies like Tabular (acquired by Databricks for $2.2 billion). A former engineer at Microsoft and VMware, co-founder of Hyperpilot (acquired by Cloudera), and now a solo GP who quietly raised over $41 million for his latest fund, Tim offers a unique, no-BS perspective on spotting technical founders, navigating the idea maze, and rethinking sales and traction in the world of AI and infrastructure.

We dive deep into his unconventional path into VC, rejected by traditional Sand Hill Road firms, only to build a powerhouse reputation through sheer technical credibility and founder empathy. Tim reveals the patterns behind disruptive infra companies, why most VCs can’t help with product-market fit, and how he leverages his engineering background to win competitive deals.

Whether you’re a founder building the next foundational layer or an investor trying to understand the infra and AI boom, this conversation is packed with hard-won insights.

The Open Source Resume (00:03:44)

• How contributing to Apache projects (Drill, Cloud Foundry) built his career when a CS degree couldn’t.

• The moment he realized open source was a path to industry influence, not just a hobby.

• Why the open source model is more “vertical than horizontal”, allowing deep contribution without corporate red tape.

From Engineer to Founder: The Hyperpilot Journey (00:13:24)

• Leaving Docker to start Hyperpilot and raising seed funding from NEA and Bessemer.

• The harsh reality of founder responsibility: “It’s not about the effort hard, it’s about all the other things that has to go right.”

• Learning from being “way too early to market” and the acquisition by Cloudera.

The Unlikely Path into Venture Capital (00:26:07)

• Rejected by top-tier VC firms for a job, then prompted to start his own fund via AngelList.

• Starting with a $1M “Tim Chen Angel Fund” focused solely on infrastructure.

• How Bain Capital’s small anchor investment gave him the initial credibility.

Building a Brand Through Focus & Reputation (00:30:42)

• Why focusing exclusively on infrastructure was his “best blessing” creating a standout identity in a sparse field.

• The reputation flywheel: Founders praising his help led to introductions from top-tier GPs and LPs.

• StepStone reaching out for a commitment before he even had fund documents ready.

The Essence VC Investment Philosophy (00:44:34)

• Pattern Recognition: What he learned from witnessing the early days of Confluent, Databricks, and Docker.

• Seeking Disruptors, Not Incrementalists: Backing founders who have a “non-common belief” that leads to a 10x better product (e.g., Modal Labs, Cursor, Warp).

• Rethinking Sales & Traction: Why revenue-first playbooks don’t apply in early-stage infra; comfort comes from technical co-building and roadmap planning.

• The “Superpower”: Using his engineering background to pressure-test technical assumptions and timelines with founders.

The Future of Infra & AI (00:52:09)

• Infrastructure as an “enabler” for new application paradigms (real-time video, multimodal apps).

• The coming democratization of building complex systems (the “next Netflix” built by smaller teams).

• The shift from generalist backend engineers to specialists, enabled by new stacks and AI.

Solo GP Life & Staying Relevant (00:54:55)

• Why being a solo GP doesn’t mean being a lone wolf; 20-30% of his time is spent syncing with other investors to learn.

• The importance of continuous learning and adaptation in a fast-moving tech landscape.

• His toolkit: Using portfolio company Clerky (a CRM) to manage workflow.

About Timothy Chen

Founder and Sole General Partner, Essence VC

Timothy Chen is the Sole General Partner at Essence VC, a fund focused on early-stage infrastructure, AI, and open-source innovation. A three-time founder with an exit, his journey from Microsoft engineer to sought-after investor is a masterclass in building credibility through technical depth and founder-centric support. He has backed companies like Tabular, Iteratively, and Warp, and his insights are shaped by hundreds of conversations at the bleeding edge of infrastructure.

Connect with Timothy Chen on LinkedIn: linkedin.com/in/timchen

Visit the Essence VC Website: https://www.essencevc.fund/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen and recurring guest John Ruffolo kick off the new year with a true “only in 2026” combo: a front-row seat to a SpaceX Falcon 9 launch carrying Kepler Communications’ satellites, followed by a hard reality check on Canada’s venture capital slowdown. John breaks down what it felt like watching the rocket, the first-stage landing, and why Kepler’s mission is bigger than a cool space flex: it’s the early shape of space-based data centers and laser-linked networks.

From there, Matt and John unpack an RBCx report arguing 2025 was Canada’s worst VC fundraising year since 2016, and why “capital is fungible” is a comforting myth at the seed stage. They dig into how de-globalization and national self-interest are reshaping capital flows, why Canada is getting squeezed by the barbell effect in venture, and what policy levers (like a QSBS-style incentive) could actually restart domestic risk capital. The episode closes with two tension points that rhyme: Nvidia’s $20B Groq (with a Q) deal showing how returns can flow outside Canada, and the escalating political drama of Trump’s DOJ targeting Fed Chair Jerome Powell and what that uncertainty does to markets.

If Canada can help put “data centers in the sky,” can it also build the domestic capital base to keep its best companies anchored at home?

“A Data Center in the Sky” + Laser-Linked Networks (00:03:07)

Kepler’s satellites are positioned as more than comms hardware: think orbital compute + storage + real-time processing, with laser links connecting satellites like a network in space.

The RBCx VC Report: 2025 Fundraising Hits a Low (00:05:51)

Matt summarizes the report’s headline numbers and why the pain concentrates on emerging managers and the long tail, not the handful of breakout founders who can raise anywhere.

“Venture Investing Is Local” in a De-Globalizing World (00:08:39)

John challenges the idea that foreign capital will fill gaps at the earliest stages. In this cycle, countries increasingly keep capital for their own ecosystems, making Canada’s domestic shortage more dangerous.

The Barbell Effect: Giants and Niche Funds Win, the Middle Gets Crushed (00:10:17)

They outline how venture is polarizing into mega-platform funds and specialized micro-funds, while mid-sized generalists get squeezed, and why that dynamic is amplified in Canada.

Nvidia’s $20B Groq Deal and Canada’s Return Profile (00:12:36)

They break down the Groq (Q) story, Canadian ties among investors and operators, and the bigger question: if LPs can make outsized returns elsewhere, what keeps capital committed to Canada?

Trump vs Powell: DOJ Pressure, Fed Independence, and Market Fallout (00:17:38)

They react to the reported DOJ move against Jerome Powell, how even Republicans are uneasy about weaponization, and why political pressure campaigns tend to increase uncertainty, not lower it.

Why Uncertainty Pushes Rates Up, Not Down (00:19:30)

John’s punchline: the intended outcome (lower costs, lower rates) can backfire as markets price in instability, and the Powell timeline may extend into a longer institutional fight.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen sits down with Michael Platt, CEO of Carma Corp., and lifelong friend, to explore his incredible journey from corporate lawyer to building and selling one of Canada’s leading sub-metering companies.

Michael shares how he transitioned from practicing law to launching a self-funded search fund, ultimately acquiring Carma Corp., a family-run business he scaled from 40,000 to over 135,000 customers nationwide. He opens up about the challenges of cold-calling owners, managing a solo search process, and living out of a motel during due diligence, all while learning the ropes of entrepreneurship on the fly.

He also dives into the bold decisions that fueled Carma’s growth, from strategic acquisitions like Priority Submetering and Spectrum Building Services to the recent landmark sale to CVC DIF. He reflects on lessons from missed deals, imposter syndrome, and why relationships are the real key to success in M&A.

From humble beginnings to leading a national powerhouse, Michael’s story is one of persistence, grit, and lifelong learning. Whether you’re an aspiring entrepreneur, investor, or operator, this conversation offers an honest look at what it takes to go “all in” and build something extraordinary.

From Corporate Law to Entrepreneurship (02:45)

• Michael’s roots in a family of lawyers, and his early career in corporate tax law.

• The “non-merit-based” soft skills learned as a junior lawyer: preparation, punctuality, and clear communication.

• The decision to supplement his skills with business courses leading him to a new path in management consulting.

The Search Fund Journey: Going Rogue (10:17)

• Why Michael chose the self-funded search path over the traditional model for greater flexibility.

• The grueling process: building a team of unpaid analysts, sourcing thousands of leads, and the power of relentless follow-up.

• The 23-month proprietary pursuit of Carma, including an 8-month stint living in a Lindsay motel to build trust and conduct diligence.

Acquiring and Scaling Carma Corp (18:40)

• Finding the right capital partner in Terranova Partners.

• Stepping in as CEO and fostering a “soft landing” with the existing team.

• The acquisition strategy that fueled growth: buying competitors like Priority Submetering and expanding services with Spectrum Building Services.

• Scaling from 40 to 225 employees and from 40,000 to 135,000 customer accounts.

Navigating a Landmark Sale to CVC DIF (31:44)

• Recognizing the right time to sell and the decision to go to market.

• The intense, year-long sale process: working with Jefferies, meeting global buyers, and running an auction.

• Why CVC Dif was the ideal partner for Carma’s next chapter.

• The key takeaway: it takes a deep bench of advisors, investors, and a strong leadership team to reach the finish line.

Lessons on Resilience and Building (35:25)

• Michael’s pride in what the team built and the people he built it with.

• Advice for aspiring searchers: “You have to be all in” and hold yourself accountable.

• The life lessons that guided him: “The Man in the Arena” and “This too shall pass.”

About Michael Platt

Michael Platt is a serial operator and entrepreneur. He is the CEO and visionary behind Carma Corp., a leading sub-metering provider in Canada. After a career in corporate law and management consulting, Michael successfully launched a search fund, acquired Carma, and scaled it dramatically before leading its successful sale to CVC DIF in a landmark deal. He remains dedicated to Carma’s future growth as its CEO.

Connect with Michael Platt on LinkedIn: https://www.linkedin.com/in/michael-platt

Visit the Carma Corp. website: https://carmacorp.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen is joined by Avinash Chidambaram, the CEO of Cybrid, to dive into the evolving role of stablecoins in global trade. Avinash, a pioneer in the world of FinTech, shares his journey from working with Blackberry and Interac to leading Cybrid’s mission to bridge stablecoins with traditional banking infrastructure. He discusses the growing importance of stablecoins as a fast, secure, and efficient method of cross-border payments, especially in an era marked by geopolitical tensions. Recurring guest John Ruffolo also joins the conversation to provide his expert perspective on the implications of stablecoin adoption and how it’s reshaping the financial ecosystem globally.

With insights into the regulatory shifts happening globally and the potential of blockchain to solve longstanding issues in the financial sector, this episode offers a deep dive into the future of money and its role in cross-border transactions. Whether you’re a fintech enthusiast or a business leader looking to stay ahead of the curve, this conversation is packed with valuable insights.

The Evolution of Payments & Stablecoin Adoption (04:55)

From his experience at Blackberry and Interac, Avinash discusses the historical challenges of digital payments and how stablecoins are solving the efficiency problem.

How Stablecoins Differ from Traditional Banking (06:08)

Avinash compares traditional payment systems like Zelle and Interac with stablecoins, highlighting the advantages of decentralization and real-time settlement without intermediaries.

The Role of Canadian Banks in the Stablecoin Revolution (10:23)

Avinash discusses the role of Canadian banks in adopting stablecoin infrastructure, focusing on how they can enhance cross-border payments and gain a competitive edge.

Tokenized Deposits vs. Stablecoins: What’s the Difference? (13:36)

John and Avinash explore the distinction between tokenized deposits and stablecoins, examining how both concepts will evolve in the Canadian market and globally.

Stablecoin Interoperability & Global Trade (18:17)

Avinash elaborates on the need for interoperable stablecoins, ensuring businesses can transact globally without the constraints of traditional payment systems.

The Future of Stablecoin Integration with Traditional Financial Systems (22:44)

How Cybrid’s infrastructure is designed to bridge the gap between stablecoins and fiat currencies, enabling businesses to transact across multiple stablecoins and blockchains seamlessly.

Banks vs. Crypto Platforms: Who Will Win the Stablecoin Battle? (25:59)

Matt, Avinash, and John discuss the competition between traditional banks and crypto platforms like Coinbase, debating which will dominate the future of global payments.

The Geopolitical and Economic Implications of Stablecoins (35:40)

John discusses how stablecoin adoption is becoming a geopolitical issue, with countries like China and the U.S. influencing global trade through their stablecoin policies.

The Shift in Financial Infrastructure & What’s Next for Stablecoins (39:50)

Avinash predicts the future of stablecoins in financial systems, highlighting how regulations and technological advancements will shape the industry’s evolution.

About Avinash Chidambaram

Avinash Chidambaram is the co-founder and CEO of Cybrid, a Toronto-based fintech company that specializes in stablecoin infrastructure. With over two decades of experience in financial technology, Avinash has worked with top institutions like RBC, Scotiabank, and Blackberry. Under his leadership, Cybrid has grown rapidly and is playing a pivotal role in enabling faster, more secure cross-border payments through stablecoins.

Connect with Avinash Chidambaram on LinkedIn: https://www.linkedin.com/in/avinashchidambaram/

Visit the Cybrid website: https://cybrid.xyz/

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In the final episode of 2025, Matt Cohen and John Ruffolo reflect on a turbulent year for technology, capital markets, and Canadian innovation, while looking ahead to the forces that will shape 2026. The conversation opens with Canada’s largest private startup round of the year, a $1.76B raise by Toronto based HydroStar Energy Storage, and uses it as a springboard to examine the AI shakeout now underway. John describes the sector as entering a “forest fire” phase, where overfunded and undifferentiated companies fall away, creating room for stronger, more durable players to emerge.

Matt and John then explore whether 2026 will finally mark a return of major tech IPOs, or whether the regulatory burden and liquidity options in private markets will keep companies like SpaceX, Stripe, and OpenAI on the sidelines. Despite interest rate cuts, the hosts argue capital markets remain constrained and selective.

The discussion shifts to Canada’s strategic priorities, including a growing focus on defense technology viewed through a dual use lens of sovereignty and innovation. As talent emigration rises and domestic risk capital lags, the episode closes with a clear warning. Without addressing capital access, taxation, and long term retention, Canada risks becoming a leaky boat, losing its builders and economic future to the United States.

The 2025 AI Shakeout & The 2026 Forest Fire (02:06)

John predicts a period of simultaneous “carnage” and opportunity in AI, comparing the market to a forest fire that burns the weak but creates fertile ground for the strong. They debate which companies are the true “sequoias” built to last.

IPO or Bust? The Reluctant March to Public Markets (04:57)

With rumors swirling around SpaceX, Anthropic, and OpenAI, Matt and John explore why 2026 might see major IPOs. John argues that many are driven not by ambition, but by investor pressure for liquidity, calling it a “panacea” for fund timelines rather than a strategic goal.

Rate Cuts & Stagnation: Why Cheap Money Isn’t Fixing Canada’s Economy (07:28)

Despite multiple rate cuts in 2025, investment activity remains sluggish. The hosts diagnose a holding pattern for Canada’s economy, where further cuts risk devaluing the dollar without spurring meaningful productivity gains.

Bullets, Bombs, and Blockchain: Canada’s New Defense Tech Mandate (08:17)

Matt highlights new government funds for defense tech. John reframes the spending as critical for “physical sovereignty” in a tech-driven Cold War, emphasizing the “dual-use” nature of investments in AI, quantum, and satellite technology.

Predictions for 2026: Agents, Physical AI, and Nuclear’s Comeback (11:23)

The hosts share their forecasts: Matt bets on AI “agents” automating complex workflows and tangible ROI finally hitting enterprise software. John is bullish on “AI meeting the physical world” through robotics and autonomous machinery, and predicts a major comeback for nuclear energy.

Canada’s Leaky Boat: The Capital and Talent Retention Crisis (18:32)

Addressing record-high emigration, John identifies the twin failures crippling Canadian innovation: a lack of domestic risk capital at scale and an uncompetitive personal tax regime. He warns that without urgent fixes in the next budget, the brain drain will accelerate, with U.S. capital actively pulling companies and founders south.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen and John Ruffolo break down a pivotal week for Canada’s innovation economy. Microsoft’s $7.5 billion investment in Canadian AI and cloud infrastructure sets the stage for a deeper discussion about whether foreign hyperscalers can genuinely support Canadian data and AI sovereignty under U.S. laws like the Cloud Act.

John challenges the assumption that scale equals sovereignty, arguing for a more intentional strategy built through government procurement, layered infrastructure, and selective partnerships. The episode also examines Canada’s new Quantum Champions program and the funding directed toward companies Anyon Systems, Xanadu, Photonic, and Nord Quantique, questioning whether current capital levels are enough to prevent Canadian breakthroughs from moving south.

Layoffs across the consulting industry surface broader shifts in knowledge work, as information becomes increasingly commoditized in the age of AI. Matt and John discuss how trust, execution, and implementation are replacing traditional advisory models as the real sources of value. The episode closes with a collision of crypto and legacy power, as stablecoin issuer Tether pursues a controlling stake in Juventus, raising new questions about regulation, asset backing, and trust.

As foreign capital pours in and domestic funding lags, how much control does Canada actually retain?

Microsoft’s $7.5B Canadian AI Investment & the Sovereignty Question (01:04)

Microsoft announces a massive investment to expand AI and cloud infrastructure in Canada. Matt and John unpack why foreign capital is welcome, but claims of “sovereign AI” raise serious concerns under the U.S. Cloud Act and data jurisdiction realities.

Sovereign Compute Strategy: Procurement Over Promises (04:39)

John outlines how Canada could realistically build sovereign compute capacity by breaking the stack into layers, using government procurement to back domestic players, and making intentional choices about allies, chips, and infrastructure.

Canada’s Quantum Champions Program: A Signal or a Solution? (07:49)

The federal government commits funding to four Canadian quantum startups, including Xanadu. The discussion explores whether milestone-based funding is enough or if Canada risks losing its quantum leaders to U.S. capital markets again.

Why Canadian Capital Isn’t Backing Its Winners (09:04)

Xanadu’s SPAC decision becomes a case study in Canada’s capital formation problem. John explains why strong companies still struggle to raise meaningful domestic capital and what that means for long-term value creation.

Consulting Firms Face Layoffs as Demand Shifts (11:36)

McKinsey and other professional services firms prepare for significant job cuts. Matt and John discuss overhiring during COVID, slowing demand, and how AI is compressing the value of information-based consulting.

The End of the Traditional Consulting Pyramid (14:07)

AI-driven efficiency challenges the apprenticeship model. The conversation explores why implementation and trust now matter more than slide decks and why junior-heavy consulting structures may no longer work.

Forward-Deployed Engineers & New Service Models (16:17)

From Palantir’s FDE approach to new AI-enabled services firms, Matt highlights how execution-first models are eroding traditional consulting margins and reshaping enterprise problem-solving.

Crypto Meets European Dynasties: Tether & Juventus (19:00)

Tether’s attempted acquisition of Juventus sparks debate around stablecoin backing, asset quality, and trust. John questions whether a treasury-backed stablecoin should ever be tied to assets like football clubs.

Trust as the Core Currency of the AI Era (21:03)

The episode closes with a clear takeaway: information is cheap, execution is hard, and trust is everything, from sovereign infrastructure to consulting, investing, and crypto.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen sits down with global venture capitalist Alex Lazarow, founder of Fluent Ventures, to unpack the future of early-stage investing as AI, globalization, and shifting economic forces reshape the startup landscape. Alex brings a rare perspective shaped by 20+ markets across Africa, Latin America, Europe, and Asia, plus experience backing seven unicorns, from Chime to breakout fintechs worldwide.

Alex shares insights from his unconventional path from academia-curious economist to McKinsey consultant, impact investor at Omidyar Network, partner at global firm Cathay Innovation, and now solo GP building a research-driven, globally distributed early-stage fund. He dives into why the best startup ideas no longer come from one geography, why AI has permanently rewritten the cost structure of company building, and how proven business models are being successfully reinvented in emerging markets and then exported back to the U.S.

He also breaks down why small businesses may become more powerful than ever, the rise of “camel startups,” and what founders everywhere must understand about raising capital in a world where early traction matters more than ever.

Whether you are a founder, operator, or investor navigating the next era of innovation, this conversation reveals how global patterns, AI tailwinds, and disciplined research can uncover tomorrow’s winners.

From Winnipeg to Wall Street: Early Career Lessons (00:01:17)

• Alex reflects on growing up in Winnipeg and navigating a multicultural family background.

• How early roles at RBC M&A and the Bank of Canada shaped his analytical lens.

• Why he pursued economics, consulting, and academia before landing in venture.

• The value of testing career hypotheses instead of blindly following one path.

Building a Global Perspective Through McKinsey (00:06:42)

• Alex describes working in 20 markets, from Tunisia during the revolution to Indonesia and Brazil.

• Why exposure to varied cultures and economies sharpened his ability to spot emerging global patterns.

• The framework he used to choose projects: people, content, geography.

Entering Venture Through Impact Investing (00:08:05)

• Joining Omidyar Network to explore fintech innovation and financial inclusion.

• Early exposure to global mobile banking and super-app models.

• The origin story behind investing in Chime.

• Why mission-driven investing shaped his lifelong global investment thesis.

Scaling Globally at Cathay Innovation (00:13:14)

• Transitioning into a traditional VC role after Omidyar.

• Helping scale Cathay from a $287M fund to nearly $1B.

• Why he eventually left to build a more focused, research-driven early-stage fund.

The Fluent Ventures Thesis: Proven Models, Global Arbitrage (00:16:45)

• Fluent backs founders who take validated business models and execute them in new geographies or industries.

• Investing between pre-seed and Series A with a tightly defined “10 business model portfolio.”

• Why their TAM is intentionally much smaller, only 200–500 companies worth meeting each quarter.

• Leveraging a network of 50 unicorn founders and global VCs to discover breakout teams early.

Why AI Is Reshaping Early-Stage Investing (00:23:01)

• AI has dramatically reduced the cost of building early products.

• Increasingly, startups raise capital after launching revenue not before.

• The new risk: foundational AI models may “eat” many SaaS products.

• What types of companies will survive AI disruption.

The Camel Startup & The Great Diffusion (00:28:14)

• The “camel startup” concept: resilient, capital-efficient companies built outside Silicon Valley norms.

• How software (and now AI) lets small companies “rent scale” once only available to big enterprises.

• Why the next decade will favor startups that focus on durability, not blitzscaling.

Why Silicon Valley Still Matters, Even for Global Founders (00:32:47)

• Alex encourages founders to build in their home markets but visit Silicon Valley to raise capital and absorb cutting-edge ideas.

• How one founder raised SF-level valuations while building in the Midwest.

• The “global arbitrage” advantage: raise capital where it’s abundant, build where costs are low.

Where Global Markets Are Leading Innovation (00:35:41)

• Why Japan is 5–10 years ahead in generational small-business transitions.Examples of B2B marketplace models thriving in India and now being imported to the U.S.

• How construction marketplaces, industrial marketplaces, and embedded fintech platforms are spreading across continents.

About Alex Lazarow

Alex Lazarow is the founder and Managing Partner of Fluent Ventures, an early-stage global venture fund investing in proven business models across fintech, commerce enablement, and digital health. A veteran global investor, Alex has backed seven unicorns, authored the award-winning book Out-Innovate, and previously invested at Omidyar Network and Cathay Innovation. He has worked in more than 20 countries and teaches entrepreneurship at Middlebury Institute.

Connect with Alex Lazarow on LinkedIn: linkedin.com/in/alexandrelazarow

Visit the Fluent Ventures website: https://www.fluent.vc/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen is joined by Samir Kaji, CEO and Co-Founder of Allocate, to break down the explosive growth of private market investing and why trillions in new capital are about to reshape the entire wealth ecosystem. Fresh off a $30.5M Series B, Samir unpacks how Allocate is building the missing infrastructure connecting fund managers, RIAs, and the next generation of investors, solving the painful workflows, broken data pipes, and manual processes still holding the industry back. From intelligent deal discovery and auto-filled subscriptions to AI-powered diligence and portfolio personalization, Samir explains how technology will unlock access, efficiency, and liquidity at scale for both advisors and allocators.

He also dives deep into the current venture cycle, the AI valuation frenzy, and the widening gap between mega-funds and emerging managers. Samir gives an unfiltered look at where the real opportunities lie, why liquidity is the next trillion-dollar unlock, how secondaries will redefine private markets, and what investors should be watching heading into 2030. If you want to understand where private markets, wealth management, and alternative investing are truly headed, this episode is essential listening.

The Origin Story: 25 Years Watching the Market Shift (03:09)

• Samir’s work at SVB and First Republic observing the decline of IPOs

• Cloud computing’s impact on fund proliferation

• Early signs that private markets needed new infrastructure

• How HNWIs and family offices began demanding access decades before the rails existed

Why Allocate Exists & What It Actually Solves (07:04)

• The fragmented “dark forest” problem of GP <> RIA connectivity

• Why wealth advisors can’t scale alt allocations using PDFs and lawyers

• The three pillars of Allocate

How Advisors Use Allocate to Scale 10x Without Adding Headcount (14:18)

• Auto-filled subs, KYC, allocation setup, client mapping

• Helping advisors serve all 150 clients, not just the top 20%

• Improving revenue while slashing operational drag

Unlocking Liquidity: The Biggest Missing Piece of Private Markets (21:16)

• Why secondaries are essential for opening the wealth channel

• Borrowing against private fund positions

• How tech will reduce massive bid-ask spreads

• Why liquidity options will double alt allocations from 5% → 10-30% over time

AI’s Real Role in Private Markets (25:20)

• AI as the intelligence layer for discovery, diligence & personalization

• Uploading 10 fund decks → receiving full breakdowns in minutes

• Why workflows, not chatbots, will unlock trillions

• Execution, payments & portfolio modeling going from days to seconds

The State of Venture Capital in 2025 (32:17)

• Why today’s market is “the extreme Tale of Two Cities”

• AI startups raising at insane velocity vs. great non-AI companies starving

• Why 90% of AI companies won’t justify valuations

• Seed funds getting squeezed by mega-funds writing “option checks”

• How emerging managers can still win (go earlier or niche down hard)

Founder Discipline, Revenue per Head, & the New Efficiency Era (40:06)

• Revenue-per-employee as the new defining KPI

• Why scarcity birthed a healthier generation of founders

• Companies going from 5 → 50 → back to 20 employees

• Running lean with AI as leverage instead of headcount

About Samir Kaji

Samir Kaji is the Co-Founder and CEO of Allocate, a platform revolutionizing how investors access and manage private market investments. With a career in venture banking spanning over two decades at Silicon Valley Bank and First Republic, Samir has an unparalleled view of the venture capital and private equity landscapes. He is also a Kauffman Fellow, the host of the Venture Unlocked podcast, and a personal investor in companies like Carta and Reddit. He remains dedicated to Allocate’s mission of making the private markets as transparent and responsible as the public markets.

Connect with Samir Kaji on LinkedIn: https://www.linkedin.com/in/samirkaji

Visit the Allocate website: https://allocate.co/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen sits down with Chris Canavan, founder and general manager of Canavan Private Wealth, to unpack one of the most confusing and emotionally charged chapters in a founder’s journey: life after the liquidity event.

Chris brings thirty years of global institutional and private office experience to the table, but his superpower is not managing money. It is designing and running the system around a founder’s wealth. After watching countless entrepreneurs exit their companies only to be overwhelmed by advisors, decisions, documents, and emotional pressure, Chris built a model that restores clarity, control, and purpose.

He explains how founders lose sight of their instincts amid a fire hose of new advisors promising the world, why trust erodes so quickly after a deal closes, and how fragmented systems lead to panic, confusion, and poor decisions. Chris breaks down the architecture of a modern private office, why most founders rely on sticky notes and spreadsheets, and how his closed-loop operational model gives founders their time back.

From early warning signs of wealth fragmentation, to the psychological crash founders face when purpose suddenly disappears, to his triage process for investment opportunities, Chris delivers a brutally honest guide to navigating life after the big exit.

Whether you are preparing for a liquidity event or already living through the post-sale fog, this episode shows you what founders get wrong, what they must put in place, and how to build a system that supports your next chapter rather than suffocates it.

Spotting the Gaps: Managing the System, Not the Money (03:38)

• How advisory silos fail ultra-high net worth individuals

• Why communication, not talent, is the biggest weakness in wealth management

• The role of the generalist who understands every silo deeply enough to connect them

• Why founders need someone three to seven feet deep across all disciplines

Finding the Right Clients and Building Trust-Based Relationships (07:06)

• Why fit, values, and authenticity matter more than money

• How Chris screens clients who actually want to be helped

• Why some founders treat advisors like commodities and how that destroys outcomes

• Building long-lasting relationships built on accountability and transparency

Managing Founder Emotions and Behaviors Post-Exit (09:00)

• Founders are used to speed, scale, and instant execution

• Why slowing down is the hardest adjustment

• How Chris handles frustration, urgency, and emotional volatility

• The importance of respect and boundaries when multiple advisors and egos collide

Early Warning Signs of Wealth Fragmentation (16:21)

• When day-to-day tasks start consuming founder’s mental bandwidth

• The “black flies in cottage country” analogy

• Why founders lose the ability to focus on what matters

• The fire hose of advisors and opportunities after an exit

How Chris Evaluates Investment Opportunities for Clients (25:09)

• Pain reliever vs. gain creator: the framework for evaluating pitches

• Why relationships and trust matter more than projected returns

• How Chris filters noise before presenting anything to a founder

• The story-first, numbers-second diligence process

The Psychological Crash After a Big Exit (28:17)

• Why life will never be the same after selling a company

• How society begins to define founders by the name of their exit

• The loneliness and loss of identity that shock new millionaires

• Why every human needs a sense of purpose to avoid emotional collapse

Becoming a Project Manager of Your Own Life (31:45)

• Why successful entrepreneurs struggle when their team disappears

• Trust-building, listening, and meeting founders where they areHow Chris transitions from advisor to integratorWhy trust cannot be demanded, only earned over time

Advice for Founders Preparing for an Exit (36:48)

• Why founders must build structure before signing final documents

• The danger of early engagement with performance-focused advisors

• Why founders need an unconflicted advisory boardHow to breathe, slow down, and avoid urgency-driven decisions

The Future of Private Wealth for Canadian Founders (40:10)

• Why founders will disrupt the private office industry

• The coming shift from advice to execution

• How operational efficiency will redefine wealth managemen

• The democratization of systems once reserved for legacy families

About Chris Canavan

Chris Canavan is the founder and General Manager of Canavan Private Wealth, a private office that provides institutional discipline and operational clarity to ultra-high-net-worth individuals. With a background at global institutions and Big Four firms, Chris specializes in helping founders navigate the complex transition after a liquidity event by managing the systems around their wealth, coordinating advisors, and helping them find renewed purpose.

Connect with Chris Canavan on LinkedIn: https://www.linkedin.com/in/chrislcanavan/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen is joined by John Ruffolo for an in-depth discussion on the latest business innovation news, cutting-edge tech developments, and disruptive market shifts that are shaping the global innovation economy. From game-changing legal tech acquisitions to the next big wave in quantum computing, the two break down the trends transforming Canadian fintech and the rise of stablecoin regulation. They also dive deep into AI advancements, big tech strategies, and the future of payments, offering fresh insights and actionable takeaways.

Clio’s Billion-Dollar Acquisition & Vertical Expansion in Legal Tech (01:38)

In a major legal tech acquisition, Clio secures a $5 billion valuation following its acquisition of vLex, expanding its role as a dominant player in the legal technology sector. Matt and John discuss how this deal positions Clio alongside industry giants like Thomson Reuters and LexisNexis and explore the risks and rewards of a vertical integration strategy.

Toronto’s Quantum Tech Breakthrough: SPAC Merger with Crane Harbor (05:11)

Toronto-based Xanadu Quantum Technologies makes headlines with its SPAC merger with Crane Harbor Acquisition Corp., paving the way for the first-ever Canadian quantum tech debut on the TSX and NASDAQ. John shares exclusive insights into the company’s growth trajectory and how the merger will impact the quantum computing industry.

Elon Musk’s Trillion-Dollar CEO Package: Will He Become the First Trillionaire? (09:05)

Matt and John dive into the details of Elon Musk’s massive CEO package, designed to potentially turn him into the first trillionaire. They analyze the massive financial goals Musk must achieve and the broader economic impact this deal could have on industries like electric vehicles, space tech, and AI innovation.

Google and Apple’s AI Partnership: What Does It Mean for Siri? (12:21)

A landmark deal between Google and Apple will see Google’s Gemini AI powering Siri’s next-generation intelligence. Matt and John discuss the implications of this collaboration for artificial intelligence, cloud computing, and the future of voice assistants in the consumer tech market.

Robinhood’s New AI Fund: The Risks of Retail Investor FOMO (15:14)

In a bold move, Robinhood announces plans to give retail investors access to private AI companies. While this could open up private equity investments to the masses, Matt and John debate the risks of retail investor FOMO and the potential impact of AI investment bubbles on individual portfolios.

Visa & Mastercard Lowering Interchange Fees: The Impact on Credit Card Rewards (16:39)

In a significant shift, Visa and Mastercard are negotiating a deal to lower interchange fees, a change that could fundamentally alter the credit card rewards system. John explains the long-term effects on merchant relationships, consumer rewards, and the potential disruption of traditional payment systems as blockchain technologies emerge.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen is joined by John Ruffolo and special guest Mark McQueen, Founder of Wellington Growth Partners and one of Canada’s leading voices on capital markets and policy, as they dive into Canada’s 2025 Federal Budget. Together, they unpack the implications of Ottawa’s newly tabled “Building a Stronger Canada” budget, one that promises $1 trillion in investment over five years, with a heavy focus on productivity, infrastructure, defense, and innovation.

The three dissect everything from the $78B deficit and 40,000 public service cuts, to new measures for AI, fintech, and open banking. Mark brings a pragmatic lens to the table, calling out where policy meets politics, and where Canada’s ambitions fall short compared to U.S. spending.

They debate whether this really is the “FinTech Budget,” explore the Bank of Canada’s new stablecoin oversight, and discuss how Canada’s pension funds, capital markets, and innovation ecosystem might respond. The conversation also touches on AI infrastructure, quantum tech, and the Build Canada Exchange, before ending with an analysis of the surprise party floor crossing in Parliament and what it signals about political volatility ahead of the next election.

This is a data-driven, no-spin breakdown of the biggest budget in Canadian history, filled with insights for founders, investors, and policymakers navigating the next decade of Canadian innovation.

Market Reactions and Fiscal Discipline (01:51)

• How the bond market’s muted reaction signals investor confidence

• What a 3.07% 10-year yield says about fiscal credibility

Political Optics and Policy Recycling (03:16)

• Mark’s take on why budget speeches feel like déjà vu from 2016

• How repeating “middle-class growth” messaging masks deeper issues

Canada’s AI Spending Reality Check (05:39)

• $186M in new AI funding versus $207B in U.S. venture capital

• Mark calls Canada’s AI plan a “rounding error” in global competition

Housing, Media, and Missed Opportunities (07:26)

• Why Canada’s housing policy still taxes development and stifles growth

• How inflated consultant costs drain infrastructure progress

Private Capital and the $500B Question (08:51)

• Mark explains why private-sector “recycling” of assets rarely works as advertised

• The hidden costs behind selling public infrastructure

The Rise of the FinTech Budget (13:15)

• John calls this the “FinTech Budget” for its zero-cost innovation plays

• How open banking and stablecoin regulation could unlock private innovation

Policy Over Capital: A New Model (14:46)

• Why regulation, not spending, may be the most powerful innovation tool

• How Minister Champagne’s policy shift empowers private players

The Stablecoin Debate (17:46)

• John explains tokenization and one-for-one backing of digital assets

• Mark questions whether consumers can truly distinguish trust in DeFi

Canada’s Shot at Becoming “Switzerland of DeFi” (21:01)

• How upcoming legislation could make Canada a global leader in digital finance

• Why trust, not capital, is Canada’s biggest competitive advantage

Why Execution Matters More Than Promises (27:04)

• Matt, John, and Mark close with a reality check: policy means nothing without follow-through

• Why 2025 will test whether the government can turn big ideas into real results

About Mark McQueen

Mark McQueen is a veteran Canadian venture capitalist, financial commentator, and former Chair of the Toronto Port Authority. As President and Executive Managing Director of Wellington Financial LP, he has financed hundreds of high-growth companies across North America and is known for his sharp insights into capital markets, infrastructure, and public policy. A regular contributor to BNN Bloomberg and The Toronto Star, Mark offers a pragmatic, data-driven perspective on how fiscal decisions and government budgets shape Canada’s innovation economy.

Connect with Mark McQueen on LinkedIn: https://www.linkedin.com/in/mark-r-mcqueen/

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen sits down with Roberto Bellini, Co-Founder of BSQUARED Capital and former CEO of Bellus Health, for a powerful conversation about family, legacy, and resilience in the world of biotech.

Originally recorded just two weeks before the passing of his father, Dr. Francesco Bellini, one of the founding giants of Canadian biotech, this re-recorded episode serves as a moving tribute to the man known as “Mr. Biotech Canada.” Roberto opens up about what it was like growing up under the guidance of such a visionary figure and how that experience shaped his own path as an entrepreneur and leader.

He reflects on the highs and lows of leading Bellus Health, from moments of near collapse to its remarkable $2 billion acquisition by GSK, sharing lessons on risk-taking, perseverance, and the importance of staying grounded through uncertainty. Roberto also offers his perspective on the future of Canadian biotech, highlighting the need for stronger late-stage funding and how BSquared Capital is helping to cultivate the next generation of innovators.

This episode isn’t just about business success; it’s about honoring a legacy, learning through adversity, and discovering what it truly means to build something that endures.

The Legacy of Dr. Francesco Bellini (00:02:52)

• Francesco Bellini’s incredible immigrant story: from arriving in Canada with nothing to a $6B biotech exit.

• Business was the family’s dinner table conversation, and attending AGMs as a child.

• The founding of Biochem Pharma and the discovery of the groundbreaking HIV treatment.

• “He was a visionary... he saw things before other people saw them.”

Growing Up in Biotech (00:06:30)

• Roberto’s early memories of board meetings and dinner-table business lessons

• How being “in the room” shaped his entrepreneurial mindset

• Watching a $6B biotech deal become part of family history

The Rise, Fall, and Rebirth of Bellus Health (00:08:27)

• Roberto’s journey from family office analyst to a 30-year-old, first-time CEO of a public company.

• The devastating failure of the phase three trial for a rare kidney disease.

• Inside a Biotech Failure: The intense, weekend-long “war room” process of unblinding clinical trial data and preparing for a public announcement.

The Second Act: Finding the Cough Drug (00:13:47)

• Discovering a promising molecule through the NeoMed Institute

• Betting the company’s future on a last-chance asset

• Raising $20M when no one believed and turning it into a $2B success

Negotiating the GSK Deal (00:24:45)

• The strategic shift from “build-to-sell” to “build-to-scale”, positioning the company for a premium acquisition.

• The M&A Playbook: Why you should never lead with a desire to sell; the importance of building for independence.

• The high-stakes negotiation with GSK: going from an $11 offer to $14.75, almost losing the deal, and the “mellow tone” that saved it.

• The entrepreneur’s dilemma: “Every single entrepreneur I’ve met that sold their company, there’s always a moment of not wanting to do it.”

Building Canada’s Biotech Future (00:30:11)

• Why Canada has the innovation but lacks the enduring biotech giants.

• The critical gap: The need for more late-stage capital and the role of Canadian pension funds.

• The “Gilead of the North” vision: Creating a virtuous cycle of capital, entrepreneurs, and translational science.

• Upcoming trends: The convergence of AI and drug discovery to de-risk development and lower costs.

Beyond the Lab: Leadership, Risk, and Legacy (00:46:20)

• Learning to embrace risk and find joy in reinvention

• The best advice from Dr. B: “Spend your money, it’ll make you want to earn more.”

• Why true success isn’t just building a company, but building people

About Roberto Bellini

Founder & Managing Partner, BSQUARED Capital

Roberto Bellini is a second-generation biotech entrepreneur and investor. As the former CEO of Bellus Health, he led the company’s dramatic turnaround and eventual $2 billion acquisition by GSK. Drawing on his deep operational experience in drug development, he now co-manages BSQUARED Capital, a family office focused on investing in and supporting promising biotech ventures. He is a passionate advocate for building a stronger, more resilient biotech ecosystem in Canada.

Connect with Roberto Bellini on LinkedIn: https://www.linkedin.com/in/robertobellini/

Visit BSQUARED Capital Website: https://bsq-c.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen is joined by John Ruffolo to break down the week’s biggest stories shaping the innovation economy. From the Bank of Canada’s surprise rate cut to Meta’s $200B market crash, and the rise of Canada’s fintech and stablecoin revolution. They kick off with a spotlight on Waterloo’s AI-powered baseball tech that’s changing Major League play, before unpacking the renewed U.S.-Canada tariff tensions and what the Bank’s fourth rate cut signals for inflation, growth, and fiscal strategy ahead of the November 4th budget. The two also dive deep into the stablecoin boom, Mastercard’s $2B bet on crypto infrastructure, and how Ottawa is scrambling to keep pace with the U.S. Genius Act and its implications for the future of Canadian payments.

Matt and John then turn to Wealthsimple’s record-breaking $10B valuation and what it means for Canada’s domestic market opportunity, before dissecting Meta’s controversial accounting maneuvers that wiped out $200B in market cap. They close by exploring OpenAI’s trillion-dollar restructuring, Microsoft’s 20x return on investment, and the race among tech giants to fund the next phase of AI infrastructure. It’s a sharp, data-packed Rundown filled with fresh insights on capital markets, emerging technologies, and the power shifts redefining global innovation.

Waterloo’s AI Baseball Revolution (01:08)

• How a University of Waterloo startup is changing the game with AI-powered pitching machines

• The rise of Tradex Sports and MLB’s tech adoption

• What this means for Canada’s sports innovation ecosystem

U.S.-Canada Tariff Tensions Rise Again (03:25)

• The Senate votes to nullify tariffs on Canada, but Trump’s volatility looms large

• The politics behind tariff rollbacks

• Why Canada’s “elbows up” strategy backfired

• What this means for trade and cross-border investors

Bank of Canada’s Fourth Rate Cut (06:33)

• Governor Tiff Macklem cuts rates by 25bps. Is this the end of the easing cycle?

• Inflation, weak GDP, and the limits of monetary policy

• Why fiscal stimulus might be the only lever left

• What to watch on November 4th as markets react

Canada’s Stablecoin Race Heats Up (09:10)

• Stablecoins triple Visa’s volume: Can Canada keep up with the U.S.?

• Mastercard eyes $2B Zero Hash acquisition

• Inside Ottawa’s urgent push for stablecoin regulation

• The rise of “sovereign blockchains” and real-time rails

The Future of Payments Canada (14:34)

• Why the nation’s 10-year-late “Real-Time Rails” might already be outdated

• How blockchain will reshape payment infrastructure

• The hidden trillions moving on ancient financial rails

Wealthsimple’s $10B Milestone (16:17)

• A Canadian fintech unicorn doubles its assets in one year

• Lessons from its Series E and $750M raise

• Why Canada’s domestic market is finally worth betting on

Meta’s $200B Accounting Meltdown (20:04)

• Zuckerberg’s AI spending spree and the fallout from “funny accounting”

• Why investors are calling out Meta’s SPV strategy

• What this says about the next phase of Big Tech CapEx wars

OpenAI’s $1 Trillion Restructure (24:06)

• Inside the new deal that redefines AI ownership and governance

• How Microsoft turned a $13B bet into a 10x gain

• Why this could become the most lucrative investment in tech history

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen sits down with Sameer Dhar, Co-Founder and CEO of NiaHealth, to explore how proactive healthcare is reshaping the future of medicine.

Sameer shares his remarkable journey from living in nursing homes for a year while building his first startup (Sensassure) to launching NiaHealth, a Canadian health-tech company empowering people to take ownership of their longevity through AI-driven diagnostics and personalized insights.

With over $8 million in funding and a 12,000-person waitlist, NiaHealth is building a clinician-first model that complements Canada’s public system, helping users prevent disease decades before it develops. Sameer also discusses why prevention, not treatment, must drive the next wave of healthcare innovation, how AI will augment rather than replace clinicians, and what it takes to build a mission-driven company in a regulated industry.

Whether you’re a founder, investor, or health enthusiast, this conversation reveals how the next generation of health tech startups can blend AI, clinical integrity, and human empathy to create lasting impact.

A Quick Word from our Sponsor, Fasken

At Fasken, our clients don’t wait for the future. They build it. As the first and largest dedicated emerging tech practice in Canada, our team is composed of founders, ex in-house counsel, developers and business advisors who have guided clients from startup, to scale-up, to exit. The trust of our clients has enabled us to consistently rank at the top of every major Canadian M&A, Capital Markets and Venture Capital league table. With deep industry knowledge and experience across all areas of emerging and high growth technology including ClimateTech, MedTech, Artificial Intelligence, Fintech, and AgTech we’re your partners within the innovation ecosystem as you transform the landscape of what’s possible.

Tomorrow starts here. Own it with us.

For more information, visit fasken.com/emergingtech and follow us on LinkedIn.

The Entrepreneurial Spark (05:52)

• How the Next 36 program transformed Sameer from a finance student into a founder

• The power of founder-focused education in shaping Canada’s startup ecosystem

• Lessons from learning to “think like a builder” instead of an employee

From Customer Discovery to Conviction (10:46)

• How customer discovery can turn into “analysis paralysis” if you never act

• Why true innovation means taking bold bets, not just collecting insights

• The importance of timing when moving from research to execution

Building NiaHealth (13:26)

• The personal mission to keep people healthy long before disease develops

• How the pandemic revealed gaps in personal healthcare ownership

• The evolution of NiaHealth into a platform offering advanced diagnostics, clinician reviews, and personalized longevity plans

Integrating with the System (17:12)

• Why NiaHealth chose a “clinician-first” model rather than going fully digital

• How nurse practitioners bridge the gap between data and diagnosis

• The importance of integrating with Canada’s public system to maintain trust

Trust and Transparency (22:51)

• Addressing criticism about private healthcare models in Canada

• Why NiaHealth avoids affiliate sales to maintain clinical integrity

• The company’s research-led approach to responsible, evidence-based testing

Filling the System’s Blind Spots (26:13)

• Canada’s biggest blind spot: a reactive healthcare model built around disease

• How prevention and early diagnostics reduce system strain and save lives

• The mission to empower users to act on health risks decades in advance

AI as an Enhancer, Not a Replacement (29:16)

• Why Sameer believes AI should support, not replace, clinicians

• How AI enhances diagnostic accuracy and clinician productivity

• The role of empathy and human connection in patient outcomes

Scaling Impact (33:11)

• NiaHealth’s vision to reach 100,000 Canadians by the end of next year

• Partnering with insurers and governments to expand preventative care

• Why a “built in Canada, for Canada” strategy is key to long-term success

About Sameer Dhar

Sameer Dhar is the Co-Founder and CEO of Nia Health, a serial entrepreneur and health-tech innovator recognized among Canada’s Top 20 Under 20 and Edmonton’s Top 40 Under 40. He previously founded Sensassure, an elder-care technology startup acquired by global health leader Essity.

Connect with Sameer Dhar on LinkedIn: https://www.linkedin.com/in/sameerdhar/

Visit the NiaHealth website: https://www.niahealth.co/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen and John Ruffolo break down the most important stories shaping Canada’s innovation economy, from the upcoming federal budget and its impact on founders and investors, to Canada’s fintech shake-up as open banking finally gains momentum.

The duo dives into AI’s growing legal minefield, including the mounting lawsuits against Perplexity and Sora, and discusses what this means for startups training models on licensed versus unlicensed data. They also unpack Cohere’s rumored IPO, Canada’s AI partnership with the UAE, and what it reveals about the country’s global strategy for data centers and sovereign capital.

From Blue Jays playoff economics to AI data sovereignty, this Rundown is packed with sharp insights, timely analysis, and the kind of candid commentary you won’t hear anywhere else.

A Quick Word from our Sponsor, Fasken

At Fasken, our clients don’t wait for the future. They build it. As the first and largest dedicated emerging tech practice in Canada, our team is composed of founders, ex in-house counsel, developers and business advisors who have guided clients from startup, to scale-up, to exit. The trust of our clients has enabled us to consistently rank at the top of every major Canadian M&A, Capital Markets and Venture Capital league table. With deep industry knowledge and experience across all areas of emerging and high growth technology including ClimateTech, MedTech, Artificial Intelligence, Fintech, and AgTech we’re your partners within the innovation ecosystem as you transform the landscape of what’s possible.

Tomorrow starts here. Own it with us.

For more information, visit fasken.com/emergingtech and follow us on LinkedIn.

Canada’s Make-or-Break Federal Budget (08:46)

With the federal budget weeks away, John calls this the Liberal government’s credibility test, a defining moment for innovation, R&D reform, and fiscal discipline.

• The state of Canada’s finances and investor sentiment

• Expectations for R&D tax credit and AI policy reform

• Why “good ideas” might not matter if the fiscal hole is too deep

Open Banking Finally Gets Real (12:55)

The Bank of Canada registers 300 new payment service providers, marking a major milestone for Canada’s fintech ecosystem.

• How this could shake up the Big 5 banks’ oligopoly

• Why Wealthsimple, Shopify, and Koho stand to gain

• John’s take on trust, liquidity, and the future of financial competition

Canada-UAE AI Investment Deal (15:34)

AI Minister Evan Solomon signs a non-binding MOU with the UAE on data center investment. Is this a real opportunity or political theater?

• What “non-binding” really means for Canada’s capital strategy

• Mark Carney’s push to diversify trade away from the U.S.

• Why every major country is chasing sovereign data capital

Cohere’s IPO Tease and the AI Hype Cycle (18:11)

Cohere’s CEO Aidan Gomez hints at “going public soon.” Matt and John weigh the risks and timing of an AI IPO in a frothy market.

• Lessons from the Faire America IPO and $16B valuations with no assets

• The pressure of capital requirements in AI infrastructure

• Why timing the public markets almost never works

AI Lawsuits, IP Infringement, and Data Licensing Wars (20:48)

From Reddit vs Perplexity to Hollywood vs. Sora, Matt and John break down the growing AI legal battles over content rights.

• The global IP divide: what happens when China ignores licensing rules

• Why only the biggest players can afford compliance

• The coming “Rule of Three” in the AI data economy

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen is joined by James Baskin, Founder and CEO of ZeroStone AI, to explore how businesses can transition from AI experimentation to real-world impact. James, a three-time founder with multiple successful exits, shares his journey from engineering at the University of Toronto to building and selling telecom ventures alongside Globalive’s Anthony Lacavera. He offers valuable insights into leadership, resilience, and overcoming imposter syndrome.

Drawing from over 300 conversations with CEOs and AI leaders, James discusses why many companies are “AI-aware but not AI-ready.” He reveals how ZeroStone helps mid-market firms turn failed pilots into scalable, impactful AI systems. James also highlights the differences between generative and agentic AI, the dual transformation of technology and people, and the importance of fostering a culture of curiosity and continuous learning for long-term success. This episode offers practical advice for founders and executives navigating the AI revolution.

A Quick Word from our Sponsor, Fasken

At Fasken, our clients don’t wait for the future. They build it. As the first and largest dedicated emerging tech practice in Canada, our team is composed of founders, ex in-house counsel, developers and business advisors who have guided clients from startup, to scale-up, to exit. The trust of our clients has enabled us to consistently rank at the top of every major Canadian M&A, Capital Markets and Venture Capital league table. With deep industry knowledge and experience across all areas of emerging and high growth technology including ClimateTech, MedTech, Artificial Intelligence, Fintech, and AgTech we’re your partners within the innovation ecosystem as you transform the landscape of what’s possible.

Tomorrow starts here. Own it with us.

For more information, visit fasken.com/emergingtech and follow us on LinkedIn.

The Founder’s Journey & Imposter Syndrome (00:09:41)

• “Scaling Your Everest”: the emotional toll of leadership

• Facing imposter syndrome in boardrooms

• Anthony Lacavera’s hard advice:“You don’t know what you’re doing.”

• How that painful truth became a turning point

From Go-To-Market to AI Strategy (00:16:00)

• Consulting with Series A/B startups on GTM and sales

• Transition to AI after dozens of founder conversations

• Why most OKRs fail: objectives must tie directly to long-term strategy

• Introducing a new framework rooted in “Seven Powers” by Hamilton Helmer

Building ZeroStone AI (00:22:22)

• Founding mission: help mid-market firms (>$50M revenue) unlock real AI value

• Observing 300+ executive discussions on AI, awareness high, action low

• Why cultural and digital transformations must happen together

• Moving beyond “copilots” to autonomous, agentic AI systems

The AI Leadership Gap (00:24:27)

• Boards push for AI results, but internal teams lack clarity

• “You need both a data transformation and a human capital transformation.”

• The rise of self-selecting teams, who adapts, who opts out

• Building cultures of learning, not fear

Why 95% of GenAI Pilots Fail (00:31:16)

• Most projects don’t touch core business processes

• Generative AI ≠ Agentic AI: only the latter changes workflows

• AI agents as “digital workers” vs. human productivity tools

• How CEOs can start small, measure impact, and scale over three years

Overcoming the Pilot Trap (00:36:30)

• Scaling beyond sandboxes by fixing data architecture

• The critical role of clean data lakes, enrichment, and governance

• Why early-stage companies move faster than legacy enterprises

About James Baskin

Founder & CEO of Zero Stone AI

A three-time founder with successful exits, James is a seasoned expert in go-to-market strategy, OKRs, and sales leadership. Through ZeroStone AI, he is now guiding mid-market companies to unlock true, measurable value from agentic AI, moving beyond failed pilots to autonomous systems that transform businesses.

Connect with James Baskin on LinkedIn: https://www.linkedin.com/in/jamesbaskin/

Visit the ZeroStone AI Website: https://www.zerostone.ai/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen and John Ruffolo break down the latest developments in U.S.-Canada trade negotiations, particularly around tariffs and energy, with insights into how these pressures could shape future relationships.

The conversation shifts to the growing energy demands of AI, as Matt and John explore how both the U.S. and China are navigating energy needs, and whether Canada could play a more significant role. They also analyze NVIDIA’s $110 billion vendor financing strategy, drawing comparisons to the telecom bubble, and discuss the growing risks in data center financing. With the IPO of Fair Me America, they examine how the market is reacting to tech companies with no assets but huge valuations. A packed episode full of fresh insights on the intersection of tech, politics, and business.

A Quick Word from our Sponsor, Fasken

At Fasken, our clients don’t wait for the future. They build it. As the first and largest dedicated emerging tech practice in Canada, our team is composed of founders, ex in-house counsel, developers and business advisors who have guided clients from startup, to scale-up, to exit. The trust of our clients has enabled us to consistently rank at the top of every major Canadian M&A, Capital Markets and Venture Capital league table. With deep industry knowledge and experience across all areas of emerging and high growth technology including ClimateTech, MedTech, Artificial Intelligence, Fintech, and AgTech we’re your partners within the innovation ecosystem as you transform the landscape of what’s possible.

Tomorrow starts here. Own it with us.

For more information, visit fasken.com/emergingtech and follow us on LinkedIn.

US-Canada Relations & Trump’s Tariff Strategy (04:28)

Matt and John discuss the ongoing negotiations between Mark Carney and President Trump regarding trade policies, tariffs, and key sectors like steel, aluminum, and energy. Can Canada withstand the pressure, or will it need to change its approach?

The Energy Battle Between the US and China (09:03)

What role does energy play in geopolitics? Matt and John explore how both the US and China are navigating their energy needs, and why Canada has lost some of its leverage as the world’s energy supply game changes.

NVIDIA’s Vendor Financing Playbook: Lessons from Lucent & Nortel (11:18)

John shares a deep dive into how NVIDIA’s vendor financing strategy mirrors the mistakes made during the telecom bubble, drawing parallels to the strategies employed by Lucent and Nortel. What’s the risk when revenues are tied to customers who may never pay?

AI, Data Centers, and the Future of Technology (17:20)

From the massive energy demands of AI to the rise of private equity-backed data centers, Matt and John dissect the latest AI and GPU investments and how the industry’s future could be shaped by companies like Meta and OpenAI.

The “Yellowstone Club” of Hyperscalers (20:26)

The two discuss the bizarre world of hyperscalers and REITs, looking at how some data center startups are getting massive valuations without any real assets or revenue, and what this means for the future of tech investments.

Bezos Weighs In on the AI Bubble (25:12)

Jeff Bezos surprises everyone with his thoughts on the AI industry, calling it an “industrial bubble” rather than a financial one, and analyzing the disconnect between massive investments and real-world returns.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen is joined by John Ruffolo to dive deep into the rapidly evolving AI landscape, its economic ramifications, and Canada’s growing potential as a global tech leader. They discuss pivotal topics, such as energy challenges in AI infrastructure, the rise of AI tokenization, and the impact of government policies on the sector. With a focus on the future of tech, investments, and the role of Canada, this episode offers an insightful look at where the industry is headed.

A Quick Word from our Sponsor, Fasken

At Fasken, our clients don’t wait for the future. They build it. As the first and largest dedicated emerging tech practice in Canada, our team is composed of founders, ex in-house counsel, developers and business advisors who have guided clients from startup, to scale-up, to exit. The trust of our clients has enabled us to consistently rank at the top of every major Canadian M&A, Capital Markets and Venture Capital league table. With deep industry knowledge and experience across all areas of emerging and high growth technology including ClimateTech, MedTech, Artificial Intelligence, Fintech, and AgTech we’re your partners within the innovation ecosystem as you transform the landscape of what’s possible.

Tomorrow starts here. Own it with us.

For more information, visit fasken.com/emergingtech and follow us on LinkedIn.

AI Energy Demands & Canada’s Opportunity (00:04:39)

John and Matt discuss the massive demand for compute power in AI and Canada’s potential to lead by meeting these energy needs. They highlight the importance of matching energy capacity with data center development to become a global tech leader.

The AI CapEx Boom and the Trillion-Dollar Question (00:07:05)

The discussion shifts to the booming capital expenditures in AI, with a particular focus on the rising costs of building AI infrastructure and whether this growth is sustainable in the long term.

Canada’s AI Strategy and Sovereign Identity (00:14:21)

The conversation turns to Canada’s AI strategy, with a task force focusing on innovation, research, and talent retention. John shares his thoughts on the potential challenges and opportunities for Canada in becoming a key player in the AI space.

The SEC’s Push for Tokenization in the U.S. (00:19:33)

The episode also delves into the SEC’s efforts to allow the tokenization of stocks and what this could mean for the financial industry and blockchain adoption.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen is joined by John Ruffolo to discuss pivotal developments shaping Canada’s economy and tech industry. They cover a range of topics, from Canada’s immigration policies in light of changes to the U.S. H1-B visa program to the evolving AI landscape and its economic implications. John provides insights on how Canada could leverage these immigration shifts to attract global talent, while exploring the risks of inflated AI valuations and the potential for an AI bubble.

The conversation also delves into the rising vendor financing model in AI, which could contribute to market instability, and examines whether the massive investments in AI infrastructure are sustainable. John reflects on the challenges facing Canadian companies, including the latest news from Constellation Software and its founder, Mark Leonard’s resignation. Together, they explore how AI and its financial impact may create headwinds for established companies while offering opportunities for the Canadian tech sector to emerge as a global leader.

A Quick Word from our Sponsor, Fasken

At Fasken, our clients don’t wait for the future. They build it. As the first and largest dedicated emerging tech practice in Canada, our team is composed of founders, ex in-house counsel, developers and business advisors who have guided clients from startup, to scale-up, to exit. The trust of our clients has enabled us to consistently rank at the top of every major Canadian M&A, Capital Markets and Venture Capital league table. With deep industry knowledge and experience across all areas of emerging and high growth technology including ClimateTech, MedTech, Artificial Intelligence, Fintech, and AgTech we’re your partners within the innovation ecosystem as you transform the landscape of what’s possible.

Tomorrow starts here. Own it with us.

For more information, visit fasken.com/emergingtech and follow us on LinkedIn.

AI CapEx Bubble: A Growing Concern (07:30)

The conversation shifts to the massive capital expenditures in AI, with John analyzing the risks associated with overbuilding data center infrastructure and the possibility of a tech bubble.

Vendor Financing in AI: A Dot-Com Repeat? (09:52)

John draws parallels between current AI financing models and the early 2000s dot-com bubble, exploring whether companies are overexposed in the AI sector.

The Future of AI Valuations (15:04)

An in-depth discussion on the risks of inflated AI company valuations and the potential economic fallout.

Canada’s Immigration Advantage: H1-B Visa Adjustments (18:12)

John and Matt discuss the implications of recent changes to the U.S. H1-B visa program and how Canada could use this shift to attract top talent.

Constellation Software: A Transition and the Role of AI (27:09)

John reflects on the recent news of Mark Leonard’s resignation from Constellation Software and what this means for the company, especially in light of AI-driven changes.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen sits down with Nejeed Kassam, a serial founder, investor, and advocate for positive change. With a journey that spans from launching his first business as a teenager to scaling and selling Keela, a CRM for nonprofits, Nejeed’s experience offers valuable insights for entrepreneurs, especially those navigating the challenges of building tech-driven impact companies.

Nejeed shares his entrepreneurial beginnings, the lessons he learned growing Keela, and the challenges he faced when taking on external funding. He also discusses his new venture, Rewire Digital Therapeutics, an AI-powered mental health company using gamification to help users manage depression and anxiety.

From scaling Keela to navigating a successful exit, Nejeed dives into his journey and the key principles he follows in his entrepreneurial endeavors. Whether you’re interested in nonprofit tech, mental health, or financial literacy, Nejeed’s story provides inspiration and practical wisdom.

A Quick Word from our Sponsor, Fasken

At Fasken, our clients don’t wait for the future. They build it. As the first and largest dedicated emerging tech practice in Canada, our team is composed of founders, ex in-house counsel, developers and business advisors who have guided clients from startup, to scale-up, to exit. The trust of our clients has enabled us to consistently rank at the top of every major Canadian M&A, Capital Markets and Venture Capital league table. With deep industry knowledge and experience across all areas of emerging and high growth technology including ClimateTech, MedTech, Artificial Intelligence, Fintech, and AgTech we’re your partners within the innovation ecosystem as you transform the landscape of what’s possible.

Tomorrow starts here. Own it with us.

For more information, visit fasken.com/emergingtech and follow us on LinkedIn.

Nejeed’s Early Entrepreneurial Beginnings (08:12)

• Starting a business at 14 with his brothers in Vancouver

• Learning from early failures and the importance of sales in business

Scaling Keela and the Path to Acquisition (15:17)

• The journey from building Keela as a side hustle to scaling it into a successful company

• The decision-making process behind bringing in external capital and navigating an exit

• Insights on the acquisition process and private equity rollups

Rewire Digital Therapeutics: Tackling Mental Health with AI (25:34)

• How Nejeed’s personal experiences with mental health drove him to create Rewire

• Leveraging AI and gamification to address mental health issues like depression and anxiety

• The future of digital therapeutics and its potential to impact millions

Financial Literacy: Teaching Kids Money Management (35:11)

• How Nejeed teaches his kids about financial literacy

• Building the financial literacy platform, Snowball 72, and its impact on Gen Z and Gen Alpha

• The importance of creating safe, accessible financial learning environments

Nejeed’s Lessons on Building Impactful Businesses (45:23)

• The importance of staying committed to solving meaningful problems

• Building businesses that balance profit with positive societal impact

• The role of resilience and discomfort in entrepreneurship

About Nejeed Kassam

Nejeed Kassam is a serial entrepreneur, author, and advocate for positive change. He co-founded Keela, a CRM for nonprofits, which he successfully scaled and sold in 2024. He is now co-founder of Rewire Digital Therapeutics, a company focused on using AI and gamification to help people manage mental health issues like depression and anxiety. In addition to his work in tech, Nejeed is passionate about financial literacy and has launched Snowball 72, a platform aimed at teaching the next generation about money management. Nejeed’s entrepreneurial spirit is driven by his desire to solve real-world problems and make a meaningful impact on society.

Connect with Nejeed Kassam on LinkedIn: https://www.linkedin.com/in/nejeed/

Visit the Keela website: https://www.keela.co/

Visit the Rewire Digital Therapeutics website: https://rewiredigitaltherapeutics.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen is joined by Christian Weedbrook, Founder and CEO of Xanadu, a groundbreaking Canadian company leading the charge in photonic quantum computing. With over $250 million raised, Xanadu is on track to revolutionize industries through its cutting-edge quantum technologies.

Christian discusses his transition from academia to entrepreneurship, the challenges of building a quantum company, and the potential for quantum computing to reshape industries like AI, drug discovery, and materials science. He shares his insights on Canada’s role in the future of quantum tech, how quantum’s “ChatGPT moment” will likely change the game, and why error correction is the key to scalable quantum applications.

Christian also dives into Xanadu’s ambitious plans for a quantum data center in Toronto, aiming to leverage room-temperature photonic computing to create the world’s first fault-tolerant quantum computing environment by 2029. From AI-driven innovation to material science breakthroughs, this episode is packed with insights on how the future of computing is being redefined.

A Quick Word from our Sponsor, Fasken

At Fasken, our clients don’t wait for the future. They build it. As the first and largest dedicated emerging tech practice in Canada, our team is composed of founders, ex in-house counsel, developers and business advisors who have guided clients from startup, to scale-up, to exit. The trust of our clients has enabled us to consistently rank at the top of every major Canadian M&A, Capital Markets and Venture Capital league table. With deep industry knowledge and experience across all areas of emerging and high growth technology including ClimateTech, MedTech, Artificial Intelligence, Fintech, and AgTech we’re your partners within the innovation ecosystem as you transform the landscape of what's possible.

Tomorrow starts here. Own it with us.

For more information, visit fasken.com/emergingtech and follow us on LinkedIn.

Christian’s Journey from Quantum Physics to Entrepreneurial Vision (08:15)

• The transition from academia to founding Xanadu.

• Early quantum research and turning theory into a business.

Quantum's "ChatGPT Moment" (13:10)

• How quantum computing’s breakthrough will mirror AI’s rise.

• The promise of quantum in industries like AI and drug discovery.

The Challenges of Quantum Capital and Investment (16:20)

• The hurdles of fundraising and dealing with investors unfamiliar with quantum technology.

Xanadu's Recent Breakthrough in Photonic Error Correction (18:47)

• How solving error correction will pave the way for real-world quantum applications.

• Quantum advantage in practical settings.

Canada’s Advantage in Quantum and Xanadu's Global Impact (22:01)

• Why Christian chose to build Xanadu in Toronto.

• How Canada can lead the quantum revolution and avoid the pitfalls faced by the AI sector.

The Future of Quantum Chemistry and Material Science (39:10)

• The role of quantum computing in next-gen battery and solar cell development.

• Why quantum chemistry is the next big frontier.

About Christian Weedbrook

Christian Weedbrook is the Founder and CEO of Xanadu, a leading quantum computing company based in Toronto, specializing in photonic quantum technologies. With a PhD in quantum computing, Christian has held postdoctoral positions at MIT and the University of Toronto, contributing to groundbreaking work in the field. He founded Xanadu in 2016, aiming to make quantum computing scalable and commercially viable. Under his leadership, the company has raised over $250 million and is on track to build the world’s first fault-tolerant quantum data center by 2029. Christian is dedicated to positioning Canada as a global leader in quantum computing and helping to unlock its potential across industries like AI, drug discovery, and material science.

Connect with Christian Weedbrook on LinkedIn: https://www.linkedin.com/in/christianweedbrook/

Visit the Xanadu website: https://www.xanadu.ai/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen is joined by John Ruffolo to dive into a wide range of topics affecting Canada’s economy, from energy and tech to blockchain. They discuss the government’s announcement of major projects like LNG Canada’s expansion and the critical need for nuclear energy. The conversation also touches on Canada's role in the global energy market, especially with the growing importance of renewables and the challenges of balancing carbon-based energy.

The episode shifts to AI and blockchain, exploring how Canada can stay competitive in the tech race. They also dive into the rise of stablecoins in Canada with Tetra Digital Group’s new Canadian peg stablecoin aimed at transforming B2B payments. Lastly, the episode examines the increasing presence of Canadian executives in U.S. tech companies and the risks of overvaluation in the AI startup space.

A Quick Word from our Sponsor, Fasken

At Fasken, our clients don’t wait for the future. They build it. As the first and largest dedicated emerging tech practice in Canada, our team is composed of founders, ex in-house counsel, developers and business advisors who have guided clients from startup, to scale-up, to exit. The trust of our clients has enabled us to consistently rank at the top of every major Canadian M&A, Capital Markets and Venture Capital league table. With deep industry knowledge and experience across all areas of emerging and high growth technology including ClimateTech, MedTech, Artificial Intelligence, Fintech, and AgTech we’re your partners within the innovation ecosystem as you transform the landscape of what's possible.

Tomorrow starts here. Own it with us.

For more information, visit fasken.com/emergingtech and follow us on LinkedIn.

LNG, Nuclear & Energy Future: Canada’s Next Big Steps (00:07:13)

Matt and John discuss the announcement of major energy projects in Canada, including LNG Canada’s expansion and the importance of investing in nuclear energy for the future.

Stablecoin Innovation: The Canadian Peg Stablecoin (00:15:01)

Tetra Digital Group in Calgary launches a Canadian peg stablecoin set to revolutionize B2B payments. John and Matt explore how it could impact Canada’s financial landscape.

Opendoor's New CEO: Canadian Leadership in U.S. Tech (00:18:25)

Opendoor appoints a Canadian executive as CEO, sparking a conversation about the growing influence of Canadian tech talent in major U.S. companies.

AI Valuations: Are We Heading for a Tech Crash? (00:25:39)

With the AI boom in full swing, Matt and John examine the potential for overvaluation and the risks of an AI bubble, echoing insights from Vinod Khosla on market “carnage.”

AI’s Future: Innovation or Overhype? (00:26:15)

Matt and John delve into the power law of investing, discussing how capital is flowing into AI and why only a few companies will win big while many others will fail.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen sits down with Nikunj Kothari, Partner at FPV Ventures, to explore his journey from product leader at LinkedIn, Opendoor, and Meter to early-stage investor. Nikunj shares candid insights on why the best companies thrive under benevolent dictatorships, how AI is reshaping SaaS pricing models, and what makes founders truly exceptional.

From his early years growing up in India to becoming one of the most thoughtful voices in venture, Nikunj opens up about his decision to leave operating roles, his angel investing beginnings, and his transition to VC at storied firm Khosla Ventures before joining FPV. He also dives deep into evaluating founders, navigating hypergrowth, and why outcome-based pricing may define the next decade of SaaS.

Whether you’re a founder looking to scale, an investor trying to spot the next breakout company, or simply curious about how AI is rewriting business models, this episode is packed with hard-earned lessons and bold ideas.

A Quick Word from our Sponsor, Fasken

At Fasken, our clients don’t wait for the future. They build it. As the first and largest dedicated emerging tech practice in Canada, our team is composed of founders, ex in-house counsel, developers and business advisors who have guided clients from startup, to scale-up, to exit. The trust of our clients has enabled us to consistently rank at the top of every major Canadian M&A, Capital Markets and Venture Capital league table. With deep industry knowledge and experience across all areas of emerging and high growth technology including ClimateTech, MedTech, Artificial Intelligence, Fintech, and AgTech we’re your partners within the innovation ecosystem as you transform the landscape of what's possible.

Tomorrow starts here. Own it with us.

For more information, visit fasken.com/emergingtech and follow us on LinkedIn.

From India to Silicon Valley: Nikunj’s Early Journey (00:08:21)

How his blend of engineering, design, and business led him to product management at LinkedIn and startups.

Learning From Hypergrowth at LinkedIn and Opendoor (00:011:23)

Why talent density and ambitious missions drive scaling organizations.

The Investor’s Lens: Spotting Latitude in Founders (00:013:32)

Nikunj’s framework for evaluating founder vision and depth at the earliest stages.

Why the Best Companies Are Benevolent Dictatorships (00:015:39)

How companies like Shopify and Coinbase thrive under strong, opinionated leaders.

The Tension for Non-Founders in Dictatorship Environments (00:21:09)

Nikunj’s personal lessons as a PM executing a founder’s vision.

The Pivot to Investing: From Angel Checks to Khosla Ventures (00:23:26)

Why he left operating roles, and what he had to unlearn as he became a VC.

Joining FPV Ventures and Betting on Founder POVs (00:27:18)

How FPV approaches concentrated early-stage investing with diligence and conviction.

Gross Margins, Kingmaking, and the VC Trap (00:32:09)

Why focusing on revenue quality matters more than chasing top-line growth.

AI and the Future of SaaS Pricing Models (00:39:31)

How outcome-based and usage-based pricing will disrupt per-seat SaaS models.

Navigating Enterprise AI Adoption (00:44:22)

The role of champions in enterprise sales and lessons from scar tissue in early adoption.

Competing in Crowded Markets: The Series A Challenge (00:47:31)

Why exceptional founders and market depth matter more than being first.

Hot Takes: Solo Founders in the AI Era and the Future of IPOs (00:54:24)

Nikunj’s contrarian views on solo founders and whether Canva will go public.

About Nikunj Kothari

Nikunj Kothari is a Partner at FPV Ventures, where he focuses on early-stage investments with a founder-first approach. Previously, he was a product leader at LinkedIn, Opendoor, and Meter, where he helped scale hypergrowth startups and navigate tough product challenges. Nikunj began angel investing while at Opendoor and later joined Khosla Ventures, before moving to FPV to pursue concentrated, high-conviction seed and Series A investments. Known for his sharp writing on venture and product strategy, Nikunj has become a leading voice on topics ranging from benevolent dictatorships to the future of SaaS pricing.

Connect with Nikunj Kothari on LinkedIn: https://www.linkedin.com/in/nikunjk

Visit the FPV Ventures website: https://fpvventures.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen is joined by serial entrepreneur and investor Michael Hyatt and prominent Canadian venture capitalist, entrepreneur, and business leader John Ruffolo as they dive into some of the most pressing issues facing Canada and the world today. The conversation begins with a look at the upcoming federal budget, where Michael shares his perspective on the tough choices ahead for Canada's economy, including the potential for significant budget cuts and the challenges of balancing austerity with essential investments.

The discussion quickly shifts to the rapidly growing field of artificial intelligence, with Matt, John, and Michael debating the future of AI supremacy. As global tech giants like OpenAI and Google race to dominate the AI market, the team explores how Canada can stay competitive and why the AI boom is not without its risks.

With the U.S. and Canada navigating a delicate trade relationship, the episode also delves into the geopolitical shifts that could impact Canada’s role in the global economy. From the impacts of tariffs to the looming question of whether Canada can adapt to the fast-changing digital landscape, this episode covers the critical intersections of politics, tech, and finance.

AI Supremacy: Who Will Lead the Tech Revolution? (00:10:03)

The discussion quickly shifts to the rapidly growing field of artificial intelligence. With tech giants like OpenAI and Google leading the charge, Michael, Matt, and John discuss how Canada can remain competitive in the AI race and why the industry’s rapid expansion is both exciting and fraught with challenges.

Global Trade Shifts: U.S.-Canada Relations and Beyond (00:19:05)

As global trade tensions shift, the episode examines Canada’s increasingly complicated relationship with the U.S. From tariffs to the changing nature of global alliances, Matt, Michael, and John discuss how Canada’s economic future could be influenced by geopolitical dynamics and what needs to be done to safeguard the country's position on the world stage.

Canada’s Infrastructure Challenges: High-Speed Rail Delays (00:23:19)

The team discusses Canada’s slow progress on key infrastructure projects, particularly the high-speed rail project between Toronto and Montreal. Michael and John emphasize the importance of fast-tracking such initiatives to remain competitive on the global stage, contrasting Canada’s delays with rapid infrastructure development in countries like China.

AI Bubble: Are We Heading Toward a Tech Crash? (00:25:59)

With the explosive growth in AI, the discussion turns to the potential for an AI bubble. Michael predicts that while the technology is revolutionary, many AI startups are destined to fail. The three dive into the reasons behind the bubble, why so many companies won’t survive, and who the true winners will be.

The Future of Quantum Computing: Canada’s Path to Leadership (00:30:01)

Michael shares his insights on quantum computing, highlighting its potential to reshape industries from healthcare to energy. The team discusses Canada’s role in this rapidly emerging field and whether the country is positioned to be a global leader in quantum technology.

The AI Workforce: Replacing Jobs or Creating Opportunities? (00:35:12)

The team examines the impact of AI on the workforce. Will AI replace human jobs or create new opportunities for workers? Michael and John discuss the balance between automation and human expertise, especially in industries like real estate, healthcare, and finance.

U.S. Federal Reserve and Canada's Economic Impact (00:38:30)

The discussion touches on the U.S. Federal Reserve’s policies and how they affect the Canadian economy. Michael talks about the delicate balancing act Canada faces, particularly with rising interest rates and inflation, and how these factors will shape the country’s economic decisions.

Connect with Michael Hyatt on LinkedIn: https://www.linkedin.com/in/michaelhyatt1/

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen sits down with Samer Bishay, a telecom trailblazer and the founder of Iristel, to discuss his journey in revolutionizing Canada's telecommunications industry. From growing a small startup focused on VoIP services into one of Canada's largest independent telecom providers to pioneering decentralized satellite-based solutions, Samer has made a lasting impact in the tech world.

Samer shares his experiences of breaking into the telecom market, competing with industry giants like Bell and Rogers, and building solutions for underserved communities. He also delves into the challenges of navigating regulatory hurdles and using cutting-edge technologies like Voice over IP (VoIP) and satellite communications to solve critical connectivity issues in remote regions.

Whether you're an entrepreneur, a tech enthusiast, or interested in the future of telecommunications, this episode offers unique insights into telecom innovation, regulatory struggles, and how technology can bridge the digital divide.

The Early Spark for Aviation and Space Tech (00:07:04)

• From his childhood fascination with planes to studying space technology, Samer talks about his deep interest in aviation and communications, which laid the foundation for his later ventures.

Launching Iristel and the VoIP Revolution (00:14:00)

• Samer explains how he launched Iristel in 1999, focusing on Voice over IP, disrupting the traditional telecom model, and overcoming technical and regulatory challenges.

The Power of VoIP to Disrupt Telecom Giants (00:17:20)

• Samer reveals how VoIP technology allowed him to offer significantly cheaper international calls, challenging the industry’s status quo.

Connecting Remote Communities in Africa (00:19:43)

• A pivotal moment came when Samer deployed servers in Africa to reduce the cost of international calls, ultimately helping underserved communities gain access to affordable telecom services.

Battling Regulatory Challenges in Canada (00:27:11)

• Samer discusses the regulatory scrutiny faced when launching Ice Wireless and Sugar Mobile, and the lessons for founders entering heavily regulated industries like telecom, healthcare, and insurance.

The Vision for a Decentralized Telecom Future (00:39:05)

• Samer introduces Karrier One, a company leveraging blockchain technology to decentralize telecom infrastructure and allow communities to control their own connectivity.

Taking on the Telecom Industry Giants (00:23:50)

• Samer talks about competing against Bell and other telecom giants, and the hurdles that came with scaling Iristel into Canada’s largest independent telecom provider.

Exploring the Role of Satellites in Expanding Connectivity (00:30:24)

• As a co-founder of Kepler Communications, Samer explains how satellite technology is a game-changer for connecting remote regions and overcoming the limits of traditional telecom infrastructure.

The Future of Canadian Innovation and Entrepreneurship (00:45:53)

• Samer discusses the future of tech innovation in Canada, how entrepreneurs should navigate regulatory barriers, and the importance of fostering a risk-taking culture.

About Samer Bishay

Samer Bishay is a pioneering telecom entrepreneur and the Founder of Iristel, Canada’s largest independent telecommunications provider. With a background in VoIP technology, satellite communications, and decentralized telecom networks, Samer has spent over two decades disrupting the industry. He co-founded Kepler Communications to expand satellite connectivity in remote areas and Karrier One, a blockchain-powered platform for decentralized telecom infrastructure. Recognized as one of Canada’s top 25 immigrants, Samer is driven by his mission to bridge the digital divide and create innovative solutions for underserved communities.

Connect with Samer Bishay on LinkedIn: https://www.linkedin.com/in/samerbishay/

Visit the Iristel website: https://www.iristel.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen sits down with Peter Walker, Head of Insights at Carta, to explore the current state of the venture capital ecosystem and emerging startup trends. Peter shares his expertise on the challenges of navigating today's venture market, including how data-driven insights are shaping decision-making for both founders and investors.

With his wealth of experience at Carta, Peter discusses the rise of down rounds, the impact of AI on valuations, and the complexities of stacking safes in early-stage fundraising. He also delves into the unique dynamics of later-stage companies, from unicorns struggling with inflated valuations to the evolving landscape of acquisitions and secondary markets.

The conversation offers crucial insights on how investors are adapting to the changing market, and how founders should approach funding, cap table management, and navigating the growing emphasis on AI. Whether you're a founder, investor, or LP, this episode is packed with actionable takeaways on venture capital, startup growth, and the future of private tech companies.

The Data Visualization Journey (00:03:25)

Peter discusses his passion for data and how his experience with visualizing data led him to work on COVID tracking with The Atlantic.

Joining Carta (00:06:25)

Peter’s transition to Carta and how his role as Head of Insights evolved into a data-driven strategy for the startup ecosystem.

Navigating the 2025 Venture Reset (00:09:00)

Peter breaks down the shifting dynamics in venture capital, including down rounds and how companies and investors should be preparing.

Down Rounds & Valuation Insights (00:12:15)

The challenges startups face with down rounds, and what data from Carta reveals about current market trends in startup valuations.

The Impact of Safes on Founders (00:14:55)

Why Peter believes founders are overusing SAFEs and the long-term consequences for cap tables and company growth.

AI's Role in the Venture Landscape (00:17:47)

Peter discusses how the AI boom is reshaping venture markets and influencing startup valuations, especially for non-AI companies.

Bridge Rounds & the Evolution of Seed Funding (00:21:07)

The rise of seed bridge rounds, preemptive funding, and defensive bridge rounds as VCs try to navigate uncertain valuations.

Unicorns, Acquisitions & the Future of Late-Stage Companies (00:23:47)

What happens to unicorns in a post-boom era, and how acquisitions and down rounds are playing out for companies with inflated valuations.

Navigating Secondary Liquidity & Acquihires (00:30:24)

A deep dive into secondary markets, acquihires, and the growing trend of liquidity for startups as the market matures.

The Future of Venture Capital (00:33:46)

Peter discusses his vision for venture capital in 2030, including the implications of rising AI investments and a more consolidated VC ecosystem.

Founders and VCs in 2030 (00:37:08)

Peter’s predictions for the future of startup funding, with a focus on changing expectations, funding models, and talent acquisition.

About Peter Walker

Peter Walker is the Head of Insights at Carta, where he leads data-driven research on startup trends and venture capital markets. With a strong background in data visualization, Peter has helped shape Carta’s influential market reports, providing insights into valuations, equity distribution, and venture trends. Previously, he contributed to The Atlantic’s COVID-19 tracking project, gaining recognition for his impactful visualizations. At Carta, Peter leverages data from over 45,000 startups to guide founders and investors in making informed decisions, focusing on cap table management and the evolving venture landscape, particularly the influence of AI. His expertise bridges data analytics and clear communication, helping navigate the challenges of raising capital and scaling startups today.

Connect with Peter Walker on LinkedIn: https://www.linkedin.com/in/peterjameswalker/

Visit the Carta website: https://carta.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Welcome back to another jam-packed episode of Tank Talks! Host Matt Cohen is joined by John Ruffolo to break down the biggest headlines shaping Canada’s business, tech, and financial future. From the $12.3B privatization of Dayforce, to the Canadian government’s long-overdue embrace of AI startups, and the urgent debate over stablecoins and financial sovereignty, this episode dives deep into the forces reshaping Canada’s economy.

Whether you’re a founder, investor, or policy watcher, you don’t want to miss this candid conversation on where Canada is winning and where we risk falling dangerously behind.

Dayforce Acquired in $12.3B Mega Sale (01:15)

Matt and John unpack Thoma Bravo’s $12.3 billion acquisition of Dayforce, Canada’s largest private tech buyout in history. They discuss why HR software has become a hot consolidation market, the risks of Canadian management talent shifting south, and what this deal signals for the future of SaaS valuations.

The Rise of Tender Offers & Canva’s $42B Valuation (06:01)

With Canva’s latest employee tender round oversubscribed, John and Matt explore why private markets remain so frothy, how valuation gaps compare to IPOs like Figma’s, and what it means for Canadian scale-ups eyeing liquidity.

AI Funding Frenzy: Cohere’s $500M Raise & Government Partnership (07:30)

Canadian AI champion Cohere announced a $500M round at a $6.8B valuation and a landmark MOU with the federal government. John and Matt debate whether government procurement can finally support Canadian AI companies and if AI cost curves are sustainable as token prices plummet.

The AI Economics Debate: Infrastructure vs. Applications (10:05)

With LLM costs dropping and cloud providers cashing in, John and Matt analyze whether the money in AI will flow to infrastructure giants like Nvidia and Microsoft, or to niche application-layer startups battling against the incumbents.

Google’s AI Energy Report & The Sustainability Question (13:24)

Google claims its Gemini models are 33x more efficient than last year. John questions whether those numbers hold up at scale and what AI’s true carbon footprint means for global adoption.

China’s Stablecoin Push & The Threat to Canadian Sovereignty (15:14)

China moves toward approving yuan-backed stablecoins, while the US doubles down on dollar-backed alternatives. John warns that Canada’s silence on stablecoin policy risks losing monetary sovereignty, while Matt predicts US dollar stablecoins could eclipse the Canadian dollar within a decade.

Why Canadian Entrepreneurs Need “Team Canada” Capital (21:06)

Drawing from his recent Substack essay, Chasing the Tornado, John argues that Canada’s biggest risk is capital providers sitting on the sidelines. He calls for pensions, banks, and family offices to invest in sovereign businesses before Canada loses control of key industries.

Walking Again with AI-Powered Robotics (23:47)

On a personal note, John shares his inspiring first steps in a robotic exoskeleton built by Human in Motion Robotics. He describes how AI-driven rehab tech could transform mobility for millions and why this Canadian innovation deserves global attention.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, we sit down with Brett Gibson, Managing Partner at Initialized Capital, to explore how the world of venture capital is being reshaped by advancements in AI, crypto, and space technology.

Brett’s career has been anything but conventional. From co-founding Posterous with Garry Tan (which was later acquired by Twitter) to rebuilding the platform as Posthaven, and reengineering Y Combinator’s internal software systems, he’s seen it all. Today, as Managing Partner at Initialized Capital, Brett is spearheading investments in emerging sectors like AI infrastructure, crypto technologies, and even asteroid mining.

In this conversation, Brett reflects on his journey of building and scaling startups, the transformation of Initialized Capital following its 2024 restructuring, and his thoughts on why AI is outpacing crypto in shaping the future. He also shares his perspective on moonshot investments, including AstroForge’s mission to mine platinum from asteroids, and offers insights into how founders should navigate an era of rapidly evolving technology.

This episode is packed with valuable insights for anyone interested in the future of venture capital, AI, crypto, and space exploration.

How It All Began (00:01:44)

Brett’s early years in Los Gatos, his philosophy degree, and how teaching himself to code set him on the startup path.

Posterous, Posthaven & Twitter (00:03:27)

The lessons from co-founding Posterous with Garry Tan, scaling consumer tech, and rebuilding as Posthaven after Twitter shut it down.

Rebuilding YC’s Software Stack (00:09:00)

Inside story of rewriting Y Combinator’s internal tools, including applications, demo day, and Bookface.

The Evolution of Initialized Capital (00:13:20)

How Initialized grew from a $7M fund to billions under management, and the 2024 restructuring that refocused the firm on seed investing.

Crypto Infrastructure & Bison Trails (00:17:08)

Why Initialized leaned into crypto early, the Coinbase acquisition of Bison Trails, and crypto’s ongoing product market fit problem.

AI as Table Stakes (00:28:19)

Why Brett believes every startup should leverage AI and why ignoring it puts founders at a competitive disadvantage.

Scaling Technical Founders (00:32:48)

Common pitfalls for technical founders, why people management is a skill, and how to avoid organizational debt.

Moonshots: AstroForge & Beyond (00:34:42)

How Brett evaluates deep tech bets like asteroid mining and the role of network density in space investments.

The High Bit Podcast & Sharing Founder Insights (00:37:06)

Why Brett launched Initialized’s technical podcast and the surprising patterns across founders’ approaches to problem-solving.

The Future of AI, Crypto & Space by 2030 (00:40:45)

Brett’s vision for the next decade of innovation, and why he believes the world will move faster than ever.

About Brett Gibson

Brett Gibson is the Managing Partner at Initialized Capital, where he leads seed-stage investments in AI, crypto infrastructure, space tech, and beyond. A former software engineer, Brett co-founded Posterous with Garry Tan (acquired by Twitter), built Posthaven, and spent years at Y Combinator rewriting its internal software systems. At Initialized, he’s led bold bets on companies like Bison Trails, Sequence, AstroForge, and more.

Connect with Brett Gibson on LinkedIn: https://www.linkedin.com/in/brettdgibson/

Visit the Initialized Capital website: https://initialized.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, we dive deep into how AI is reshaping the world of investment banking and financial workflows. We’re joined by Kunal Tangri and Noah Faro, co-founders of Farsight AI, a trailblazing FinTech startup out of New York that’s automating everything from pitch decks to financial models, all within the tools bankers already use, like Excel and PowerPoint.

Farsight’s mission is to help finance professionals cut down on tedious, manual work and focus on higher-level strategy, and the results are already impressive. In just one year, the company grew 10x in revenue, offering a compelling solution to banks, private equity firms, hedge funds, and wealth managers.

In this episode, we discuss:

• The aha moment behind starting Farsight AI and the team’s journey from MIT to Wall Street and beyond.

• Why the founders believe AI is the key to eliminating grueling 100-hour work weeks for junior bankers and making high-end finance more efficient.

• The biggest challenges they’ve faced in building a tool that integrates seamlessly into finance professionals' daily workflows.

• The future of AI in financial services and how it can democratize access to top-tier financial tools.

From scaling the company to navigating investor interest and addressing the challenges of maintaining security in the financial sector, Kunal and Noah offer valuable insights on building a product that doesn’t just save time but transforms the entire way finance professionals work.

How It All Started (00:02:36)

Kunal and Noah share how their experiences at MIT and roles in big tech led them to co-found Farsight AI and the unique problem they set out to solve in financial services.

Breaking the Banking Mold (00:06:49)

What it takes to build a product that bankers actually want to use without forcing them to learn a new workflow.

How AI Can Eliminate Manual Grunt Work (00:10:50)

Automating the dreaded task of creating pitch decks, memos, and financial models, and how Farsight AI is pushing the boundaries of what’s possible in financial services.

Investor Pitch & Growth (00:20:34)

How Farsight AI secured its first round of funding, raised $16 million in Series A, and caught the eye of major investors.

AI-Powered Decision Making in Finance (00:28:00)

How Farsight AI is tackling everything from Excel-based tasks to handling private equity and M&A documents with seamless integration and workflow automation.

The Road Ahead (00:40:04)

Kunal and Noah discuss their vision for the future, why they believe junior bankers of 2030 will spend more time on strategic thinking than mundane tasks, and how AI will change the financial landscape forever.

About the Guests

Kunal Tangri and Noah Faro are the co-founders of Farsight AI, a revolutionary AI startup that’s changing the way finance professionals work. Both with deep roots in tech, they bring a unique perspective to automating some of the most tedious tasks in investment banking, private equity, hedge funds, and wealth management. With backgrounds at top-tier companies like Hugging Face, Amazon, and MIT, they’re at the forefront of the AI revolution in finance.

Connect with Noah Faro on LinkedIn: https://www.linkedin.com/in/noahfaro

Connect with Kunal Tangri on LinkedIn: https://www.linkedin.com/in/kunal-tangri-61ba48121/

Visit the Farsight AI website: https://www.farsight-ai.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, we’re joined by Michelle Zatlyn, Co-founder, Co-chair, and President of Cloudflare, a company protecting and powering a major part of global internet traffic. Cloudflare helps businesses stay online, load faster, and block threats before they reach the door.

Michelle explains how growing up in Saskatchewan shaped her views on leadership and teamwork, and how that experience still guides her as Cloudflare scales. She shares how a hallway conversation at Harvard became the starting point for the business, how they raised their first round of funding without a product, and why they moved to Silicon Valley during a downturn with no connections.

She talks through the pressure of going public, the spike in traffic when COVID hit, and how the team responded when customers suddenly needed help keeping their services running. She also walks through Cloudflare’s new AI crawler model, how it gives content owners more control, and why a new business model for the web is overdue.

From managing billions of attacks a day to helping publishers keep their content protected, Cloudflare shows what it means to stay reliable when the stakes are high, and Michelle makes it clear that good infrastructure only works if people trust it.

We explore:

• How do you raise money with no product, no revenue, and no connections?

• What happens when a hallway idea becomes core infrastructure for the internet?

• What changes when your company goes public six months before a global crisis?

• Can creators control how AI models use their content?

• What can founders do to make their teams more inclusive without making it performative?

• Why $100M-to-$1B is more fun than $0-to-$100M

The Canadian Roots and Early Values of a Tech Founder (00:02:36)

• Growing up in Prince Albert, Saskatchewan

• How cold winters and community spirit shaped her leadership

• From science nerd to Silicon Valley co-founder

Why She Left Medicine for Business (00:06:49)

• How a summer research job made her rethink med school

• Falling into tech through work in Toronto

• Applying to Harvard without knowing how to pay for it

• The support from Canadian alumni that made it possible

The Hallway Conversation That Sparked Cloudflare (00:10:50)

• A casual remark turns into a business idea

• How she and Matthew Prince turned Project Honeypot into a startup

• Using their .edu emails to get early help and access

• Getting credit for the project instead of taking another class

Raising Money With No Traction (00:20:34)

• Moving to Silicon Valley in a U-Haul with no connections

• Pitching investors with nothing built

• Getting $2M on a $4M pre-money valuation

• Why the Valley still bets on early-stage founders with clear ideas

Hiring, Scaling, and Keeping a Startup Culture (00:24:52)

• Going from 20 people to over 4,500

• Why they still focus on shipping and momentum

• How ownership and trust make the difference

• Running fast without losing focus

Going Public, Then COVID Hit (00:28:00)

• Why they went public when they did

• Customers who once said no came running back

• What changed when traffic spiked overnight

• How customer demand and product pressure collided

• Working through the crisis while remote

• What Cloudflare learned under fire

Cloudflare’s AI Crawler Controls (00:40:04)

• What’s happening with AI scraping content

• Why Cloudflare built a way to block or license crawlers

• The impact on small content creators

• How this fits into wider changes to how the web works

DDoS Attacks and Online Threats (00:48:06)

• Stopping 190 billion attacks per day

• The evolution of DDoS threats in 2025

• Why using modern security tools is non-negotiable

Michelle's Vision for the Next 15 Years (00:51:18)

• Cloudflare as generational infrastructure

• Building the most trusted connectivity cloud

• Why Internet infrastructure is as vital as plumbing

Championing Women & Diversity in Tech (00:53:27)

• Leading by example

• Small asks, big impact: improving referral pipelines

• Creating space for underrepresented founders and talent

Cloudflare has grown into critical internet infrastructure, but Michelle talks about it like a work in progress. The problems are large, but they stay focused on solving them one at a time. Her view is practical: strong teams, clear goals, and ongoing effort.

About Michelle Zatlyn

Co-founder, Co-chair & President of Cloudflare

One of the most influential leaders in Internet infrastructure, Michelle is a Canadian-born tech executive known for building and scaling Cloudflare into a global powerhouse. A champion for cybersecurity, innovation, and women in tech, she brings passion and grit to every conversation.

Connect with Michelle Zatlyn on LinkedIn: https://www.linkedin.com/in/michellezatlyn/

Visit Cloudflare Website: https://www.cloudflare.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Welcome back to another exciting episode of Tank Talks! Host Matt Cohen is joined by John Ruffolo as they dive deep into some of the most fascinating business and tech news, covering everything from the Bank of Canada’s interest rates to Figma’s IPO debut and the rising debate over AI web crawling. Get ready for another whirlwind discussion on the challenges and opportunities at the intersection of technology, finance, and policy!

Bank of Canada Holds Rates Amid Tariff Resilience (00:31)

The episode kicks off with a look at the Bank of Canada’s decision to hold interest rates steady at 2.75%, despite tariff resistance from the U.S. Matt and John dissect how the Canadian economy is faring and whether this wait-and-see approach will help or hurt the country’s future rate cuts.

Figma IPO: A Tech World Shake-Up (02:56)

Figma, the design software giant, hits the New York Stock Exchange with a stunning 225% stock surge, far surpassing its $33 IPO price. Matt and John explore the remarkable jump in Figma’s stock value, its previous $20 billion offer from Adobe, and how this signals a new era for the tech IPO market.

The Surge of AI-Powered IPOs and Investment Opportunities (05:02)

From Figma to potential IPOs from high-growth AI companies, the episode shifts focus to the flood of upcoming tech public offerings. With Microsoft and Meta reporting blowout earnings, the duo discusses how AI and high-tech companies are dominating the IPO space and the new investment opportunities in play.

Cohere's Growth Amidst AI Giants (07:29)

Canadian AI startup Cohere is making waves with a new partnership with Bell Canada and reports of revenue growth, doubling its projected recurring revenue. John and Matt discuss how the startup is positioning itself in the highly competitive AI space, especially with privacy-focused models catering to regulated industries.

JPMorgan and Coinbase's Surprising Crypto Partnership (09:48)

JPMorgan and Coinbase announce a groundbreaking partnership, directly connecting customers' bank accounts to crypto wallets. Matt and John break down how this bold move marks a huge shift in the banking industry, particularly as Canadian banks are left playing catch-up.

Ontario Cancels Starlink Deal Over Tariff Tensions (12:09)

In a shocking move, the Ontario government cancels a $92 million Starlink deal due to U.S. tariff tensions. Matt and John discuss how this decision could impact access to vital broadband for remote communities and the political ramifications of Canada’s communications sovereignty.

The Growing Battle Over AI Web Crawlers and Content Protection (15:26)

As AI web crawlers, including OpenAI's GPT and Anthropic's Claude, face growing restrictions, Matt and John discuss the implications of major companies like Amazon and media giants blocking these crawlers. The episode explores the future of online data scraping, the rise of closed ecosystems, and the potential impact on digital advertising.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, we’re joined by Gaurav Jain, co-founder of Afore Capital, one of the earliest and most respected players in the pre-seed investing space. Gaurav shares how growing up in a small town in India, moving to Canada, and working at Blackberry, Amazon, and Google helped him understand the value of momentum, iteration, and building products that truly matter.

He walks us through how a random dinner at Harvard led to meeting his future co-founder, how they built Afore around the belief that the best founders are often overlooked too early, and why the firm exclusively focuses on investing before there's a product or sometimes even an idea.

Gaurav dives into what makes a great founder at the earliest stage, why he believes momentum is the only moat, and how the rise of AI has only accelerated opportunities for young, technical entrepreneurs to build enduring companies with less capital. He also opens up about the firm's "Founder-in-Residence" and "UTransfer" programs, his view on the Canadian tech scene, and the power of bespoke, high-conviction investing.

We explore:

• Why is momentum the only true moat in early-stage startups?

• Can pre-seed investing still deliver alpha now that it's crowded?

• Is seed-strapping the future of venture capital?

• How do you identify founders before they've found their idea?

• What happens when you give 19-year-olds the capital to build?

Building a Pre-Seed Fund Before “Pre-Seed” Was a Thing (00:03:54)

• Interning globally to chase experience and perspective

• The turning point: joining Founder Collective

• Meeting co-founder Anamitra through a lucky dinner at Foundation Capital

• Launching Afore in 2016 to fill the pre-seed void

Founder Empathy & Early-Stage VC Lessons (00:08:17)

• Mistakes from being a first-time founder

• Learning that exits don’t matter, products and pain points do

• Why Canadian angel advice focused too much on sales, not software

• Why product-led growth is a must-have, not a nice-to-have

The 10,000 Coffees Rule of Venture (00:11:27)

• How judgment is built: time, exposure, and repetition

• Why investing based on ideas (not teams) is a rookie mistake

• Filtering “this could work” vs. “this must work”

• The real constraint in VC: time, not capital

Afore’s Mission: Investing Before the Idea (00:15:00)

• The “Too Early” problem founders face and why Afore exists

• How FIR (Founder in Residence) and Transfer University fund ideation

• Building a support system, not a portfolio of call options

• Why being idea-stage isn’t a red flag, it’s a sign of ambition

Convincing LPs That Pre-Seed Was Real (00:19:19)

• LP skepticism: “Isn’t this just the bad deals no one else wants?”

• How talking to founders not seed managers won over investors

• Working with PitchBook and Crunchbase to split out pre-seed data

• Making pre-seed visible helped founders self-identify and align

Seed-Strapping and the Rise of Efficient Startups (00:24:00)

• How AI-native startups are hitting $1M ARR 2x faster

• Case study: Gamma’s hypergrowth on ultra-low burn

• Why founders can delay growth rounds longer than ever

• Capital efficiency is now a competitive edge

Momentum Is the Only Moat (00:26:07)

• How Android’s rise taught Gaurav speed = survival

• Lessons from RIM’s downfall: never rest on product laurels

• Why the AI era is reshaping iteration timelines

• Pre-seed startups now move at the speed of launches, not quarters

Pivot-as-a-Service in the AI World (00:34:16)

• FIR teams pivoting from speech therapy to CX platforms

• Younger founders = more raw talent, less domain bias

• Startups pivoting every 6–8 weeks—and why that’s healthy

• Embracing pivots as a feature, not a flaw

Scaling Afore with Purpose (00:35:21)

• Fund IV, $500M+ AUM, and 150+ companies later

• Why concentrated portfolios beat spray-and-pray

• The dangers of being too dogmatic on stage or valuation

• Supporting breakout talent like Neo, Gamma, and Bench

Global Perspective: Canada’s Role in Venture (00:41:19)

• Why Canada produces world-class engineering talent

• The upside and limits of building in the North

• Hybrid models: Canada for R&D, U.S. for GTM

• Afore’s belief in serving Canadian founders, wherever they build

Failure may define most early-stage startups, but for Gaurav Jain, the real story starts before the pitch, before the product, even before the idea. With Afore Capital, he is betting on people over polish, instinct over perfection, and helping founders build long before the rest of the world is watching. His journey reminds us that great companies don’t always start with traction; they start with trust.

About Gaurav Jain

Co-founder and Managing Partner at Afore Capital. Ex-Android, BlackBerry, and founder of Polar Mobile. Afore is known for being one of the first firms dedicated to pre-seed, supporting founders before they even have an idea.

Connect with Gaurav Jain on LinkedIn: https://www.linkedin.com/in/gjainvc

Visit Afore Capital Website: https://www.afore.vc/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Welcome back to Tank Talks! In this episode, host Matt Cohen and John Ruffolo dive deep into the latest developments at the intersection of AI, tech, finance, and Canadian sovereignty. From Canada's battle over data center sovereignty to the rapid rise of secondary funds in venture capital, Matt and John cover it all in a fast-paced, thought-provoking conversation.

Canada’s Looming Data Sovereignty Crisis (00:30)

Matt and John kick things off with a critical discussion on Canada's data sovereignty issues. With foreign powers potentially controlling key Canadian data centers, they explore the risks and the urgent need for Canada to develop a more self-reliant infrastructure.

The Great AI Infrastructure Rush (03:23)

The Canadian pension funds (also known as the Maple 8) are making huge moves in the AI infrastructure space. But is this just the tip of the iceberg? Matt and John unpack the massive investments pouring into data centers and AI infrastructure, and what Canada could do to ensure it doesn't just become a resource extractor for foreign companies.

The Growing Secondary Market: Northleaf’s $663 Million Fund (07:56)

Secondary funds are taking center stage in the private equity world. Northleaf Capital Partners recently raised $663 million for its secondary fund, and Matt and John break down the growing trend of secondary transactions in venture capital. Will more firms follow Northleaf’s lead? Tune in to find out!

The Issue of Zombie Assets in Venture Capital (10:57)

John introduces the concept of “zombie assets” that are sitting stagnant in venture capital funds. These assets are causing liquidity problems, and Matt and John discuss how secondary funds like Northleaf are stepping in to help.

Sovereignty and Stablecoins: A National Security Risk? (12:57)

As the US dominates the stablecoin market, Matt and John discuss Canada’s vulnerability in the crypto space. Should Canada be concerned about losing control of its monetary policy to foreign stablecoins and cryptocurrencies? The conversation takes a deep dive into how these digital assets are changing global financial power dynamics.

Regulating Crypto and Stablecoins in Canada (16:42)

John brings up a troubling development, Canada’s slow response to the rise of stablecoins, and the risks of leaving its financial sovereignty at the mercy of foreign-backed assets. With the US moving fast on crypto regulation, what should Canada do to protect its financial system?

A Wake-Up Call for Canadian Banks (19:47)

Matt and John discuss the changing landscape for Canadian banks as crypto and stablecoins grow in popularity. What should Canadian financial institutions do to ensure they don’t lose out on this emerging market? The hosts explore potential strategies for banks to adopt in response to the rapid growth of decentralized finance.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Welcome back to another action-packed episode ofTank Talks!Join host Matt Cohen with John Ruffalo as they break down the high-stakes drama shaking the AI and tech world. First up: the shocking collapse of OpenAI’s $3 billion deal to acquire Windsurf, derailed by Microsoft’s IP grip, and Google DeepMind’s lightning-fast $2.4 billion countermove to snag top talent. Was this a regulatory dodge or a ruthless talent grab?

The plot thickens as Cognition swoops in to rescue Windsurf’s abandoned employees, sparking fiery debates about ethics in tech acquisitions. Meanwhile, Meta’s throwing half-billion-dollar offers and unlimited GPU access at AI researchers, will this arms race kill open-source AI?

From Google’s $3 billion hydropower deal to private equity’s risky play for Grant Thornton, no stone is left unturned. Plus, is the red-hot IPO market ready for crypto’s comeback? Strap in for a no-holds-barred dive into the deals, power struggles, and Silicon Valley scheming you need to know about!

OpenAI’s $3 Billion Deal Collapse: A Tech Industry Shock (00:45)

It all started with a major deal unraveling: OpenAI’s attempt to acquire Windsurf, a competitor to Cursor, fell apart due to a contractual conflict with Microsoft. Matt and John break down what went wrong, how this impacts the AI talent war, and the broader implications for future tech acquisitions.

Google DeepMind's $2.4 Billion Deal: A New Era of AI Acquisition (02:05)

Google swoops in to capitalize on the situation with a $2.4 billion licensing deal for Windsurf’s key staff and technology. Matt and John explore how this move positions Google and whether it signals a new wave of AI-powered business acquisitions.

The Ethics of Acquihires and Minority Shareholder Issues (05:10)

What happens when top employees leave with huge payouts, while others are left behind in the dust? John and Matt discuss the ethical and legal complexities of acquihires and the tension between founders, employees, and investors when money and control are on the line.

Cognition’s Quick Move to Acquire Windsurf (07:00)

In a dramatic twist, AI company Cognition steps in to acquire Windsurf and its employees, turning the situation around. Matt and John analyze the speed and strategy behind this acquisition and what it means for competition in the AI coding space.

Mark Zuckerberg’s AI Talent Strategy: Unlimited GPUs and $500M Deals (09:00)

Zuckerberg’s bold move to attract top AI talent with unlimited GPU access and eye-popping compensation packages is making waves. But is it desperation or a stroke of genius? Tune in as Matt and John debate the future of AI talent wars and Meta’s place in the race for superintelligence.

The Power Struggles Behind AI and Crypto Investments (11:05)

It’s not just about technology; it’s about energy, too. Matt and John discuss the power struggles behind data centers, microgrids, and massive AI and crypto energy consumption, including the huge investments made by Meta, Google, and Oracle to secure their futures.

Grant Thornton's Global Franchise Issues: When Private Equity Meets AI (12:20)

Private equity’s increasing role in professional services firms like Grant Thornton is causing some tension. Matt and John explore how AI and cross-border partnerships are shaking up the accounting world, leading to serious questions about the future of global firms.

Bitcoin Soars and IPOs Heat Up: The Crypto Revolution (15:30)

Bitcoin is soaring and the IPO market is heating up with crypto companies eager to go public. John and Matt discuss the latest developments in the blockchain world, and whether there’s room for Canadian companies to make waves on the IPO stage.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Canada's outdated capital gains policies are driving entrepreneurs and investors away. We need competitive tax reform to keep talent and investment here, building the businesses of tomorrow.

We have just 33 small businesses per 1,000 people vs 124 in the US. Fixing our capital gains system could help us close this gap with the US and create hundreds of thousands of new jobs.

Modern capital gains reform will unleash Canadian innovation, create more high-paying employment, and ensure our world-class graduates build their companies here, not elsewhere.

Goals

To ensure a prosperous, sustainable, and growing economy, Canada needs a thriving private sector that invests in new businesses. A strong environment for entrepreneurship creates jobs, drives GDP growth, and ensures economic mobility for all. In recent years however, entrepreneurship, and consequently private sector employment, has been slow despite an increasing population.

One factor driving this change is that Canada’s capital gains tax policies make it significantly less rewarding to start a business compared to other jurisdictions. To reverse this trend and reinvigorate our private sector, we must revise our outdated policies to align with global standards.

Our targets:

• Increase SMBs per 1000 people over the age of 18 from 33 to 62 to get half of the US rate of 124.

• Increase the number of early-stage financing rounds (Pre-seed, Seed, Series A, and Series B) for new businesses from 482 in 2024 to over 1000+ per year.

• Increase investments in new businesses through industry-agnostic venture capital financing to 0.5% of GDP, up from 0.35% of GDP, to get closer to the USA’s figure of 0.72% of GDP.

Background and Motivation

New business formation and growth relies on people taking huge risks with their time and money. However, today in Canada the people that take these risks – entrepreneurs, early stage employees, and investors – are rewarded less than in other countries.

As a result the country’s best talent is driven to leave and start businesses elsewhere, where they can find easier access to funding1 and keep more of the upside if they succeed.

We need to reverse this systematic issue. By rewarding investors that put their capital at risk and supporting entrepreneurs who put their livelihoods on the line to create new companies we can create a strong and resilient economy.

All companies begin as small and medium businesses (SMBs) and the formation and growth of these SMBs is essential to a country’s economic success both through driving the quality of the labour market and creating opportunities for productivity growth.

In Canada, SMBs accounted for ~64% of private sector employment and contributed to half of all net new jobs added last year2. These work opportunities support upward income mobility, lead to more capital being reinvested into local communities, and are particularly valuable for traditionally disadvantaged populations3 4 5.

In addition, SMBs represent a significant portion of the economy and have high potential for productivity improvements6. Between 2017 and 2021, SMBs contributed almost half of Canada’s GDP7. As these businesses grow and scale their operations they improve efficiency and drive productivity-led growth that can be equivalent in impact to roughly 5% of a developed nation’s GDP8 9.

Perhaps most importantly, SMBs turn into global winners. Growing these companies into sizable businesses is how a country can win an unfair share of global markets, by creating the large, export-focused corporations that contribute an outsized value to GDP and productivity growth. To ensure the next trillion dollar companies - the equivalent of Google, Microsoft, or Meta - are built in Canada, founders must be convinced to start their companies here.

So, having a healthy ecosystem of SMBs is essential to creating a strong economy, but the data shows Canada is falling behind our global peers. In the 20 years between 2003 and 2023, the total number of Canadian entrepreneurs decreased by ~100K, despite the population growing by 10 million10 11. Today, for every thousand people over the age of 18 the US has ~124 SMBs12 13. Israel, a country with less than a quarter of Canada’s population, has ~7314 15, while Canada has just ~3316.

A significant driver of this stagnation is outdated and uncompetitive capital gains policies that have low limits, exclude large categories of business, and contain many restrictions compared to global peers - especially the US. It is less valuable for investors to put money into Canadian businesses, making capital more scarce and it discourages entrepreneurs who know that in most cases they could receive more reward by building the same company elsewhere. This makes it difficult for any SMB to get started let alone scale.

Today, Canada has two capital gains policies, to try and encourage SMB creation, the Lifetime Capital Gains Exemption (LCGE) and a proposed Canadian Entrepreneur’s Incentive (CEI) announced in Budget 2024 but not yet implemented. Combined, the LCGE and CEI would allow shareholders to reduce the inclusion rate of capital gains from the current 50% down to a range of 33.3%-0% to a cap of $3.25M 17 18.

These policies simply can’t compete with the US. The USA’s Qualified Small Business Stock (QSBS) policy has a capital gains cap of $15M or ten times the original investment amount, five times higher than Canada’s LCGE and CEI limit. In addition the QSBS is active today, while Canada’s CEI cap has a phased approach only coming into full effect in 2029 if the policy is passed. Today in 2025, LCGE and CEI’s true combined cap is only $1.25M. And while QSBS shields 100% of gains up until the policy cap for individuals and corporations, Canada’s CEI would only shields 66.7% of gains for individuals.

To illustrate how restrictive this is, we could imagine a company where the business is owned between founders, early employees, and various investors (see the first example below). If this business was started in 2018 and sold 7 years later today in 2025 for $100M, these risk-takers would have to pay a combined $14.7M in taxes. However, that same business with the same structure would pay no taxes in the US.

The good news is that at larger scales of exit like $250m (see the second example below) the gap between Canada and the US decreases due to a more competitive basic capital gains inclusion rate in Canada. This means that if we match the QSBS’s capital gains limit it could actually give the Canadian policy an edge driving more investment in the country and supercharging our SMB ecosystem. However, if we leave the policy as it stands right now companies can never get started because investors and entrepreneurs are scared away.

The reason is that the QSBS rewards smaller exits - the majority of SMB outcomes - with the maximum capital gains tax value. This makes it easier for entrepreneurs, early employees, and investors to take on the risks of building a business. In fact, early-stage US investors are currently increasing their investments into new Canadian businesses, and adding in clauses that would require the Canadian business to reincorporate in the US simply to become eligible for QSBS. This means the best Canadian entrepreneurs and companies are leaving the country simply to take advantage of these rules. This decreases the health of our SMB ecosystem, prevents large companies from growing in the country and ultimately reduces tax revenue.

If we want to keep our entrepreneurs, Canada’s capital gains policies must become competitive with US policies.

‍Beyond better gain caps and exclusion rates, the US’s QSBS allows a wider range of businesses and stakeholders to benefit from the policy, with no minimum ownership requirements, increased asset value caps, and a tiered inclusion rate approach that incentivizes long-term business building. Meanwhile, Canada’s CEI excludes companies in healthcare, food and beverage, and service businesses19. CEI’s minimum ownership rules also exclude early employees and investors who own less than 5% of the business at the time of sale.

Most importantly, while LCGE and CEI’s $3.25M cap applies over a taxpayer’s entire lifetime, QSBS’s limits are per issuer or business. In other words, entrepreneurs, early employees, and investors can use the QSBS more favourable policy again and again for subsequent companies. This discourages repeat entrepreneurs in Canada, who statistically have a higher chance of building successful businesses, from creating a second or third company, as Canada’s LCGE and CEI don’t extend to new issuers20 .

What Needs to Be Done

To properly reward risk takers, Canada can fully solve our capital gains policy problems by combining the LCGE with the CEI into a simple, powerful capital gains policy that supports entrepreneurs. In particular, the new policy could become competitive by adopting three major changes:

1) Expand the eligibility requirements to ensure Canadian entrepreneurs and risk takers are supported. Eligible business types should be expanded to include all industries of national interest, including healthcare clinics, clean energy, technology, etc. We should also eliminate 5% minimum ownership requirements to enable any individual or corporate entity to claim CEI deductions in accordance with the tiered approach that is used to support early-stage employees and investors.

2) Improve the capital gain exclusion rate system to be globally competitive, supporting entrepreneurs and increasing investment. To prevent the draw of foreign jurisdictions and ensure that we have just as much incentive to start companies as peer countries, we should start by raising the exclusion cap to $15M gain or 10x adjusted cost basis per taxpayer, whichever is greater.

3) Make structural changes to ensure these new policies scale appropriately. Amend the capital gains limit from applying per lifetime to per business to incentivize repeat entrepreneurs to continue building in Canada. Additionally, ensure that common investment structures, including Simple Agreements for Future Equity (SAFEs) and Convertible Notes, become eligible, with the holding period commencing from the date the investment is signed, not when the shares are priced and converted. So, there are no major discrepancies for startups choosing to operate in Canada compared to the US.

Common Questions

Will this only benefit tech startups?

No. Canada’s LCGE was originally created to support all small businesses and increase competition, which includes non-tech businesses such as fisheries and farmers. Our memo recommends expanding eligibility to all industries deemed essential, including non-tech ones, that the current CEI proposal omits, such as healthcare practitioners. In the US, SMBs of all sectors, including manufacturing, retail, wholesale, consumer, and packaged goods, benefit from the QSBS policy21.

Wouldn’t corporate tax breaks reduce tax income for social programs and only benefit the wealthy 1%?

No, this would encourage investment in Canadian small businesses, essential for increasing corporate tax revenue that funds social programs. Businesses that receive investment can generate more jobs, pay higher wages, which help increase individual income tax revenue, and reduce withdrawals from crucial social assistance programs, such as Employment Insurance, as more companies and workers stay in Canada. This helps reduce the burden and improve access to social programs, rather than removing them.

What stops foreign investors from abusing this and using Canada as a tax-sheltered haven to enrich themselves at the expense of Canadians?

Maintaining Canadian incorporation, assets, residency, and operating requirements, combined with a minimum 2-year waiting period before benefits kick in, will ensure that new businesses maintain a presence in Canada, creating skilled job opportunities for Canadians and contributing to local economic growth.

Why should we invest in SMBs? Aren’t they risky and likely to be shut down in a few years?

68% of SMBs in Canada survive and operate into their fifth year, and a further 49% of SMBs survive and operate for more than a decade22. SMBs around the world, including Canada, contribute significantly to economic output, job opportunities, and increased competition for consumers.

Conclusion

Canada needs to create an ecosystem that supports entrepreneurs at the earliest stages. We have one of the most educated countries globally, with the largest college-educated workforce among G7 countries23. Canadian universities are consistently ranked among the top institutions globally, world-renowned, with research labs led by leaders like Geoffrey Hinton, dubbed the “Godfather of AI,” who was recently awarded a Nobel Prize for his work in AI and ML24 25.

Not only is our population talented, but they are also resourceful and hardworking. Rather than punishing them, we should reward them for taking the risks to build Canada’s economy. To start, we should implement a modern capital gains policy that rewards investors, entrepreneurs and early employees.

Read more here: https://www.buildcanada.com/en/memos/reward-the-risk-takers

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In this episode of Tank Talks, we’re joined by Sam Pillar and Forrest Zeisler, co-founders of Jobber, a platform that’s changing the way small service businesses operate. Jobber brings everything, quoting, scheduling, invoicing, and payments, into one simple, powerful system, making it easier for service professionals to run and grow their businesses.

Sam and Forrest share how what began as late-night coding sessions and casual coffee shop chats evolved into a company helping thousands of tradespeople work more efficiently and take back control of their time. They talk about the early lessons learned, the importance of staying relentlessly focused on real customer needs, and how they’ve embraced AI to help entrepreneurs future-proof their businesses.

From turning 56-hour workweeks into tasks handled in minutes, to giving business owners the freedom to manage operations from anywhere, even a hospital room or beachside cabana, Jobber is proving that small businesses don’t have to sacrifice their well-being for success.

We explore the big questions:

• Can AI finally give small business owners their "5 to 9" back?

• What happens when you build software by listening, not dictating, to your customers?

• Will AI become the most indispensable "employee" for millions of tradespeople?

The Coffee Shop Origins of Jobber (00:01:43)

• Meeting over code at Remedy Coffee in Edmonton

• Building software to bring order to small business chaos

• Learning from real customers instead of leading with assumptions

The Power of Listening to Small Business Pain Points (00:04:31)

• How a $430 phone bill inspired Jobber's early product

• Focusing on relationship-driven problem discovery

• Why the best solutions come from understanding, not pitching

Early Hustle and Near-Impossible Odds (00:08:19)

• Maxed-out credit cards, mice in the office, and toaster oven hacks

• The role of naive optimism in surviving the startup grind

• Asking parents for investment in an “idea” that wasn’t worth much (yet)

Building Trust with Small Business Owners (00:11:27)

• Overcoming skepticism of the cloud and digital tools

• Why authenticity, empathy, and asking the right questions matter

• The “bullsh*t meter” of tradespeople and how Jobber earned credibility

Impact Stories: Reclaiming the '5 to 9' Life (00:18:24)

• A customer's ability to run his business from a hospital bedside

• Empowering entrepreneurs to pursue dreams, not drown in paperwork

• Emotional success stories from Jobber customers

The 'Gateway Drug' of Entrepreneurship (00:22:02)

• The surprising role of poop scooping businesses

• Why low-barrier industries ignite entrepreneurial ambition

• Jobber’s commitment to serving all small businesses, no matter how niche

Scaling with Purpose: Jobber as the Shopify of Home Services (00:23:43)

• Prioritizing customer stories over founder fame

• Embedding customer obsession into every team and meeting

• How Jobber fosters an internal culture rooted in small business success

The Future of AI for Trades & Small Business (00:26:07)

• AI as a “most trusted employee” for entrepreneurs

• Real-world automation reducing 56-hour tasks to minutes

• Why tradespeople stand to benefit most from AI efficiency

• Building trust before AI can fully run their business

Co-Founder Chemistry & Fun Facts (00:34:16)

• Forrest’s love for right-hand drive sports cars

• Sam’s vintage Mercedes obsession and former bike courier skills

• The role of carpentry, farming, and hands-on hobbies as a founder escapes

As entrepreneurial life splinters under pressure, platforms like Jobber illuminate a better path: one where smart technology and strong relationships meet. They’re not just building software—they’re cultivating trust, reclaiming freedom, and reimagining what it means to succeed in small business. Whether you're buried in paperwork or dreaming of the next simple service, Jobber could be the partner you didn't know you needed.

About Sam Pillar

Co-founder & CEO of Jobber, passionate about empowering small service businesses. Former freelance developer turned tech leader driven to help entrepreneurs succeed.

Connect with Sam Pillar on LinkedIn: https://ca.linkedin.com/in/sampillar

About Forrest Zeisler

Co-founder & CTO of Jobber, software engineer by trade with a deep belief in building practical solutions for real-world problems. Known for his car obsession and mechanical watch collection.

Connect with Forrest Zeisler on LinkedIn :https://ca.linkedin.com/in/forrestzeisler

Visit Jobber Website: https://www.getjobber.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

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Welcome back to another thought-provoking episode of Tank Talks! In this episode, Matt Cohen and John Ruffolo cut through the noise to unpack the latest economic headlines and policy shifts reshaping North America’s business landscape. From Canada’s surprise repeal of the Digital Services Tax to Brookfield’s launch of an evergreen private equity fund, this episode dives deep into the forces driving change in trade, finance, and innovation.

Will Canada’s late-stage policy reversal strengthen its position in U.S. trade talks? Are evergreen funds the next big wave in private equity? And how will digital-only banks and stablecoins reshape the future of finance? Tune in for all that and more!

Canada’s Digital Services Tax Repealed at the 11th Hour (00:14)

Just hours before the June 30th collection date, Canada repealed its controversial 3% digital services tax to clear the runway for renewed trade negotiations with the U.S. Matt and John unpack the political optics, the timing missteps, and why this repeal might’ve come too late to score real leverage in the upcoming Carney-Trump summit.

Trade Tensions and a Pivot Away from U.S. Exports (02:50)

With U.S. tariffs still biting Canadian industries like steel, aluminum, and autos, exports to non-U.S. markets jumped 5.7% in May. John analyzes the long-term risks and what a 10% tariff “compromise” could mean for Canadian trade policy moving forward.

Brookfield’s Evergreen Fund: Liquidity vs. Strategy (06:37)

Brookfield’s launch of a new evergreen private equity fund is raising eyebrows. These liquid investment vehicles are tailored for high-net-worth investors, but could they undermine Brookfield’s traditional closed-end funds? Matt and John discuss the tradeoffs and potential disruption to institutional capital models.

Stablecoins, Erebor & The Future of Banking (10:53)

With the launch of Erebor, a new U.S. digital-only bank backed by Palmer Luckey, Peter Thiel, and Joe Lonsdale, the open banking revolution is heating up. But will Canada get left behind amid regulatory hesitations? The duo explores how stablecoins and crypto-native banks are reshaping the financial ecosystem.

The “Big Beautiful Bill”: Trillions in U.S. Spending (13:56)

At nearly 1,000 pages and $4.85 trillion, the latest U.S. tax and spending package is a behemoth. John calls out some of the more controversial provisions, like Section 899, a “revenge tax” aimed at foreign investors, and weighs in on what this means for the U.S. deficit and global investment climate.

Figma Files to Go Public: A Product-Led Rocketship with a Caveat (16:49)

Figma’s S-1 filing reveals eye-popping growth: $750M in 2024 revenue, 91% gross margins, and 90% of the Fortune 500 on board. But one number raised eyebrows, its definition of net revenue retention. Is the 132% figure misleading? Matt and John dissect the metrics and what investors need to know.

Anthropic & OpenAI’s Revenue Explosion (19:39)

AI darlings Anthropic and OpenAI are shattering expectations, with annualized revenues of $4B and $10B, respectively. What’s fueling this growth, and is it sustainable? Matt and John assess the trajectory and strategic implications for the broader AI race.

Meta’s Talent War: $300M Signing Bonuses & AI Domination (20:30)

Meta’s aggressive push into AI includes poaching top OpenAI talent with eye-watering offers reportedly reaching $300M. Is this visionary investing, or panic-mode recruiting? The conversation digs into the implications of Meta’s superintelligence ambitions and the high-stakes battle for AI supremacy.

Microsoft Layoffs: AI Efficiency or Budget Strategy? (22:52)

With Microsoft cutting 9,000 jobs, questions swirl around whether AI-driven efficiencies or strategic capital reallocation are the real drivers. John shares his take on what this means for enterprise software, consulting firms, and the future of knowledge work.

As the tides of global economics, innovation, and technology continue to shift, Tank Talks is your front-row seat to the big moves shaping our world. Don’t miss this jam-packed episode!

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, we explore the future of solo entrepreneurship powered by AI with the co-founders of Audos, Henrik Werdelin and Nicholas Thorne. Audos is pioneering a platform that helps founders start and scale one-person businesses by providing AI co-founders that guide entrepreneurs through the entire startup journey from idea validation to product development, marketing, and growth.

Henrik and Nicholas share how their experience building companies like BarkBox and their startup studio Prehype, inspired the vision for Audos. They break down why the next wave of innovation may come not from massive teams, but from solo founders armed with agents and AI workflows.

• Can AI unlock a million one-person, million-dollar businesses?

• What’s a “Donkeycorn” and why is it the new unicorn?

• How do founders build “taste at scale” in an age of auto-generated everything?

From BarkBox to Audos: Henrik’s Journey (00:02:31)

• Building a startup collective with Prehype

• Why being surrounded by misfits at MTV shaped his entrepreneurial lens

• What “between time” means for founders

Wall Street to Startup Studio: Nicholas’ Story (00:06:00)

• Starting on Wall Street during the 2008 crash

• Creating a Costco arbitrage business in college

• Meeting Henrik and becoming an “Entrepreneur in Residence”

How Audos Was Born (00:10:41)

• The problem with “idea-first” thinking

• The Prehype methodology that powers the platform

• Helping founders build relationship capital, not just apps

What is Audos? An AI Co-Founder for the Masses (00:12:26)

• The mission: a million one-person, $1M/year businesses

• How agents guide users from idea to scale

• From onboarding to revenue generation

Taste at Scale: The Founder’s Secret Sauce (00:26:54)

• Why knowing what not to do is as important as what to do

• Defining taste in a world of AI-generated content

• The power of deselecting bad-fit customers

The First 30 Seconds with Audos (00:32:01)

• How users are onboarded via Instagram and a conversational UI

• The role of AI agents across product, marketing, and founder coaching

• Where human support still plays a vital role

Capital as a Tool for Activation (00:36:26)

• Why giving early-stage founders “nudges” is more effective than full VC rounds

• Real stories of customers launching fast with small validation experiments

• Why momentum is oxygen for new businesses

Replacing Accelerators? The Role of Community (00:48:54)

• How Audos supports founders who wouldn’t otherwise build

• The loneliness of solo entrepreneurship in the AI era

• Why Audos is an “artist collective” for business builders

What’s Next: The Future of AI-Driven Founders (00:50:58)

• Inbox Zero as the new founder's workflow

• The rise of agent-based businesses with no UI or website

• Why the next big companies will be solo-agent-led

As solo entrepreneurship becomes more accessible, platforms like Audos are showing what’s possible when AI becomes a true partner in the journey. With a mission to launch a million one-person, million-dollar businesses, Henrik and Nicholas are betting big on everyday founders and proving that you don’t need a team to build something meaningful.

Audos is more than a platform; it’s a movement redefining how businesses are started, scaled, and supported. Whether you're stuck on an idea, unsure of where to begin, or simply looking for a smarter way to work, Audos might just be the co-founder you didn’t know you needed.

About Henrik Werdelin

Henrik is the co-founder of BarkBox and founding partner at Prehype, a venture studio that has launched companies like Roman and Managed by Q. With Audos, he’s focused on enabling anyone to become an entrepreneur, regardless of background or technical skill. He’s also the co-host of the podcast Beyond the Prompt and a vocal advocate for “everyday founders.”

About Nicholas Thorne

Nicholas started his career on Wall Street before teaming up with Henrik to co-build companies at Prehype. As co-founder of Audos, he’s applying more than a decade of startup experience to help others launch scalable solo ventures with AI. He brings deep operational and strategic insight to the solo founder revolution.

Connect with Henrik Werdelin on LinkedIn

Connect with Nicholas Thorne on LinkedIn

Listen to Beyond the Prompt

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

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In this episode of Tank Talks, Matt Cohen speaks with Ryan Manucha, research fellow at the C.D. Howe Institute and author of Booze, Cigarettes, and Constitutional Dust-Ups, about a critical issue that remains largely invisible yet impacts every business operating in Canada: interprovincial trade barriers.

Despite being a G7 economy, Canada continues to operate like a collection of fragmented markets, with conflicting provincial regulations creating friction across supply chains, licensing, and commerce. From inconsistent building codes to restrictions on transporting wine, the regulatory inefficiencies between provinces quietly stifle economic growth, suppress competition, and make it harder for startups to scale.

Ryan outlines how these barriers originated, why reform has been so difficult, and what solutions, like mutual recognition and targeted legislation, are gaining traction across the country. He also shares how political will, industry pushback, and regulatory inertia are all part of the story. If you've ever wondered why your favorite B.C. wine can’t be shipped to Ontario, or why it’s so hard for businesses to scale across Canada, this episode is for you.

Canada’s Fragmented Internal Market (00:01:00)

• Why interprovincial trade feels like dealing with 13 separate countries

• How protectionist policies quietly hurt entrepreneurs and consumers

• The story of Gérard Comeau and the constitutional fight over beer

The $200 Billion Opportunity (00:06:43)

• Why eliminating internal trade barriers could add up to 7.9% to Canada’s GDP

• The dynamic benefits of freer internal markets beyond the static estimates

• Why mutual recognition matters more than full harmonization

Real-World Examples of Dysfunction (00:09:56)

• The absurdities of cannabis excise tax stamps and meat supply chain barriers

• Trucking regulations, GST/PST discrepancies, and licensing headaches

• The “invisible” cost of credentialing and compliance across provinces

Why the U.S. and Australia Do It Better (00:12:03)

• How stronger constitutional laws and market pressure keep the U.S. more unified

• Australia’s model of mutual recognition and regulatory transparency

The Politics Behind the Gridlock (00:15:35)

• How provincial self-interest, regulatory capture, and lobby pressure slow reform

• Why strong leadership from premiers like Doug Ford and Danielle Smith is key

• The federal government’s role in bridging the gaps and building capacity

Fixing the System (00:20:56)

• Why the Canadian Free Trade Agreement is full of opt-outs and loopholes

• How a “coalition of the willing” could lead the way

• Using market pressure and interprovincial courts to drive change

What’s at Stake for Startups and Innovation (00:36:37)

• How trade barriers inflate the cost of living and suppress entrepreneurship

• Why tech founders and business leaders need to speak up

• Ryan’s call to action: “If you see something, say something.”

About Ryan Manucha

Ryan Manucha is a research fellow at the C.D. Howe Institute, a Harvard-educated lawyer, and the author of Booze, Cigarettes, and Constitutional Dust-Ups, which won the 2022 Donner Prize for best Canadian public policy book. He specializes in Canadian interprovincial trade law and is a leading voice on reducing regulatory inefficiencies to promote innovation and economic growth.

Connect with Ryan Manucha on LinkedIn: https://ca.linkedin.com/in/ryan-manucha

Visit the C.D. Howe Institute: https://cdhowe.org/

Check outBooze, Cigarettes, and Constitutional Dust-Ups (2022 Donner Prize winner)

Explore the Canadian Free Trade Agreement (CFTA): https://www.cfta-alec.ca/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Welcome back to another electrifying episode of Tank Talks! Matt Cohen is joined once again by John Ruffolo to unpack the latest economic and technological headlines. From Canada’s growing role in global AI and energy discussions to the latest shifts in public-private partnerships, this episode is packed with high-stakes insights and forward-thinking analysis.

Is Canada ready to lead the charge in AI and quantum technology? Can the nation address its looming energy challenges and secure a sustainable economic future? Tune in for an exploration of these questions and more!

G7 Summit & Canada's Global Position: A Race for AI Leadership (00:14)

The G7 Summit in Alberta saw world leaders make bold commitments to AI and quantum technology, with Canada front and center. But how realistic are these promises? Matt and John dive into the challenges and opportunities ahead as Canada seeks to secure its place as a global leader in innovation and technology.

AI Investment and Quantum Computing: Is Canada Ready to Step Up? (00:40)

The G7 has pledged $185 million towards AI and quantum growth, but John has concerns about the scale and execution of these investments. Will this funding truly move the needle, or is it just more talk without follow-through? John discusses whether Canada has the right strategy to dominate in these transformative technologies.

Energy Challenges: Canada’s Struggle for Economic Resilience (03:30)

Energy remains Canada’s Achilles' heel. As global markets shift and environmental concerns grow, John breaks down Canada’s struggle to address its energy needs while maintaining environmental responsibility. How can Canada secure its energy future in a politically and environmentally charged landscape? The conversation digs into what needs to change for the country to thrive.

Open Banking: Canada’s Slow Progress and Risk of Falling Behind (06:05)

Despite promises, Canada is still stumbling on the road to open banking. With no concrete timeline in place, John and Matt discuss the latest developments and why Canada risks falling behind other fintech hubs like the U.S. and the UK. Is Canada’s fintech future in peril, or is there hope for change on the horizon?

Public-Private Partnerships in AI: A Game-Changer for Canada’s Economy? (08:47)

Cohere’s new partnership with the Canadian and UK governments is raising the stakes for AI innovation in the public sector. As AI gains ground in government services, Matt and John examine how this public-private collaboration could shape Canada’s economic future. Are these partnerships the key to unlocking Canada’s AI potential?

Meta’s AI Bet: Is Zuckerberg Playing Catch-Up or Leading the Charge? (14:32)

Mark Zuckerberg is throwing down big bets in AI, offering hefty signing bonuses and investing $14 billion into Scale AI. But is this a desperate attempt to catch up with rivals like OpenAI, or a strategic move to solidify Meta’s position at the forefront of AI? Matt and John analyze the implications of Zuckerberg’s moves and what they mean for Meta’s future.

Investment Shifts: VC Fund Performance and What It Means for the Tech Landscape (20:01)

The latest data on VC fund performance reveals some stark realities. While TVPI (Total Value to Paid-in Capital) shows some life, DPI (Distributions to Paid-in Capital) is still scarce. John and Matt dive into the numbers and discuss what this means for investors, founders, and the future of venture capital

As global dynamics shift, Canada’s role in AI, energy, and investment will be tested like never before. Can the country capitalize on its technological opportunities, or will it get left behind? This episode is a must-listen for anyone interested in understanding how these shifts will shape the future of business, technology, and global leadership.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen chats with Ryan Gariepy, CTO and Co-Founder of Clearpath Robotics, on how a garage project from four Waterloo grads turned into one of Canada’s biggest deep tech exits. Ryan takes us behind the scenes of Clearpath’s $600M acquisition by Rockwell Automation and the company’s journey from building robots for researchers to dominating the autonomous mobile robot (AMR) space.

The conversation covers building during a hardware-unfriendly time, the harsh realities of supply chains, the open-source bet that changed robotics, and what it really feels like to pitch in a room of 50+ Rockwell execs. Ryan also breaks down why humanoid robots are still far off, the evolution of talent in robotics, and how Canada can stay in the game. A must-listen for anyone building in frontier tech, hard tech, or just trying to scale something real.

Garage to Global Robotics Platform (00:00:49)

• Building Clearpath as a first job out of university

• From LEGO and sci-fi to industrial-grade robots

• “We didn’t incorporate until we sold our first piece of vaporware.”

• Early clients and funding in a post-2008 downturn

Finding Product-Market Fit in Robotics (00:07:22)

• Observing where researchers were getting bored and the industry was getting excited

• Why they skipped the self-driving car race and focused on logistics

• Clearpath’s strategic bets: industrial automation, mining, and inventory tracking

The Role of Strategic Investors (00:10:00)

• Caterpillar, GE, and Hyundai backed Clearpath with market-aligned capital

• “They were bought into the vision before the checks were written.”

The Rockwell Deal: Behind the $600M Exit (00:10:48)

• Term sheet to close in five months: “It felt like an eternity.”

• Surviving a 50-person technical due diligence call

• Lessons from being tested by Fortune 500 execs: “I’m proud I made it through.”

• On integration: "Separate your identity from your company early, it helps."

Post-Acquisition Life and Scaling with Rockwell (00:16:16)

• Transitioning from founder to employee

• How joining Rockwell offered the scale Clearpath couldn’t build alone

• The upside of collaborating with seasoned technical leaders

ROS, Open Source, and the OSRA Launch (00:17:11)

• Founding the Open Source Robotics Alliance

• Making open-source robotics enterprise-ready

• “We want people to build on reliable tools, not reinvent the wheel.”

AI, Hype vs. Reality in Robotics (00:20:03)

• Why LLMs aren’t yet revolutionizing robot performance

• Cautioning against overhyping early AI integrations

• “Writing the algorithm is the easy part, everything around it is the hard part.”

The Evolution of Robotic Talent (00:23:07)

• From grad-school coders to cross-industry engineering pros

• Production-grade code becoming the standard

• The underrated value of hiring low-ego, heads-down engineers early

Lessons from Scaling Hardware Through Crisis (00:27:23)

• Navigating power cable shortages during COVID

• Being vertically integrated saved them barely

• “Our margins took a hit, but our suppliers knew we were long-term partners.”

Why Autonomy in Plants Will Win (00:34:07)

• Factory robots vs. public-road self-driving cars

• Simpler operational environments = faster ROI

• “We already have the existence proof for factory autonomy.”

The Future of Robotics (00:36:59)

• Hoping for better sensors, especially depth cameras

• Small, on-device AI models for better HRI (Human-Robot Interaction)

• “The tech isn’t quite conscious, but we’re close to robots that can explain themselves.”

About Ryan Gariepy

Ryan Gariepy is the CTO and Co-Founder of Clearpath Robotics, a Waterloo-born robotics company that pioneered open-source development in autonomous mobile robots. In 2023, Clearpath was acquired for $600M USD by Rockwell Automation. Ryan is a board member of the Open Source Robotics Foundation, co-chair of the Canadian Robotics Council, and a vocal advocate for AI and robotics leadership in Canada.

Connect with Ryan Gariepy on LinkedIn: https://ca.linkedin.com/in/rgariepy

Visit Clearpath Robotics Website: https://clearpathrobotics.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, we delve into the grassroots movement that's turning heads across Canada’s innovation ecosystem: Toronto Tech Week. Joining us are two of the powerhouse organizers behind the festival: Julia Baird of Golden Ventures and Taha Hossain of Daybreak Studio. With Collision saying goodbye to Toronto, Julia and Taha stepped up to fill the void, co-creating a decentralized, nonprofit, and radically inclusive tech festival that’s rallying an entire city.

From organizing 200+ events across 24 neighbourhoods to collaborating with giants like Shopify and Google Cloud, Julia and Taha break down how Toronto Tech Week came to life, what makes it truly different from traditional tech conferences, and why it matters so much to Canada’s next generation of founders, investors, and builders.

• What’s the future of community in tech?

• How do you run a 5-day, 200+ event festival without a central committee?

• Can a city-scale tech festival really be open-source and inclusive?

How Toronto Tech Week Was Born (00:02:37)

• Why Collision’s exit left more than just a calendar gap

• The spontaneous conversations that sparked a movement

• What it took to rally 40+ early partners and full-city support

Decentralized by Design: What Makes This Festival Different (00:04:50)

• The open-source structure and why it works

• Student-led, VC-supported, builder-run: a new way to “conference”

• Why side events became the main event

Social Media & The Rise of Momentum (00:08:50)

• How Toby Lutke, Twitter, and memes helped launch the idea

• Rallying the community with retro vibes and real voices

• Why the diversity of events is by design, not accident

Designing the Streetcar-Inspired Website (00:11:13)

• Taha’s inspiration from his Toronto commute

• Gamifying city navigation with local flavour

• How retro tech, TTC lines, and nostalgia created an authentic experience

Logistics of a 24-Neighbourhood Tech Week (00:17:44)

• The hidden support of the City of Toronto

• Navigating across the city on foot, by bike, or by subway

• Why decentralization adds to the magic

Building a Global Platform from a Local Base (00:25:08)

• How CDL and other partners brought international attention

• The snowball effect of global participation

• Why leaders like ​Chamath Palihapitiya, Geoffrey Hinton & Harley Finkelstein matter

What to Expect: From Hinton to Homecoming (00:17:44)

• Previewing the biggest events, from BetaKit Town Hall to Netflix’s CTO

• What excites Julia and Taha most on the calendar

• How every community, from AI to CPG, is represented

Hosting an Event? Here's How (00:34:27)

• How the event application process works

• What types of events are welcomed (hint: all of them)

• How organizers can tap into tools, space, and city support

The Ripple Effects: Why This Matters (00:31:22)

• Why Canadians are everywhere but rarely recognized

• Why Toronto Tech Week is a "homecoming" for global talent

• How this might plant seeds for the next wave of innovation

Advice for Founders & Attendees (00:35:58)

• Why Toronto is the easiest place to make real friendships

• What the organizers hope every visitor walks away with

• How optimism and belief drive long-term impact

As cities everywhere chase the next big tech event, Toronto may have just found the blueprint: open, grassroots, volunteer-led, and deeply local. Will other ecosystems follow its lead?

Toronto Tech Week is a weeklong, citywide collection of events to connect and celebrate the tech community. Happening on June 23-27, 2025, it's an open platform for anyone to join or host events to showcase Toronto globally as a city where anything is possible.

About Julia Baird

Julia Baird is the Head of Platform & Operations at Golden Ventures, an early-stage venture capital fund based in Toronto. She’s also one of the founding organizers behind Toronto Tech Week. Julia brings deep experience supporting startups and venture ecosystems and has been instrumental in building the strategic partnerships that power this new community-first festival. When she’s not coordinating 200+ events, she’s championing Canadian tech talent and empowering founders to scale their impact.

About Taha Hossain

Taha Hossain is the founder of Daybreak Studio, a design and technology studio based in Toronto that partners with high-growth startups to craft impactful brand, product, and web experiences. As one of the founding organizers of Toronto Tech Week, Taha led the creative direction behind its now-iconic streetcar-inspired website and brand identity. His work blends playful design with deep cultural context, making tech feel approachable, authentic, and unmistakably Toronto.

Connect with Julia Baird on LinkedIn: https://www.linkedin.com/in/juliabaird/

Connect with Taha Hossain on LinkedIn: https://www.linkedin.com/in/tahahossain/

Visit the Toronto Tech Week website: https://www.torontotechweek.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Welcome back to another episode of Tank Talks! This week, Matt Cohen and John Ruffolo dive deep into the economic and innovation headlines shaping Canada's future, from the shocking collapse in domestic VC funding to Bell’s billion-dollar bet on AI infrastructure, and Mark Carney’s latest power move that might just redefine Canadian politics.

• Is Canada's startup ecosystem on life support?

• What Bell's AI supercluster plan means for data sovereignty and why it might be too small, too late.

• Mark Carney's political chess game: A shift to the economic right?

• Jim Balsillie’s warning about crypto, open banking, and the end of Canadian monetary independence.

This is one episode where politics, venture capital, and emerging tech collide. Let’s dive in.

Vancouver’s Web Summit Debut: A Promising Start, But Room to Grow (00:00:42)

Matt shares his experience from Web Summit Vancouver, highlighting a surprisingly dense tech scene and global founders living in B.C., but the event suffered from a lack of promotion and branding blunders.

John’s take: Good signs of energy on the West Coast, but Vancouver still needs to establish itself as a recurring VC destination.

Canada's VC Crisis: A System on the Brink (00:04:30)

BDC and CVCA reports reveal domestic early-stage VC activity has plummeted to a five-year low. U.S. capital, once Canada’s cushion, is drying up too.

John’s take: The system is at a critical point. Without a strong local VC backbone, Canada risks losing its tech future. The warning signs are clear and urgent.

Risk-Off Era: Are VCs Getting Too Cautious? (00:08:14)

Fundraising is down, LPs are nervous, and timelines are stretching. Despite great founders, Canadian VCs are playing defense, not offense.

John’s take: It’s fear, not fundamentals. This is the exact moment when bold investing should happen. But anxiety from capital pools is paralyzing the ecosystem.

Bell's AI Supercluster Gamble: Bold or Too Small? (00:12:40)

Bell Canada plans six new AI data centers, but can they compete with the U.S.'s Stargate megaproject?

John’s take: We’re betting small while others bet global. Sovereignty is good, but if we’re not exporting Canadian tech to the world, we’re falling behind.

Jim Balsillie’s Crypto Challenge: Canada Must Move or Be Left Behind (00:16:08)

Balsillie urges the government to adopt open banking and stablecoins now or risk being sidelined in the new global financial order.

John’s take: Canada was ahead in crypto once. If we don’t act now, we’ll lose our influence over the next generation of monetary infrastructure.

Mark Carney's First Power Move: Is the Economic Right Back in Style? (00:18:51)

Carney appoints Marc-André Blanchard, ex-UN ambassador and CDPQ executive, as chief of staff. It’s a clear signal he means business.

John’s take: This is a big-league move. Blanchard’s background shows Carney is building a serious, economically focused leadership team.

VC Fund Stakes on Sale: Crisis or Opportunity? (00:21:05)

LPs like Yale and Harvard are dumping VC fund positions at steep discounts. Secondary market activity is exploding.

John’s take: It’s concerning, but also an opportunity. Discounts of 60%+ could generate strong returns. Still, the pullback from emerging managers could choke off future innovation.

If you’re a founder, investor, or policymaker, this is essential listening. Canada is at an inflection point, and this episode helps you understand the stakes.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, Matt Cohen speaks with Terry Doyle, Managing Partner at Telus Global Ventures, about the evolving role of corporate venture capital (CVC) in business strategy. Terry discusses his path from Nokia and Microsoft to leading one of Canada’s top CVC arms. With 30+ deals in 2023 and a dual “investor + customer” model, Telus is redefining how corporates fuel innovation. The conversation covers AI in emerging verticals, enterprise partnerships, and Canada's place in global tech. Founders, investors, and policy leaders alike will find actionable insights and strategic guidance throughout this episode.

Terry’s Unconventional Career Path (00:00:49)

• From law school to Nokia’s corporate development during the iPhone disruption.

• Lessons from Nokia’s decline: "The paranoid survive" (Andy Grove) and the dangers of engineering-centric cultures.

• Transition to Microsoft pre-Satya Nadella: Pitching $400M deals in an era where "revenue below $1B wasn’t reported."

How Telus Builds Through Venture Capital (00:14:51)

• Telus’s evolution from telco to tech & services powerhouse

• Over 90% of investments include commercial partnerships

• Measuring ROI through value capture: “$34M in portfolio revenue last year, targeting $60M this year.”

Navigating M&A and Corporate Integration (00:28:43)

• Why integration, not pricing, kills most acquisitions

• Founders: plan to stay 3+ years post-acquisition

• The liquidity logjam: public markets are closed, valuations remain sticky

AI’s Vertical and Observability Revolution (00:43:00)

• Why Telus is betting on vertical LLMs and AI observability tools

• Applications in health, agriculture, and cybersecurity

• “AI isn’t a side bet, it’s foundational to our product strategy.”

Canada’s Innovation Imperative (00:32:58)

• Only 6% of Canadian corporates invest in venture (vs. 40% in the U.S.)

• “If you don’t like change, you’re going to hate irrelevance.”

• The need for more startup acquisitions, angel reinvestment, and risk tolerance from corporate leaders

About Terry Doyle

Terry Doyle is Managing Partner at Telus Global Ventures, leading strategic investments across Telus’ digital health, agriculture, and AI verticals. A veteran of British Telecom, Nokia, and Microsoft, Terry has negotiated global M&A deals and now helps startups scale through Telus’ commercial ecosystem. Passionate about Canadian tech, Terry is also a long-time supporter of C100 and innovation policy.

Connect with Terry Doyle on LinkedIn: https://www.linkedin.com/in/doyleterry

Visit Telus Global Ventures Website: https://www.telus.com/en/ventures/global-ventures

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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On this episode of Tank Talks, we sit down with Dean Brauer, co-founder of GoHenry, to explore how his revolutionary fintech startup is teaching kids financial literacy in a digital-first world. Dean takes us through his journey from South Africa to Toronto, then London, and back to Canada, highlighting how living abroad shaped his entrepreneurial mindset.

Dean shares how GoHenry was born out of frustration with kids racking up charges on their parents’ credit cards and how he saw the opportunity to build a fintech product that combines financial education with practical money management. GoHenry’s unique approach of pairing a debit card for kids with an intuitive app has empowered millions of young users to learn about saving, spending, earning, and giving—all while giving parents the tools to guide their children responsibly.

We also dive into Dean’s innovative fundraising strategies, including breaking equity crowdfunding records and raising millions from parents-turned-investors. He reveals how customer loyalty and a mission-driven brand helped GoHenry scale to over 2 million users across the UK and the US.

What You’ll Learn in This Episode:

• The inspiration behind GoHenry and why financial literacy for kids matters

• How Dean navigated London’s emerging tech scene in the late 2000s

• The unique challenges of expanding a fintech startup internationally

• Why GoHenry chose crowdfunding over traditional VC in the early days

• Lessons from GoHenry’s acquisition by Acorns and the strategic alignment between the two companies

• Dean’s practical advice for founders on maintaining balance, focus, and integrity while scaling a business

Building Financial Literacy for Kids (00:04:55)

• How GoHenry’s debit card and app teach money management

• Why kids learn best by doing, and how GoHenry empowers them

The Crowdfunding Success Story (00:25:55)

• How GoHenry raised $15M through customer investment

• Why crowdfunding worked for GoHenry and how it built brand loyalty

Navigating International Expansion (00:35:37)

• Lessons from expanding GoHenry from the UK to the US and Europe

• How to balance home market stability with new market entry

The Acquisition by Acorns (00:40:09)

• Why Acorns and GoHenry make the perfect pair for building financial wellness

• How the acquisition strategy aligned with GoHenry’s mission

Advice for Entrepreneurs (00:44:17)

• Dean’s “Rule of Three” for balancing family, health, and business

• How maintaining integrity and authenticity helps build lasting relationships

About Dean Brauer

Dean Brauer is the co-founder of GoHenry, a fintech platform designed to teach kids money management skills through real-world experience. Originally from South Africa, Dean’s journey took him from Toronto to London, where he co-founded GoHenry and led it to become a leader in the kid-focused fintech space. Following GoHenry’s acquisition by Acorns, Dean continues to inspire entrepreneurs with his practical insights on building mission-driven businesses.

Connect with Dean Brauer on LinkedIn: https://www.linkedin.com/in/deanbrauer/

Visit the GoHenry website: https://www.gohenry.com/uk/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Welcome back to Tank Talks! In this episode, host Matt Cohen sits down with John Ruffolo to dissect the latest turbulence in venture capital, political uncertainty, and Canada's looming economic challenges. From shrinking VC deals to a controversial budget delay, this conversation cuts through the noise to reveal what's really happening beneath the headlines.

• The steepest drop in Canadian VC deal count since 2020

• Seed rounds oversubscribed by U.S. funds, while Series A bars skyrocket

• Growth equity freezes as Canadian LPs hunker down

• The “denominator effect” myth dies in a two-week market rally

• Cabinet curveballs: Tim Hodgson calms resource markets, but policy vacuum lingers

• Can Ottawa really cut taxes without a budget vote?

• Why investors fear 18 months of fiscal radio silence

Venture Capital in Crisis: Deals Down, Dollars Up (00:00:02)

Canada's VC market showed worrying signs in Q1 2025, with just 116 deals - the lowest since 2020 (seed) and 2021 (pre-seed). While total investment held at $1.26B, this was propped up by large late-stage rounds. U.S. investors retreated, forcing startups to rely on shaky domestic funding. AI deals masked deeper weakness - excluding them, the market looked "very, very low." The data reveals growing risk aversion, particularly at early stages, threatening Canada's innovation pipeline as capital becomes increasingly concentrated in fewer, later-stage companies.

John's Take: If early-stage funding collapses, innovation dies with it. We're already seeing the warning signs - fewer deals mean fewer future companies getting to Series A and beyond. The government doesn't seem to grasp how critical this pipeline is.

Risk Aversion: Canada vs. U.S. (00:02:00)

The U.S. market is surging, stocks rally, IPOs soar (eToro jumps 40% on debut), and capital flows despite turbulence. Canada, meanwhile, pulls back as local investors freeze while Americans dive in. The denominator effect fades as rebounding public markets revive LP confidence, unlocking fresh venture funding. Optimism returns, but risks linger beneath the rally’s glow. Will momentum hold, or will volatility resurface? For now, the bulls are running, and the world is watching.

John's Take: This is classic Canadian risk aversion - we pull back exactly when we should be deploying. In the U.S., they see volatility as an opportunity. Here? We see it as a reason to hide. It's economic self-sabotage.

Carney’s New Cabinet Sends Mixed Signals (00:11:24)

Carney’s cabinet shuffle has drawn scrutiny, particularly with controversial picks like Evan Solomon overseeing AI compute. Meanwhile, the budget delay, now pushed to Fall, leaves Canada without a fiscal roadmap for 18 months since the disastrous April 2024 plan. Though the government promises middle-income tax relief, the lack of legislative details fuels skepticism. Is this genuine reform or mere political theater? With uncertainty looming, critics question whether Carney’s agenda can deliver.

John's Take: Kicking the budget down the road is disrespectful to businesses making investment decisions. You can't claim to be pro-market while operating in a policy vacuum. This isn't governance - it's negligence.

Higher Bars, Shifting Tides in Startup Funding (00:06:50)

Canadian startups now face tougher Series A requirements, with investors demanding Series B-level metrics like $3M+ revenue. Meanwhile, U.S. capital is pouring into seed rounds, oversubscribing deals as American funds seek early-stage bargains. Yet the later-stage market has frozen, with growth equity drying up amid rising risk aversion. The funding landscape is increasingly polarized, hot at the seed level, brutal for scaling companies. For founders, adaptability is now the ultimate test.

John's Take: The U.S. is eating our lunch because they understand something we don't - downturns create winners. While our investors panic, theirs are backing the next generation of companies. We're being outplayed at every turn.

The Bottom Line

John's Final Warning: Canada is at a crossroads. Without urgent policy fixes and a cultural shift toward risk-taking, we'll wake up in five years wondering why all our best companies moved south. The time to act was yesterday.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Welcome back to another episode of Tank Talks! Host Matt Cohen is joined once again by John Ruffolo to dissect the major headlines shaping the tech and political landscapes. From Google’s surprising search decline to Alberta's political maneuvers and OpenAI's evolving partnership with Microsoft, this episode delivers in-depth analysis and thought-provoking insights.

Alberta’s Exit Threat: Political Reality or Empty Rhetoric? (00:04:20)

• In a passionate speech, Alberta Premier Danielle Smith called for significant changes, including scrapping Bill C-69 and easing pipeline restrictions. While her stance highlights Alberta’s grievances over federal policies, talk of a potential referendum on separation looms large.

John’s take: Alberta’s frustrations are rooted in a decade of feeling undervalued, but the talk of separation could harm Canada’s stability on the global stage. Is this a legitimate political movement or a pressure tactic to get Ottawa’s attention?

OpenAI’s Partnership Drama: Can Microsoft Keep Control? (00:09:36)

• OpenAI’s revenue-sharing deal with Microsoft faces renegotiation, as the AI giant’s financial projections for 2030 are far lower than initially expected. With Microsoft holding critical infrastructure leverage, how will OpenAI balance growth aspirations with strategic partnerships?

John’s take: The entry of a new executive at OpenAI may signal a strategic pivot as the organization navigates both its nonprofit roots and commercial ambitions.

Apple vs. Google: The Browser Battle Intensifies (00:13:45)

• Apple’s decision to challenge Google’s default search dominance has sent shockwaves through the tech world. As the DOJ moves to bar Google from maintaining exclusivity on third-party browsers, could this spark a major shift in browser market dynamics?

John’s take: Apple’s track record with AI has been inconsistent, but disrupting Google’s foothold might be a game-changer in the long run.

Is Google Losing Its Search Dominance? (00:15:09)

• Google’s recent sell-off raised eyebrows, fueled by statements hinting at a decline in search usage. John Ruffolo dives into the implications of Google's search being “under attack” and the strategic shifts at play. Is the rise of AI-powered alternatives like ChatGPT fundamentally altering how people search for information?

John’s take: Google’s maneuver might be an attempt to alleviate DOJ antitrust pressure. If Google’s dominance in search truly falters, what could this mean for the future of the tech giant?

Education Disrupted: The AI Cheating Debate (00:16:52)

• A viral article from New York Magazine claims students are increasingly using AI tools like ChatGPT to bypass traditional academic tasks. Is this cheating, or a natural evolution of how technology reshapes education?

John’s take: Comparing the rise of AI tools to the introduction of calculators in schools, John questions whether the educational system needs a fundamental rethink to adapt to the digital age.

Investing Evolution: CO2 Opens the Doors to Smaller Investors (00:19:27)

• A new fund from CO2, backed by Bezos and Dell, allows investors to contribute as little as $50,000. Is this democratization of venture capital a positive trend, or a risky dilution of strategic investment?

John’s take: This could signal a growing divide between massive investment conglomerates and boutique, specialized investors. Is the barbell approach to investment here to stay?

Tune in to hear Matt and John’s nuanced perspectives on these unfolding stories, and stay ahead in the ever-evolving world of business, technology, and policy.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, host Matt Cohen sits down with Mayuran Yogarajah, the visionary behind Index Exchange, one of Canada's most successful ad tech companies. From the early days of Casale Media to growing Index Exchange into a global powerhouse, Mayuran shares the remarkable journey of scaling a bootstrapped business in an industry dominated by tech giants. We also dive deep into his expansion into venture capital with IX Labs and the latest innovations in ad tech.

The Genesis of Index Exchange (00:02:10)

• How Mayuran’s journey at Index Exchange started and the pivotal moments that shaped its success.

• The early days of Casale Media, their transition to Index Exchange, and the world of programmatic advertising.

• Overcoming the challenge of real-time bidding and how they reshaped the ad tech industry.

Building a Global Ad Tech Leader (00:10:45)

• From a small team to 600 employees across 16 global offices.

• The growth of Index Exchange and its mission to remain independent in a highly consolidated ad tech market.

• The development of header bidding technology and how it revolutionized publisher revenue generation.

The Power of Transparency & Trust (00:17:30)

• Mayuran’s approach to maintaining trust in a highly competitive industry and the company's commitment to transparency with their Client Audit Logs.

• Why clients trust Index Exchange to keep their data safe and their processes transparent, unlike larger platforms like Google and Facebook.

The Rise of AI in Ad Tech (00:22:15)

• How AI is reshaping the ad tech space and what it means for the future of digital advertising.

• The integration of machine learning and neural nets in improving data filtering and ad serving.

• How AI tools are empowering ad tech companies to scale operations with efficiency.

A Bold Move into Venture Capital with IX Labs (00:30:30)

• The story behind the launch of IX Labs and how it aligns with Index Exchange’s mission to diversify.

• Mayuran’s approach to backing early-stage companies and helping scale innovation in hardware and deep tech.

• The importance of building a business with solid leadership, not just solid technology.

Ad Tech and the Changing Market Landscape (00:38:00)

• Why Index Exchange hasn’t gone public yet and how they’ve managed to remain agile and successful without external investment.

• The impact of changing global economics, how tariffs, recession fears, and rising interest rates influence ad tech budgets and strategies.

As businesses in ad tech and beyond continue to navigate the shifting landscape, they must adapt or risk falling behind. Mayuran Yogarajah and Index Exchange are leading the charge, proving that with the right mix of innovation, transparency, and a commitment to scaling sustainably, success is within reach. Will companies in the ad tech world rise to meet the challenges of an evolving digital landscape, or will they struggle to stay ahead in an era where agility, transparency, and technology define the future of advertising?

About Mayuran Yogarajah

Mayuran Yogarajah is the co-founder and leader behind Index Exchange, one of the world's leading independent ad exchanges. With over 20 years of experience in the ad tech industry, Mayuran has been pivotal in transforming Index Exchange from its humble beginnings as Casale Media to a global leader in programmatic advertising. Under his leadership, the company has pioneered industry-shifting technologies like header bidding and continues to scale globally with offices in 16 cities worldwide. Mayuran is also the driving force behind IX Labs, where he is helping venture into the world of venture capital, supporting early-stage startups in hardware and deep tech.

Connect with Mayuran Yogarajah on LinkedIn: https://www.linkedin.com/in/mayuran-yogarajah/

Visit the Index Exchange website: https://www.indexexchange.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Welcome back to another power-packed episode of Tank Talks! Matt Cohen is once again joined by John Ruffolo to break down one of the most divisive and impactful elections in Canadian history. From Alberta’s fury and NDP’s collapse to the growing political alignment on tech policy, this episode peels back the layers on what just happened and what’s coming next.

• The shocking downfall of Jagmeet Singh and the NDP

• Mark Carney’s debut win and what it means for national unity

• Alberta’s boiling anger and the risk of Western alienation

• The truth behind Microsoft’s AI revenue surge and whether it’s smoke and mirrors

• Why tech leaders are finally seeing political alignment in Ottawa

Election Earthquake: Liberals Win, But is it Really a Minority? (00:02:00)

Canada’s 2025 federal election saw Mark Carney’s Liberals clinch 169 seats, just three short of a majority. But is this really a minority government?

John’s take: Treat it like a majority. No one wants another election, and Carney may hold power longer than expected, possibly 12 to 24 months of clear runway. But the NDP collapse and talk of MP defections are setting the stage for high-stakes political bargaining.

The NDP Implodes: Jagmeet Singh Steps Down (00:02:43)

The New Democratic Party faces political extinction, just 6% of the vote and seven seats, losing official party status for the first time in decades.

John’s take: Expect backroom deals. Whether it's extending party status or poaching MPs, the Liberals may offer the NDP a lifeline in exchange for quiet support. But it’s a risky game and could backfire with voters.

Alberta's Fury: Is Western Alienation Back? (00:07:52)

Premier Danielle Smith is fuming, warning that Alberta may escalate demands if its economic interests aren’t prioritized. With 34 out of 37 seats going Conservative, Alberta feels ignored, again.

John’s take: Their frustration is justified. Ottawa’s refusal to discuss pipelines or LNG is alienating a province that bankrolls the nation. If Alberta walks, Canada loses its economic engine.

Tech’s Policy Wish List: Capital Gains, AI, and Procurement (00:11:26)

Canadian tech leaders wasted no time, issuing a post-election call to action: reform capital gains, support Canadian-built tech, and invest in AI infrastructure.

John’s take: The time for polite advocacy is over. With both Liberals and Conservatives aligning on major innovation policy, the opportunity for real progress has never been better, if egos don’t get in the way.

Surprise Unity: Liberals & Conservatives Align on Innovation (00:12:24)

Despite the heated rhetoric, the two leading parties are shockingly aligned on digital strategy, immigration reform, and even open banking.

John’s take: There’s nearly 80% overlap. Both parties want economic growth through tax relief, fast-tracked infrastructure, and internal free trade. Entrepreneurs are leading the charge, it’s time politicians caught up.

Microsoft’s AI Playbook: Real Money or Recycled Revenue? (00:15:24)

Microsoft’s stock jumps as AI revenues appear to surge, but is it genuine growth or just a repackaged Office 365 price hike?

John’s take: Be skeptical. Most of the new revenue might just be legacy SaaS customers forced into higher prices. Until there’s clear evidence of fresh, net-new AI revenue, it’s mostly smart marketing.

The AI Gold Rush: Are Startups Actually Winning? (00:18:12)

John questions whether AI startups are truly reaping rewards or just helping Big Tech inflate its margins. And with hyperscalers spending tens of billions, pressure is mounting to prove the returns are real.

John’s take: Don’t confuse exploratory pilot projects with actual adoption. Many corporates are still in “test mode,” and unless startups can prove long-term value, they risk getting left behind in an AI bubble.

As Canada redefines its political and economic future, this episode offers unfiltered insights into what’s really going on in Ottawa, Alberta, and Silicon Valley North. If you’re a founder, investor, or policy leader, this is essential listening.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Welcome back to Tank Talks! Host Matt Cohen is back with the one and only John Ruffolo in another no-holds-barred news rundown from the frontlines of business, tech, and politics. With Canada barreling toward an election that could reshape its economic future, and global giants like Google facing legal evisceration, this episode is packed with jaw-dropping insights.

• Why the Canadian election might deliver another political deadlock and why that terrifies investors.

• The secret behind Google’s looming breakup and OpenAI’s wild move to snag Chrome.

• Inside the AI shell game: How Ottawa’s $2B bet could be more smoke than fire.

• Rising gold, crashing confidence: Is Bitcoin back or are the gold bugs winning?

Platforms vs. Reality: Are Politicians Just Rearranging Deck Chairs? (00:03:25)

Matt and John break down the policy platforms with brutal honesty, from fantasyland deficit projections to a tax-and-build housing bonanza that may never materialize.

John’s take: Liberal spending assumptions are based on fantasy GDP projections. Meanwhile, conservative tax relief and entrepreneurial support feel more grounded but still beg the question, “Where’s the execution?”

AI Reallocations or Just a Shell Game? (00:08:04)

The $2 billion AI investment promised by the Liberals is under scrutiny. The Conservatives say it’s a reallocation, not a cut, but John isn’t sold on the ROI.

John’s take: Ottawa’s indiscriminate tech funding might be helping foreign giants more than Canadian innovators. Real results will only come from supporting homegrown ecosystems, not flashy line items.

Google Breakup Incoming? OpenAI Eyes Chrome (00:14:00)

A U.S. court just found Google guilty again, this time for monopolizing ad tech. The breakup buzz is real, and OpenAI is already circling Chrome like a hawk.

John’s take: This antitrust reckoning is 10 years late. Chrome is key to Google’s dominance, but the real threat may now be Gen Z’s shift to LLM-powered search. The disruption has already begun.

Sell Everything U.S.? Global Rotation or False Alarm? (00:17:25)

Markets are jittery. U.S. equities are underperforming. International funds are surging. Is this the start of a broader retreat from the American financial engine?

John’s take: If the U.S. wobbles, where do you go? The answer might be gold, Bitcoin, or both. As fiat faith erodes, the store-of-value debate is back with a vengeance.

Gold vs. Bitcoin: The Great Store-of-Value Showdown (00:18:37)

Gold is soaring. Bitcoin bugs are stirring. With the U.S. dollar under pressure and investors fleeing uncertainty, we might be entering a new age of alternative assets.

John’s take: Gold’s silent resilience is paying off again. Meanwhile, Bitcoin maxis are rallying, but in the debate? Gold is taking the lead.

In a world of broken platforms, fiscal illusions, and rising geopolitical chaos, this episode is a crash course in the new rules of money, tech, and power.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Welcome back to Tank Talks! In this episode, host Matt Cohen is joined by John Ruffolo for another high-voltage rundown of the most urgent headlines at the intersection of business, politics, and innovation. As Canada stares down the barrel of a snap federal election and the U.S. economy teeters on a razor’s edge, this episode is all about decoding the chaos.

• Can Canada avoid a recession as political gridlock looms?

• Will U.S. economic volatility derail global investment?

• What happens when tech titans like Musk and Dorsey call for the end of intellectual property law?

From capital gains clashes and cross-border tax traps to TikTok-fueled counterfeits and China's IP free-for-all, this conversation goes deep into the geopolitical and economic fault lines shaping our future.

Election Whiplash: Personality Over Policy (00:01:00)

With Canada’s snap election just days away, John and Matt unpack the shift from hard policy debate to emotional brand politics. Despite mounting economic concerns like productivity slumps, unaffordable housing, and rising interest rates, voters seem more fixated on the personalities of frontrunners Mark Carney and Pierre Poilievre.

John’s take: We may be headed toward a minority government, but the real issue is voter apathy. If younger voters don’t turn up, expect unpredictable outcomes. Meanwhile, the debates are muddying policy distinctions, making this more of a popularity contest than a strategic vote.

Tax Turbulence: Capital Gains and Cross-Border Chaos (00:04:00)

Capital gains are back in the spotlight on both sides of the border. In Canada, competing parties offer conflicting visions on taxation. But south of the border, new U.S. proposals could triple taxes on Canadian investors holding U.S. assets.

John’s take: Canada’s assumption that U.S. Democrats would win and raise capital gains taxes might backfire. If Republicans take over and slash taxes instead, Canada’s competitiveness could tank. The stakes? Talent flight, diminished foreign investment, and a harsh wake-up call for young Canadians evaluating life abroad.

Trump, Tariffs, and the Trade War Ripple Effect (00:07:31)

Trump’s tariff spree continues to rattle markets. Mixed signals and shifting policies have left Canada and much of the world scrambling for economic footing.

John’s take: Canada has been over-indexing on Trump rather than addressing its domestic weaknesses. Blaming external forces won’t fix structural problems like low productivity and weak innovation infrastructure.

Recession Realities: Brace for Impact (00:11:50)

With interest rates climbing and the bond market flashing red, John paints a sobering picture: a Canadian recession is not just likely, it’s imminent. But not all is doom and gloom.

John’s take: Recessions are where great companies are made. The key is balance sheet strength and a strategy to gain market share, even at the cost of short-term profits. It’s survival of the most prepared.

Fear vs. Opportunity: Investing Amid Uncertainty (00:13:00)

Despite market jitters, John’s firm is busier than ever. He sees opportunity in volatility, just not for the faint of heart.

John’s take: Most people freeze in a downturn. That’s a mistake. Investors and founders need to think like race car drivers, slow down strategically, but stay ready to accelerate when the track clears.

The IP Debate Goes Nuclear: Musk & Dorsey Speak Out (00:17:00)

In a viral exchange, Jack Dorsey and Elon Musk call for the abolishing of intellectual property laws. They argue IP stifles creativity and prioritizes lawsuits over innovation.

John’s take: While the system needs reform, scrapping IP entirely is extreme. Protection encourages R&D, especially for startups. The real threat? Patent trolls and uneven enforcement that favors deep-pocketed players.

The Counterfeit Tsunami and China’s Rule-of-Law Rebellion (00:20:50)

From luxury bags to Tesla knockoffs, China’s casual relationship with IP law is costing Western economies over $600 billion annually. And the stakes are rising.

John’s take: The U.S. once stood as a beacon for rule-based trade. Now, it's playing the same unpredictable game as China. Without global cooperation, the IP battlefield could become a free-for-all, and that’s dangerous for everyone, especially startups.

As elections, tariffs, and tech wars reshape the global economy, this episode is your essential guide to what’s coming and how to prepare. Whether you're a founder, policymaker, or investor trying to read the tea leaves, John and Matt deliver the no-nonsense insight you won't find anywhere else.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Welcome back to another hard-hitting news roundup on Tank Talks! Host Matt Cohen is joined once again by John Ruffolo to unpack the economic tremors shaking North America. From Trump’s tariff war and its looming consequences for Canada, to Toby Lutke’s bold AI ultimatum at Shopify, this episode is a masterclass in high-stakes business, politics, and innovation.

• Will Trump’s economic war trigger a global market meltdown?

• Why John Ruffolo says stagflation is now a real and terrifying threat for the U.S.

• Canada’s recession warning: Why this election may determine its economic fate.

• The open letter shaking up Ottawa: What 150 Canadian tech leaders want to see from party leaders.

• Toby Lutke’s AI revolution at Shopify and why it’s a wake-up call for every CEO.

• The dark side of AI hype: How one founder allegedly duped investors with fake automation.

U.S. on the Brink: Trump’s Trade War Fallout (00:02:00)

• Trump’s reciprocal tariffs are back, and global markets are reacting with volatility.

• China appears to be offloading U.S. assets, triggering a bond market selloff and pushing interest rates higher.

• The big fear: stagflation, as inflation rises while growth slows and debt becomes harder to manage.

John Ruffolo’s Take:

John sees this move as poorly executed and dangerously short-sighted. What could’ve been a calculated economic strategy has turned into global chaos. The lack of nuance and timing has undermined investor confidence, and John believes this could accelerate a stagflation crisis with long-lasting damage to U.S. economic credibility.

Canada’s Economic Crossroads: Recession Ahead? (00:09:00)

• The Bank of Canada is expected to cut interest rates again to ease mounting pressure on consumers and businesses.

• Ontario’s auto sector is at serious risk, with ripple effects across the broader Canadian economy.

• 75% of Canada’s exports go to the U.S., making the country highly vulnerable to Trump’s tariffs.

John Ruffolo’s Take:

John believes Canada is headed straight for a recession and warns that the country has ignored economic fragility for far too long. He argues that domestic production has been hollowed out, and the only way forward is to embrace economic nationalism, support Canadian entrepreneurship, and build self-reliant industries, starting with our natural resources.

Canada’s Innovation Wake-Up Call: 150 Tech CEOs Demand Action (00:18:00)

• The Council of Canadian Innovators released an open letter signed by 150 CEOs demanding action on economic sovereignty and innovation policy.

• Key demands: protect Canadian data, support domestic tech companies through procurement, and end subsidies to foreign-owned competitors.

• Political leaders are finally listening, but will it translate into post-election results?

John Ruffolo’s Take:

John has been calling for these reforms for nearly a decade, and for the first time, he feels there’s real momentum. He credits growing public awareness for the shift but stresses that this can’t just be a campaign talking point. Real action, especially around digital sovereignty and government procurement, is long overdue.

Shopify’s AI Mandate: Innovate or Get Left Behind (00:22:00)

• Shopify CEO Toby Lutke announces a bold internal policy: AI adoption is now mandatory for all employees.

• Workers must prove that AI can’t solve their problems before requesting additional resources.

• Performance reviews will include AI usage as a key metric.

John Ruffolo’s Take:

John applauds Shopify’s move as the kind of leadership every company needs to adopt. With shrinking workforces and rising expectations, he says companies must shift from growing headcount to growing productivity. AI isn’t just a competitive advantage, it’s a survival requirement, and Shopify is setting the new standard.

AI Smoke & Mirrors: Startup Scandal Exposes Industry Hype (00:25:00)

• Fintech startup Nate raised $50M pitching an AI-powered shopping app, but it was secretly powered by manual labor in the Philippines.

• The founder is now facing fraud charges after misleading investors about automation levels.

• This may be the tip of the iceberg as AI hype continues to outpace reality.

John Ruffolo’s Take:

John isn’t surprised and believes this is just the beginning. In the rush to back anything labeled “AI,” many investors skipped proper diligence. He warns that more AI fraud cases are likely to emerge, especially in startups that overpromise automation without the infrastructure to deliver it.

As global markets face volatility, Canada wrestles with recession fears, and AI adoption accelerates across industries, this episode lays bare the urgent challenges and opportunities ahead. Whether you're an investor, founder, or policymaker, this is a must-listen deep dive into the forces reshaping our economic future.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://www.linkedin.com/in/matt-cohen1/

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, we dive into one of the most significant shifts happening in tech right now: the rise of AI agents.

Our guest, Adam Coccari, has a front-row seat to the AI transformation as the Managing Director of HubSpot Ventures. But what makes Adam’s story so compelling is how it began, not in boardrooms, but in a classroom, teaching 4th-grade math. From building an educational gaming app with no tech background to helping launch Microsoft’s venture fund, Adam’s journey is anything but typical.

We explore why agentic AI is reshaping how work gets done, which sectors are already feeling the shift, and how founders can build winning SaaS companies without bloated teams or massive rounds. Adam breaks down what separates lasting startups from hype-fueled flashes and shares tactical advice for early-stage founders navigating the AI-powered future of business.

From Teacher to Tech: Adam’s Unusual Path to Venture (00:01:54)

• Why building a math app for kids led Adam into tech

• Lessons from the classroom that still shape his leadership today

• How “Math Evolve” became a top-ranked game and what went wrong

Cloud, AI & Lessons from Microsoft (00:09:07)

• What Adam learned working on Azure before it was cool

• How B2B sales, marketing ops, and funnels really work

• The early power of machine learning in enterprise use cases

Inside Corporate VC and the M12 Playbook (00:11:59)

• What most corporate venture arms get wrong

• Why being “just strategic” isn't enough anymore

• How M12’s independent structure helped them win deals

Why Agentic AI Is Having Its Moment (00:21:46)

• What makes AI agents different from traditional automation

• Why back-office work is ground zero for agentic disruption

• Real examples in bookkeeping, AR, customer service, and more

Building AI SaaS in 2025: What Founders Need to Know (00:24:31)

• The rise of vertical SaaS powered by AI

• What “experimental ARR” means and how to see through it

• Why speed, execution, and domain knowledge beat scale

How Startups Should Think About Go-To-Market (00:27:10)

• Why PLG-first startups may scale to enterprise better than top-down players

• What metrics actually matter in early-stage AI SaaS

• Why a 3-person team can now do what used to take 30

What Investors Are Looking For Now (00:34:08)

• What Adam really looks for in AI founders

• How he spots resilience, vision, and product intuition early

• Why founder-market fit is more important than ever

Partnering, Platforms & Navigating Corp Dev (00:41:28)

• The truth about working with big platforms as a startup

• How to think about M&A as a long-term signal, not a strategy

• Why transparency and trust still matter in the AI era

This isn’t just another AI hype episode. It’s a real look into how work, software, and venture are changing fast. As AI rapidly reshapes how businesses operate, startups and incumbents alike stand at a crossroads: adapt or fall behind. Adam Coccari makes it clear: Agentic AI isn’t on the horizon; it’s already here, transforming how teams handle back-office tasks, optimize workflows, and scale faster with less. The question is: will companies embrace AI as a force multiplier, or get left behind in an era where agents don’t just assist, they execute?

About Adam Coccari

Adam Coccari is the Managing Director of HubSpot Ventures, where he leads investments in early-stage SaaS and AI startups. He was previously a founding member of Microsoft’s M12 venture arm and led venture efforts at Intuit. Adam began his career as a math and technology teacher, where he created the hit educational app Math Evolve, featured globally by Apple.

Today, he focuses on backing bold founders building AI-native applications, with a special eye on agentic workflows, vertical SaaS, and B2B automation. His mix of product intuition, startup empathy, and platform strategy makes him one of the most thoughtful voices at the intersection of SaaS and AI.

Connect with Adam Coccari: https://www.linkedin.com/in/adam-coccari-9932a134

Visit the HubSpot website: https://www.hubspot.com/ventures

Connect with Matt Cohen: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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In this episode of Tank Talks, we sit down with Dan Debow, serial entrepreneur and former Shopify executive, along with returning guest and venture powerhouse John Ruffolo, for an unfiltered conversation about the intersection of innovation, public policy, and Canada's economic future.

Fresh off his launch of Build Canada, Dan opens up about the real reasons he left Shopify, why Canadian entrepreneurs are stepping into the policy arena, and what it’s really going to take to grow GDP and national prosperity in a fast-changing world. Along the way, he reflects on his journey building Workbrain, Rypple, and Helpful, and scaling inside giants like Salesforce and Shopify.

Is Canada ready to compete in the next wave of global innovation? What’s broken in our approach to growth—and how do we fix it? What’s driving entrepreneurs to dive into politics and policy?

Canada’s Innovation Journey: From Workbrain to Build Canada (00:02:00)

• Dan’s origin story: law school, business school, and falling into entrepreneurship with David Ossip

• The early days of Toronto tech—from suburban enterprise software to downtown demo camps

• How mesh conference, StartupNorth, and CDL shaped Canada’s tech community

Cycles of Tech: Hype, Troughs, and the Next Big Shift (00:08:00)

• Where we are in the AI, crypto, and innovation hype cycles

• Why downturns are fertile ground for builders—not just tourists

• The rise of low-cost tools, global access, and the democratization of entrepreneurship

Why Entrepreneurs Are Entering the Policy Arena (00:14:00)

• The real story behind Dan’s departure from Shopify

• What sparked Build Canada—and why it’s more than a “tech bro” think tank

• Why policy and entrepreneurship can no longer live in separate silos

What Is Build Canada, Really? (00:20:00)

• The memo process: how ideas turn into actionable policy

• Why it’s not just for tech—housing, energy, and pipelines are in the mix

• How entrepreneurs are pushing to shift the Overton window with bold, constructive ideas

The False Divide: Tech vs. Everyone Else (00:23:00)

• Why the concept of a “tech industry” is outdated

• Every sector is becoming a tech-enabled sector—Canada needs to catch up

• How entrepreneurs can bring startup-style thinking into national progress

Growth, GDP, and the Real Incentives Behind Build Canada (00:29:00)

• No hidden agendas: why patriotism—not profit—is driving this movement

• The connection between economic growth and social progress

• Why now is a defining moment for Canada's future competitiveness

What's Next for Canada’s Innovation Economy? (00:36:00)

• The upcoming election and why it matters for builders

• How Build Canada is influencing real policy conversations already

• Tools, debates, and what you can do to join the movement

As Canada's economic future hangs in the balance, Dan Debow and John Ruffolo make a powerful case: it’s time for the builders to step up—not just in startups, but in shaping the very fabric of our country. Growth isn’t a dirty word. It’s the foundation for everything else we care about. Will Canada embrace a new generation of entrepreneur-led leadership, or keep playing by old rules in a new world?

About Dan Debow

Dan Debow is a serial entrepreneur, investor, and tech executive who’s played a pivotal role in shaping Canada’s innovation ecosystem. He was a founder of Workbrain (acquired for $227M), co-founder of Rypple (acquired by Salesforce), and co-founder of Helpful (acquired by Shopify), where he went on to serve as a senior executive for six years. He’s also an active early-stage investor, mentor, and policy advocate.

Now, Dan is one of the driving forces behind Build Canada—a grassroots policy initiative aimed at reimagining how Canada can unlock its growth potential by putting builders at the heart of national decision-making. Beyond tech and policy, Dan is also a passionate musician and co-founder of Bonfire Collective, a non-profit supporting Canada’s creative communities.

Connect with Dan Debow: https://ca.linkedin.com/in/ddebow

Learn more about Build Canada: https://www.buildcanada.com/

Connect with Matt Cohen: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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On this episode of Tank Talks, we welcome back Villi Iltchev, founder and managing partner of Category Ventures, for an unfiltered deep dive into the evolving venture capital landscape. From his early days at Salesforce Ventures to launching his solo $160M fund, Villi unpacks the seismic shifts happening in enterprise software, how AI is reshaping startup economics, and what today’s founders need most from their investors.

We get tactical about startup pricing models, founder-investor trust, and what it takes to build truly category-defining companies. Villi also shares what he learned from backing GitLab, why transparency builds long-term trust, and how he thinks about firm design as a solo GP.

Whether you're an aspiring founder, current operator, or an emerging VC, this episode is a masterclass in strategic thinking and building with purpose.

Inside the Mind of a Modern VC (00:01:00)

• Villi’s journey from tech banking to Salesforce Ventures

• Why Salesforce’s transformation into a platform company changed everything

• The parallels between Salesforce and NVIDIA’s ecosystem dominance

• How being early at Salesforce shaped Villi’s thesis around go-to-market and platform strategy

Scaling GitLab: Lessons from the Frontlines (00:15:00)

• The inside story of GitLab’s infamous database failure—and why live-streaming the crisis built trust

• Why Villi pushed GitLab to sunset unscalable SKUs and simplify pricing

• The power of bundling and setting an “aspirational” price point from day one

Going Solo: Building Category Ventures (00:25:00)

• Why Villi finally felt ready to start his own fund—and what changed

• The biggest surprises (and reliefs) in raising as a solo GP

• How LPs are getting more sophisticated and what they want from fund managers

• Why venture needs a reset and what legacy firms are getting wrong

The New Rules of Early-Stage Investing (00:32:00)

• Why founder/firm misalignment leads to orphaned startups

• The real impact of mega-funds dabbling at seed and pre-seed

• Why Category Ventures is built to be flexible—and fiercely focused on enterprise software

AI, Startups & the Future of Enterprise (00:38:00)

• Villi’s hot take on AI-powered lean startups: “It’s not the norm—and won’t be.”

• Why AI is a second-order unlock for vertical SaaS and back-office automation

• The coming wave of software replacing the BPO industry

Life, Adrenaline, and VC Energy (00:45:00)

• What gets Villi’s adrenaline pumping as a VC

• Why endless internal meetings kill his vibe—and founder calls fuel him

• How skiing and extreme adventure balance the chaos of venture

As the venture landscape shifts under our feet, Villi Iltchev is proving that thoughtful investing, deep expertise, and founder-first empathy are more vital than ever. From GitLab board rooms to building Category VC, his journey is a blueprint for those looking to lead with clarity—and conviction.

About Villi Iltchev:

Villi Iltchev is the founder and managing partner of Category Ventures, a $160M early-stage venture firm focused exclusively on enterprise software. With a career spanning both operating and investing, Villi brings a rare blend of empathy and edge to the startups he backs—having sat on both sides of the table.

He began his career in tech investment banking before transitioning into operating roles at companies like Hewlett-Packard, LifeLock, and Box. He later joined Salesforce Ventures at its inception, helping to build one of the most influential corporate venture arms in the world. During his time there, he led investments in category-defining companies like GitLab and HubSpot.

Prior to launching Category Ventures, Villi was a partner at August Capital and Two Sigma Ventures, where he built a strong track record backing developer tools, infrastructure, and vertical SaaS startups. His investments are grounded in deep enterprise domain expertise, a keen sense for go-to-market strategy, and a relentless focus on founder empathy.

A lifelong learner and backcountry skiing enthusiast, Villi draws creative energy from the outdoors and adrenaline-fueled adventures. He holds degrees in finance and philosophy and is driven by a singular belief: the best founders don’t just build products—they redefine categories.

Follow Villi Iltchev on LinkedIn: https://www.linkedin.com/in/villi04

Visit the Category Ventures website: https://www.categoryvc.com/

Follow Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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On this episode of Tank Talks, Matt Cohen sits down with Michael Garrity, Executive Chair and Founder of Financeit, alongside recurring guest, John Ruffolo. Michael shares his unconventional journey—from growing up in remote Canada to navigating the world of venture capital, fintech, and regulatory battles. He reveals how he pivoted CommunityLend after facing regulatory roadblocks, ultimately transforming it into Financeit, which became Canada’s largest point-of-sale lender for home improvement.

We also dive into:

• The hard lessons of scaling a fintech company

• How Goldman Sachs’ investment changed Financeit's trajectory (and the tough call that put the company up for sale)

• Why Canada needs better fintech regulations and open banking policies

• How tariffs, economic shifts, and political uncertainty are reshaping the fintech industry

• The resilience required to build and scale a successful business in Canada

Michael Garrity’s Journey from Politics to Fintech (00:01:00)

• How growing up in Northern Canada shaped his entrepreneurial mindset

• His unexpected path into venture capital and fintech

• What he learned from early-stage investing and Canada’s labor-sponsored funds

The CommunityLend Pivot: How Failure Led to a Billion-Dollar Business (00:05:00)

• Why Canada’s financial regulators blocked his first fintech startup

• The painful decision to pivot away from peer-to-peer lending

• How FinanceIt found product-market fit and scaled rapidly

Winning in Fintech: What It Takes to Build a Market Leader (00:12:00)

• The strategic acquisition of TD’s home improvement lending business

• How partnering with Goldman Sachs helped Financeit scale

• The biggest mistakes founders make when raising capital from big-name investors

The Future of Fintech & Canada’s Economic Challenges (00:25:00)

• Why Canada’s regulatory environment is stifling innovation

• How tariffs, inflation, and deglobalization are impacting Canadian businesses

• Why open banking is critical for fintech growth in Canada

Michael’s Advice for Founders & Leaders (00:40:00)

• Why the best founders have grit and adaptability

• How to navigate industry shakeups and market downturns

• Why trust, relationships, and strategic pivots matter more than ever

As Canada navigates economic uncertainty, fintech disruption, and regulatory battles, founders must adapt or risk being left behind. Michael Garrity’s story proves that persistence, strategic thinking, and a willingness to pivot are the keys to building a billion-dollar business. Will Canada’s fintech ecosystem rise to the challenge, or will regulatory roadblocks continue to hold it back?

About Michael Garrity

Michael Garrity is the Executive Chair and Founder of Financeit, a leading point-of-sale financing platform for home improvement projects in Canada.

Michael is a seasoned fintech entrepreneur who has built and scaled multiple financial technology businesses. His journey began in venture capital and early-stage investing, where he worked on Canada’s early labor-sponsored investment funds. He later co-founded CommunityLend, a peer-to-peer lending marketplace that faced regulatory challenges—leading to a high-stakes pivot that ultimately resulted in FinanceIt.

Under Michael’s leadership, FinanceIt grew into Canada’s dominant home improvement lender, with billions in loan originations and major financial backers, including Goldman Sachs. Today, he continues to shape the industry while advocating for open banking and smarter fintech regulations.

Follow Michael Garrity on LinkedIn: https://linkedin.com/in/michael-garrity-7a87152

Visit Financeit’s website: https://www.financeit.io/

Subscribe to our YouTube channel: https://www.youtube.com/@thetanktalkspodcast

Follow Matt Cohen on LinkedIn: https://linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

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Welcome back to another thought-provoking episode of Tank Talks! Matt Cohen sits down with John Ruffolo to dissect the most pressing developments in tech, finance, and AI. From major banking shifts to the evolving landscape of AI-driven SEO, this episode delivers sharp insights and expert analysis you won’t want to miss.

• The Bank of Canada’s latest interest rate cut—will it actually help the economy?

• The power shift in Canadian banking: What CIBC’s CEO transition means for the future.

• Open banking and AI’s role in reshaping the financial landscape.

• The rapid rise of AI-driven SEO—how companies are optimizing for large language models.

• CoreWeave’s massive IPO plans and why John Ruffolo sees echoes of the Nortel bubble.

• The brewing U.S.-EU trade war—why Trump’s tariff threats could hit Canadian businesses harder than expected.

Canada’s Banking Future: CIBC’s Big Shift (00:04:00)

• Victor Dodig steps down as CIBC CEO after 11 years, handing over to Harry Cullum, a capital markets veteran.

• The big question: Can Cullum lead CIBC into the digital era, or will traditional banks struggle to keep up with fintech and AI-powered banking?

• Why open banking is no longer a threat, but an opportunity for Canada’s biggest banks.

John Ruffolo’s Take:

John sees Cullum as a strong leader with deep expertise in digital banking, positioning him well for the transition. However, he warns that legacy banks must move quickly to stay competitive as fintech innovation accelerates, or risk falling behind in a rapidly evolving financial landscape.

AI’s SEO Revolution: The Future of Search (00:10:00)

• Companies are now optimizing for AI models, not just Google Search.

• Mercury and Vercel are already seeing significant growth in inbound leads from large language models.

• The big shift: Instead of backlinks and keywords, companies are feeding training data directly into AI models.

CoreWeave’s Billion-Dollar Bet: Nortel 2.0? (00:14:00)

• CoreWeave, an AI-focused cloud company, is skyrocketing in valuation—going from $16 million in revenue to $1.9 billion in just two years.

• NVIDIA and Microsoft are heavily invested—so what happens if they pull the plug?

• Is CoreWeave truly innovative, or just benefiting from excess GPU capacity?

John Ruffolo’s Take:

"This reminds me way too much of Nortel in the late ‘90s. They pumped up revenue, but it was all based on unsustainable deals. Watch this one carefully."

As AI reshapes industries, banking undergoes major leadership shifts, and companies scramble to adapt to new digital landscapes, the stakes have never been higher. Will traditional banks successfully embrace open banking and digital transformation, or will fintech disruptors take the lead? Can AI-driven SEO remain a competitive advantage, or will regulators step in to level the playing field? And as CoreWeave pushes toward its high-stakes IPO, is this the beginning of a new tech revolution, or a repeat of past market bubbles? The coming months will reveal whether these trends signal long-term shifts—or short-lived hype.

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On this episode of Tank Talks, Matt Cohen sits down with Daniel Saks, co-founder of AppDirect and now CEO & co-founder of Landbase, to explore the explosive rise of AI-powered go-to-market strategies. Fresh off a $12.5M seed round, Daniel reveals how Agentic AI is transforming B2B sales and marketing, the key lessons he learned from scaling AppDirect, and what it really takes to build a category-defining company.

• What does it take to build a billion-dollar SaaS company?

• How is AI reshaping the future of sales and marketing?

• Why do some entrepreneurs thrive while others struggle to scale?

The Rise of AI in Sales & Marketing (00:02:00)

• How Landbase is redefining B2B sales with Agentic AI

• Why traditional lead generation is broken—and how AI is fixing it

• The difference between generative AI vs. Agentic AI and why it matters

Scaling a Unicorn: AppDirect’s Journey & Hard Lessons (00:07:00)

• The seven-year journey to profitability at AppDirect

• Why AppDirect’s first major partnership almost failed—and how they pivoted

• How Daniel landed multi-million-dollar contracts with Deutsche Telekom, AT&T, and SoftBank

What Founders Get Wrong About Go-To-Market Strategies (00:15:00)

• The biggest mistakes startups make when scaling sales

• Why trust and relationship-building are the ultimate growth levers

• How AI is eliminating time-wasting manual processes for sales teams

The Future of AI & Business: What’s Next? (00:25:00)

• Why AI-powered tools will reclaim 70-80% of sales teams' time

• How agentic AI can simulate human sales reps and optimize campaigns in real time

• The 100x efficiency gain Landbase customers are already seeing

Daniel’s Advice for Founders & Leaders (00:40:00)

• Why the best founders have an insane vision—plus the ability to adapt

• How Daniel structured his multi-year transition plan out of AppDirect

• Why success is about falling in love with the problem—not the solution

As AI rapidly reshapes sales and marketing, businesses stand at a crossroads—adapt or be left behind. Daniel Saks and Landbase are proving that Agentic AI isn’t just the future—it’s already here, transforming how companies generate leads, build trust, and drive revenue. Will sales teams embrace AI as their most powerful ally, or will they struggle to keep up in an era where machines work smarter, not just harder?

Connect with Daniel Saks:

LinkedIn: https://www.linkedin.com/in/danielsaks

Visit the Landbase website: https://www.landbase.com/

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Matt Cohen and John Ruffolo break down the seismic shift in Canadian politics as Mark Carney takes over as Prime Minister, succeeding Justin Trudeau. We explore what this means for Canada’s economy, upcoming elections, and how business leaders are reacting to the change.

• What’s next for Carney and the Liberal Party?

• Could Canada be heading for an April election?

• How will Canada’s economic policies evolve under Carney’s leadership?

Mark Carney Takes Over as Canada’s 24th Prime Minister (00:01:00)

In a widely expected move, Mark Carney won the Liberal leadership race with 86% of the vote, stepping into the role of Prime Minister. Despite having never held elected office, Carney’s deep experience in global finance makes him a powerful force in Canadian politics.

Carney’s Background:

• Former Governor of the Bank of Canada (2008-2013)

• Governor of the Bank of England (2013-2020)

• Economic advisor to Trudeau during COVID-19

• Declined a role in Harper’s Conservative government

What’s Next?With a tight race against Conservative leader Pierre Poilievre, Carney must move quickly to define his platform beyond broad economic promises. His leadership so far has been untested in political debates, raising questions about how he will navigate policy discussions leading up to a potential election.

John Ruffolo’s Take:“This is not a massive shift from Trudeau’s policies—it’s more of a continuation. Expect more government spending and taxation debates, but the big question is: How will Carney perform under real political pressure?”

Will Canada See an April Election? (00:03:00)

An early election could be announced as soon as March 16, with a vote set for April 22.

Key Election Dynamics:

• The Liberal Party is eager to hold elections before Conservative fundraising gains momentum.

• Carney currently lacks a parliamentary seat, which could impact campaign optics.

• A potential coalition between the Liberals, NDP, and Greens could reshape the political landscape.

Projected Outcomes:

• Conservatives still favored to win—but the margin is narrowing.

• A left-wing coalition could prevent a Conservative majority.

• Economic issues, particularly cost of living and taxation, will dominate voter concerns.

John Ruffolo’s Perspective:“With Canada’s economy still under pressure, the Liberals need to move fast. Their best bet is a short campaign before Pierre Poilievre gains further traction. If the Liberals delay too long, it could backfire.”

Canada’s Economic Crossroads: What Carney’s Policies Could Mean (00:07:00)

Carney has hinted at major spending initiatives, but concerns over taxation remain front and center.

Top Concerns:

• Rising debt: More government borrowing could impact inflation.

• Carbon tax shift: The tax isn’t going away—just moving from gas stations to industrial sectors.

• Cost of living crisis: Canadians are struggling with affordability, and tax policy will be a major campaign issue.

What’s Next?Will Carney unveil a bold new economic vision, or will his policies be Trudeau’s agenda rebranded? Investors, business leaders, and everyday Canadians are watching closely.

The Big Picture: What This Means for Canada

With a potential election looming, Canada stands at a political and economic crossroads. Will Carney’s leadership provide stability, or will voters seek a new direction under Pierre Poilievre?

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Matt Cohen and John Ruffolo dive into the growing exodus of Canadian talent to the U.S., breaking down why top founders and engineers are choosing Silicon Valley over homegrown opportunities. They discuss OpenAI’s latest move to charge up to $20,000 per month for AI-powered research agents and how companies are rethinking hiring in light of these powerful tools. The conversation also covers the controversial CoreWeave IPO, highlighting its rapid $1.9B revenue surge, heavy reliance on Microsoft, and whether it signals a coming shake-up in cloud computing. On the political front, they analyze the potential for an early Canadian election, shifts in party leadership, and how economic policies—like capital gains tax hikes—are driving entrepreneurs out of the country.

Canada’s Tech Exodus: Why Founders Are Flocking to the U.S. (07:00)

A striking rise in Canadian emigration has raised concerns about the country’s ability to retain top talent. In 2024, 81,601 Canadians left the country, the highest number since 2017—half of them from Ontario.

• Capital gains tax hikes pushing high-net-worth individuals and founders to relocate.

• U.S. venture capital firms providing better funding opportunities for Canadian startups.

• YC founder exodus: More Canadian founders are moving to the U.S. post-Y Combinator Demo Day, as confirmed by YC CEO Gary Tan.

John Ruffolo’s take:

• Canada risks losing its top tech talent permanently if it doesn’t address the capital and policy gaps driving this migration.

• Founders aren’t leaving out of convenience—it’s about better market access, capital, and scaling opportunities.

OpenAI’s $20K/Month AI Agents: A Game-Changer? (18:00)

OpenAI is rolling out three tiers of AI-powered assistants, capable of advanced research, software development, and business strategy—at a hefty price tag.

Pricing breakdown:

• $2K/month: Handles advanced knowledge worker tasks.

• $10K/month: AI for software development.

• $20K/month: PhD-level AI agents for deep research.

Why this matters:

• AI-powered coding tools like Cursor.dev have already grown to $100M ARR in 18 months.

• Founders are increasingly opting for AI engineers over hiring multiple full-time developers.

• This signals a shift in the labor market, potentially disrupting high-paid professional roles in tech, research, and consulting.

CoreWeave’s $2B Revenue IPO—Boom or Bust? (12:00)

CoreWeave, a cloud computing startup that stockpiled NVIDIA GPUs early, is racing toward a high-profile IPO.

Key numbers:

• Revenue skyrocketed from $16M in 2022 to $1.9B in 2023.

• Microsoft accounts for 62% of its revenue, sparking concerns over customer concentration.

• The company holds $11B in debt, raising questions about profitability.

• Founders cashed out $500M pre-IPO, raising red flags.

John Ruffolo’s analysis:

• This looks like a high-risk, low-margin business that may struggle to justify its valuation.

• Heavy debt financing and reliance on Microsoft contracts make it a shaky bet.

• If public markets reject CoreWeave, it could be a warning sign for other AI and cloud IPOs.

Will Canada See an April Election? (03:00)

With Canada’s Liberal Party leadership race heating up, rumors suggest an election could be called as early as March 16, with a vote on April 22.

• The Liberals want a short election to limit Conservative fundraising advantages.

• Mark Carney is positioned as the Liberal frontrunner, but he doesn’t currently hold a parliamentary seat.

• Coalition talks between Liberals, NDP, and the Green Party could reshape Canada’s political landscape.

Projected outcomes:

• Conservative majority is still likely, but the margin has narrowed.

• A left-wing coalition could prevent a Conservative landslide.

The Bigger Picture: Where is Canada Headed?

From AI disruption and talent migration to political uncertainty, this episode of Tank Talks dives into the forces reshaping Canada’s future.

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Matt Cohen sits down with Robert Morier, a former global investment executive turned venture capital professor at Drexel University. Robert shares his non-traditional journey—from studying history to managing multi-billion dollar investment portfolios, and ultimately returning to education to mentor the next generation of startup founders and VCs. They discuss his experience teaching venture capital, how risk management in lifeguarding relates to investing, how podcasting helps drive awareness, and why universities need more real-world startup training.

About Robert Morier:

Robert Morier is a professor at Drexel University, specializing in venture capital, early-stage finance, and private market due diligence. He mentors entrepreneurs and conducts research on entrepreneurial mindset and risk management, drawing insights from his experience as an ocean lifeguard in Wildwood Crest, NJ.

With 25 years in institutional investments, he has led business development and fundraising efforts at firms like Paradice Investment Management, Xponance, and Indus Capital, raising billions in assets across global markets. He also runs Twelve Pound Advisors, advising asset managers on growth strategies.

Morier is the co-founder of Twelve Pound Productions, producing the Dakota Live! Podcast, where he interviews investors on finance, leadership, and market trends. He has served on the University of Vermont’s Grossman School of Business advisory board and supports nonprofit fundraising initiatives.

Topics

• (00:01:39) - How a love for travel led Robert into global investment roles

• (00:03:04) - Spending years on the road and what ultimately led Robert to leave for academia

• (00:04:06) - How working as a lifeguard shaped Robert’s perspective on leadership and risk management

• (00:07:09) - Why VCs should start with risk assessment rather than leaving it for the end of due diligence

• (00:09:53) - Teaching Venture Capital: Why VC education is still lacking in most universities and how Drexel is changing that

• (00:12:47) - Why schools focus too much on investment banking exits rather than startup formation

• (00:15:32) - How the Drexel Innovation Fund supports student-led startups with real investments

• (00:19:35) - The importance of teaching students about mistakes, failures, and resilience in investing.

• (00:24:58) - The story of AER Cosmetics, a sustainable mascara startup that grew out of Drexel’s entrepreneurial program

• (00:30:21) - How schools can build better VC education and student-run investment funds

• (00:36:25) - How the Dakota Live! Podcast came to be

• (00:41:47) -  The biggest mistake fund managers make when pitching investors

Robert Morier’s Fast Favorites:

• Favorite Podcast: The Overthink Podcast

• Favorite Podcast for Venture Capital: Capital Allocators by Ted Seides, along with Dakota Live! and Tank Talks.

• Favorite Newsletter or Blog: Alternatively Speaking by Christopher Schelling

• Favorite Book: East of Eden by John Steinbeck

• Favorite Tech Gadget: A landline phone

• Favorite Life Lesson: “Who’s better than you? Nobody.”

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Matt Cohen and John Ruffolo talk about the BDC Capital $1B fund, the state of early-stage VC funding in Canada, and the rise of mega-deals dominated by U.S. investors. They also discuss the feasibility of the Quebec City-Toronto high-speed rail project, AI copyright lawsuits, potential Trump-era tariffs, and the future of open banking in Canada.

Key Topics

BDC Capital’s $1B Growth-Stage Investment Fund (00:42)

• BDC Capital announces a $1B investment fund, with:

• $500M Growth Venture Fund for direct investments and co-investments.

• $450M Growth Equity Partners Program for minority stake investments in mid-market companies.

• Concerns were raised by Mark McQueen about lack of early-stage funding

• John Ruffolo’s take:

• Canada’s early-stage VC ecosystem is underfunded.

• BDC was meant to focus on riskier, early-stage investments, while EDC (Export Development Canada) focused on growth-stage.

• Shift towards later-stage funding may leave early-stage startups without necessary capital.

Canadian Venture Capital Funding Trends (04:55)

• CVCA’s 2024 report:

• $7.86B invested across 592 deals, up 10% from 2023.

• Mega deals ($50M+ rounds) comprised 62% of total VC investments.

• Seed-stage funding fell 50% to $510M.

• Notable mega-deals:

• Clio – $1.24B Series F

• Cohere – $616M Series D

• Blockstream – $289M convertible note

• Waabi – $275M Series B

• U.S. investors dominate:

• 32% of Canadian VC deals had U.S. investor participation.

• Clio’s round was entirely U.S.-funded.

• John Ruffolo’s analysis:

• Canada needs stronger domestic venture capital.

• U.S. capital will always flow into late-stage companies, but early-stage funding is crucial for long-term ecosystem growth.

• Lack of Canadian IPOs in 2024 is a concerning sign.

Quebec City-Toronto High-Speed Rail: $90B Boondoggle? (09:17)

• Massive infrastructure proposal:

• $60B–$90B price tag, with $3.9B allocated to planning alone.

• Construction won’t begin for at least five years, taking 5–7 years per segment.

• Criticisms:

• Timing is political (announced right before an election).

• Where is the funding coming from? Canada’s finances are already stretched.

• Route selection is questionable – e.g., Laval getting a stop over Mississauga/Brampton.

• John Ruffolo’s take:

• Financial viability is unclear – pension funds won’t invest without guarantees of ridership.

• Other priorities (e.g., Arctic infrastructure, national security) are being ignored.

• The government should invest in digital infrastructure instead (e.g., full 5G coverage).

AI Copyright Lawsuits: Cohere vs. Media Giants (14:35)

• Major media coalition (The Atlantic, Forbes, The Guardian, Vox, etc.) sues AI startup Cohere for copyright infringement in New York.

• Allegations: Cohere scraped and displayed copyrighted content without permission.

• Seeking $150K per work infringed + an injunction against Cohere using their content.

• Growing legal pressure on AI companies:

• NY Times vs. OpenAI – potentially setting a massive precedent.

• Anthropic, Meta, and Thomson Reuters have faced similar lawsuits.

• John Ruffolo’s view:

• Copyright concerns were always an issue for AI models.

• AI startups may have to pay into a licensing pool (like the music industry).

• Investor risk increasing – legal uncertainties may impact funding for public LLMs.

Trump’s Potential Tariffs: What Canada Should Do (19:25)

• Trump’s trade policies likely to return if re-elected, impacting Canadian businesses.

• John Ruffolo’s recommendations:

• Canada must fix internal issues first (e.g., interprovincial trade barriers).

• Tariffs won’t disappear for at least four years, so businesses must adapt.

• Canadian businesses will have to shift profits & operations to the U.S. to remain competitive.

The Future of Open Banking in Canada (22:00)

• U.S. fintech sector gains a boost as Trump administration removes CFPB regulations.

• Chime & Klarna expected to benefit from deregulation.

• Canadian Conservatives promise major push for open banking if elected.

• Liberals have been slow to act on open banking despite six years of promises.

John Ruffolo’s perspective:

• Open banking will make Canadian banks stronger, not weaker.

• Canada must prepare for U.S. competition in financial services.

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Matt Cohen sits down with Amber Kanwar, a longtime financial journalist and former BNN Bloomberg anchor, who recently made the bold leap into independent media with her new podcast, In the Money. Amber shares her journey from an ambitious intern at BNN to becoming one of Canada’s most recognizable financial voices.

She recounts how she overcame imposter syndrome in the high-stakes world of financial journalism, the real lessons she learned from industry giants, and the importance of clear communication in a jargon-filled industry. Amber also reveals the investigative journalism story that put her on the map—a shocking fertility fraud scandal that led to a national reckoning.

Leaving behind a prestigious legacy media role wasn’t easy, but Amber explains why she chose to go solo, the structural challenges traditional media faces, and why she believes the future belongs to independent content creators.

About Amber Kanwar:

Amber Kanwar is one of Canada’s most trusted and recognizable business journalists. For over a decade, she was a familiar face on Canada’s flagship business channel, BNN Bloomberg. She has appeared as a contributor on CTV and Bloomberg in the US. She has interviewed hundreds of portfolio managers, CEOs, political leaders and newsmakers. She has a reputation for asking the right questions, putting the viewers’ interests first and having a deep knowledge of the financial markets. She brings her signature authenticity and charm to the show, stress-testing ideas to make sure investors have all the information they need to make moves.

Topics:

• (01:25) – Amber’s early career at BNN and breaking into financial journalism

• (01:41) – Overcoming fear and using it as a motivator

• (02:09) – The importance of starting from the bottom and learning every role

• (04:56) – Amber’s groundbreaking investigative journalism piece on fertility fraud

• (09:16) – Transitioning from investigative journalism to financial news

• (10:26) – The journey from intern to producer to on-air host at BNN

• (11:38) – The importance of mentorship in media careers

• (13:05) – How Amber developed her financial knowledge through guest interviews

• (14:26) – Learning to turn complex financial news into engaging stories

• (15:48) – The impact of simplifying financial jargon for broader audiences

• (18:26) – Why Amber left BNN Bloomberg after 15 years

• (22:02) – The vision for In the Money and why long-form content is valuable

• (23:46) – How independent media can move faster than legacy media

• (25:09) – The shift to digital-first journalism and YouTube podcasting

• (26:26) – Investing philosophies: Amber’s biggest lessons from the pandemic

• (30:26) – The role of media in shaping market sentiment

• (32:09) – Alternative investments: Are they worth it?

• (33:38) – The future of In the Money and expanding AK Media

• (35:23) – The shift in media consumption habits and the opportunity for new players

• (38:46) – The importance of clear communication in finance

• (40:02) – The hardest part of going independent: identity & brand-building

• (41:38) – How Amber approaches guest preparation differently from legacy media

• (43:23) – Building a media brand: Monetization, distribution, and content strategy

• (45:09) – What legacy media gets wrong about digital content

• (47:26) – Why niche content is thriving while traditional news struggles

Fast Favorites

📻 Favorite Podcast: SmartLess, Conan O'Brien Needs a Friend, Seth Meyers’ Podcast, Gettin’ Savvy by Catherine Murray and Strictly Money by Sejal Patel

📰 Favorite Newsletter or Blog:Jim Reid’s Early Morning Read (Deutsche Bank)

📱 Favorite Tech Gadget: iPhone & Continuous Glucose Monitor (CGM)

📈 Favorite New Trend: Podcasting on YouTube

📖 Favorite Book: Educated by Tara Westover

🎓 Favorite Life Lesson: "Shortcuts take you the long way."

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In this episode, Matt welcomes Willson Cross, the co-founder and CEO of Borderless AI, to discuss how AI is transforming the global HR and payroll industry. Willson shares his entrepreneurial journey, from founding and selling GoFetch to launching Borderless AI. They explore how AI-driven compliance, payroll, and onboarding are solving key challenges in hiring global teams. Willson also talks about the company’s $35M funding, its partnership with Cohere, and how they differentiate from major competitors like Deel and Rippling.

About Willson Cross:

Willson Cross is the Co-Founder and CEO of Borderless AI, a global payroll platform that uses generative AI to streamline hiring, managing, and paying international employees. Since launching in 2023, the company has raised $27 million from top investors, including Susquehanna and Bernard Arnault. Based in Toronto, Willson leads the team in building AI-powered solutions for the future of work.

Before Borderless AI, Willson co-founded GoFetch, Canada’s leading pet services marketplace. Starting from his basement in 2015, he grew the company to seven markets, raised $3.5 million, and led a team of 45 before selling the business in 2018. Earlier, he launched UBC Bitcoin Jobs, an online job board that connected university students with cryptocurrency startups, matching over 80 students to 20 companies.

Originally from Vancouver, Willson studied economics at New York University before leaving after his third year to pursue startups full-time.

⏱ Topics

• (1:26) – Willson’s background & founding GoFetch

• (2:59) – Key lessons from running a bootstrapped startup

• (4:55) – The transition to Borderless AI & identifying HR’s biggest challenges

• (6:33) – Payroll & benefits: The first major opportunities

• (6:52) – Building real-time global payroll infrastructure

• (7:50) – Meeting co-founder Sean Agarwal & forming a strong partnership

• (9:45) – AI’s role in HR compliance, payroll & automation

• (12:04) – How Cohere’s AI models enhance HRGPT

• (15:48) – Competing with Deel & Rippling as an AI-native company

• (18:19) – Pricing strategy & product differentiation

• (19:13) – How AI is transforming HR roles

• (20:47) – The shift toward larger early-stage funding rounds

• (24:30) – Target customers: Startups & large enterprises

• (27:41) – Why Borderless AI chose a full in-office model

🎯 Fast Favorites

🎧 Favorite Podcast: 32 Thoughts📩 Favorite Newsletter/Blog: SaaStr by Jason Lemkin📱 Favorite Tech Gadget: Old-school wired headphones📈 Favorite New Trend: No-meeting Wednesdays📚 Favorite Book: How to Know a Person – David Brooks💡 Favorite Life Lesson: “It’s not what is said, but how it’s said.”

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This episode analyzes the latest trade tensions between the U.S., Canada, and Mexico, exploring Trump’s recent tariff decisions and their economic impact. Matt Cohen and John Ruffolo discuss Canada's political inaction, the rise of the Build Canada initiative, and the massive AI infrastructure investments by tech giants. They also break down StackAdapt’s explosive growth and its implications for the Canadian startup ecosystem.

Topics

(00:42) Trump’s Trade War: Winners & Losers(06:00) Canada’s Delayed Government Response(09:30) The Launch of Build Canada(14:00) Shifts in Liberal Party Leadership(17:00) StackAdapt’s Rise & $235M Investment(20:00) AI’s CapEx Boom – Smart Play or Overspend?

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Matt Cohen welcomes Niklas Halusa, Co-Founder and CEO of Nautical Commerce, to explain how his company makes starting and running marketplaces easier. Niklas shares lessons from his venture capital experience, how to choose the right customers, and why marketplaces succeed or fail. He also talks about fundraising, managing growth, and what startup founders can learn from Formula 1 racing.

About Niklas Halusa:

Niklas Halusa is the Co-Founder and CEO of Nautical Commerce, where he has led the company since September 2023 after serving as its President for over three years. At Nautical, he focuses on simplifying marketplace creation and advancing digital commerce solutions.

Before starting Nautical Commerce, Niklas worked on the investment team at Activant Capital, a firm specializing in commerce and technology-focused growth-stage businesses. Prior to Activant, Niklas held leadership roles at Turvo Inc., a supply chain collaboration platform which was acquired by Lineage Logistics for over $200 million. Earlier in his career, he worked in investment banking at Bank of America Merrill Lynch and at eToro.

Niklas earned a Bachelor’s degree in Economics from Harvard University.

Topics:

(01:15) Niklas shares his upbringing across Europe, his time in the U.S., and how his international background shaped his career

(02:17) Niklas discusses his early work at Activant Capital, how he stumbled into venture capital, and what drew him to marketplace technology

(05:56) The challenges and inefficiencies in marketplace infrastructure that inspired the creation of Nautical Commerce

(08:00) Why startups should focus on their ideal customer profiles (ICP), how the wrong customers can harm growth, and why it’s crucial to say no

(11:45) Niklas explains how marketplaces evolve, why there’s still room for new entrants, and how niche players can disrupt legacy platforms like Amazon

(18:06) The experience of raising $30 million during the COVID-fueled e-commerce boom, and the importance of finding investors who align with your vision

(25:00) Creative ways marketplaces can make money, such as seller subscriptions, logistics services, and data-driven value-adds beyond basic commissions

(30:00) How marketplaces can use search data and customer insights to increase sales, attract more buyers, and better serve sellers

(33:00) Strategies for reducing churn and building long-term trust in marketplaces by focusing on supplier quality and buyer-seller stickiness

(37:00) Lessons from Formula 1: the value of focusing on one problem at a time, resource prioritization, and how it applies to running startups

(41:00) Advice for founders: Test your idea while keeping your day job to gain conviction before fully committing to entrepreneurship

Fast Favorites:

• Favorite Podcast: How I Built This and F1 Beyond the Grid

• Favorite Newsletter or Blog: Stratechery

• Favorite Tech Gadget: Eight Sleep Pod,

• Favorite New Trend: Antitrust movements, particularly those supporting small businesses

• Favorite Book: Children of Timeby Adrian Tchaikovsky

• Favorite Life Lesson: “Success is going from failure to failure with no loss of enthusiasm.”

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In this episode, Matt Cohen chats with Wendy Li, the co-founder and Chief Investment Officer of Ivy Invest, about her journey from managing institutional endowments to founding a fintech startup. Wendy shares insights from her experiences at the Metropolitan Museum of Art, the UJA Federation of New York, and the Mother Cabrini Health Foundation.

She highlights her decision to leave a traditional allocator role to build Ivy Invest, a platform democratizing access to institutional-quality investments for retail investors. Wendy discusses the challenges of being a first-time founder, how emerging managers can build trust with institutional investors, and the long-term lessons from her career.

About Wendy Li:

Wendy Li is the Co-Founder and Chief Investment Officer of Ivy Invest, a platform that helps individual investors access investment portfolios similar to those used by big institutions. She has over 10 years of experience managing large investment funds and holds a Chartered Financial Analyst certification.

Before starting Ivy Invest, Wendy was the Managing Director of Investments at the Mother Cabrini Health Foundation, where she set up the investment office and managed $4 billion. At the UJA-Federation of New York, she oversaw a $1 billion endowment and a $400 million pension plan. Her career began at the Metropolitan Museum of Art, where she worked as a Senior Investment Analyst.

Wendy studied at Columbia University, where she earned her Bachelor’s degree.

Topics

(01:13) Early Career Journey: Wendy shares her upbringing in Pennsylvania, moving to NYC, and her entry into finance at Columbia University.

(02:30) First Role at the Met Museum: Insights from working with an established portfolio, sitting across high-profile investment committee members, and lessons on portfolio management.

(04:51) The Transition to UJA: Managing a new investment office, building credibility with a seasoned investment committee, and reshaping a hedge fund-heavy portfolio.

(06:57) Influence of David Swensen: Learning from Swensen's Yale Model and its focus on alternative investments, plus her direct exposure to the Yale network through colleagues.

(09:48) Building Ivy Invest: Why Wendy left the endowment world to create Ivy Invest, the challenges of launching an SEC-registered fund, and solving access and complexity barriers for individual investors.

(19:14) Fund Structure: Ivy Invest’s single-fund strategy blending public and private investments, its interval fund structure, and quarterly repurchase options for investors.

(24:11) Emerging Manager Advice: Key strategies for preparing to meet with institutional investors, understanding their specific needs, and how to build trust over time.

(28:17) Long-Term Relationships: Why personal rapport, patience, and a deep understanding of both LPs and your own strategy are essential for emerging managers.

(31:17) Lessons as a First-Time Founder: Transitioning to a fintech startup, learning to navigate the tech and regulatory landscape, and unexpected challenges like user access glitches.

(36:38) Co-Founders and Team Dynamics: The complementary skills of her co-founders, balancing optimism with risk awareness, and maintaining trust and humor through challenges.

(38:42) Brand Awareness and Challenges: Educating retail investors about their eligibility and building recognition for Ivy Invest’s mission.

(39:54) Surprises from Early Investors: The diversity of early adopters and how their demographics exceeded initial expectations.

Fast Favorites

• Favorite Podcast: How I Built This

• Favorite Newsletter: Matt Levine’s Money Stuff

• Favorite Tech Gadget: iPhone

• Favorite Trend: Established alternative investment managers opening access to retail investors

• Favorite Book: A Tree Grows in Brooklyn by Betty Smith

• Favorite Life Lesson: “Finish what you start.”

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This episode analyzes the latest developments in U.S. policy and how they intersect with business, innovation, and Canadian economic strategies. Matt Cohen and John Ruffolo discuss Trump’s second-term inauguration, Canada’s potential responses, and the growing trend of venture capital firms adopting private equity-style roll-up strategies.

Topics

(00:42) Trump’s Second-Term Inauguration

(02:40) Key US Policy Announcements

(05:00) Canada’s Preparedness vs. Reaction in Policy

(09:03) Alberta’s Independent Strategy

(13:11) Shifts in Liberal Party Leadership

(16:31) Venture Capital Adopts Roll-Up Strategies

(21:15) Challenges for Venture Roll-Ups

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In this episode of Tank Talks, Matt Cohen welcomes back Rob Khazzam, CEO of Float, along with John Ruffolo, to discuss Float's recent $70M Series B funding led by Goldman Sachs, the challenges of building a fintech company in Canada, and the broader state of entrepreneurship in the country.

Rob shares insights into Float's mission to simplify financial operations for Canadian businesses, emphasizing innovation in a heavily regulated industry. He reflects on the lessons learned from previous funding rounds and how Float adapted to market shifts. The conversation expands to challenges in Canadian policy, the need for a vibrant knowledge economy, and the role of government in fostering innovation.

About Rob Khazzam:

Rob Khazzam is the Co-Founder and CEO of Float, a Canadian company dedicated to simplifying corporate spending for businesses and teams.

Previously, Rob served as an advisor to Framework Venture Partners and was the Managing Partner at Great Mountain Partners, an investment firm focused on acquiring majority stakes in Canadian businesses. He also worked at Uber for over five years, holding various leadership roles, including General Manager for Canada and Central & Eastern Europe.

Rob earned an Honours Business Administration degree from the Richard Ivey School of Business at the University of Western Ontario in 2009.

Topics Discussed:

(03:24) The founding story of Float, inspired by solving the inefficiency of expense reports. He reflects on the challenges Canadian businesses face in accessing modern financial tools, such as corporate cards.

(05:20) Float’s Series A funding and navigating the 2022–2023 market downturn. Rob emphasizes how Float balanced rapid growth with sustaining operations during challenging times

(10:00) Float's approach to partnerships and funding, emphasizing long-term vision and sustainable growth over short-term wins or valuations and the alignment with Goldman Sachs as a strategic partner.

(13:41) Exploration of payment inefficiencies and their impact on Canadian businesses.

(17:45) Rob describes Float’s commitment to trust, compliance, and risk management in a highly regulated fintech environment.

(20:24) A broader discussion on Canada's entrepreneurial ecosystem and the importance of celebrating entrepreneurship and implementing proactive policies, such as open banking, to enhance Canada's knowledge economy.

(25:54) Critiques of Canada’s economic policies, advocating for a focus on intentional knowledge economy growth and smarter immigration strategies to boost per capita GDP.

(35:29) Personal reflections on Rob’s time in Europe, which gave him perspective on Canada’s multicultural strengths and opportunities for economic unity.

(40:16) A discussion on the importance of standing up for Canadian values, addressing social tensions, and fostering national unity against divisive identity politics.

(50:42) Float’s goals for the next 12–18 months, including delivering an optimized business banking experience, helping customers achieve better ROI, and significantly reducing user time spent on Float’s platform.

Fast Favorites:

• Podcast: Invest Like the Best (business), Spittin’ Chiclets (sports).

• Blog: Stratechery

• Tech Gadget: iPhone

• New Trend: Cold plunging to manage stress and anxiety

• Book: No Rules Rules by Reed Hastings and Erin Meyer

• Life Lesson: "Believe in yourself more than you actually do."

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Host Matt Cohen talks with Dave Lambert, founder and managing director of Right Side Capital Management. Founded in 2009, Right Side takes a quantitative, data-driven approach to early-stage investments, focusing on capital-efficient tech startups. It has funded over 2,000 companies, offering rapid investment decisions and fostering innovation in the fragmented seed-stage funding market.

Dave explains how Right Side invests in very early-stage startups using data instead of gut feelings. He also discusses how technology, like AI, is changing startups and shares stories from his career.

About Dave Lambert:

Dave Lambert is the Founder and Managing Director of Right Side Capital Management, a pre-VC stage investment firm based in San Francisco.

Before founding Right Side Capital, Dave was the CEO and Founder of WorkMetro Inc., a network of local online job boards operating across major U.S. metropolitan markets. He successfully expanded the company to over 20 markets before its acquisition by Jobing.com in 2008. Earlier in his career, he founded Acorn Computer, Inc., which provided IT solutions to businesses and institutions in the San Francisco Bay Area for over a decade.

Dave earned his Bachelor of Science degree from Stanford University, specializing in Values, Technology, Science & Society with a focus on Artificial Intelligence.

Topics

• (01:15) Dave’s background growing up in Denver, his entrepreneurial beginnings with a computer hardware company, and how those experiences led to founding Right Side Capital

• (03:26) How The Black Swan by Nassim Taleb influenced the creation of Right Side Capital, focusing on “positive black swans” (startups with unexpected, outsized success)

• (05:53) Understanding the Power Law in Venture Capital

• (08:39) How Right Side makes investment decisions, often providing a “yes” or “no” within a week and why they focus on startups with small funding needs and clear metrics

• (11:48) What Metrics Right Side Looks For

• (16:11) TradingView: A Success Story

• (21:08) Impact of AI on Startups

• (25:56) Low-Headcount Companies Thriving

• (28:37) Changing Founder mindsets toward profitability and capital efficiency rather than raising successive funding rounds

• (29:04) Tax Benefits for Venture Investors

• (33:26) The Role of Accelerators

• (36:40) Challenges in VC Fundraising and Innovation

• (40:00) Resilient Entrepreneurs

• (43:10) Dave’s Tech and Productivity Setup

Dave Lambert's Fast Favorites

• Favorite Podcast: Slow Burn

• Favorite Newsletter/Blog: Dave doesn’t have a single favorite but enjoys reading a variety of blogs and newsletters, especially about tech, venture capital, and economics.

• Favorite Tech Gadget: Golf simulators

• Favorite New Trend: Entrepreneurs focusing on profitability as the main goal instead of just raising money

• Favorite Book: Extreme Ownership by Jocko Willink and Leif Babin – A guide on leadership and accountability, teaching lessons from Navy SEALs.

• Favorite Life Lesson: “Believe in yourself and trust your own judgment.”

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Matt Cohen and John Ruffolo discuss the fast-moving events shaping Canada's political and economic landscape. Topics include the fallout from Prime Minister Justin Trudeau's resignation, the complexities of the CRA's proposed capital gains tax adjustments, and the legal challenges tied to Parliament's prorogation. The conversation then pivots to groundbreaking developments in AI, spotlighting RBC's partnership with Cohere to build a generative AI platform. The episode wraps with a critical analysis of the sudden closure of Vancouver-based Bench Accounting and its surprising acquisition.

Topics:

• (00:45) CRA’s enforcement of capital gains tax changes and taxpayer strategies

• (02:41) Legislative uncertainty surrounding the federal budget and prorogation

• (04:08) Legal arguments challenging prorogation and their implications

• (06:04) External perceptions of Canadian governance

• (08:22) RBC’s partnership with Cohere for AI development

• (11:36) Anthropic’s funding round and global AI investment trends

• (11:52) Bench Accounting’s shutdown and its acquisition by employer.com

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Matt Cohen and John Ruffolo talk about the big news that Justin Trudeau is stepping down after being Canada’s Prime Minister for nine years. They explore what this means for Canada, including how it affects the government, the economy, and Canada’s relationship with the United States.

Topics covered include:

• (01:28) What Trudeau’s resignation means for the Liberal Party and Canada’s government.

• (03:17) Why the Liberal Party’s leadership race could create even more problems.

• (04:00) How Canada’s political issues might hurt its relationship with the U.S.

• (07:22) Questions about the proposed capital gains tax changes and how they confuse taxpayers.

• (10:12) Politicians using social media to speak directly to people, like Pierre Poilievre’s viral interview.

• (13:15) Elon Musk announces changes to X (formerly Twitter) to make it more positive

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Matt Cohen wraps up an extraordinary year in tech, venture capital, and innovation with this special "Best of 2024" episode of Tank Talks. Featuring insights from some remarkable guests, this episode explores the year’s defining moments and actionable lessons.

Baron Davis dives into the transformative potential of AI, VR/AR, and digital assets, while Dax Da Silva of Lightspeed shares how energy and spirituality fuel leadership. Nicolas Mulroney reveals the grit it took to pitch 80 investors to launch his bakery venture, and Winter Mead explains how Coolwater Capital is building the next generation of venture fund managers.

Tom McCullough of Northwood Family Office discusses what it takes to thrive in wealth management, and Mario Nigro shares strategies for navigating high-stakes M&A negotiations. Arati Sharma and Satish Kanwar offer a critical lens on Canada's innovation landscape, calling for affordability and optimism to drive entrepreneurial growth. Finally, John Rikhtegar delivers data-driven insights into the past decade of Canadian venture exits, revealing how market cycles shape success.

Enjoy and see you next week with fresh insights and a new interview.

Key Highlights and Timestamps

Featured Guests

• Baron Davis: The Future of AI and Life Lessons

• (00:01:45) Explores trends in AI, VR/AR, and tokenized digital assets, including his innovative "OATMills" project.

• (00:04:00) Favorite books: Rich Dad Poor Dad and Outliers.

• Lesson: “Be happy with what you have, and good people will surround you.”

• Nicolas Mulroney: Resilience in Entrepreneurship

• (00:05:13) Shares how he overcame 50+ rejections while securing funding for his bakery in a challenging market.

• Lesson: “It’s an election you have to win. There’s no other option.”

• Winter Mead: Supporting Emerging VCs

• (00:08:00) Highlights Cool Water Capital’s program to develop first-time fund managers, focusing on operations, fundraising, and fund management.

• Lesson: "Fund management isn’t just about investing—it’s about running a business."

• Mario Nigro: Successful M&A Strategies

• (00:24:00) Offers advice on managing complex negotiations, emphasizing communication and trust.

• Lesson: "Most deal problems can be solved by better understanding the other side."

• Arati Sharma & Satish Kanwar: Revitalizing Canadian Innovation

• (00:29:00) Discuss Canada’s innovation challenges and opportunities.

• Arati: Calls for affordability to enable young entrepreneurs.

• Satish: Stresses the importance of belief, optimism, and community building.

• Tom McCullough: Redefining Wealth Management

• (00:35:00) Advises aspiring family office founders to focus on client needs and solve real problems.

• Lesson: “Understand demand and build something that fills a gap.”

• John Rikhtegar: Venture Capital Insights

• (00:46:00) Analyzes a decade of Canadian venture exits, revealing that over 50% of exit value occurred in 2020-2021.

• Lesson: "Consistent capital allocation is critical for navigating market cycles."

• Dax Da Silva: Energy, Fitness, and Leadership

• (00:59:28) Discusses how fitness and spirituality fuel his leadership and entrepreneurial resilience.

• Lesson: "To get energy, you must first put energy in."

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Matt Cohen and John Ruffolo tackle the seismic shifts in Canada’s political landscape, discuss the recent fall economic statement, and make bold predictions for 2025.

Topics covered include Chrystia Freeland’s unexpected resignation as Finance Minister (00:41), highlights from the Federal Budget (03:39), speculation about Canada's election timing (09:18), and how this government looks to the incoming US administration. The discussion also covers the growing "100 Million Dollar Club" in Canadian tech and debates the IPO prospects for leading startups (12:00). And John and Matt give rapid-fire predictions for 2025 (18:00).

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In this episode of Tank Talks, host Matt Cohen and John Ruffolo discuss the latest developments in venture capital, technology, and innovation. Topics include the Canadian government’s proposal to encourage pension fund investments in startups, the challenges entrepreneurs face in scaling businesses, and the systemic capital constraints within Canada’s ecosystem.

The conversation highlights Sheertex founder Katherine Homuth’s journey and the broader difficulties of pursuing ambitious ventures in Canada. They also cover Raptor Maps’ use of AI for solar farm efficiency, the resurgence of quantum computing with D-Wave’s latest funding, and the emergence of layered SPVs investing in high-demand companies like SpaceX and OpenAI. The episode closes with an analysis of ServiceTitan’s IPO and its implications for the reopening of the IPO market.

(00:46) The Canadian Mini-Budget and Venture Capital

• $2B package to support startups and scale-ups

• Discussion on U.S. influence on Canadian investments and government initiatives

(03:00) Economic Realities for Canadian Startups

• John highlights Canada’s capital constraints and increased tax concerns

(05:00) Sheertex and Katherine Homuth’s Moonshot Journey

• $35M funding round led by Investissement Québec

• Challenges in scaling operations and media scrutiny

• The uphill battle of Canadian entrepreneurs pursuing ambitious goals

• Read her article here

(12:44) Raptor Maps and Solar Innovation

• $35M raised to enhance solar energy management through AI and drones

• Predictive maintenance and operational efficiencies in the solar sector

(17:23) Quantum Computing Resurgence

• D-Wave raises $175M as Google advances with its Willow chip

• Global implications of quantum on industries and geopolitics

(21:00) Double-Layer SPVs: Opportunity or Risk?

• The rise of SPVs investing in other SPVs for firms like SpaceX and OpenAI

• Risks of layered fees and opaque ownership structures

(23:28) ServiceTitan IPO and the IPO Market Rebound

• ServiceTitan’s valuation debate following its $101/share IPO

• Implications for the reopening of the IPO window

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Matt Cohen sits down with Rebecca Kacaba, Co-Founder and CEO of DealMaker, a groundbreaking platform transforming how companies raise capital. Rebecca shares her journey from her entrepreneurial family background and legal expertise to spearhead innovation in the fundraising space.

The conversation covers how DealMaker democratizes capital access, enabling individuals to invest in brands they love. The discussion also touches on the impact of regulations like the JOBS Act, the role of community and marketing in successful capital campaigns, and the future of AI in streamlining complex fundraising processes.

Rebecca also opens up about her experiences as a female CEO in a male-dominated industry, scaling a fintech startup, and her vision for how retail capital will reshape ownership in the coming years.

About Rebecca Kacaba

Rebecca Kacaba is the CEO and co-founder of DealMaker, a tech company that helps businesses raise money online. DealMaker has helped companies raise over $1.7 billion from 650,000 investors, making it one of the fastest-growing companies in Canada. Rebecca’s goal is to make it easier and fairer for people to invest in businesses they believe in.

Before starting DealMaker, Rebecca worked as a lawyer for over ten years, specializing in helping companies with capital markets and mergers. She also worked at the Ontario Securities Commission, where she helped with important rules and policies for investments. Her background in law helped her create new tools for companies to raise money more efficiently.

Rebecca earned her Bachelor of Arts in Psychology from Western University and her law degree (LLB) from the University of Windsor.

Fast Favorites

• Favorite Podcast: All-In Podcast

• Favorite Bestie from All-In: Chamath Palihapitiya

• Favorite Newsletter or Blog: Morning Brew

• Favorite Tech Gadget: iPhone

• Favorite New Trend: The democratization of capital

• Favorite Book: Elon Musk's Biography

• Favorite Life Lesson: "Failure is not a thing."

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Matt Cohen and John Ruffolo discuss John’s OpEd on building a prosperity agenda for Canada, becoming a better ally to the US, the announcement of the Sovereign AI fund, and key developments in venture capital, including ServiceTitan’s IPO challenges and the implications of recent lawsuits against OpenAI.

(01:13) Canada’s Prosperity Agenda and Economic Priorities

John Ruffolo delves into his op-ed advocating for federal government spending reforms, tax system simplification, and fostering innovation to secure Canada’s future prosperity.

• Key Points:

• Canada must address federal debt, currently projected at $1.4 trillion.

• Simplifying and aligning taxes with U.S. competitiveness could enhance productivity.

• Innovation requires leveraging Canada’s relationship with the U.S. in energy, minerals, and defense strategies.

• John’s Insight: “Canada’s size means we must strategically use our strengths to negotiate with global powers, especially the U.S.”

(06:14) Friend-Shoring: A Strategic Opportunity for Canada

Matt and John discuss the concept of “friend-shoring,” where allied nations reshape supply chains to reduce reliance on adversarial countries like China.

• Definition: Using partnerships to onshore critical technologies and manufacturing.

• Canada’s Role: Access to minerals, energy, and a coordinated defense strategy make Canada an ideal partner for the U.S.

• John’s Take: “Canada’s future will be closely tied to the U.S. This is a chance to secure innovation access and consumer market integration.”

(12:35) Canada’s AI Sovereignty Strategy

The federal government unveiled its $2 billion AI Sovereign Compute Strategy to enhance AI infrastructure across Canada.

• Allocation Highlights:

• $1 billion for public computing infrastructure.

• $700 million for private sector and academia collaborations.

• $300 million for affordable AI compute access for small businesses.

• Criticism: Concerns about execution and whether funds should directly support existing private solutions like AWS or Google Cloud.

• John’s Perspective: “Supporting infrastructure is crucial, but tax credits for private spending might have been a better approach.”

(18:02) OpenAI Faces Canadian Copyright Lawsuits

Major Canadian media organizations filed a lawsuit against OpenAI, claiming their content was used without permission for AI training.

• Details: Plaintiffs include CBC, Globe and Mail, and Postmedia, seeking $20,000 per infringed work.

• Implications: Rising copyright costs could fundamentally alter large language model economics.

• John’s View: “This highlights the need for a framework to balance creator rights and AI development.”

(21:45) ServiceTitan’s IPO Challenges

ServiceTitan’s IPO faces scrutiny due to its compounding ratchet clause, which dilutes employee ownership.

• Background: IPO valuation set between $52-$57 per share, well below prior funding rounds.

• Key Impact:

• Employees face tax consequences on overvalued RSUs.

• Preferred investors benefit from a 1x preference redemption and additional shares.

• John’s Take: “The lack of valuation adjustments in prior rounds leaves employees holding the bag. This is a cautionary tale for structuring future investments.”

(28:19) Legacy VC Exits and Emerging Manager Struggles

Brian Singerman, a Founders Fund partner, transitions to partner emeritus, reflecting challenges in the current VC landscape.

• Key Observations:

• Spinout managers face difficulty raising funds amid institutional risk aversion.

• Established partners are stepping back due to tougher market conditions.

• John’s Insight: “VC investing is hard work. The market is returning to normalcy after years of overfunding during the zero-interest era.”

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Matt Cohen welcomes Mitch Debora, the Co-Founder and CEO of Mosaic Manufacturing, a pioneer in the field of additive manufacturing and 3D printing. Mitch shares insights into how Mosaic is transforming global supply chains with innovative 3D printing solutions, particularly in the wake of COVID-19, which exposed the fragility of traditional supply chains.

The discussion dives into Mosaic’s latest innovation, the Array system, which enables continuous automated production at scale. Mitch outlines the environmental and economic advantages of additive manufacturing, its applications in diverse industries such as medical devices, textiles, and consumer goods, and Mosaic's vision for a sustainable future of localized production.

The conversation also touches on Mosaic’s $28M growth equity financing round led by Idealist Capital, signaling the company's ambitious plans for expansion and innovation.

About Mitch Debora:

Mitch Debora is the Co-Founder and CEO of Mosaic Manufacturing, a leader in advanced polymer-based multi-material additive manufacturing solutions. He also serves as an Additive Manufacturing Advisory Board Member at NGen Canada. With expertise in digital manufacturing and supply chain innovation, Mitch focuses on strategy, growth, intellectual property, and engineering. His earlier ventures include founding Vivid 3D, offering professional-grade 3D printing services. Mitch earned his Bachelor of Applied Science in Mechanical Engineering from Queen's University, where he also developed a deep interest in 3D printing.

Topics discussed:

(01:32) Mitch’s Journey into Entrepreneurship02:30) Inspiration Behind Mosaic(08:09) Impact of COVID-19 on Supply Chains(11:49) The Array System: Revolutionizing Manufacturing(15:48) Future of 3D Printing(18:24) AI in Additive Manufacturing(23:00) Environmental Benefits of Additive Manufacturing(26:34) 3D Printing at Home(31:40) Mosaic’s Recent Funding Round

Fast Favorites:

Favorite Podcast: How I Built This by Guy Raz

Favorite Blog: Mosaic’s Blog

Favorite Tech Gadget: 3D printers

Favorite New Trend: Betting culture as a predictive data source

Favorite Book: The Age of Spiritual Machines by Ray Kurzweil

Favorite Life Lesson: "You don't know what you don't know."

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Matt Cohen and John Ruffolo discuss Neo Financial’s $80M funding and the concerns surrounding Tencent’s involvement, Hopper’s layoffs as it pivots to B2B partnerships, and Elon Musk’s dual moves with his Department of Government Efficiency and X.AI’s stock offering. They also explore the implications of ServiceTitan’s IPO ratchet clause and Wealthsimple’s $100M secondary share purchase ahead of a potential IPO.

(01:13) Neo Financial’s Tencent Controversy

Neo Financial’s $80M equity financing revealed Tencent Holdings as a lead investor, sparking concerns about Chinese involvement in Canadian financial services.

• Tencent is a passive investor with no board seat or sensitive data access, but the lack of transparency raised questions.

• John’s Take: “If safeguards are in place, why not openly embrace a credible investor like Tencent? Mishandling the PR has fueled unnecessary suspicion.”

(04:39) Hopper’s Layoffs and Strategic Pivot

Hopper cuts 10% of its workforce, following a 30% reduction last year, as it shifts focus to B2B partnerships with firms like Capital One and Uber.

• B2B now accounts for two-thirds of Hopper’s revenue.

• John’s Analysis: AI could transform Hopper’s operations, but revenue compression and dependency on Expedia create challenges.

(09:53) Musk’s Moves: DOGE and XAI

Elon Musk enlists Sriram Krishnan for his Department of Government Efficiency (DOGE) initiative while leveraging his X.AI venture to benefit Twitter investors.

• DOGE: Musk’s team focuses on reducing government inefficiency through red tape reduction, technology adoption, and spending optimization.

• X.AI Stake Offering: Musk grants a 25% stake in X.AI to Twitter investors to offset valuation losses post-acquisition.

• John’s Insight: “Musk is creating an interconnected ecosystem where partners benefit from his entire portfolio, a brilliant move to maintain loyalty and long-term value.”

(06:00) Wealthsimple’s Secondary Transactions

Wealthsimple purchased $100M in employee shares at a $5B valuation, positioning for a potential IPO.

• Signals: Minimal gap between common and preferred shares indicates readiness for public markets.

• Performance: Reportedly cash flow breakeven, driven by a strong crypto portfolio and $8B AUM.

• Matt’s Take: “This secondary move shows maturity and sets the stage for long-term growth under new leadership.”

(18:29) ServiceTitan’s Ratchet Clause and IPO Impact

ServiceTitan’s IPO is propelled by a compounding ratchet clause from its Series H funding.

• What’s a Ratchet? Investors get more shares if IPO valuation falls below a set threshold, diluting existing shareholders.

• John’s Take: “Compounding ratchets penalize employees and distort economic interests. They’re a clear sign of investor concerns during the funding crunch.”

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Matt Cohen interviews Jayesh Parmar, founder of Picatic, a ticketing platform acquired by Eventbrite, and current wellness innovator with Gunkii. Jayesh discusses building a startup in Saskatoon, navigating challenges, competing against incumbents, and lessons learned from scaling a company. He also shares insights into his current venture, Gunkii, and his contributions to the startup ecosystem.

About Jayesh Parmar:

Jayesh Parmar is the Co-CEO and founder of Gunkii, a wellness brand launched in 2021 that focuses on luxury tongue scrapers. He is responsible for leading product innovation and strategic growth in the oral health space.

Previously, he was at Eventbrite after acquired his startup, Picatic a global event ticketing platform serving 46 countries, known for its innovative pricing models. Earlier, Jayesh founded Boom Music, an event production and live music management company, which he ran from 1997 to 2011. He also spent over a decade as a teacher with Saskatoon Public Schools.

Jayesh holds a bachelor’s degree from the University of Saskatchewan.

Discussion Highlights:

• 00:20 Founding Picatic: Competing with Eventbrite using innovative pricing models

• 00:37 Early challenges of building a startup: Funding, market confusion, and team building.

• 02:11 Scaling from Saskatoon and the role of accelerators in San Francisco, Toronto, and New York

• 03:44 Competing with Eventbrite: Pay-What-You-Want and freemium pricing models

• 09:00 The importance of "dogfooding" in refining Picatic’s product

• 16:32 Celebrating milestones like reaching $10 million in sales

• 18:50 The Eventbrite acquisition: How it happened and preparing for M&A

• 21:00 Practical advice: Keeping a clean data room and leveraging exited founders as advisors

• 27:13 Mentorship and giving back to the startup ecosystem

• 28:31 Viewing failure as a data point and using it to improve

• 31:00 Creating Gunkii: A wellness product inspired by cultural heritage

• 33:24 What’s next: Supporting startups as a mentor and advisor

Fast Favorites:

• Favorite Podcast: All In

• Favorite Newsletter: Lenny’s Newsletter

• Favorite Tech Gadget: Boardy.ai

• Favorite New Trend: Wellness-focused retreats for entrepreneurs

• Favorite Book: Principles by Ray Dalio

• Favorite Life Lesson: “Your presence matters more.”

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Matt Cohen welcomes back John Ruffolo, of Maverix Private Equity, for a discussion on Neo Financial’s recent funding round, the state of IPOs, antitrust actions against Google, the dominance of NVIDIA in AI hardware, and the speculative nature of MicroStrategy's Bitcoin strategy.

• (00:55) Neo Financial's $362 Million Series D RoundAnalysis of the Calgary-based challenger bank's latest financing round, including a significant valuation drop since 2022 and insights into structured equity and debt financing.

• (03:20) Fintech Valuation ResetsJohn reflects on the aggressive valuations during 2019-2021 and applauds founders navigating down rounds responsibly.

• (06:22) Klarna and IPO TrendsDiscussion of Klarna's IPO and broader market activity, including ServiceTitan's filing and a potential boost in M&A and IPOs.

• (08:47) Antitrust Pressure on GoogleThe DOJ's push to dismantle Google's Chrome browser and Android dominance, its implications for AI development, and the historical irony compared to Microsoft's Netscape case.

• (12:49) NVIDIA’s Dominance in AI HardwareExploration of NVIDIA’s record-breaking revenues, its chokehold on AI compute, and the challenges potential competitors face.

• (15:46) OpenAI’s Costs vs. RevenueA deep dive into OpenAI's staggering operational costs and projected losses for 2024, highlighting the high stakes of AI innovation.

• (16:45) MicroStrategy’s Bitcoin StrategyDiscussion of MicroStrategy’s Bitcoin-heavy balance sheet, its valuation compared to its holdings, and parallels to previous financial collapses.

• (19:00) Final Thoughts and TakeawaysJohn reflects on exuberance in speculative markets and the risks of over-leveraging in volatile assets like Bitcoin.

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Matt Cohen and John Rikhtegar of RBCx discuss the insights from Rikhtegar's report on capital exited in Canadian venture capital over the past decade. They talk about the importance of understanding capital efficiency, market cycles, and the power law in venture exits.

John emphasizes the need for a comprehensive view of the venture ecosystem, focusing on capital allocated, invested, and exited. The discussion also the current state and future of Canadian venture capital, emphasizing the importance of capital efficiency, the challenges of growth at all costs, and the evolving landscape of funding. They analyze data on exit values and funding ratios between Canada and the US, highlighting the need for Canadian investors to adapt their strategies to achieve better outcomes.

And John Ruffolo from Maverix PE stops by to discuss the week’s news.

About John Rikhtegar:

John Rikhtegar is the Director of Capital at RBCx, where he leads investments in venture capital funds and startups, while driving strategic initiatives to enhance transparency and value in Canada's private markets. With a focus on supporting the venture ecosystem, John has played a key role in fostering innovation and growth across the country.

Before joining RBCx, John built an impressive career in tech and operations. He held senior leadership roles at Kognitiv Corporation, guiding strategic transformations in Canada and the UK, and was part of the founding team at VaynerCommerce, leading revenue growth in the UK and EMEA. At Shopify Plus, he worked with high-growth, enterprise-level merchants, helping scale some of the world’s most innovative brands.

John holds an Honors Business Administration (HBA) degree from the Ivey Business School at Western University

News Rundown with John Ruffolo

(01:00) Analysis of Q3 2024 Canadian venture capital activity: Record-breaking headline numbers but troubling declines in early-stage domestic investment.(03:00) Impact of Canada’s capital gains tax increases on angel investments and early-stage startups.(05:23) U.S. investment dominance in Canadian deals and the challenges for domestic capital raising.(10:50) Klarna’s rebound after valuation cuts as a roadmap for startups navigating downturns.(12:35) Databricks' secondary funding move and the tension between liquidity needs and IPO delays.(16:50) Public-private sector collaboration in the U.S. and lessons Canada could adopt for governance efficiency.

Interview with John Rikhtegar

(20:20) John Rikhtegar’s career journey: From Shopify to VaynerMedia to leading RBCX Capital.(24:30) The origins of the Spotlight report and why analyzing capital exited, not just invested, is critical to understanding venture ecosystem health.(28:00) Market cycles and their impact on liquidity, with 2020-2021 generating 50% of Canada’s total exit value over the past decade.(30:26) The power law in Canadian venture exits: The top 50 exits accounted for 85% of all exit value.(32:00) Capital efficiency and its implications for founders, GPs, and LPs: Why bigger isn’t always better.(36:00) Canada’s advantage in building capital-efficient companies due to constrained resources compared to the U.S.(38:00) Practical advice for investors: Staying disciplined on entry prices and prioritizing ownership-sensitive investments in early-stage companies.(46:08) Comparing Canada and U.S. capital efficiency: Lessons learned and the importance of scaling the 1.6x efficiency ratio for Canadian venture capital.

Fast Favorites

Favorite Podcast: 10X Capital by David WeisbergFavorite Newsletter or Blog: Clouded Judgment by Jamin BallFavorite Tech Gadget: Garmin WatchFavorite New Trend: Cooking at homeFavorite Book: The Score Takes Care of Itself by Bill WalshFavorite Life Lesson: Don’t worry about things outside of your control.

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In this episode, Matt Cohen interviews Bill Macaitis of SaaS CMO Pro. Bill was instrumental in scaling B2B SaaS giants like Salesforce, Zendesk, and Slack. The conversation covers Bill’s transition from B2C to B2B, bringing consumer marketing techniques into enterprise SaaS, and his role in IPO successes for companies like Zendesk and Slack. Bill also delves into building high-performing, customer-centric marketing teams, strategies for effective inbound and outbound marketing, and the importance of brand differentiation, even in the traditionally risk-averse B2B space. They also explore the evolving role of AI in marketing and the shift in customer acquisition strategies using product-led growth (PLG) models.

And John Ruffolo is back to break down the news of the week!

About Bill Macaitis:

Bill Macaitis is the founder and CEO of SaaS CMO Pro, a platform that helps B2B SaaS and AI companies grow through customer-centric, capital-efficient strategies. He also provides advisory services to founders on scaling marketing and sales.

Previously, Bill served as CMO and CRO at Slack, where he led the company to a $16 billion IPO and later acquisition by Salesforce. He was also CMO at Zendesk, guiding the company to a $1.7 billion IPO, and SVP of Marketing at Salesforce, where he drove revenue from $900 million to $3 billion.

Bill began his career in B2C marketing, notably at IGN Entertainment and Fox Interactive Media. He holds a Bachelor’s in Business Administration from the University of Illinois Urbana-Champaign.

News Rundown with John Ruffolo

• (00:01:04) U.S. Federal Election Analysis

• (00:04:00) Mainstream Media and Social Media's Rise

• (00:06:35) Elon Musk’s Influence and Stock Market Reactions

• (00:08:18) OpenAI’s Purchase of "Chat.com"

• (00:09:38) Perplexity AI’s $500 Million Funding Round

• (00:13:00) Venture Capital’s Private Equity Strategy in AI

• (00:15:23) Salesforce in the AI Landscape

Interview with Bill Macaitis

• (00:20:20) Bill Macaitis’ Journey from B2C to B2B

• (00:21:52) Building Salesforce’s Brand in the Financial Crisis

• (00:27:00) Importance of B2B Mascots

• (00:32:57) Product-Led Growth (PLG) Strategy at Slack

• (00:39:00) Tips for AI Startups on Freemium Strategies

• (00:41:31) Account-Based Marketing (ABM) Insights

• (00:45:58) AI’s Impact on Marketing and Career Advice for Marketers

• (00:49:26) Launch of SaaS CMO Pro

Fast Favorites

• Favorite Podcast: Artificial Intelligence Show

• Favorite Newsletter or Blog: Only CFO

• Favorite Tech Gadget: Rachio

• Favorite New Trend: Artificial Intelligence (AI) advancements

• Favorite Book: Earn It by Steve Pratt

• Favorite Life Lesson: Don't focus on if you're employed, focus on if you're employable

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Peter van der Velden joins Matt Cohen to discuss the dynamic changes within the life sciences sector and venture capital at large. He highlights the success factors in life sciences as a high-performing asset class and discusses the role of Canadian pension funds in supporting innovation. The episode also covers the transformative potential of GLP-1 drugs and AI's impact on drug discovery and medical technology.

And John Ruffolo is back to talk about the US elections and tech news. (Note: this was recorded before the election on 11/5/24).

About Peter van der Velden:

Peter van der Velden is the Founder and Managing General Partner of Lumira Ventures, a top Canadian life sciences venture capital firm he established in 2007 following a management buyout of MDS Capital. At Lumira, he focuses on biotech and medtech investments, with multiple high-profile exits involving acquisitions by major pharmaceutical companies.

Prior to Lumira, Peter served as President and CEO of MDS Capital, Canada’s oldest life sciences VC firm. He has also founded and led Fusion Capital, an investment bank for Canadian tech ventures, and worked as Managing Director at Bedford Capital, a private equity boutique.

Peter began his career in venture capital in 1988 at Vencap Equities and later held roles in business development at Hyal Pharmaceuticals and Taurus Capital. He holds an MBA from the Schulich School of Business and an MSc in Pathology and a BSc in Life Sciences from Queen’s University.

In this episode, we discuss:

News with John Ruffolo

(1:26) – Super Micro Computer Stock Decline(4:00) – Canadian Perspective on U.S. Elections(6:45) – Decline of Mainstream Media and Rise of Alternative Platforms(11:41) – VCs Backing Multiple Competing LLMs(17:20) – Potential AI Mergers and Acquisitions in 2025

Interview with Peter van der Velden

(19:48) – Peter’s Role at Lumira Ventures(21:03) – Transformation in Venture Capital and Life Sciences(24:05) – Life Sciences Outperformance as an Asset Class(27:48) – Canadian Pension Funds and Venture Capital(31:20) – Case Study: Histosonics and Pension Fund Support(35:25) – Quebec’s Leadership in Supporting Local Innovation(37:00) – Challenges in Advocating for Canadian Venture Capital(46:16) – GLP-1 Drugs and Their Transformative Potential(49:19) – Industries Disrupted by GLP-1 Innovations(52:00) – AI’s Role in Drug Discovery and Medtech

Fast Favorites

• Favorite Podcast: Acquired and All In

• Favorite Tech Gadget: NotebookLM.google

• Favorite Trend: Rationality returning to the venture market

• Favorite Life Lesson: "Never give up"

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Matt Cohen welcomes Alex Alben, Co-Founder of Theo AI, to discuss his journey through media, law, tech policy, and AI, sharing insights into Theo AI’s mission to predict legal case outcomes, the impact of AI on law, and the ethical challenges AI poses. Alben reflects on balancing innovation with regulation and emphasizes the importance of listening and understanding.

About Alex Alben:

Alex Alben is Co-Founder and Co-CEO of Theo AI, where he uses AI-driven analytics to assess legal case outcomes. With 20+ years in law, media, and technology, he also teaches Internet Law, Cybersecurity, and Privacy at UCLA. As Washington State's first Chief Privacy Officer, he developed data policies and helped guide strategies on emerging tech like drones and biometrics.

Previously, Alex held executive roles at RealNetworks, where he pioneered digital music and streaming while addressing copyright challenges. As General Counsel at Starwave, he helped launch ESPN.com and ABCNEWS.com. His background includes advising public and private sectors on data protection, and co-chairing Washington’s autonomous vehicle committee.

Alex earned his A.B. in Political Science and J.D. in copyright and international law from Stanford University.

In this conversation, we discuss:

• (01:22) - Early Career at CBS: Working with Walter Cronkite, Alex describes how media responsibility and fact-checking shaped his approach to technology.

• (09:30) - Real Networks: Alben reflects on pioneering media streaming, handling music piracy, and early digital media’s regulatory hurdles.

• (14:19) - TerraPower and Tech Regulation: Working with Bill Gates’ TerraPower, Alex faced regulatory challenges in nuclear energy, shaping his perspective on tech regulation.

• (16:38) - Washington Privacy Officer: As the first Chief Privacy Officer, he tackled privacy issues with drones and police body cameras, setting early standards.

• (20:52) - AI and Regulation: Alex discusses parallels between regulating AI and earlier tech challenges, emphasizing the importance of thoughtful regulation.

• (22:40) - Founding Theo AI: Theo AI’s mission is to predict legal outcomes to aid litigation decisions, providing law firms with data-driven insights.

• (34:10) - Use Cases for Theo AI: Potential applications in litigation finance and law, helping firms decide on case investments with greater accuracy.

• (39:02) - Impact of AI on Law: Comparing AI’s role in modernizing law with traditional practices, Alben highlights AI’s efficiency in document and case management.

• (42:46) - Final Thoughts on Technology and Listening: Alex closes with the importance of deep listening and understanding in an AI-driven world, and how podcasts foster meaningful connection.

Fast Favorites

• Podcast:Revolutions by Mike Duncan

• Newsletter: Tech Policy Journal

• Gadget: iPhone 11

• Trend: Large language models (e.g., ChatGPT)

• Book:Nine Stories by J.D. Salinger

• Life Lesson: “Never wake a sleeping child” – and the value of listening deeply.

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In this episode, David Skok, founder and CEO of The Logic, discusses his journey from traditional journalism to leading a digital-first news outlet. He reflects on his time at The Boston Globe, where he helped the publication transition to a digital subscription model. This experience laid the foundation for his decision to launch The Logic, focusing on Canada's innovation economy and providing high-quality, in-depth reporting.

David explains how Clayton Christensen’s theory of disruptive innovation influenced his approach to digital media. He saw an opportunity to address gaps in Canadian tech and business coverage, and launched The Logic in 2018. He highlights the challenges of building a digital publication in a space dominated by legacy media and how his publication has carved out its niche by focusing on critical, analytical journalism.

The discussion also covers the impact of Bill C-18 on the media landscape in Canada, with David offering insights into how it aims to level the playing field between big tech platforms and smaller news organizations. He also touches on the role of The Logic Summit, an annual event that brings together leaders in tech and business, as part of his broader mission to foster a stronger innovation ecosystem in Canada.

And John Ruffolo of Maverix Private Equity joins Matt Cohen to discuss the latest tech and venture capital news.

About David Skok:

David Skok is the founder and CEO of The Logic, a business news publication focused on Canada’s innovation economy, with five bureaus across the country. Backed by the Financial Times, The Logic has become a prominent source of in-depth business journalism under his leadership.

With over 25 years of experience, David previously held senior roles at The Toronto Star and The Boston Globe, where he led digital strategy and helped grow BostonGlobe.com’s digital subscriptions by 40%. He also co-created Globalnews.ca, one of Canada’s leading digital news platforms.

David holds a Nieman Fellowship from Harvard University and a Bachelor’s degree in journalism from Ryerson University. He also serves on the board of the Online News Association and advisory boards for several journalism institutions.

In this episode, we discuss:

News Rundown with John Ruffolo:

• (01:31) Elon Musk’s epic week

• (02:00) Discussion on the rise of reusable rocket systems and the implications for space exploration

• (03:26) Information Venture Partners (IVP), a Toronto-based venture capital firm, decides not to raise its fourth venture fund, citing market conditions and personal circumstances

• (05:00) The trend of venture funds consolidating and shifting towards more niche or special purpose vehicle (SPV) investments is explored

• (09:00) Geoffrey Hinton, known as the "AI godfather," wins the 2024 Nobel Prize in Physics for his contributions to AI

• (12:00) Shopify President Harley Finkelstein's controversial comments about the lack of ambition in the Canadian tech sector, and the push for more risk-taking in AI development

• (14:50) John Ruffolo responds, emphasizing the need for better access to capital and support for Canadian entrepreneurs, rather than a lack of ambition being the primary issue

• (19:00) Matt and John discuss the large investments being made in U.S. data center developments and AI infrastructure, noting the contrast with Canada’s lack of similar projects

• (23:00) A story about Anguilla’s earnings from the ".ai" domain surge, and how it now accounts for 20% of the island’s government revenue

Interview with David Skok:

• (24:53) David Skok discusses his early years in journalism and how his experiences shaped his career

• (27:21) His experiences at The Boston Globe, leading its transition to a subscription-based model and the lessons learned from that time

• (31:00) The evolution of digital content consumption and how consumers’ preferences for news have changed

• (33:36) Clayton Christensen’s disruptive innovation theory on David’s decision to start The Logic, and his approach to navigating the shifting media landscape.

• (41:55) The founding of The Logic, initial challenges, and the importance of building a subscription-based media outlet

• (45:00) The competitive nature of the Canadian media landscape and the challenges of securing talent and resources for a startup media company

• (49:13) David explains The Logic Summit, how it serves as a platform for bringing together Canada’s innovation and business leaders, and its growing significance

• (51:58) The implications of Bill C-18 and how it affects relationships between media outlets and tech platforms like Google and Meta

• [56:43] The rise of generative AI, the challenges of copyright for news organizations, and the impact on journalistic integrity

• [59:00] David outlines The Logic’s approach to using AI and how they manage its integration with journalistic standards.

Fast Favorites:

• Favorite podcast: Pivot by Kara Swisher and Scott Galloway

• Favorite newsletter or blog: Stratechery by Ben Thompson

• Favorite tech gadget: His iPhone

• Favorite new trend: Generative AI

• Favorite book: The Innovator’s Dilemma by Clayton Christensen

• Favorite CEO to watch: Marc Benioff from Salesforce

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Matt Cohen sits down with Benedikt Langer, the thought leader behind the newsletter Embracing Emergence, to explore the world of emerging managers and their relationships withfamily offices and other Limited Partners (Limited Partners). Benedikt shares his journey of growing up in Germany to becoming an influential voice in the LP and Emerging Manager space, providing insights on why family offices and LPs should give more attention to emerging managers.

About Benedikt Langer:

Benedikt Langer is currently the Founder of Embracing Emergence, a platform dedicated to fostering collaboration and understanding between Limited Partners (LPs) and Emerging Managers (EMs). Through this initiative, he has created a space where both sides can exchange insights, build relationships, and engage in meaningful conversations to solve inefficiencies in the LP-GP process. In addition to running Embracing Emergence, Benedikt partners with select emerging managers, helping them craft their stories and strategies while guiding them in building strong connections with LPs.

Before launching Embracing Emergence in 2024, Benedikt founded The Associates Network, an exclusive community for over 225 Venture Capital associates and analysts worldwide. Through this network, he facilitated deal flow, educational events, and personal introductions, significantly enhancing collaboration within the global VC ecosystem. Concurrently, he worked as an Associate at The Sutton Firm, a single-family office where he helped shape the firm’s strategies in venture capital, real estate, and small business acquisition.

Earlier in his career, Benedikt gained a broad range of experiences, including a role as Senior Treasury Analyst at Vistra Corp. and advisory work with the Port Royal Society. His diverse background, combined with his passion for transparency and thought leadership in the family office space, has made him a sought-after partner in both the LP and EM communities.

In this episode, we discuss:

• (01:23) – Benedikt shares his background, growing up in Germany, and his journey into the venture world through a family office in Dallas

• (05:18) – The story of how Benedikt met his wife during a 500-mile pilgrimage

• (07:06) – The role of emerging managers in the venture ecosystem and common misconceptions held by LPs

• (10:11) – How LPs can better underwrite emerging managers and the importance of storytelling in pitching to LPs

• (12:31) – The concept of “LP-GP fit” and embracing complexity in relationships with emerging managers

• (14:28) – The importance of understanding professional and personal dimensions in emerging managers

• (20:00) – The value of direct communication and trust in LP-emerging manager relationships

• (23:50) – The role of fund of funds in mitigating risk and providing access to top-performing GPs

• (29:10) – How to effectively pitch to family offices and align with their values

• (34:00) – Reverse due diligence: what emerging managers should learn about family offices before pitching

• (36:00) – Differences between pitching founders and pitching family offices

• (39:40) – Benedikt’s vision for Embracing Emergence and fostering better relationships between LPs and emerging managers

Fast Favorites

• Favorite Podcast: Pints with Aquinas – If you could grab a beer with Thomas Aquinas, what would you talk about?

• Favorite Newsletter or Blog: The Abbey of Misrule – A blog about mysticism and wonder.

• Favorite Tech Gadget: AirPods – Essential for phone calls.

• Favorite New Trend: Marketing shifting from attention-based to thoughtfulness-based approaches.

• Favorite Book: Pensées by Blaise Pascal.

• Favorite Life Lesson: "Always do the uncomfortable things first in life" – Advice from his father.

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