Tank Talks By Ripple Ventures

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, FaskenAt 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/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit 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

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, FaskenAt 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/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit 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

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, FaskenAt 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/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit 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

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, FaskenAt 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 businessScaling 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 rollupsRewire 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 millionsFinancial 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 environmentsNejeed’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 entrepreneurshipAbout Nejeed KassamNejeed 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-cohen1Visit 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

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, FaskenAt 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 WeedbrookChristian 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-cohen1Visit 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

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, FaskenAt 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/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit 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

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, FaskenAt 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 KothariNikunj 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/nikunjkVisit the FPV Ventures website: https://fpvventures.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit 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

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/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit 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

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 BishaySamer 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-cohen1Visit 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

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 WalkerPeter 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-cohen1Visit 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

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/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit 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

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 GibsonBrett 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-cohen1Visit 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

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 GuestsKunal 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/noahfaroConnect 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-cohen1Visit 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

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-$100MThe 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-founderWhy 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 possibleThe 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 classRaising 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 ideasHiring, 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 focusGoing 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 fireCloudflare’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 worksDDoS 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-negotiableMichelle'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 plumbingChampioning Women & Diversity in Tech (00:53:27)* Leading by example* Small asks, big impact: improving referral pipelines* Creating space for underrepresented founders and talentCloudflare 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 ZatlynCo-founder, Co-chair & President of CloudflareOne 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-cohen1Visit 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

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/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit 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

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 voidFounder 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-haveThe 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 capitalAfore’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 ambitionConvincing 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 alignSeed-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 edgeMomentum 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 quartersPivot-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 flawScaling 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 BenchGlobal 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 buildFailure 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 JainCo-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/gjainvcVisit Afore Capital Website: https://www.afore.vc/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit 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

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/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit 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

Welcome back to another action-packed episode of Tank 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/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit 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

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.GoalsTo 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 MotivationNew 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 DoneTo 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

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 assumptionsThe 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 pitchingEarly 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 credibilityImpact 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 customersThe '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 nicheScaling 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 successThe 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 businessCo-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 escapesAs 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 PillarCo-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/sampillarAbout Forrest ZeislerCo-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/forrestzeislerVisit Jobber Website: https://www.getjobber.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit 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