Podcast
Tank Talks By Ripple Ventures
Hosted by Ripple Ventures · EN
Join your host, Matt Cohen, Founder & Managing Partner at Ripple Ventures for weekly conversations with leaders in the startup ecosystem discussing the truth about investing, building and running startups.
tanktalks.substack.com
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The Rundown 7/20/26: TouchBistro’s Collapse, Meta’s $13B AI Bet, and Canada’s Defence Boom
3d ago00:26:54Tap to summarizeMatt 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/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
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Paul Ziadé: Why Canada’s Defence Complacency Ends with North Vector Dynamics
1w ago00:38:06Tap to summarizeIn 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 ZiadéPaul 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-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
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The 4.3 Trillion Dollar Problem: Why Venture’s Liquidity Crisis Is Here to Stay with John Rikhtegar and Peter Walker
1w ago00:45:29Tap to summarizeIn 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 GuestsPeter 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/peterjameswalkerLearn more about Carta: carta.comJohn 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-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
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Arctic Edge Panel: Defence Tech, Dual-Use, and the Future of Canadian Innovation
3w ago00:45:31Tap to summarizeCanada 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 journeyDefence 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 CanadaWhy 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 startupsThe 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 technologyWhat 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 businessesBuilding 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 businessesExpanding 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 strategiesHelping 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 institutionsAdvice 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 CanadaThe 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 capitalValuations, 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 homeAbout the PanelMatt 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/devongallowayVisit the Garage Capital website: https://www.garage.vc/Connect with Mark Maybank on LinkedIn: https://www.linkedin.com/in/mark-maybankVisit the Maverix Private Equity website: https://www.maverixpe.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
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Toronto Tech Week and the New Era of Canadian Startup Ambition
4w ago01:18:26Tap to summarizeIn 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 WertzBoris 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 MandelLawrence 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 ThawarFarhan 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 VinegarBen 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 ChauAndrew 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 AnantaFahd 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 PenceEliot 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 ki...
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The Rundown 6/23/26: The AI Hype Machine, Canada’s Capital Gap, and the Return of Hard Tech
Jun 2300:52:58Tap to summarizeIn 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/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
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Why Canada’s Trading Market is Ready for Disruption with Michael Arbus of moomoo Canada
Jun 1700:53:16Tap to summarizeIn 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 ArbusMichael 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/caConnect 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
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The Brutal Truth About Hardware Startups and Physical AI with Aidan Madigan-Curtis of Eclipse Capital
Jun 800:52:38Tap to summarizeIn 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-CurtisAidan 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-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
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The Rundown 6/4/22: Alphabet’s $80B AI Bet, Anthropic’s IPO Push, and the New AI Capital War
Jun 400:19:35Tap to summarizeIn 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/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
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The Rundown 5/25/26: SPACs Are Back: Xanadu, UniUni, and Canada’s Capital Gap
May 2500:26:56Tap to summarizeIn 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/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
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