In this episode of Tank Talks, we sit down with Dan Debow, serial entrepreneur and former Shopify executive, along with returning guest and venture powerhouse John Ruffolo, for an unfiltered conversation about the intersection of innovation, public policy, and Canada's economic future.

Fresh off his launch of Build Canada, Dan opens up about the real reasons he left Shopify, why Canadian entrepreneurs are stepping into the policy arena, and what it’s really going to take to grow GDP and national prosperity in a fast-changing world. Along the way, he reflects on his journey building Workbrain, Rypple, and Helpful, and scaling inside giants like Salesforce and Shopify.

Is Canada ready to compete in the next wave of global innovation? What’s broken in our approach to growth—and how do we fix it? What’s driving entrepreneurs to dive into politics and policy?

Canada’s Innovation Journey: From Workbrain to Build Canada (00:02:00)

* Dan’s origin story: law school, business school, and falling into entrepreneurship with David Ossip

* The early days of Toronto tech—from suburban enterprise software to downtown demo camps

* How mesh conference, StartupNorth, and CDL shaped Canada’s tech community

Cycles of Tech: Hype, Troughs, and the Next Big Shift (00:08:00)

* Where we are in the AI, crypto, and innovation hype cycles

* Why downturns are fertile ground for builders—not just tourists

* The rise of low-cost tools, global access, and the democratization of entrepreneurship

Why Entrepreneurs Are Entering the Policy Arena (00:14:00)

* The real story behind Dan’s departure from Shopify

* What sparked Build Canada—and why it’s more than a “tech bro” think tank

* Why policy and entrepreneurship can no longer live in separate silos

What Is Build Canada, Really? (00:20:00)

* The memo process: how ideas turn into actionable policy

* Why it’s not just for tech—housing, energy, and pipelines are in the mix

* How entrepreneurs are pushing to shift the Overton window with bold, constructive ideas

The False Divide: Tech vs. Everyone Else (00:23:00)

* Why the concept of a “tech industry” is outdated

* Every sector is becoming a tech-enabled sector—Canada needs to catch up

* How entrepreneurs can bring startup-style thinking into national progress

Growth, GDP, and the Real Incentives Behind Build Canada (00:29:00)

* No hidden agendas: why patriotism—not profit—is driving this movement

* The connection between economic growth and social progress

* Why now is a defining moment for Canada's future competitiveness

What's Next for Canada’s Innovation Economy? (00:36:00)

* The upcoming election and why it matters for builders

* How Build Canada is influencing real policy conversations already

* Tools, debates, and what you can do to join the movement

As Canada's economic future hangs in the balance, Dan Debow and John Ruffolo make a powerful case: it’s time for the builders to step up—not just in startups, but in shaping the very fabric of our country. Growth isn’t a dirty word. It’s the foundation for everything else we care about. Will Canada embrace a new generation of entrepreneur-led leadership, or keep playing by old rules in a new world?

About Dan Debow

Dan Debow is a serial entrepreneur, investor, and tech executive who’s played a pivotal role in shaping Canada’s innovation ecosystem. He was a founder of Workbrain (acquired for $227M), co-founder of Rypple (acquired by Salesforce), and co-founder of Helpful (acquired by Shopify), where he went on to serve as a senior executive for six years. He’s also an active early-stage investor, mentor, and policy advocate.

Now, Dan is one of the driving forces behind Build Canada—a grassroots policy initiative aimed at reimagining how Canada can unlock its growth potential by putting builders at the heart of national decision-making. Beyond tech and policy, Dan is also a passionate musician and co-founder of Bonfire Collective, a non-profit supporting Canada’s creative communities.

Connect with Dan Debow: https://ca.linkedin.com/in/ddebow

Learn more about Build Canada: https://www.buildcanada.com/

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

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

On this episode of Tank Talks, we welcome back Villi Iltchev, founder and managing partner of Category Ventures, for an unfiltered deep dive into the evolving venture capital landscape. From his early days at Salesforce Ventures to launching his solo $160M fund, Villi unpacks the seismic shifts happening in enterprise software, how AI is reshaping startup economics, and what today’s founders need most from their investors.

We get tactical about startup pricing models, founder-investor trust, and what it takes to build truly category-defining companies. Villi also shares what he learned from backing GitLab, why transparency builds long-term trust, and how he thinks about firm design as a solo GP.

Whether you're an aspiring founder, current operator, or an emerging VC, this episode is a masterclass in strategic thinking and building with purpose.

Inside the Mind of a Modern VC (00:01:00)

* Villi’s journey from tech banking to Salesforce Ventures

* Why Salesforce’s transformation into a platform company changed everything

* The parallels between Salesforce and NVIDIA’s ecosystem dominance

* How being early at Salesforce shaped Villi’s thesis around go-to-market and platform strategy

Scaling GitLab: Lessons from the Frontlines (00:15:00)

* The inside story of GitLab’s infamous database failure—and why live-streaming the crisis built trust

* Why Villi pushed GitLab to sunset unscalable SKUs and simplify pricing

* The power of bundling and setting an “aspirational” price point from day one

Going Solo: Building Category Ventures (00:25:00)

* Why Villi finally felt ready to start his own fund—and what changed

* The biggest surprises (and reliefs) in raising as a solo GP

* How LPs are getting more sophisticated and what they want from fund managers

* Why venture needs a reset and what legacy firms are getting wrong

The New Rules of Early-Stage Investing (00:32:00)

* Why founder/firm misalignment leads to orphaned startups

* The real impact of mega-funds dabbling at seed and pre-seed

* Why Category Ventures is built to be flexible—and fiercely focused on enterprise software

AI, Startups & the Future of Enterprise (00:38:00)

* Villi’s hot take on AI-powered lean startups: “It’s not the norm—and won’t be.”

* Why AI is a second-order unlock for vertical SaaS and back-office automation

* The coming wave of software replacing the BPO industry

Life, Adrenaline, and VC Energy (00:45:00)

* What gets Villi’s adrenaline pumping as a VC

* Why endless internal meetings kill his vibe—and founder calls fuel him

* How skiing and extreme adventure balance the chaos of venture

As the venture landscape shifts under our feet, Villi Iltchev is proving that thoughtful investing, deep expertise, and founder-first empathy are more vital than ever. From GitLab board rooms to building Category VC, his journey is a blueprint for those looking to lead with clarity—and conviction.

About Villi Iltchev:

Villi Iltchev is the founder and managing partner of Category Ventures, a $160M early-stage venture firm focused exclusively on enterprise software. With a career spanning both operating and investing, Villi brings a rare blend of empathy and edge to the startups he backs—having sat on both sides of the table.

He began his career in tech investment banking before transitioning into operating roles at companies like Hewlett-Packard, LifeLock, and Box. He later joined Salesforce Ventures at its inception, helping to build one of the most influential corporate venture arms in the world. During his time there, he led investments in category-defining companies like GitLab and HubSpot.

Prior to launching Category Ventures, Villi was a partner at August Capital and Two Sigma Ventures, where he built a strong track record backing developer tools, infrastructure, and vertical SaaS startups. His investments are grounded in deep enterprise domain expertise, a keen sense for go-to-market strategy, and a relentless focus on founder empathy.

A lifelong learner and backcountry skiing enthusiast, Villi draws creative energy from the outdoors and adrenaline-fueled adventures. He holds degrees in finance and philosophy and is driven by a singular belief: the best founders don’t just build products—they redefine categories.

Follow Villi Iltchev on LinkedIn: https://www.linkedin.com/in/villi04

Visit the Category Ventures website: https://www.categoryvc.com/

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

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

On this episode of Tank Talks, Matt Cohen sits down with Michael Garrity, Executive Chair and Founder of Financeit, alongside recurring guest, John Ruffolo. Michael shares his unconventional journey—from growing up in remote Canada to navigating the world of venture capital, fintech, and regulatory battles. He reveals how he pivoted CommunityLend after facing regulatory roadblocks, ultimately transforming it into Financeit, which became Canada’s largest point-of-sale lender for home improvement.

We also dive into:

* The hard lessons of scaling a fintech company

* How Goldman Sachs’ investment changed Financeit's trajectory (and the tough call that put the company up for sale)

* Why Canada needs better fintech regulations and open banking policies

* How tariffs, economic shifts, and political uncertainty are reshaping the fintech industry

* The resilience required to build and scale a successful business in Canada

Michael Garrity’s Journey from Politics to Fintech (00:01:00)

* How growing up in Northern Canada shaped his entrepreneurial mindset

* His unexpected path into venture capital and fintech

* What he learned from early-stage investing and Canada’s labor-sponsored funds

The CommunityLend Pivot: How Failure Led to a Billion-Dollar Business (00:05:00)

* Why Canada’s financial regulators blocked his first fintech startup

* The painful decision to pivot away from peer-to-peer lending

* How FinanceIt found product-market fit and scaled rapidly

Winning in Fintech: What It Takes to Build a Market Leader (00:12:00)

* The strategic acquisition of TD’s home improvement lending business

* How partnering with Goldman Sachs helped Financeit scale

* The biggest mistakes founders make when raising capital from big-name investors

The Future of Fintech & Canada’s Economic Challenges (00:25:00)

* Why Canada’s regulatory environment is stifling innovation

* How tariffs, inflation, and deglobalization are impacting Canadian businesses

* Why open banking is critical for fintech growth in Canada

Michael’s Advice for Founders & Leaders (00:40:00)

* Why the best founders have grit and adaptability

* How to navigate industry shakeups and market downturns

* Why trust, relationships, and strategic pivots matter more than ever

As Canada navigates economic uncertainty, fintech disruption, and regulatory battles, founders must adapt or risk being left behind. Michael Garrity’s story proves that persistence, strategic thinking, and a willingness to pivot are the keys to building a billion-dollar business. Will Canada’s fintech ecosystem rise to the challenge, or will regulatory roadblocks continue to hold it back?

About Michael Garrity

Michael Garrity is the Executive Chair and Founder of Financeit, a leading point-of-sale financing platform for home improvement projects in Canada.

Michael is a seasoned fintech entrepreneur who has built and scaled multiple financial technology businesses. His journey began in venture capital and early-stage investing, where he worked on Canada’s early labor-sponsored investment funds. He later co-founded CommunityLend, a peer-to-peer lending marketplace that faced regulatory challenges—leading to a high-stakes pivot that ultimately resulted in FinanceIt.

Under Michael’s leadership, FinanceIt grew into Canada’s dominant home improvement lender, with billions in loan originations and major financial backers, including Goldman Sachs. Today, he continues to shape the industry while advocating for open banking and smarter fintech regulations.

Follow Michael Garrity on LinkedIn: https://linkedin.com/in/michael-garrity-7a87152

Visit Financeit’s website: https://www.financeit.io/

Subscribe to our YouTube channel: https://www.youtube.com/@thetanktalkspodcast

Follow Matt Cohen on LinkedIn: https://linkedin.com/in/matt-cohen1

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

Welcome back to another thought-provoking episode of Tank Talks! Matt Cohen sits down with John Ruffolo to dissect the most pressing developments in tech, finance, and AI. From major banking shifts to the evolving landscape of AI-driven SEO, this episode delivers sharp insights and expert analysis you won’t want to miss.

* The Bank of Canada’s latest interest rate cut—will it actually help the economy?

* The power shift in Canadian banking: What CIBC’s CEO transition means for the future.

* Open banking and AI’s role in reshaping the financial landscape.

* The rapid rise of AI-driven SEO—how companies are optimizing for large language models.

* CoreWeave’s massive IPO plans and why John Ruffolo sees echoes of the Nortel bubble.

* The brewing U.S.-EU trade war—why Trump’s tariff threats could hit Canadian businesses harder than expected.

Canada’s Banking Future: CIBC’s Big Shift (00:04:00)

* Victor Dodig steps down as CIBC CEO after 11 years, handing over to Harry Cullum, a capital markets veteran.

* The big question: Can Cullum lead CIBC into the digital era, or will traditional banks struggle to keep up with fintech and AI-powered banking?

* Why open banking is no longer a threat, but an opportunity for Canada’s biggest banks.

John Ruffolo’s Take:

John sees Cullum as a strong leader with deep expertise in digital banking, positioning him well for the transition. However, he warns that legacy banks must move quickly to stay competitive as fintech innovation accelerates, or risk falling behind in a rapidly evolving financial landscape.

AI’s SEO Revolution: The Future of Search (00:10:00)

* Companies are now optimizing for AI models, not just Google Search.

* Mercury and Vercel are already seeing significant growth in inbound leads from large language models.

* The big shift: Instead of backlinks and keywords, companies are feeding training data directly into AI models.

CoreWeave’s Billion-Dollar Bet: Nortel 2.0? (00:14:00)

* CoreWeave, an AI-focused cloud company, is skyrocketing in valuation—going from $16 million in revenue to $1.9 billion in just two years.

* NVIDIA and Microsoft are heavily invested—so what happens if they pull the plug?

* Is CoreWeave truly innovative, or just benefiting from excess GPU capacity?

John Ruffolo’s Take:

"This reminds me way too much of Nortel in the late ‘90s. They pumped up revenue, but it was all based on unsustainable deals. Watch this one carefully."

As AI reshapes industries, banking undergoes major leadership shifts, and companies scramble to adapt to new digital landscapes, the stakes have never been higher. Will traditional banks successfully embrace open banking and digital transformation, or will fintech disruptors take the lead? Can AI-driven SEO remain a competitive advantage, or will regulators step in to level the playing field? And as CoreWeave pushes toward its high-stakes IPO, is this the beginning of a new tech revolution, or a repeat of past market bubbles? The coming months will reveal whether these trends signal long-term shifts—or short-lived hype.

On this episode of Tank Talks, Matt Cohen sits down with Daniel Saks, co-founder of AppDirect and now CEO & co-founder of Landbase, to explore the explosive rise of AI-powered go-to-market strategies. Fresh off a $12.5M seed round, Daniel reveals how Agentic AI is transforming B2B sales and marketing, the key lessons he learned from scaling AppDirect, and what it really takes to build a category-defining company.

* What does it take to build a billion-dollar SaaS company?

* How is AI reshaping the future of sales and marketing?

* Why do some entrepreneurs thrive while others struggle to scale?

The Rise of AI in Sales & Marketing (00:02:00)

* How Landbase is redefining B2B sales with Agentic AI

* Why traditional lead generation is broken—and how AI is fixing it

* The difference between generative AI vs. Agentic AI and why it matters

Scaling a Unicorn: AppDirect’s Journey & Hard Lessons (00:07:00)

* The seven-year journey to profitability at AppDirect

* Why AppDirect’s first major partnership almost failed—and how they pivoted

* How Daniel landed multi-million-dollar contracts with Deutsche Telekom, AT&T, and SoftBank

What Founders Get Wrong About Go-To-Market Strategies (00:15:00)

* The biggest mistakes startups make when scaling sales

* Why trust and relationship-building are the ultimate growth levers

* How AI is eliminating time-wasting manual processes for sales teams

The Future of AI & Business: What’s Next? (00:25:00)

* Why AI-powered tools will reclaim 70-80% of sales teams' time

* How agentic AI can simulate human sales reps and optimize campaigns in real time

* The 100x efficiency gain Landbase customers are already seeing

Daniel’s Advice for Founders & Leaders (00:40:00)

* Why the best founders have an insane vision—plus the ability to adapt

* How Daniel structured his multi-year transition plan out of AppDirect

* Why success is about falling in love with the problem—not the solution

As AI rapidly reshapes sales and marketing, businesses stand at a crossroads—adapt or be left behind. Daniel Saks and Landbase are proving that Agentic AI isn’t just the future—it’s already here, transforming how companies generate leads, build trust, and drive revenue. Will sales teams embrace AI as their most powerful ally, or will they struggle to keep up in an era where machines work smarter, not just harder?

Connect with Daniel Saks:

LinkedIn: https://www.linkedin.com/in/danielsaks

Visit the Landbase website: https://www.landbase.com/

Matt Cohen and John Ruffolo break down the seismic shift in Canadian politics as Mark Carney takes over as Prime Minister, succeeding Justin Trudeau. We explore what this means for Canada’s economy, upcoming elections, and how business leaders are reacting to the change.

* What’s next for Carney and the Liberal Party?

* Could Canada be heading for an April election?

* How will Canada’s economic policies evolve under Carney’s leadership?

Mark Carney Takes Over as Canada’s 24th Prime Minister (00:01:00)

In a widely expected move, Mark Carney won the Liberal leadership race with 86% of the vote, stepping into the role of Prime Minister. Despite having never held elected office, Carney’s deep experience in global finance makes him a powerful force in Canadian politics.

Carney’s Background:

* Former Governor of the Bank of Canada (2008-2013)

* Governor of the Bank of England (2013-2020)

* Economic advisor to Trudeau during COVID-19

* Declined a role in Harper’s Conservative government

What’s Next?With a tight race against Conservative leader Pierre Poilievre, Carney must move quickly to define his platform beyond broad economic promises. His leadership so far has been untested in political debates, raising questions about how he will navigate policy discussions leading up to a potential election.

John Ruffolo’s Take:“This is not a massive shift from Trudeau’s policies—it’s more of a continuation. Expect more government spending and taxation debates, but the big question is: How will Carney perform under real political pressure?”

Will Canada See an April Election? (00:03:00)

An early election could be announced as soon as March 16, with a vote set for April 22.

Key Election Dynamics:

* The Liberal Party is eager to hold elections before Conservative fundraising gains momentum.

* Carney currently lacks a parliamentary seat, which could impact campaign optics.

* A potential coalition between the Liberals, NDP, and Greens could reshape the political landscape.

Projected Outcomes:

* Conservatives still favored to win—but the margin is narrowing.

* A left-wing coalition could prevent a Conservative majority.

* Economic issues, particularly cost of living and taxation, will dominate voter concerns.

John Ruffolo’s Perspective:“With Canada’s economy still under pressure, the Liberals need to move fast. Their best bet is a short campaign before Pierre Poilievre gains further traction. If the Liberals delay too long, it could backfire.”

Canada’s Economic Crossroads: What Carney’s Policies Could Mean (00:07:00)

Carney has hinted at major spending initiatives, but concerns over taxation remain front and center.

Top Concerns:

* Rising debt: More government borrowing could impact inflation.

* Carbon tax shift: The tax isn’t going away—just moving from gas stations to industrial sectors.

* Cost of living crisis: Canadians are struggling with affordability, and tax policy will be a major campaign issue.

What’s Next?Will Carney unveil a bold new economic vision, or will his policies be Trudeau’s agenda rebranded? Investors, business leaders, and everyday Canadians are watching closely.

The Big Picture: What This Means for Canada

With a potential election looming, Canada stands at a political and economic crossroads. Will Carney’s leadership provide stability, or will voters seek a new direction under Pierre Poilievre?

Matt Cohen and John Ruffolo dive into the growing exodus of Canadian talent to the U.S., breaking down why top founders and engineers are choosing Silicon Valley over homegrown opportunities. They discuss OpenAI’s latest move to charge up to $20,000 per month for AI-powered research agents and how companies are rethinking hiring in light of these powerful tools. The conversation also covers the controversial CoreWeave IPO, highlighting its rapid $1.9B revenue surge, heavy reliance on Microsoft, and whether it signals a coming shake-up in cloud computing. On the political front, they analyze the potential for an early Canadian election, shifts in party leadership, and how economic policies—like capital gains tax hikes—are driving entrepreneurs out of the country.

Canada’s Tech Exodus: Why Founders Are Flocking to the U.S. (07:00)

A striking rise in Canadian emigration has raised concerns about the country’s ability to retain top talent. In 2024, 81,601 Canadians left the country, the highest number since 2017—half of them from Ontario.

* Capital gains tax hikes pushing high-net-worth individuals and founders to relocate.

* U.S. venture capital firms providing better funding opportunities for Canadian startups.

* YC founder exodus: More Canadian founders are moving to the U.S. post-Y Combinator Demo Day, as confirmed by YC CEO Gary Tan.

John Ruffolo’s take:

* Canada risks losing its top tech talent permanently if it doesn’t address the capital and policy gaps driving this migration.

* Founders aren’t leaving out of convenience—it’s about better market access, capital, and scaling opportunities.

OpenAI’s $20K/Month AI Agents: A Game-Changer? (18:00)

OpenAI is rolling out three tiers of AI-powered assistants, capable of advanced research, software development, and business strategy—at a hefty price tag.

Pricing breakdown:

* $2K/month: Handles advanced knowledge worker tasks.

* $10K/month: AI for software development.

* $20K/month: PhD-level AI agents for deep research.

Why this matters:

* AI-powered coding tools like Cursor.dev have already grown to $100M ARR in 18 months.

* Founders are increasingly opting for AI engineers over hiring multiple full-time developers.

* This signals a shift in the labor market, potentially disrupting high-paid professional roles in tech, research, and consulting.

CoreWeave’s $2B Revenue IPO—Boom or Bust? (12:00)

CoreWeave, a cloud computing startup that stockpiled NVIDIA GPUs early, is racing toward a high-profile IPO.

Key numbers:

* Revenue skyrocketed from $16M in 2022 to $1.9B in 2023.

* Microsoft accounts for 62% of its revenue, sparking concerns over customer concentration.

* The company holds $11B in debt, raising questions about profitability.

* Founders cashed out $500M pre-IPO, raising red flags.

John Ruffolo’s analysis:

* This looks like a high-risk, low-margin business that may struggle to justify its valuation.

* Heavy debt financing and reliance on Microsoft contracts make it a shaky bet.

* If public markets reject CoreWeave, it could be a warning sign for other AI and cloud IPOs.

Will Canada See an April Election? (03:00)

With Canada’s Liberal Party leadership race heating up, rumors suggest an election could be called as early as March 16, with a vote on April 22.

* The Liberals want a short election to limit Conservative fundraising advantages.

* Mark Carney is positioned as the Liberal frontrunner, but he doesn’t currently hold a parliamentary seat.

* Coalition talks between Liberals, NDP, and the Green Party could reshape Canada’s political landscape.

Projected outcomes:

* Conservative majority is still likely, but the margin has narrowed.

* A left-wing coalition could prevent a Conservative landslide.

The Bigger Picture: Where is Canada Headed?

From AI disruption and talent migration to political uncertainty, this episode of Tank Talks dives into the forces reshaping Canada’s future.

Matt Cohen sits down with Robert Morier, a former global investment executive turned venture capital professor at Drexel University. Robert shares his non-traditional journey—from studying history to managing multi-billion dollar investment portfolios, and ultimately returning to education to mentor the next generation of startup founders and VCs. They discuss his experience teaching venture capital, how risk management in lifeguarding relates to investing, how podcasting helps drive awareness, and why universities need more real-world startup training.

About Robert Morier:

Robert Morier is a professor at Drexel University, specializing in venture capital, early-stage finance, and private market due diligence. He mentors entrepreneurs and conducts research on entrepreneurial mindset and risk management, drawing insights from his experience as an ocean lifeguard in Wildwood Crest, NJ.

With 25 years in institutional investments, he has led business development and fundraising efforts at firms like Paradice Investment Management, Xponance, and Indus Capital, raising billions in assets across global markets. He also runs Twelve Pound Advisors, advising asset managers on growth strategies.

Morier is the co-founder of Twelve Pound Productions, producing the Dakota Live! Podcast, where he interviews investors on finance, leadership, and market trends. He has served on the University of Vermont’s Grossman School of Business advisory board and supports nonprofit fundraising initiatives.

Topics

* (00:01:39) - How a love for travel led Robert into global investment roles

* (00:03:04) - Spending years on the road and what ultimately led Robert to leave for academia

* (00:04:06) - How working as a lifeguard shaped Robert’s perspective on leadership and risk management

* (00:07:09) - Why VCs should start with risk assessment rather than leaving it for the end of due diligence

* (00:09:53) - Teaching Venture Capital: Why VC education is still lacking in most universities and how Drexel is changing that

* (00:12:47) - Why schools focus too much on investment banking exits rather than startup formation

* (00:15:32) - How the Drexel Innovation Fund supports student-led startups with real investments

* (00:19:35) - The importance of teaching students about mistakes, failures, and resilience in investing.

* (00:24:58) - The story of AER Cosmetics, a sustainable mascara startup that grew out of Drexel’s entrepreneurial program

* (00:30:21) - How schools can build better VC education and student-run investment funds

* (00:36:25) - How the Dakota Live! Podcast came to be

* (00:41:47) -  The biggest mistake fund managers make when pitching investors

Robert Morier’s Fast Favorites:

* Favorite Podcast: The Overthink Podcast

* Favorite Podcast for Venture Capital: Capital Allocators by Ted Seides, along with Dakota Live! and Tank Talks.

* Favorite Newsletter or Blog: Alternatively Speaking by Christopher Schelling

* Favorite Book: East of Eden by John Steinbeck

* Favorite Tech Gadget: A landline phone

* Favorite Life Lesson: “Who’s better than you? Nobody.”

Follow Matt Cohen and Tank Talks here!

Podcast production support provided by Agentbee.ai

Matt Cohen and John Ruffolo talk about the BDC Capital $1B fund, the state of early-stage VC funding in Canada, and the rise of mega-deals dominated by U.S. investors. They also discuss the feasibility of the Quebec City-Toronto high-speed rail project, AI copyright lawsuits, potential Trump-era tariffs, and the future of open banking in Canada.

Key Topics

BDC Capital’s $1B Growth-Stage Investment Fund (00:42)

* BDC Capital announces a $1B investment fund, with:

* $500M Growth Venture Fund for direct investments and co-investments.

* $450M Growth Equity Partners Program for minority stake investments in mid-market companies.

* Concerns were raised by Mark McQueen about lack of early-stage funding

* John Ruffolo’s take:

* Canada’s early-stage VC ecosystem is underfunded.

* BDC was meant to focus on riskier, early-stage investments, while EDC (Export Development Canada) focused on growth-stage.

* Shift towards later-stage funding may leave early-stage startups without necessary capital.

Canadian Venture Capital Funding Trends (04:55)

* CVCA’s 2024 report:

* $7.86B invested across 592 deals, up 10% from 2023.

* Mega deals ($50M+ rounds) comprised 62% of total VC investments.

* Seed-stage funding fell 50% to $510M.

* Notable mega-deals:

* Clio – $1.24B Series F

* Cohere – $616M Series D

* Blockstream – $289M convertible note

* Waabi – $275M Series B

* U.S. investors dominate:

* 32% of Canadian VC deals had U.S. investor participation.

* Clio’s round was entirely U.S.-funded.

* John Ruffolo’s analysis:

* Canada needs stronger domestic venture capital.

* U.S. capital will always flow into late-stage companies, but early-stage funding is crucial for long-term ecosystem growth.

* Lack of Canadian IPOs in 2024 is a concerning sign.

Quebec City-Toronto High-Speed Rail: $90B Boondoggle? (09:17)

* Massive infrastructure proposal:

* $60B–$90B price tag, with $3.9B allocated to planning alone.

* Construction won’t begin for at least five years, taking 5–7 years per segment.

* Criticisms:

* Timing is political (announced right before an election).

* Where is the funding coming from? Canada’s finances are already stretched.

* Route selection is questionable – e.g., Laval getting a stop over Mississauga/Brampton.

* John Ruffolo’s take:

* Financial viability is unclear – pension funds won’t invest without guarantees of ridership.

* Other priorities (e.g., Arctic infrastructure, national security) are being ignored.

* The government should invest in digital infrastructure instead (e.g., full 5G coverage).

AI Copyright Lawsuits: Cohere vs. Media Giants (14:35)

* Major media coalition (The Atlantic, Forbes, The Guardian, Vox, etc.) sues AI startup Cohere for copyright infringement in New York.

* Allegations: Cohere scraped and displayed copyrighted content without permission.

* Seeking $150K per work infringed + an injunction against Cohere using their content.

* Growing legal pressure on AI companies:

* NY Times vs. OpenAI – potentially setting a massive precedent.

* Anthropic, Meta, and Thomson Reuters have faced similar lawsuits.

* John Ruffolo’s view:

* Copyright concerns were always an issue for AI models.

* AI startups may have to pay into a licensing pool (like the music industry).

* Investor risk increasing – legal uncertainties may impact funding for public LLMs.

Trump’s Potential Tariffs: What Canada Should Do (19:25)

* Trump’s trade policies likely to return if re-elected, impacting Canadian businesses.

* John Ruffolo’s recommendations:

* Canada must fix internal issues first (e.g., interprovincial trade barriers).

* Tariffs won’t disappear for at least four years, so businesses must adapt.

* Canadian businesses will have to shift profits & operations to the U.S. to remain competitive.

The Future of Open Banking in Canada (22:00)

* U.S. fintech sector gains a boost as Trump administration removes CFPB regulations.

* Chime & Klarna expected to benefit from deregulation.

* Canadian Conservatives promise major push for open banking if elected.

* Liberals have been slow to act on open banking despite six years of promises.

John Ruffolo’s perspective:

* Open banking will make Canadian banks stronger, not weaker.

* Canada must prepare for U.S. competition in financial services.

Follow Matt Cohen and Tank Talks here!

Podcast production support provided by Agentbee.ai

Matt Cohen sits down with Amber Kanwar, a longtime financial journalist and former BNN Bloomberg anchor, who recently made the bold leap into independent media with her new podcast, In the Money. Amber shares her journey from an ambitious intern at BNN to becoming one of Canada’s most recognizable financial voices.

She recounts how she overcame imposter syndrome in the high-stakes world of financial journalism, the real lessons she learned from industry giants, and the importance of clear communication in a jargon-filled industry. Amber also reveals the investigative journalism story that put her on the map—a shocking fertility fraud scandal that led to a national reckoning.

Leaving behind a prestigious legacy media role wasn’t easy, but Amber explains why she chose to go solo, the structural challenges traditional media faces, and why she believes the future belongs to independent content creators.

About Amber Kanwar:

Amber Kanwar is one of Canada’s most trusted and recognizable business journalists. For over a decade, she was a familiar face on Canada’s flagship business channel, BNN Bloomberg. She has appeared as a contributor on CTV and Bloomberg in the US. She has interviewed hundreds of portfolio managers, CEOs, political leaders and newsmakers. She has a reputation for asking the right questions, putting the viewers’ interests first and having a deep knowledge of the financial markets. She brings her signature authenticity and charm to the show, stress-testing ideas to make sure investors have all the information they need to make moves.

Topics:

* (01:25) – Amber’s early career at BNN and breaking into financial journalism

* (01:41) – Overcoming fear and using it as a motivator

* (02:09) – The importance of starting from the bottom and learning every role

* (04:56) – Amber’s groundbreaking investigative journalism piece on fertility fraud

* (09:16) – Transitioning from investigative journalism to financial news

* (10:26) – The journey from intern to producer to on-air host at BNN

* (11:38) – The importance of mentorship in media careers

* (13:05) – How Amber developed her financial knowledge through guest interviews

* (14:26) – Learning to turn complex financial news into engaging stories

* (15:48) – The impact of simplifying financial jargon for broader audiences

* (18:26) – Why Amber left BNN Bloomberg after 15 years

* (22:02) – The vision for In the Money and why long-form content is valuable

* (23:46) – How independent media can move faster than legacy media

* (25:09) – The shift to digital-first journalism and YouTube podcasting

* (26:26) – Investing philosophies: Amber’s biggest lessons from the pandemic

* (30:26) – The role of media in shaping market sentiment

* (32:09) – Alternative investments: Are they worth it?

* (33:38) – The future of In the Money and expanding AK Media

* (35:23) – The shift in media consumption habits and the opportunity for new players

* (38:46) – The importance of clear communication in finance

* (40:02) – The hardest part of going independent: identity & brand-building

* (41:38) – How Amber approaches guest preparation differently from legacy media

* (43:23) – Building a media brand: Monetization, distribution, and content strategy

* (45:09) – What legacy media gets wrong about digital content

* (47:26) – Why niche content is thriving while traditional news struggles

Fast Favorites

📻 Favorite Podcast: SmartLess, Conan O'Brien Needs a Friend, Seth Meyers’ Podcast, Gettin’ Savvy by Catherine Murray and Strictly Money by Sejal Patel

📰 Favorite Newsletter or Blog: Jim Reid’s Early Morning Read (Deutsche Bank)

📱 Favorite Tech Gadget: iPhone & Continuous Glucose Monitor (CGM)

📈 Favorite New Trend: Podcasting on YouTube

📖 Favorite Book: Educated by Tara Westover

🎓 Favorite Life Lesson: "Shortcuts take you the long way."

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