Our focus on the 2024 Canadian Federal budget continues, we have Jon Love Executive Chair and Founder of KingSett Capital back to discuss the lack of emphasis on fostering prosperity and a shrinking GDP per capita.

While the budget offers some incentives aimed at improving housing affordability and encouraging investments in Canada, the increase in capital gains tax and other measures may slow down real estate development.

Notably, the budget doesn't sufficiently tackle the need to boost the housing supply, which is essential for a healthy real estate market. These tax hikes and regulations could also deter investments and lead capital to flee the country. The budget overlooks important challenges faced by small and medium businesses and predominantly focuses on demand without sufficiently addressing supply issues.

In this episode we discuss:

(00:46) - Overview of the 2024 Canadian Federal Budget and its real estate implications

(01:32) - Discussion on new incentives and the overshadowing impact of capital gains increase

(05:12) - Challenges in the condo market and strategies for developers

(09:28) - The misconceptions around financialization in real estate

(13:24) - Necessity for a prosperity agenda and strategies for economic growth

(17:31) - Potential effects of the budget on small and medium businesses

(19:19) - The long-term consequences of current government policies

About Jon Love: Jon Love is the Executive Chair and Founder of KingSett Capital, a prominent private equity real estate investment firm. Since its inception in 2002, KingSett has impressively managed over $17 billion in assets, earning a strong reputation for its effective investment strategies across various sectors, including Growth, Income, Urban Development, Mortgage, Residential Development, and Affordable Housing.

Before his leadership at KingSett, Jon had a distinguished career at Oxford Properties, beginning in 1980 and eventually becoming President in 1987 and then CEO in 1992. He notably guided Oxford's transition to a publicly traded company in 1995. In 2001, Oxford was privatized when it was acquired by the Ontario Municipal Employees Retirement System (OMERS) in a $4 billion deal.

Jon actively participates in prestigious business organizations and has received numerous accolades for his leadership and academic achievements, including an Honorary Doctorate from Western University in 2016, membership in the Order of Canada (C.M.) in 2018, and prestigious awards such as the Ivey Business Leader of the Year Award and the NAIOP Rex Icon Award in 2023.

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This week we're joined by Nicolas Mulroney, President and CEO of Bond Bakery Brands. Nicolas shares his transition from a finance career at RBC to leading a thriving baking enterprise, highlighting the pivot that led him from Bay Street to Bakery Street.

We talk about the founding of Bond Bakery amid the challenges posed by the COVID-19 pandemic and how his upbringing in a political family shaped his entrepreneurial spirit. Nicolas discusses how technology integrates in his business, he offers insights for budding entrepreneurs, and he outlines his future aspirations for the baking industry in Canada.

We are also joined by John Ruffolo to talk more about the proposed Federal budget and other news in tech.

About Nicolas Mulroney:Nicolas Mulroney is the Co-Founder, Chairman, CEO, and President of Bond Bakery Brands Ltd.

Based in Toronto, Ontario, Bond Bakery Brands operates as an investment platform accelerating the growth of bakery companies throughout North America. The company emphasizes community engagement and investment in family- and founder-run businesses, striving to demonstrate that profitability and positive impact can coexist. Bond's portfolio includes a variety of bakery companies, and it employs over 600 individuals across 11 facilities.

Before launching Bond Bakery Brands, Nicolas served as the Chairman of Portofino Bakery from June 2019 to October 2020, and he remains the Founder and Managing Partner at Northern Waters Capital since August 2018. His career in the capital markets sector includes roles at CIBC Capital Markets in Investment Banking and Institutional Equity Sales, and at Park Lawn Corporation as Vice President of Mergers, Acquisitions & Strategic Initiatives.

Nicolas holds an MBA from the University of Toronto's Rotman School of Management and a Bachelor of Arts from Boston College.

In this episode, we discuss:

(01:52) John Ruffolo discusses meeting with Minister Freeland focusing on adverse effects of proposed capital gains changes on entrepreneurs and investors

(03:32) The dual concerns for innovation community: impact on entrepreneurs and availability of capital

(05:00) The federal budget is poor public policy, particularly for venture capital, stressing the importance of maintaining strong domestic capital source

(07:24) The need to grow the economic pie rather than just redistributing income

(13:45) Public discussions should aim at understanding fundamental problems and exploring viable solutions to foster a collaborative environment across various sectors

(15:54) Nicolas Mulroney’s entrepreneurial journey

(16:09) Nic’s upbringing and the influence of his family, especially his father from Prime Minister Brian Mulroney, on his career choices

(18:27) Challenges and learning experiences from his time in finance that prepared him for entrepreneurship

(20:10) Nic’s decision to leave finance to pursue running a business, attracted to transforming old economy industries

(21:20) The process and rationale behind using a search fund to acquire a business, eventually leading to the purchase of a bakery

(23:37) Advice from his father and Paul Demarais, encouraging him to pursue entrepreneurship

(25:33) Operational challenges faced during the pandemic and the strategic shift towards building Bond Bakery Brands

(30:08) Describes expansion of Bond Bakery Brands, highlighting the acquisition of assets and focus on commercial bakeries

(32:08) The use of technology and data to improve operational efficiency across Bond Bakery Brands

(34:36) Consumer trends affecting the bakery industry and the strategic response of Bond Bakery Brands to changing market conditions

Fast Favorites:

* 🎙- Favorite Podcast: How I Built This

* 📰- Favorite Newsletter / Blog: New York Times Dealbook

* 📲- Favorite Tech Gadget: Phone

* 📈-  Favorite New Trend: Ozempic

* 📚- Favorite Book: The Outsiders

* 🤔 - Favorite Life Lesson: It's a funny thing, the more I practice, the luckier I get.

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On this week's episode, we welcome John Li, CEO and Co-Founder of VimCal. John shares the rollercoaster of starting VimCal, from the initial struggles to gaining traction through a product-led approach, particularly appealing to like identifying and appealing directly to its most influential users—executive assistants.

Plus, hear about the extreme loyalty VimCal has inspired, including one user's permanent tribute with a VimCal tattoo.

This a candid conversation about resilience, user-focused development, and the importance of customer feedback in building a product that people not only use but love.

Also, we have John Ruffolo to discuss the week’s news. Note the news rundown was recorded before the Federal Budget proposal was released, for a full breakdown of the budget go here.

About John Li:John Li co-founded Vimcal in 2018 and serves as its CEO. Vimcal is a fast calendar app that helps people manage many meetings and was in Y Combinator. It has features like time zone conversion and keyboard shortcuts. The company introduced Vimcal EA for Executive Assistants, saving time for users at companies like Kleiner Perkins and Dropbox.

Before Vimcal, John worked at Twitter as a software engineer from 2016 to 2018, after his company, Peer was bought by Twitter. He started his career with an internship at Apple.

John studied at the University of California, Berkeley, where he earned degrees in Computer Science, Business Administration, and French.

In this episode, we discuss:

(0:02:36) Public reactions to the growth of the public sector and concerns about Canada's economic policies favoring public sector employment over entrepreneurship

(0:04:17) Inefficiency in government and the significant decline in productivity among remote public sector workers

(0:07:34) The upcoming federal budget will lean heavily on tax increases and the mobility of wealthier individuals and the potential for them to leave Canada due to high taxation

(0:15:25) John Li shares his entrepreneurial background, mentioning his early career moves, including working at Twitter and an internship at Apple, which influenced his product development perspective

(0:18:21) The moment he and his co-founder decided to start their venture after realizing they enjoyed working together on technology projects outside their corporate jobs

(0:20:35) The initial concept for their AR startup, aiming to integrate native advertising into AR environments, and how this idea was ultimately too premature for the market

(0:21:51) Pivoting from their initial AR idea during YC after feedback that the market timing was off, describing the emotional challenge of shifting away from an idea that defined their entrepreneurial identity

(0:25:56) The shift to VimCal, born out of the frustrations with scheduling during their fundraising. He emphasizes the importance of building a product that the founders themselves would use

(0:33:48) The enthusiastic reception of VimCal within the YC community and how personal onboarding calls helped refine the product and convert users into paying customers.

(0:43:16) A memorable encounter with a VimCal fan who demonstrated his loyalty through a permanent tattoo of the VimCal logo, highlighting the passionate user base of the product.

(0:56:23) The future focus of VimCal on enhancing team features for both internal and external scheduling, aiming to simplify complex scheduling scenarios and expand team collaboration tools

Fast Favorites:

* 🎙- Favorite Podcast: My First Million

* 📰- Favorite Newsletter / Blog: James Clear

* 📲- Favorite Tech Gadget: Sous Vide

* 📈-  Favorite New Trend: Living At Home Into Your 20s

* 📚- Favorite Book: Animal Farm

* 🤔 - Favorite Life Lesson: Learning how to deal with emotional triggers on a daily basis

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John Ruffolo and Matt Cohen break down the federal budget proposal announced yesterday and its implications for investors, founders, and entrepreneurs.

The increase in the capital gains tax and the lack of appreciation for founders and owners of businesses are driving the narrative of taxing success and the impact this will have on young founders, corporations, and very mobile individuals who can leave the country.

The potential negative knock-on effects this will have on innovation and productivity gains and that damage to the startup ecosystem and investment landscape across Canada. The conversation explores potential next steps and the importance of being a part of the solution.

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John Ruffolo and Matt Cohen survived the eclipse and are back discussing the week’s news.

Topics discussed:

(01:08) Canada's new $2.4 billion AI initiative, positioning the country as a future AI powerhouse with a comprehensive investment plan

(07:13) Jamie Dimon's enthusiastic endorsement of AI's transformative potential in his shareholder letter, emphasizing JP Morgan's massive AI investment and ambitious plans

(12:56) Paddy Cosgrave's return to Web Summit after a brief hiatus what’s the impact on his reputation and the event's future

(14:46) Queen's University introduced a lottery system for medical school admissions to foster diversity, reflecting on the evolving role and value of higher education amidst changing student priorities

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Topics John Ruffolo and Matt Cohen discuss:

* (00:00) Cohere's significant fundraising efforts, competing in the LLM space, and the notable involvement of Canadian pension funds at a valuation of $5 billion.

* (03:29) Canada's strategy in artificial intelligence emphasizes the critical role of government in education and talent development, but is direct governmental involvement in AI businesses effective?

* (06:09) A $4.5 billion lawsuit has been filed against major social media companies by four Canadian school boards

* (11:15) Canadian public tech companies like Nuve and Lightspeed consider privatization to avoid public market scrutiny and leverage private investment strategies

* (17:00) FTX founder Sam Bankman-Fried sentenced to 25 years for fraud what will the implications be for investor compensation and the broader crypto industry

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On this week’s Tank Talks, we're joined by Pascal Britt-Cote from Export Development Canada (EDC). Pascal breaks down how EDC supports Canadian tech globally, far beyond just physical goods, aiding software and service sectors with knowledge, connections, and financial support to scale internationally.

EDC's initiatives include specialized tech units, engagement at key tech events, and partnerships with tech bankers and associations. Utilizing its worldwide offices, EDC connects Canadian firms with global partners and customers. Pascal also highlights EDC's investment matching program for midsize companies, providing targeted financial support based on growth plans.

About Pascal Britt-Cote:Pascal Britt-Cote works as the Regional Director, Mid-Market Business for the technology sector for the province of Ontario. He supports a team of talented Relationship Managers located in Ottawa, Toronto and Kitchener / Waterloo. During his 16 years at EDC he's had the opportunity to be part of different teams including underwriting EDC's three suites of products: International Financial Guarantee (IFG), International Trade Guarantee (ITG) and Account Receivable Insurance (ARI). He started his EDC career in 2007 as an Account Manager.He has a BCom with a specialization in Management from the University of Ottawa and also holds an MBA from the University of Montreal.

In this episode, we discuss:

(01:38) Started working at EDC 17 years ago, interested in international trade and finance. Worked in various roles within EDC, currently leads the Ontario tech mid-market team.

(03:02) EDC supports companies that export goods, services, or software. Focuses on five key subsectors including software and B2B.

(04:46) Since 2018, EDC has focused on the tech sector, creating tech units in Ontario and Quebec to understand and support the sector better.

(07:13) Describes EDC as evolving and more engaged with tech companies. Initial meeting with companies to understand their needs and how EDC can support them.

(09:21) EDC can assist founders and sales leaders looking for international partners and customers.

(11:47) Explains that every country has an Export Credit Agency (ECA) like EDC; the U.S. equivalent is EXIM.

(12:31) EDC's mid-market team handles accounts with sales from $10M to $300M. Criteria for support include having an export angle and a signed equity term sheet.

(20:13) EDC helped companies during COVID by providing bonds and standby letters of guarantee to ease supplier payment terms.

(26:20) EDC supports companies with knowledge on expanding internationally, including understanding local markets, legal and tax compliance.

(30:59) EDC aims to connect with as many tech companies as possible, offering knowledge, connections, and financial solutions.

(32:26) Highlights the Indo Pacific region's growing importance and EDC's focus on sectors with the highest growth potential.

Fast Favorites:

* 🎙- Favorite Podcast: All In

* 📰- Favorite Newsletter / Blog: BetaKit

* 📲- Favorite Tech Gadget: AirTag

* 📈-  Favorite New Trend: Polar plunges

* 📚- Favorite Book: Can’t Hurt Me

* 🤔 - Favorite Life Lesson: Never take anything for granted.

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This week we welcome Randy Garg, Founder and Managing Partner of Vistara Growth. Randy shares his journey from his beginnings at PwC and Discovery Capital to co-founding Beedie Capital in 2010, and launching Vistara Growth in 2015 with support from the Beedie family as his first LP.

Randy discusses the challenges tech companies face in securing growth capital and how Vistara Growth offers a mix of Growth Debt and Growth Equity to meet these needs, highlighting successful investments in companies like Zafin and Kore.ai. He delves into the state of private credit, public tech companies, and Vistara's fundraising strategies for its funds, including the transition from family office LPs to institutional LPs with Fund Five.

Additionally, Randy talks about the importance of having a credit mindset, distinguishing growth debt from venture debt, and shares strategies for businesses to achieve sustainable growth and overcome scaling challenges. He also emphasizes leadership's role in growth and shares personal recommendations for podcasts, newsletters, and books, along with his life lesson on the importance of self-belief.

About Randy Garg:Randy Garg is Founder and Managing Partner of Vistara Growth which provides creative and tailored Growth Debt & Growth Equity financing solutions to mid-later stage technology companies across North America. Vistara's typical investment size ranges from $10 million to $30 million for companies that have scaled or are scaling past $10 million+ in revenues. To date Vistara has raised $600M and is currently investing out of its fifth fund.

Prior to launching Vistara, Randy co-founded and was Managing Partner of family office group Beedie Capital (2011-2015). During that time he sourced, completed and managed numerous growth capital financings with particular emphasis on the technology sector.

Randy received his BBA from York University, his MBA from UBC, and holds a Chartered Financial Analyst (CFA) designation.

In this episode, we discuss:

(01:00) Randy shares his extensive background in venture capital, private equity/debt investing, and his significant experience in corporate finance and M&A

(03:58) His role as Co-Founder and Managing Partner at Beedie Capital Partners

(05:55) Founding Vistara Growth to provide flexible Growth Debt and Growth Equity financing solutions to mid-later stage technology companies across North America

(07:48) His stint at PwC Corporate Finance leading the firm’s corporate finance activities across Western Canada for the technology practice

(08:44) Vistara Growth's investment philosophy, emphasizing flexible growth capital to support companies as they scale past $10 million+ in revenues

(10:21) The current state of private credit and public tech company valuations, identifying opportunities despite market challenges

(11:08) Vistara Growth's investment in Zafin

(16:45) The broader state of private credit, venture capital retreats, and the impact on companies seeking financing

(20:21) The dynamics of the Canadian public market for small-cap tech companies, contrasting it with private financing strategies

(23:02) Kore.ai's growth, from significant early achievements to becoming a leader in enterprise-grade virtual assistant platforms

(25:52) Explains the unique offering of growth debt and the concept of "rental equity," differentiating Vistara Growth's approach from traditional venture debt

(27:09) Future opportunities and strategies for Vistara Growth, focusing on the expanded market gap for flexible capital solutions

(31:41) Discusses Vistara Growth's investment strategy and focus areas, including sector-specific strategies and the firm's approach to supporting portfolio companies

(35:22) Concludes with future plans for Vistara Growth, emphasizing raising the rest of Fund Five, deployment strategies, and team growth.

Fast Favorites:

* 🎙- Favorite Podcast: Invest Like The Best

* 📰- Favorite Newsletter / Blog: Bloomberg, Wall Street Journal, Globe and Mail, TechCrunch

* 📲- Favorite Tech Gadget: Peloton Bike+

* 📈-  Favorite New Trend: Focusing on health

* 📚- Favorite Book: Outlive

* 🤔 - Favorite Life Lesson: Always been that on yourself.

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We are excited to have Alex Kolicich, the founding partner of 8VC, on the pod this week. Alex shares his journey from working at Google and Palantir to joining Peter Thiel's hedge fund, Clarion Capital, and later co-founding 8VC.

Alex discusses 8VC’s mission to significantly impact their portfolio companies by leveraging their unique blend of industry insight and investment expertise. And we get Alex's take on the recent AI boom in venture capital, dissecting the mega funding rounds in the AI space and providing a forward-looking perspective on startups and fundraising.

We also have a news round-up with John Ruffolo.

About Alex Kolicich:Alex Kolicich is a Founding Partner at 8VC, where he focuses on IT and Bio-IT investments.Prior to 8VC, Alex was a Partner at Formation 8 and also worked with Peter Thiel as a Principal at Mithril Capital Management, a growth-stage venture fund, where he helped lead investments in AppDirect, C2FO, and Helion Energy.Before his career as an investor, Alex worked as an engineer and early-product advisor at Clarium, Palantir, and Google. He was an early member of the Clarium Capital quantitative engineering team (with Joe Lonsdale) and a close advisor/collaborator with the early Palantir team; advising on product design and contributing to the product. At Google Research, Alex worked on Google Street View before and during its launch and also worked on the development and launch of the Google Checkout.

In this episode, we discuss:

(01:35) The trend of U.S. private equity firms acquiring Canadian tech companies and the benefits of currency arbitrage

(03:17) The difference in capital competition between the U.S. and Canada, indicating a more vibrant private equity scene in the U.S.

(06:04) Why John is bullish on Ethereum

(08:28) How former Canadian Prime Minister Brian Mulroney's policies shaped the current political and business landscapes

(12:45) Alex shares his journey from engineering at Google to venture capital, emphasizing the culture of innovation at Google

(14:22) The shift from Google to venture capital, underlining the pivotal role of working with Peter Thiel

(17:25) The founding principles of 8VC, focusing on investing in companies that leverage technological advancements

(20:05) The potential of AI, Alex predicts its significant impact on the venture capital landscape

(23:15) Alex’s his decision to pivot to venture capital, inspired by the opportunity to work with Peter Thiel and invest in deep technology

(27:05) Alex discusses the significance of Canadian tech innovations and his motivation to invest in Canadian companies

(33:14) Fundraising in 2024 requires growth and capital efficiency

(37:25) A future where AI augments knowledge work, leading to societal shifts towards community-oriented living

(49:30) Reflecting on Canada's role in the AI revolution, Alex emphasizes the need for proactive policies to attract and nurture talent, positioning Canada as a leader in AI innovation and application

Fast Favorites:

* 🎙- Favorite Podcast: Meb Faber

* 📰- Favorite Newsletter / Blog: Interconnects

* 📲- Favorite Tech Gadget: Airpods Pro

* 📈-  Favorite New Trend: The rebirth of Silicon Valley

* 📚- Favorite Book: 1984

* 🤔 - Favorite Life Lesson: Put yourself in a position where you work with the most talented people

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This week we are joined by Elio Narciso, founder of ScaleStack, who discusses his journey as an entrepreneur and the challenges of building and selling companies.He shares insights from his time at AWS and the lessons he learned about go-to-market strategies. Elio explains the creation of ScaleStack AI and the importance of problem-solving before incorporating AI. He emphasizes the significance of founder-led sales and building trust with customers. Finally, Elio introduces the Revenue Engine Masters podcast and its focus on revenue operations and sales operations professionals.

About Elio Narciso:Elio Narciso, the Co-Founder and CEO of Scalestack, leads a team focused on innovating sales operations. Before founding Scalestack, Elio worked at AWS as a Principal BD and Program Manager, developing a GTM program that helped startups like Notion, Webflow, and Zapier.

His operator background includes starting and selling two mobile internet companies and taking on advisory and investment roles in startups such as Bitbrand and Instal.Elio earned his MBA from MIT Sloan, concentrating on entrepreneurship and finance, and is fluent in three languages.

In this episode, we discuss:

(01:25) Elio recounts his journey from Italy to the U.S. for an MBA at MIT, where his entrepreneurial aspirations took root.

(06:19) His experiences building Mobave, learning from its acquisition, and the importance of co-founders

(13:19) The creation and legacy of the AWS Global Startup Program

(23:11) Why his startup Measure It's failed due to a focus on technology over market needs

(25:07) The thrill of seeing users engage with and love a product, underscoring the importance of creating valuable solutions.

(26:32) Why founder-led sales in early-stage startups is critical for direct learning and ensuring product-market fit

(33:43) The importance of personal communication, like texting, in building deeper customer relationships.

(37:57) ScaleStack's approach to automating sales processes, emphasizing efficiency and the use of AI

(41:18) Elio’s podcast targets rev ops and sales ops professionals, focusing on efficiency and innovation in sales.

Fast Favorites:

* 🎙- Favorite Podcast: Lex Fridman

* 📰- Favorite Newsletter / Blog: Money Stuff

* 📲- Favorite Tech Gadget: Phone, Sonos

* 📈-  Favorite New Trend: Productivity gains

* 📚- Favorite Book: Guns, Germs, and Steel

* 🤔 - Favorite Life Lesson: Be A Better Listener

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