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Tank Talks By Ripple Ventures

Tank Talks By Ripple Ventures

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 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.comMatt Cohen Direction Economie Finances privées Management et direction
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  • The Rundown 4/28/26: Canada’s $25B Sovereign Wealth Fund: Genius Move or Political Slush Fund?

    The Rundown 4/28/26: Canada’s $25B Sovereign Wealth Fund: Genius Move or Political Slush Fund?
    Apr 28 2026
    In this episode of Tank Talks, Matt Cohen and John Ruffolo break down one of the biggest economic policy announcements in Canada’s innovation economy: Mark Carney’s proposed $25 billion Canada Strong Fund, a sovereign wealth fund designed to invest in nation-building projects, strategic industries, Canadian technology companies, and long-term economic sovereignty. John, who previously argued for this type of fund in his Substack piece Canada’s Missing Pot of Gold, explains why Canada’s biggest structural problem is undercapitalization and why relying on foreign direct investment for critical industries creates serious sovereignty risks.Matt and John dig into the hard questions behind the fund: Where does the money come from? Can Canada borrow at low rates and invest for long-term returns? How should the fund be governed so it does not become a political slush fund? And can this vehicle finally force a more serious conversation around Canadian pension funds, domestic capital formation, and backing companies like Cohere, Kepler, and Xanadu before they are pushed toward foreign capital markets?The episode also covers Cohere’s acquisition of German AI firm Aleph Alpha, the rise of sovereign AI alternatives outside the U.S. and China, Xanadu’s volatile post-SPAC quantum stock run, SpaceX’s reported Cursor acquisition talks, Meta’s 8,000-person AI-driven workforce reduction, and Thoma Bravo’s massive Medallia equity wipeout. From sovereign wealth and AI infrastructure to quantum financing and private equity pain, this episode asks the real question: can Canada build the capital systems needed to own its future?Canada Strong Fund: Carney’s $25B sovereign wealth fund announcement (00:31)Matt opens the episode by laying out the breaking news: Mark Carney has launched the proposed Canada Strong Fund, a $25 billion sovereign wealth fund aimed at giving Canadians a stake in strategic national projects and critical industries.Why John Ruffolo says Canada is dangerously undercapitalized (01:22)John argues that Canada’s core economic problem is not a lack of ideas, talent, or companies, but a lack of domestic capital formation. He explains why foreign-controlled capital in sovereign industries is a bad idea and why Canada needs its own funding mechanism.The biggest risk: governance or political slush fund? (03:14)John explains that the Canada Strong Fund will only work if it is independently governed, similar to CPPIB or CDPQ. Without strong governance, he warns, the fund could collapse into politically motivated pet projects.Can Canada borrow at 3.5% and earn 7% long term? (04:59)John breaks down the financial logic behind using Canada’s strong credit rating to borrow at lower rates and invest through a professionally managed fund targeting long-term returns similar to major pension funds.Why the fund fails if returns do not materialize (08:15)Matt raises concerns about launching a sovereign wealth fund during a deficit environment. John says the idea only works if the fund is independently managed and capable of generating real long-term returns.No more grants: John’s blunt plan for government funding (14:02)John calls for Canada to stop giving grants, especially to foreign-based companies, and instead convert government support into equity investments that create long-term ownership and capital recycling for the country.Cohere acquires Aleph Alpha and makes a sovereign AI play (16:12)Matt breaks down Cohere’s acquisition of German AI firm Aleph Alpha, the new Berlin European headquarters, and the reported $600 million financing commitment from Schwarz Group as part of a broader sovereign AI strategy.Xanadu’s quantum stock surge and post-SPAC volatility (19:59)Matt explains Xanadu’s post-SPAC trading action, including its sharp rise, options activity, and SEC filing registering nearly 300 million Class B shares for sale after the lockup period expires.SpaceX, Cursor, and peak AI paper-deal froth (24:25)Matt and John react to reports that SpaceX could acquire AI coding startup Cursor for $60 billion, with John arguing that SpaceX shareholders should be furious about the growing complexity and governance concerns.Meta layoffs and the real cost of AI capital spending (27:56)Matt highlights Meta’s reported 10% workforce reduction tied to massive AI capital spending. John argues the “AI efficiency” explanation often masks bad capital allocation and failed strategic bets.Thoma Bravo’s $5.1B Medallia equity wipeout (29:55)The episode closes with Thoma Bravo handing Medallia back to creditors after a major private equity software deal collapses, raising questions about SaaS valuations, debt structures, and exit assumptions in the AI era.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/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 ...
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    33 min
  • How to Get VC Funding in 2026 with Matt Cohen

    How to Get VC Funding in 2026 with Matt Cohen
    Apr 23 2026
    Originally recorded as Matt Cohen’s guest appearance on Mantle Mondays hosted by Amar Varma.In this special episode of Tank Talks, Matt Cohen joins Amar Varma on Mantle Mondays for a candid conversation about how to get VC funding in 2026, what early-stage investors actually look for, and where the next wave of breakout startups is being built. As the Founder and Managing Partner of Ripple Ventures, Matt shares his path from RBC trading desks and public markets to startup operating experience, angel investing, and eventually building one of Canada’s most active early-stage venture firms. He breaks down how founders can stand out in a crowded market, why validated problems and technical execution matter more than hype, and what separates companies that can raise from companies that get left behind.The conversation also dives into how Matt evaluates founders before product-market fit, why recruiting ability and fundraising skill matter as much as product vision, and how AI, deep tech, biotech, aerospace, and software-enabled physical systems are reshaping venture capital. Matt also opens up about Ripple Ventures’ own evolution, the firm’s investment philosophy, and how Ripple OS and internal AI agents are helping portfolio companies move faster.If you want an honest look at startup fundraising, venture capital in Canada, founder-investor fit, AI startup differentiation, and the future of early-stage tech, this Tank Talks episode, originally recorded as Matt Cohen’s appearance on Mantle Mondays with Amar Varma, is packed with practical insights.How Turnstile Pulled Matt Into the Startup World (03:07)The origin story of Turnstile, the wifi marketing and analytics company Matt co-founded, and how building and exiting that business gave him his first real startup education.Why Startup Struggle Matters More Than Investor Talk (05:11)Matt gets real about how hard it was to raise capital, why Turnstile had to grind toward profitability, and why lived operator experience matters when founders pick investors.How Ripple Ventures Started Before the Fund Existed (07:42)Matt explains how he built the Ripple brand before institutional capital was in place, why perception matters in venture, and how his early angel wins created momentum with family offices.The Long-Game Philosophy Behind Fund I (10:51)A great story about raising a first fund, proving commitment to LPs, and why first-time managers need to stop waiting for the “perfect” close and just get moving.What Gets a Founder’s Attention in 2026 (16:44)Matt breaks down what’s changed in venture, why deep tech and frontier ideas are more investable today, and why ambitious founders are tackling much bigger problems than they were a decade ago.The 4 Things Ripple Ventures Looks For in Founders (19:25)Matt lays out Ripple’s core framework: validated problem, technical founding team, recruiting ability, and fundraising skill.The Startup That Blew Matt Away (23:29)Matt shares the story of Clover and why seeing a young team scale to massive early traction changed how he thinks about speed, execution, and modern company building.What a Generational Company Actually Looks Like (33:59)Matt gets honest about what he can and can’t claim to know, then shares the founder traits he believes matter most when building something truly enduring.What Founders Should Look For in an Investor (38:05)A powerful section on support during hard moments, reputation in venture, and why investors are really tested when a company is struggling, selling, or stuck.Tank Talks, Community, and Playing the 25-Year Game (44:24)Matt reflects on building Tank Talks, surrounding himself with younger talent, and why staying close to ambitious founders keeps him sharp.Matt’s Best Advice for Founders and Builders (46:31)A strong closing section on paying it forward, reputation, and why the people you meet on the way up are the same people you’ll see on the way down.Mantle Mondays on YouTube: https://www.youtube.com/@withmantleConnect with Amar Varma on LinkedIn: https://www.linkedin.com/in/amar-varma-8041b9/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-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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    51 min
  • The Rundown 4/15/26: Canada’s AI Crackdown, the Exit Tax Backlash, Cohere’s Germany Deal, and Hootsuite’s Reset

    The Rundown 4/15/26: Canada’s AI Crackdown, the Exit Tax Backlash, Cohere’s Germany Deal, and Hootsuite’s Reset
    Apr 15 2026

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

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

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

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

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

    Balancing AI Privacy Concerns with Innovation (01:39)

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

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

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

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

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

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

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

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

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

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

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

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



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