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Tank Talks By Ripple Ventures

Tank Talks By Ripple Ventures

De : 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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  • Arctic Edge Panel: Defence Tech, Dual-Use, and the Future of Canadian Innovation

    Arctic Edge Panel: Defence Tech, Dual-Use, and the Future of Canadian Innovation
    Jul 2 2026
    Canada 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*...
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    46 min
  • Toronto Tech Week and the New Era of Canadian Startup Ambition

    Toronto Tech Week and the New Era of Canadian Startup Ambition
    Jun 26 2026
    In 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: ...
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    1 h et 18 min
  • The Rundown 6/23/26: The AI Hype Machine, Canada’s Capital Gap, and the Return of Hard Tech

    The Rundown 6/23/26: The AI Hype Machine, Canada’s Capital Gap, and the Return of Hard Tech
    Jun 23 2026
    In 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 ...
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    53 min
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