Tank Talks

@JasonrShuman drove Uber at night to fund himself while sourcing VC deals by day. One of those deals was @latchaccess Now he's a GP at @PrimaryVC , which scaled from $190M to $1.6B AUM without ever drifting from seed. In Episode 320 of Tank Talks, we get into: → Why most VC platform teams are built to fail, and how Primary's 60-person Impact team delivers customers and talent, not just capital → Why software-only moats are dead, and why he's betting on hardware-activated agent networks → Primary's incubation model: backing founders only after the wedge is validated → The lessons from winding down his footwear brand Category5, and how that founder's scar tissue shapes how he invests The throughline for any emerging manager: Differentiation isn't a tagline. It's an operating model you build deliberately and refuse to dilute as you scale. #venturecapital #seedinvesting

@elonmusk orbital data center vision is already a reality for one Canadian company, which launched 10 satellites on Falcon 9 in January. This week on @TankTalkPodcast: @KeplerComms - CEO @mitrymin and I sat down at their Toronto HQ to learn more. Watch: youtu.be/EiWNnBKpnfs

Kepler is building the future of #spaceinfrastructure: real-time connectivity to data in orbit, giving mission operators faster access across applications like wildlife monitoring, disaster response, sovereignty, and more. ▶️Hear from our CEO Mina Mitry on the @TankTalkPodcast.

New @TankTalkPodcast 🇨🇦 @ruffoloj and I break down Mark Carney's $25B Canada Strong Fund: serious sovereign wealth vehicle or political fund? Plus @cohere / @aleph, @XanaduAI, @SpaceX / @cursor_ai , @Meta layoffs, and @thomabravo's Medallia wipeout. Watch & Listen Now - rippleventures.com/tanktalks

New Tank Talks just dropped. @ruffoloj and I go in on Ontario's $4B AI fund (bold move or governance risk?), Why SpaceX's IPO could unleash the biggest liquidity wave deep tech has ever seen, and the CoolIT exit that handed KKR a 15x return in 3 years. Also: we said it on the record. Claude is beating OpenAI where it actually matters, enterprise workflows, coding agents, real operational leverage. Consumer mindshare is not the same as enterprise dominance. Link below.

1️⃣ $6.6B for Canadian defence tech. 2️⃣ LLMs eating vertical SaaS. 3️⃣ Telus leadership shakeup. On this week's Tank Talks, @JohnRuffolo and I break down three shifts that will shape how founders and investors navigate 2026: → Canada's first-ever defence industrial strategy — what it means for startups in AI, quantum, and photonics chasing government contracts → How LLMs are disrupting vertical SaaS moats — threat or opportunity? → Victor Dodig taking over Telus from Darren Entwistle — what it signals for Canada's tech ecosystem and John's take on dual-use tech investment opportunities was sharp. And the SaaS discussion is essential if you're trying to separate real opportunities from false positives in this market.

Canada can't put its own satellites into orbit. We're a G7 nation that has to seek permission from other countries to launch critical infrastructure into space. That's why we backed the Canada Rocket Company — and why this Tank Talks episode with @HKolias76647 matters. ✅ $6.2M all-Canadian investor round ✅ SpaceX veterans coming home. ✅ Sovereign launch capability is finally within reach. From deck to orbit — the real blueprint. 🚀🇨🇦 [link]

🧢 Go Jays Go! ⚾️ In this week’s Rundown of @TankTalkPodcast, @ruffoloj & I unpack the upcoming federal budget and its impact on entrepreneurs and investors, as well as the long-awaited rollout of open banking and what it means for fintech competition. We also dive into: ⚖️ The growing wave of AI lawsuits hitting Perplexity and Sora 💾 Cohere’s rumoured IPO and what it signals for Canada’s AI scene 🌍 Canada’s new AI partnership with the UAE — real opportunity or political theater? 💸 Why this federal budget could define the future of Canadian innovation Plus, a quick detour into Blue Jays playoff economics (because why not).

🚨 New @TankTalkPodcast Episode is out The rise of AI is driving massive demand for data centers and energy — but how big is the problem, and who’s best positioned to solve it? On this week’s episode, @ruffoloj and I unpack: 💸 NVIDIA’s $110B vendor financing strategy (and why it looks eerily similar to the telecom bubble) 🏢 The risks of private equity-backed data centers and “asset-light” hyperscaler valuations 🇺🇸🇨🇦 U.S.-Canada trade tensions and Trump’s tariff strategy ⚡ The global energy tug-of-war between the U.S. and China — and whether Canada can regain its leverage 💭 Jeff Bezos’ take on why this may be an industrial bubble rather than a financial on 🎧 Listen & Watch Now (links in comments) 👉 Big thanks to our sponsor @FaskenLaw, Canada’s leading emerging tech legal advisors, helping founders from startup to exit.

New Rundown Episode of @TankTalkPodcast is live! This week, @ruffoloj and I dig into one of the most important conversations shaping our future: how blockchain and AI are converging to disrupt finance, energy, and global competitiveness. 🎙️ Episode 281: Tokenizing the Future: How Blockchain is Disrupting Finance and AI We cover: ⚡ The massive energy demands of AI and Canada’s unique opportunity to lead in infrastructure 💸 The trillion-dollar CapEx boom in AI and whether it’s sustainable 🍁 Canada’s AI strategy, talent retention, and the push for sovereign identity 🏦 The SEC’s move towards tokenization and what it means for the financial system 👉 Big thanks to our sponsor @FaskenLaw, Canada’s leading emerging tech legal advisors, helping founders from startup to exit. #TankTalks #AI #Blockchain #Tokenization #VentureCapital #CanadaTech

🤖 Is Quantum Computing the Next Big Tech Revolution? 🚀 On this week's episode of @TankTalkPodcast - I chat with Christian Weedbrook, Founder & CEO of @XanaduAI , on photonic quantum computing's potential to revolutionize AI, drug discovery, and materials science. Xanadu's raised $250M+ and plans a fault-tolerant quantum data center in Toronto by 2029. In this show, we discuss Quantum's "ChatGPT moment", the Fundraising hurdles it has had to overcome, 🇨🇦 Canada's quantum lead, and the Future of quantum chemistry. A must-watch for tech enthusiasts!

Is Canada ready for the AI boom? What role will energy, blockchain, and Canadian tech talent play in shaping our future? In this weeks Rundown episode of @TankTalkPodcast w/ @ruffoloj and I unpack some of the most pressing issues facing Canada’s economy and tech ecosystem: •⚡ Energy & Nuclear: What LNG Canada’s expansion and nuclear projects mean for our future •💱 Stablecoins: How Calgary’s Tetra Trust Company is shaking up B2B payments with a Canadian peg stablecoin •🌎 Canadian Leadership Abroad: The rise of Canadian executives leading major U.S. tech firms •🤖 AI Valuations: Are we heading for a bubble, or is this just the start? •📈 The Power Law of AI: Why only a few will win big while many others fail Full Episode Links in Comments 👇 Big thanks to our sponsor Fasken - Canada’s leading emerging tech law firm, helping founders scale from startup to exit. Curious to hear your thoughts—are we ready for what’s coming?

This week's episode of @TankTalkPodcast , we welcome @nikunj of @FPVventures to discuss 'The Power of Benevolent Dictatorships in Startups' Ever wondered why some of the best companies—think Shopify or Coinbase—thrive under strong, opinionated leaders? 🤔 Nikunj unpacks his thoughts in this episode on this and more, including: 📈 Why “benevolent dictatorships” can be a superpower for scaling startups 🤖 How AI is rewriting SaaS pricing models for the next decade 🧠 What separates truly exceptional founders from the rest 💡 Lessons from LinkedIn, Opendoor, Khosla Ventures & FPV From his early years in India to building products at hypergrowth startups and now backing founders as a VC, Nikunj shares raw, hard-earned lessons every founder and investor should hear (links in comments) 💬 If you’ve experienced (or led) a benevolent dictatorship, I want to hear your take in the comments. 🙏 Special thanks to our newest Tank Talks partner, @FaskenLaw for their support!

“It’s a lot easier to build up a payment network that no one owns, and get people to buy into it as it gains momentum, than it is to get a bunch of banks and governments to agree on something before they start building it.” - @brettdg Check out Brett on the @TankTalkPodcast , full episode linked below.

"From AI to Asteroids: Brett Gibson on the Future of Seed Investing" On this week's episode of @TankTalkPodcast, we welcome @brettdg , Managing Partner at @Initialized Capital, to discuss Seed Investing in the Age of AI, Crypto & Space Tech 🚀 From co-founding @posterous with @garrytan (acquired by Twitter) to reengineering @ycombinator software and now backing moonshots like asteroid mining, Brett’s journey is a masterclass in adapting to the future. In this episode, we dive into: 📈 Why AI is outpacing crypto in shaping the next decade 🪐 The investment case for asteroid mining & other deep tech bets 🤖 Why every startup must leverage AI to stay competitive 💡 Lessons from scaling technical founders without creating “organizational debt” 🔮 Brett’s vision for AI, crypto, and space tech by 2030 If you care about where venture capital is heading—and how tech is rewriting the rules—this is one you can’t miss. Links below

Will junior bankers be obsolete in the future? What if you could ditch the endless late nights building pitch decks and crunching numbers — without losing your edge? On the latest @TankTalkPodcast, I sit down with @TangriKunal and @noahfaro , co-founders of @farsight_ai, the FinTech startup shaking up Wall Street. They’re helping bankers, PE pros, and hedge funds work smarter by automating everything from models to decks, inside the tools they already use. In this episode, we cover: 🚀 How Farsight went from MIT idea to 10x revenue in a year 🛠️ Why AI is killing the dreaded “grunt work” once and for all 🏦 The future of finance when junior bankers focus on strategy, not slides 🔒 Building AI that fits seamlessly into high-security, high-stakes workflows Whether you’re in finance, tech, or just tired of busywork, this one’s worth a listen.

I'm incredibly fortunate to chat with @zatlyn (Michelle Zatlyn), Co-founder & President of @Cloudflare $73B public powerhouse protecting the global internet! 🚀 @TankTalkPodcast has sparked amazing connections I never expected. This ep started at a Web Summit dinner in Vancouver—seated next to Michelle, we bonded over tech, AI, & her Canadian roots. Sparks flew! ✨ We dive into her Saskatchewan journey shaping leadership, Harvard hallway idea to $2M raise (no product!), IPO pre-COVID surge, inclusive teams, AI controls, & why $100M-$1B scaling is more fun than from $0 to $100M 😎 Key takeaways: ✅ Fundraise with zilch? ✅ Hallway idea → internet backbone? ✅ Public amid crisis? ✅ AI content control? ✅ Authentic diversity? Must-watch for tech fans! (Links below)

🚀 New Tank Talks Episode🎙️ The Power of Pre-Seed with @gjain from @AforeVC What if your best investment happened before a founder even had an idea? In Episode 267 of @TankTalkPodcast, I sat down with Gaurav Jain, co-founder of Afore Capital, one of the OGs of pre-seed VC to unpack: 💥 Why momentum is the only moat at the earliest stage 🧠 How to back founders before they build a product (or even have an idea) 🤖 How AI-native startups are scaling faster with less capital 📈 The rise of seed-strapping and capital-efficient growth 🍁 Gaurav’s honest take on the Canadian tech scene We also dive into Afore’s wild bets like their Founder-in-Residence programs—and why Gaurav believes being “too early” is actually the sweet spot. 💡 If you’re a founder who hasn’t even figured out the “what” yet—but know you’re meant to build—this one’s for you.

The latest Rundown episode of @TankTalkPodcast is live—this one’s a must-listen. @ruffoloj and I break down some of the biggest trends shaping the future of Canada’s innovation economy: Canada’s Data Sovereignty Crisis ➡️ Foreign control of our data centers poses major risks. What can Canada do to protect its digital infrastructure? The AI Infrastructure Boom ➡️ The Maple 8 pension funds are betting big on AI. We unpack the strategy behind these moves—and what’s at stake. The Rise of Secondaries in VC ➡️ Northleaf Capital Partners just raised $663M for a secondary fund. Is this the new normal in a liquidity-constrained market? Zombie Assets in Venture Capital ➡️ Too many legacy investments are stuck. Can secondaries unlock value? Crypto, Stablecoins & Canadian Banks ➡️ As stablecoins gain traction, what does it mean for Canada’s financial sovereignty? This episode is packed with insights on how Canada can stay competitive in a rapidly changing global market. 🎧 Watch & Listen (links in comments)

Canada's outdated capital gains policies are driving entrepreneurs and investors away. We need competitive tax reform to keep talent and investment here, building the businesses of tomorrow. Today, Canada has two policies to encourage builders to start businesses the Lifetime Capital Gains Exemption (LCGE) and a proposed Canadian Entrepreneur's Incentive (CEI). Together, these mean that instead of paying taxes on half their profits, business owners might only pay on one-third, or sometimes nothing at all—but only up to $3.25 million. But, these policies simply can’t compete with the US. The USA’s Qualified Small Business Stock (QSBS) lets entrepreneurs avoid taxes on up to $15 million in profits or ten times their original investment. That's five times more than Canada's maximum. What's more the QSBS excludes fewer categories of company and can be used per business rather than over the lifetime of a single individual. This means repeat entrepreneurs in Canada, who have a higher chance of building successful businesses are discouraged from trying again. While, entrepreneurs, early employees, and investors in the US can use the QSBS again and again for subsequent companies. The good news is that for the largest exits the gap between Canada and the US decreases due to a more competitive basic capital gains inclusion rate in Canada. This means that if we match the QSBS’s capital gains limit and exclusions it could actually give the Canadian policy an edge driving more investment in the country and supercharging our SMB ecosystem. However, if we leave the policy as it stands right now companies can never get started because investors and entrepreneurs are scared away. If we want to keep our entrepreneurs, Canada’s capital gains policies must become competitive with US policies. You can read the full memo at the link below: