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.com

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August 21, 2026Episode 33551 min

What 30 years inside critical infrastructure teaches you about security | Karl Holmqvist, CEO of Lastwall

In this episode of Tank Talks, host Matt Cohen sits down with Karl Holmqvist, co-founder and CEO of Lastwall, a FedRAMP-certified identity security platform built for the highest-risk use cases. Karl has been deep in cybersecurity since the 1990s, with early experience building critical infrastructure, including Canada’s first high-speed mobile data network, and a recent focus on identity security at the forefront of making systems quantum-resilient. In this conversation, they explore the evolution of Lastwall from early behavioral biometrics and cognitive signals to today’s hybrid post-quantum cryptography. They also dig into the journey to FedRAMP approval and what it really takes to sell to the hardest customers on the planet, from the DOD’s Innovation Unit to critical infrastructure operators globally. Karl shares his view on why hybrid cryptography is the only responsible path right now, the magnified risk of the AI agent era, and his strongly held belief that when it comes to quantum resiliency, you’re either going to be too early or too late. Whether you’re a founder navigating a path into regulated markets, a security leader thinking about the agentic AI era, or just curious about what it takes to protect critical infrastructure, Karl delivers a grounded, technical, and occasionally unsettling look at where identity security is headed. – A big thanks to our sponsor, Moomoo Canada This is the kind of tooling that used to live on a Bloomberg terminal, but now it is on your phone, just a few taps away. They offer real-time data, full options chains, and an AI assistant that actually explains trading strategies. Moomoo is the perfect place for people who want to take their money seriously. Open an account today at moomoo.ca Growing Up in Dubai During the Gulf War (03:50) * Karl’s childhood in Dubai as an expat during the Gulf War * Visiting the USS Nimitz and seeing 5,000 people living on an aircraft carrier * How jets overhead and allied ships shaped his early view of technology and defense * The BBS era and the thrill of finding information that wasn’t available to everyone From Mobile Data Skepticism to Building Canada’s First High-Speed Network (05:31) * Why people thought mobile internet was “the stupidest thing” in the early 2000s * Building a data-only carrier when no one believed you’d want internet everywhere * The Nokia Communicator as his favorite tech gadget and early glimpse of mobile data * Connecting critical infrastructure and discovering default credentials left wide open The Wake-Up Call: Wastewater Plants and Unsecured Dams (12:58) * Finding a wastewater flow control valve dangling on the internet with admin/admin credentials * The “air-gapped” power plant where an engineer plugged his BlackBerry in to charge * How Shodan and friends revealed dams and power facilities publicly accessible * The founding of Lastwall: “Hackers will be everywhere. We’ve got to do something.” From Behavioral Biometrics to Quantum Resilience (19:11) * Why 85% of hacks still use valid stolen credentials, the same as the 1990s * Early experiments with keyboard dynamics, mouse movements, and cognitive biometrics * Tracking Peter Shor’s algorithm since university and the IBM factorization of 15 in 2001 * The 2017 to 2018 decision to embed quantum resiliency natively into Lastwall Selling to the Pentagon: DIU and the “Hard Mode First” Strategy (26:07) * Landing the first major deployment with the U.S. Department of Defense Innovation Unit * How DIU pioneered procurement that matches innovation cycles, months instead of years * The advice from Carbon Black founders: build the regulated stack first * Why defense tech used to shut VC doors and how times have changed FedRAMP, Canada, and the Case for Harmonization (33:25) * FedRAMP as the gold standard: do compliance once, reuse everywhere * The Canadian challenge: every agency doing its own security review * Why Canada should base its program on NIST 800 and harmonize with the U.S. * The reality of the integrated North American power grid and shared defense AI Agents and the Blast Radius of Credential Theft (37:44) * Why 50 to 100 agents per human in 2 to 3 years will magnify damage exponentially * The OpenClaw lesson: agents do what agents do, not what you expect * The “YOLO” approach to AI deployment and why enterprises aren’t calling enough * Advice for founders: sandbox first, don’t connect your whole drive, go slowly The $60M Series A Extension and the Path Forward (43:13) * Raising BDC Capital’s Strong North Fund led by Major General (Ret.) Peter Dawe * The milestone of FedRAMP certification and opening the floodgates to U.S. agencies * Deploying in disconnected environments: field containers for critical infrastructure * Why defense is ultimately about protecting the economy About Karl Holmqvist Karl Holmqvist is co-founder and CEO of Lastwall, an identity-as-a-service platform built on Zero Trust principles and public key infrastructure, hardened with post-quantum cryptographic resilience. Lastwall serves the U.S. Department of Defense and a growing number of civilian government agencies and critical infrastructure operators. Karl has been a cybersecurity enthusiast since the 1990s, with a background spanning telecommunications infrastructure (including building one of Canada’s first high-speed mobile data networks), renewable energy infrastructure across the Middle East, North Africa, and Southern Europe, and international investing. He studied at Mount Allison University and is based in Vancouver, BC. Connect with Karl Holmqvist on LinkedIn: https://www.linkedin.com/in/karlholmqvist/ Visit Lastwall’s website: https://www.lastwall.com/ 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

August 13, 2026Episode 33423 min

The Rundown 8/13/26: AI’s Infrastructure Problem Is Bigger Than We Think

Canada’s venture capital market is showing signs of life, but the recovery comes with a catch: more money is flowing into fewer companies. Matt Cohen and John Ruffolo unpack what that means for Canadian founders, why promising tech companies keep getting acquired before they reach scale, and whether Canada is at risk of becoming the world’s R&D shop instead of building lasting global champions. They also dig into Canada’s $2.3 billion Telesat sovereignty bet, the growing backlash against AI data centers over energy and water use, and Mark Zuckerberg’s push for a more decentralized AI future. John agrees with parts of Zuckerberg’s argument, but questions whether the Meta founder is really the right person to lecture the world about distributing power. Finally, Matt and John break down Ontario Teachers’ massive SpaceX win and what it could mean for how Canadian pension funds think about venture capital. If you want a sharper read on where Canadian tech, AI infrastructure, venture capital, and economic sovereignty are heading next, this episode is a must-listen. – A big thanks to our sponsor, Moomoo Canada This is the kind of tooling that used to live on a Bloomberg terminal, but now it is on your phone, just a few taps away. They offer real-time data, full options chains, and an AI assistant that actually explains trading strategies. Moomoo is the perfect place for people who want to take their money seriously. Open an account today at moomoo.ca Canada’s VC Rebound Comes With a Catch (01:53) Canadian venture funding is rising, but deal volume keeps falling as more capital concentrates around a smaller group of companies. John explains why this “flight to quality” could create huge winners while making life much harder for strong startups outside the hottest deals. Canada’s $2.3B Sovereignty Bet (06:15) Canada’s major investment in Telesat and secure satellite communications is about much more than competing with Starlink. John argues that defence and other sensitive infrastructure cannot depend entirely on foreign providers, making sovereign technology a strategic necessity. The AI Data Center Backlash Is Getting Political (09:19) AI data centers are running into growing resistance over electricity demand, water use, and the strain they place on local infrastructure. John believes the issue could become much more political in Canada if rising AI demand starts pushing up energy costs for everyday consumers. Zuckerberg Wants to Decentralize AI Power. Really? (14:48) Mark Zuckerberg is pushing a vision of personal superintelligence that puts powerful AI tools into the hands of individuals and small businesses. John agrees with some of the open-source philosophy, but calls out the contradiction of hearing a message about decentralizing power from the founder of Meta. Can One SpaceX Bet Change How Pension Funds Think? (18:55) Ontario Teachers’ SpaceX investment shows how a single exceptional venture bet can have a meaningful impact even inside a massive pension portfolio. John explains why pension funds should remain disciplined, but says wins like SpaceX and Shopify prove that venture capital absolutely can move the dial. 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

August 7, 2026Episode 33353 min

CRO of Affirm on How “Buy now, pay later” Makes Money

In this episode of Tank Talks, host Matt Cohen sits down with Wayne Pommen, Chief Revenue Officer at Affirm and founder of PayBright, Canada’s first e-commerce buy now, pay later platform. Wayne shares his unlikely journey from competitive rowing, including the Oxford-Cambridge Boat Race, to a PhD in international relations, Bain Consulting, and private equity at TorQuest, where a failed deal set him on the path to building a fintech unicorn. Wayne pulls back the curtain on PayBright’s early days, from spinning out a tiny 5-person division called HealthSmart Financial Services to pivoting into e-commerce and landing Casper and Endy as launch partners. He offers a practical breakdown of running a successful M&A process, sharing the dos and don’ts that led to Affirm’s acquisition of PayBright in 2020. Now a senior executive at a public fintech giant, Wayne reflects on what he’s learned from working alongside Max Levchin, why Affirm refuses to charge late fees or deferred interest, and how AI is transforming everything from underwriting to go-to-market. He also shares his views on agentic commerce, the Canadian consumer credit landscape, and why “don’t quit” is his favorite life lesson. Whether you’re a founder navigating a pivot, an operator scaling through acquisition, or just curious about the future of payments and AI, Wayne Pommen delivers the kind of straight talk that comes from building and scaling one of Canada’s most successful fintech stories. – A big thanks to our sponsor, Moomoo Canada This is the kind of tooling that used to live on a Bloomberg terminal, but now it is on your phone, just a few taps away. They offer real-time data, full options chains, and an AI assistant that actually explains trading strategies. Moomoo is the perfect place for people who want to take their money seriously. Open an account today at moomoo.ca From Cambridge to Bain to Private Equity (03:10) * The Oxford-Cambridge Boat Race, a broken wrist, and a comeback story * Why he chose Bain over academia and how consulting shaped his career * Joining TorQuest and zeroing in on non-bank financial services Finding the Kernel: HealthSmart Financial Services (05:18) * The summer of 2013, losing a deal but falling in love with the point-of-sale lending model * Why banks ignored this niche and how technology was changing the game * Spinning out a tiny five-person division with no CEO The Pivot to E-Commerce (10:14) * Doubling the health business in 2016 and realizing it would take forever * The epiphany: Canada had no point-of-sale financing for e-commerce * Mapping out the user experience over Christmas 2016 and pre-selling Casper and Endy Building PayBright: Scrappy, Fast, and Capital Efficient (15:00) * Running a “double-headed monster,” healthcare and e-commerce side by side * Advice for founders navigating platform shifts, from legacy platforms to AI-native products * The economics of buy now, pay later, merchant fees, interest rates, and cost of risk The Affirm Acquisition (21:02) * Growing annual loan volume from $6 million to $220 million in five years * The COVID boom and inbound interest from Klarna, RBC, TD, and Affirm * Running a mini process, dos and don’ts for founders Staying On: Becoming CRO at Affirm (27:34) * Why he stayed past the earnout and has now been there for more than three years * Lessons from Max Levchin and the “dog on a bone” approach to going deeper * How to stay focused across multiple products and jurisdictions Agentic Commerce and the Future of Shopping (33:09) * What agentic commerce really means and what it doesn’t * Why agents will read the fine print and guide consumers to better choices * The partnerships with Google, Stripe, and Shopify Banning Deferred Interest and Late Fees (36:04) * Why deferred interest is “borderline abusive” and hard to defend * Affirm’s no-late-fee, no-compounding, transaction-level underwriting model * Aligning lender and consumer interests, the Max Levchin insight From Private to Public: Lessons in Discipline (40:32) * How being public forces discipline without over-dictating the quarter * Advice for CROs on timing the public markets * Why Stripe staying private proves there’s no one-size-fits-all path AI at Affirm: Supercharging Revenue and Underwriting (44:11) * The proliferation of AI tools internally and the excitement of experimentation * How transformer-based models are improving underwriting * The future of work, querying Slack for tribal knowledge in seconds About Wayne Pommen Wayne Pommen is Chief Revenue Officer at Affirm, where he oversees the company’s revenue-generating teams and products. He joined Affirm in January 2021 through its acquisition of PayBright, Canada’s leading buy now, pay later provider, which he founded and led as President and CEO starting in 2015, growing it from 5 to 250 employees with retail partners including Apple, Hudson’s Bay, Wayfair, Samsung, and Sephora. Before PayBright, Wayne was a Principal at TorQuest Partners and a consultant at Bain & Company. A former competitive rower for Canada’s national team, he holds a degree from Harvard and a PhD from Cambridge. Connect with Wayne Pommen on LinkedIn: https://www.linkedin.com/in/wayne-pommen-8844021/ Visit Affirm’s website: https://www.affirm.com/ 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

July 30, 2026Episode 33245 min

The Money Behind Money in VC | Julia Maltby

In this episode of Tank Talks, host Matt Cohen sits down with Julia Maltby, a Principal at Fengate Asset Management who has lived the full venture capital lifecycle. Julia started as the first employee at Plum Alley Investments, ran partnerships at WeWork during its hyper-growth phase, spent over five years rising from Associate to Principal at Flybridge Capital, and even ran her own seed fund, Deco Ventures, before moving to the LP side at Fengate in 2025. Today, she invests in early-stage VC funds and direct opportunities across North America. Julia offers a brutally honest perspective on what she wishes every emerging manager knew about fundraising. She explains why LPs value process over outputs, why founder references from failed companies are more valuable than those from winners, and how GPs can stop leaving first meetings as a “polite maybe” and start qualifying LPs like a sales funnel. She also pulls back the curtain on LP-to-LP communication (which she says is 10X stronger than GP gossip), shares tactical advice on building data rooms that actually get read, and reveals how Fengate pre-approves co-investments to move at startup speed. Whether you’re a GP in the middle of a raise, an LP sorting through an endless stack of emerging manager pitches, or just curious what venture looks like from every seat at the table, this episode is for you. From Liberal Arts to Venture Capital (02:07) * Julia’s unconventional path from studying architecture and social inequality to becoming one of venture’s most respected emerging investors. * How a cold LinkedIn message landed her first job in venture capital. * Why having no finance background became an advantage instead of a limitation. Learning Venture from the Ground Up (04:13) * Building crowdfunding platforms and SPVs before venture became mainstream. * Why early-stage investing means wearing product, operations, and fundraising hats. * Lessons learned from saying “yes” before knowing exactly how to do the work. Inside WeWork’s Hypergrowth Machine (05:11) * Joining WeWork during its explosive expansion and learning from one of startup history’s fastest growth stories. * What Adam Neumann got exceptionally right about building mission-driven teams. * The leadership lessons worth keeping and the scaling mistakes worth avoiding. The Flybridge Investing Framework (10:39) * Why durable venture investing starts with disciplined systems rather than intuition alone. * The importance of pricing integrity and staying focused on core business strengths. * How evaluating customer urgency shaped Julia’s investment philosophy. Becoming a Solo GP (14:14) * Launching Deco Ventures with Flybridge’s support. * The challenges of making investment decisions without partners. * Why every solo GP needs trusted people whose job is to challenge—not validate—their thinking. What Makes a Venture Manager Truly Different? (18:00) * Why there isn’t just one formula for becoming a successful GP. * Understanding your competitive advantage instead of copying other managers. * How LPs think about portfolio fit beyond fund performance. The Data Room Mistakes GPs Keep Making (23:18) * Why withholding information often slows fundraising rather than helping it. * Julia’s advice: send everything instead of drip-feeding documents. * How GPs should reference-check LPs before sharing sensitive materials. Looking Beyond Markups and Valuations (27:16) * Why portfolio KPIs matter more than inflated funding rounds. * How disciplined reserve strategies separate thoughtful investors from reactive ones. * Using follow-on decisions as a measure of investment discipline. The Power of Great References (31:45) * Why founders from failed companies often provide the strongest references. * How LP references reveal governance, transparency, and communication quality. * Why perfect references can actually make LPs more skeptical. Stop Leaving Meetings as a “Maybe” (34:35) * The questions every GP should ask before ending a fundraising meeting. * Understanding the difference between genuine interest and structural misalignment. * How qualifying LPs like a sales pipeline saves months of wasted fundraising. Building Better Co-Investment Relationships (37:06) * How proactive communication makes co-investments move faster. * Why LPs build internal pipelines long before deals officially launch. * The importance of giving institutional investors time to prepare. The Future of Early-Stage Venture (39:27) * Why Julia remains optimistic despite today’s challenging fundraising environment. * The growing divide between mega-funds and smaller venture firms. * Why smaller funds continue delivering meaningful returns that often go unnoticed. Using AI to Build Better LP Portfolios (41:17) * How Fengate uses AI to understand portfolio exposure across hundreds of startups. * Moving beyond broad fund branding into detailed market analysis. * Why better portfolio intelligence leads to better future investment decisions. About Julia Maltby Julia Maltby is a Principal at Fengate Asset Management, where she invests in early-stage VC funds and direct opportunities across North America. She has lived the full VC lifecycle: she was the first employee at Plum Alley Investments, ran partnerships at WeWork, spent 5+ years rising from Associate to Principal at Flybridge Capital, and founded her own seed fund, Deco Ventures. She holds an MBA from Harvard Business School and writes about her LP experiences on her Substack, Julia’s Field Notes. Connect with Julia Maltby on LinkedIn: linkedin.com/in/juliamaltby Learn more about Fengate Asset Management: https://fengate.com/ Read Julia’s Field Notes: 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

July 23, 2026Episode 33144 min

Why Software Lost Its Moat and Deep Tech Is Winning with Jacob Jackson of Julian Capital

Everyone Has the Same AI Tools Now. So where’s the Moat? In this episode of Tank Talks, host Matt Cohen sits down with Jacob Jackson, partner at Julian Capital and founder of Deep Checks. A physicist turned SaaS founder turned deep tech investor, Jacob brings a unique perspective on the shifting landscape of venture capital. He shares his personal journey from developing MRI techniques at UBC to founding MedStack, and why he made the full-circle pivot back to backing companies building real, hard technology. Jacob offers a frank assessment of the defensibility crisis in software, explains why AI is democratizing superpowers across every industry, and makes the case that deep tech offers faster exits and higher unicorn density than its reputation suggests. He also breaks down how Julian Capital supports founders with growth and go-to-market muscle, and why the team behind the idea matters more than ever in today’s market. Whether you’re a founder building hardware, an investor looking for the next generation of venture returns, or just trying to understand where technology is headed, Jacob Jackson delivers the kind of straight talk that cuts through the hype. Why Software’s Moat Is Gone (04:00) * Jacob’s firsthand experience building MedStack, where Amazon, Google, and Azure built competing products almost overnight * Why the defensibility crisis in SaaS is making it harder than ever for new companies to get off the ground * The shift from competing on product to competing on capital and go-to-market Redefining Deep Tech: What Everyone Gets Wrong (06:44) * The biggest misconception: that deep tech requires 20-year fund cycles * How SpaceX-style private market liquidity proves milestone-based exits work * Why the hottest sector of the year is never where the biggest company gets seeded How AI Accelerates Hardware Development (08:23) * AI as a democratizing force that makes everything faster and more competitive * From CAD design to patent strategy: how AI is becoming a founder’s essential tool * The commoditization of vertical robotics and what it means for defensibility Building Moat in Deep Tech: Talent, Networks, and Network Effects (10:30) * Why network effects and talent density matter more than patents alone * How to pull the “ladder up” behind you as you scale * Incumbents vs. upstarts: why everyone has access to the same tools now The Rise of Deep Checks (18:01) * How Deep Checks became the world’s largest network of deep tech founders and VCs * The platform that helps founders run a tight, accelerated fundraising process * Over $100 million deployed and 5,000+ founders submitted in just two years What Jacob Looks for in Founders (24:50) * The 50/50 split between team and idea * Why obsession and speed matter more than business experience * How to spot the founders who will learn to sell, recruit, and negotiate Frontier Tech vs. Deep Tech (29:20) * Why Julian Capital backs “picks and shovels” companies in spaces like fusion and quantum * The importance of market pull and meaningful near-term milestones * Why a 20-year fund cycle makes financial math nearly impossible The Data That Surprised Everyone (32:58) * Deep tech exits are 25% faster with more unicorns per dollar invested * Why historical data shows deep tech outperforming software * The role of capital flooding and dilution in venture returns About Jacob Jackson Jacob Jackson is a partner at Julian Capital and the founder of Deep Checks, the world’s largest network of deep tech founders and VCs. A physicist by training, Jacob pivoted from academic research to founding MedStack, a privacy and security SaaS platform, before returning to his engineering roots as an investor. He now backs founders building hardware and tackling the world’s hardest problems. Jacob is known for his data-driven approach, obsession with team quality, and candid takes on the future of venture capital. Connect with Jacob Jackson on LinkedIn: https://www.linkedin.com/in/jonlovekingsett?originalSubdomain=ca Visit Julian Capital’s website: https://www.julian.capital/ Submit to Deep Checks: https://www.deepchecks.vc/ 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

July 20, 2026Episode 33026 min

The Rundown 7/20/26: TouchBistro’s Collapse, Meta’s $13B AI Bet, and Canada’s Defence Boom

Matt Cohen is joined by John Ruffolo for another hard-hitting Tank Talks: The Rundown, covering the biggest stories shaping Canadian technology, venture capital, defence, and artificial intelligence. They break down TouchBistro’s dramatic fall from Canadian tech darling to a roughly $100 million exit, examining how inflated valuations, founder transitions, and restrictive financing can leave a company with nowhere to go. The conversation also explores Dominion Dynamics’ major defence technology funding round, Meta’s $13 billion AI data centre investment in Alberta, and the growing open-weight AI movement that could threaten the business models and valuations of OpenAI, Anthropic, and other leading AI companies. John explains why foreign-owned infrastructure alone will not create true AI sovereignty or lasting economic value for Canada. Finally, Matt and John discuss Mark Carney’s efforts to attract Saudi investment and whether renewed international interest in Canada will translate into real capital and economic growth. Listen to the full episode of Tank Talks: The Rundown for candid insights on startup valuations, Canadian defence technology, AI infrastructure, venture capital risk, and the decisions founders and investors must make before the market forces their hand. TouchBistro’s $100M Exit: When Valuation Becomes a Trap (01:57) John breaks down how TouchBistro went from a promising Canadian tech company to a sale far below its expected value. He explains how inflated valuations, founder changes, and restrictive financing can leave a business with no room to recover. Canada’s Defence Technology Gold Rush (10:06) Dominion Dynamics’ major Series A signals growing investor interest in Canadian defence technology. John warns that the sector requires deep expertise, trusted government relationships, and strategic investors, not just capital chasing the latest trend. Meta’s $13B Alberta AI Bet: Infrastructure or Sovereignty? (14:24) Meta’s massive Alberta data centre could bring billions in investment, jobs, and energy demand to Canada. But John argues that the highest-value assets, the models, chips, data, and intellectual property, will still be owned outside the country. Open-Weight AI Could Change the Entire Market (18:14) Powerful open-weight AI models are giving startups alternatives to expensive closed platforms. Matt and John discuss whether this shift could weaken the business models of OpenAI, Anthropic, and other frontier AI companies. The AI Valuation Reckoning Is Getting Closer (20:32) John argues that many leading AI and technology companies are priced far ahead of their current economics. A public market correction could quickly drag down private startup valuations and force founders to accept difficult resets. Carney’s Saudi Capital Push: Interest Is Not Investment (24:01) Mark Carney is working to attract Saudi and international investment into Canada. John believes Canada’s global credibility has improved, but warns that meetings and interest mean little until they produce actual deals and committed capital. 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

July 16, 2026Episode 32938 min

Paul Ziadé: Why Canada’s Defence Complacency Ends with North Vector Dynamics

In this episode of Tank Talks, host Matt Cohen sits down with Paul Ziadé, CEO and co-founder of North Vector Dynamics, a Calgary-based company building full-spectrum precision missile systems for Canada and its allies. A former tenured professor at the University of Calgary turned defence entrepreneur, Paul brings a deeply personal and historically literate perspective to the Canadian defence landscape. He shares his family’s story of displacement from Lebanon and Armenia, and how that legacy of resilience informs his mission to build a sovereign missile capability for Canada. Paul offers a frank assessment of Canada’s defence complacency, arguing that the culture of risk-aversion is “upstream of everything.” He explains why the obsession with “dual-use” investing is holding the country back, why pure-play defence innovation is critical, and how startups like his can deliver capability faster than the traditional 10-year procurement cycle. He also breaks down the massive opportunity presented by the Golden Dome NORAD modernization and why Canada must participate not just as a buyer, but as an active builder. Whether you’re a defence founder navigating the Canadian ecosystem, an investor trying to understand the shift in risk capital, or a policy wonk watching the Arctic heat up, Paul Ziade delivers the kind of straight talk that cuts through the noise. From Civil War to Canadian Soil (00:01:20) * Paul’s upbringing as the child of Lebanese-Armenian immigrants who fled civil war and genocide. * How his parents’ appreciation for Canada’s peace and rule of law instilled a deep sense of responsibility. * The household rule: “Laziness was never an option” , competitive soccer, piano, student government, and French schooling. The Kennedy Space Center Spark (00:04:00) * How a grade 10 family trip to the Kennedy Space Center “lit the fuse” for his obsession with rocketry. * Touching the Saturn V and realizing what human ingenuity could achieve. * Why he needed a strong goal to anchor his focus and drive. Academia to Entrepreneurship (00:05:38) * Why he left a tenured professorship after 10 years at the University of Calgary. * The mindset shift: moving from committee-driven, overthinking academic life to the velocity and action-mentality of startups. * How academia trained him to be a better communicator, but startup life gave him instant feedback on every decision. The North Vector Vision (00:08:53) * The mission: precision missile systems on every continent protecting allies and Canada. * Full-spectrum air defence , from low-and-slow drones to hypersonic threats. * Assembling the “Avengers” team from his university labs, including co-founders Craig (aerospace research chair) and Colin (former TA). The Supply Chain Blind Spot (00:10:36) * Canada’s massive gap in energetics , from solid rocket motors to warheads, and upstream chemical synthesis (RDX, HMX, C4 propellants). * Why “vertically integrated” doesn’t always mean what people think. * The need for government signals to encourage private companies to take the risk and spool up. Defence Investing: Then vs. Now (00:14:48) * In 2022, no one wanted to look at North Vector , squeamishness around defence was rampant. * The gap between the narrative and reality on the ground in Canada. * Why most Canadian investors are still obsessed with “dual-use” investing, which Paul argues is historically misguided. The Dual-Use Delusion (00:29:31) * The problem with forcing every defence tech to have a civilian application. * Historical examples: GPS (missile guidance), duct tape (waterproof ammunition sealing). * The parallel to basic science , pure math and quantum mechanics funded with no immediate application, yet yielding enormous real-world benefits. Canada vs. The U.S. (00:18:43) * Honest admission: it’s easier to build defence tech south of the border. * Why North Vector chose to stay in Canada despite the friction. * Canada as a “frontier market” , a massive opportunity for those willing to build. * The debt of gratitude to the country that gave his family refuge. ACDC & The 70% Target (00:21:20) * Paul co-chairs the Alliance of Canadian Defence Companies (ACDC) , now nearly 200 members. * The goal: champion Canadian-owned, Canadian-controlled companies and advocate for fast contracts. * Holding the government accountable to the Defence Industrial Strategy (DIS) without displacing primes. In-Q-Tel & The Culture Shift (00:23:16) * What a Canadian version of In-Q-Tel would need to get right. * The critical need: give delegated authorities permission to take risks and accept failure as part of the process. * Moving money out the door faster to small, scrappy startups that could win big. The Golden Dome Opportunity (00:27:13) * Canada’s lack of commitment to NORAD modernization and the Golden Dome. * The upside: a $500B–$1.2T opportunity. * Paul’s proposed win-win: “Give Trump the $61B win, but ensure $40B goes to Canadian firms.” * How Canada can participate as an active builder, not just a buyer. About Paul Ziadé Paul Ziadé is the CEO and co-founder of North Vector Dynamics, a Calgary-based company building full-spectrum precision missile systems for Canada and its allies. A former tenured professor at the University of Calgary, Paul holds deep expertise in high-speed propulsion and aerodynamics, having spent over a decade in academia before pivoting to the startup world. He is also the co-chair of the Alliance of Canadian Defence Companies (ACDC) , advocating for Canadian-owned, Canadian-controlled defence firms. A first-generation Canadian with roots in Lebanon and Armenia, Paul brings a historically literate perspective to national security and the urgent need for Canada to build sovereign defence capability. Connect with Paul Ziadé on LinkedIn: https://www.linkedin.com/in/paul-ziade/ Visit North Vector Dynamics’ website: https://www.northvectordynamics.com/ Learn more about ACDC: https://www.alliancecanada.com/ 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

July 13, 2026Episode 32845 min

The 4.3 Trillion Dollar Problem: Why Venture’s Liquidity Crisis Is Here to Stay with John Rikhtegar and Peter Walker

In this special episode of Tank Talks, recorded live during Toronto Tech Week at Moomoo Canada’s flagship store in Yorkville, Matt Cohen sits down with two of venture’s sharpest data and investment minds for an unfiltered conversation on the state of private markets. Peter Walker, Senior Director of Insights at Carta, brings the hard numbers from 60,000+ companies and 3,000+ US venture funds, revealing the stark reality behind valuation markups, unicorn deterioration, and the widening dispersion between top-tier and median deals. John Rikhtegar, Vice President at Northleaf Capital Partners and former RBC investor, offers the LP perspective on why trust matters more than ever, why emerging managers are bearing the brunt of capital allocation challenges, and how disciplined pacing and vintage diversification separate winning funds from the rest. Together, they tackle the 4.3 trillion-dollar NAV overhang, the brutal graduation rates for 2021 vintage funds, whether valuations have permanently shifted, and why the ATM analogy might be the best way to understand AI’s impact on venture careers. If you’re a GP raising capital, an LP sorting through manager pitches, or just trying to make sense of where venture is headed, this episode is a must-listen. The Great LP Reset: Trust Over Performance (08:05) * Why LPs are letting go of newer relationships while sticking with 15-year partners. * The COVID furlough analogy: why junior and newer team members are the first to go. * How trust became the ultimate table stakes in today’s fundraising environment. The 4.3 Trillion Dollar NAV Problem (12:33) * Why SpaceX’s IPO would return only 10% of capital deployed over the last decade. * The staggering number of unicorns still sitting on stale marks from 2021. * What happens when 50% of unicorn down rounds become the new normal. Valuation Dispersion Is Breaking the Model (17:38) * Seed valuations jumped from $15M post-money (2022) to $24M (2025). * Series A went from $46M to nearly $80M in the same period. * Why the gap between the top decile and the median has never been wider. * How GPs must adapt ownership expectations or get priced out of deals. The Unicorn Graveyard: Stale Marks and Deteriorating Assets (19:28) * December 2021: 640 unicorns on Carta; 85% of current US unicorns. * 30% have raised new up-rounds; of the rest, half raised down rounds of 50% or more. * How GPs are forced to tell LPs that their “trophy assets” are no longer real. Pacing, Reserves, and Portfolio Construction (22:53) * Why disciplined 3-4 year deployment beats 18-month “firehose” strategies. * The 80/20 reserve debate: why leading rounds can become a net negative. * How “deal 13” is just as likely to succeed as “deal 12”, and why slightly larger portfolios make sense. LP Diligence: It’s Not About the Marks (31:55) * Why TDPI and DPI are just 2 of 100 mosaic factors in LP decision-making. * How LPs now go company-by-company, not fund-by-fund. * The importance of founder references, especially from failed companies. Canada vs. The US: A Fractal Problem (40:44) * Why every market (Toronto, Sydney, London, Seattle) faces the same “Silicon Valley problem.” * The importance of domestic liquidity and secondary markets over chasing US LPs. * Why returns, not international capital, will ultimately scale Canadian firms. AI and the Future of Venture Careers (44:44) * The ATM analogy: AI will eliminate tasks, not jobs. * Why the role of the investor becomes more important as noise and froth increase. * How family offices are shifting their mix between fund investing and direct deals. Retail Access to Private Markets: Feature or Bug? (53:27) * Why illiquidity in private markets is a feature, not a bug. * The absurdity of allowing crypto “shitcoins” but blocking friends from investing in startups. * Why “401k-entrance” to private equity is a bigger story than retail venture access. About the Guests Peter Walker is the Senior Director of Insights at Carta, where he leads the team responsible for analyzing data from over 60,000 companies and 3,000+ venture funds. His work on valuations, liquidity, and fundraising trends is widely cited across the venture ecosystem. He is a regular speaker at industry events and writes extensively on LinkedIn about the intersection of data and venture capital. Connect with Peter Walker on LinkedIn: linkedin.com/in/peterjameswalker Learn more about Carta: carta.com John Rikhtegar is a Vice President at Northleaf Capital Partners, joining in early 2026 after a distinguished career at RBC and as an operator at Shopify and in the UK. He brings a unique blend of LP and operational perspectives, with deep expertise in due diligence, portfolio construction, and the dynamics of emerging manager investing. Connect with John Rikhtegar on LinkedIn: https://www.linkedin.com/in/johnrikhtegar/ Learn more about Northleaf Capital Partners: https://www.northleafcapital.com/ 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

July 2, 2026Episode 32745 min

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

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 journey Defence 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 Canada Why 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 startups The 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 technology What 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 businesses Building 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 businesses Expanding 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 strategies Helping 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 institutions Advice 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 Canada The 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 capital Valuations, 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 * Why solving Canada’s capital challenges is essential for keeping world-class entrepreneurs at home About the Panel Matt Cohen is the Founder and Managing Partner of Ripple Ventures, an early-stage venture capital firm investing in exceptional founders across Canada and the United States. Ripple has expanded from its roots in B2B software into frontier technologies, including defence and dual-use innovation. Mark Maybank is the Co-Founder and Managing Partner of Maverix Private Equity. Maverix focuses on growth-stage investments across North America, with defence and dual-use technologies forming a core part of its investment strategy. Devin Galloway is a General Partner at Garage Capital, one of Canada’s leading early-stage venture funds. Since 2014, Garage has backed founders building category-defining companies across software, deep technology, and defence. Connect with Devin Galloway on LinkedIn: https://www.linkedin.com/in/devongalloway Visit the Garage Capital website: https://www.garage.vc/ Connect with Mark Maybank on LinkedIn: https://www.linkedin.com/in/mark-maybank Visit the Maverix Private Equity website: https://www.maverixpe.com/ 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

June 26, 2026Episode 3261 hr 18 min

Toronto Tech Week and the New Era of Canadian Startup Ambition

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 Wertz Boris 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: https://www.linkedin.com/in/bwertz/ Visit the Version One website: https://versionone.vc/ About Lawrence Mandel Lawrence Mandel is a VP of Engineering at Shopify, where he helps lead major parts of Shopify’s core technical infrastructure, including merchant-facing systems, analytics, API layers, and the third-party developer ecosystem. With more than eight years at Shopify and a team of hundreds of engineers, Lawrence has been closely involved in how one of Canada’s most important technology companies builds, hires, trains, and adapts in an AI-native world. Connect with Lawrence Mandel on LinkedIn: https://www.linkedin.com/in/lmandel/ Visit the Shopify website: https://www.shopify.com/ About Farhan Thawar Farhan Thawar is a senior engineering leader at Shopify and one of the most distinctive voices in Canadian tech on AI, software development, and engineering culture. Known for his practical, high-conviction thinking, Farhan has helped shape how Shopify approaches remote work, engineering velocity, AI tooling, internal systems, and company-wide habits like Meeting Armageddon and Delete Code Club. His perspective blends deep technical experience with a founder-style obsession for speed, leverage, and better systems. Connect with Farhan Thawar on LinkedIn: https://www.linkedin.com/in/fnthawar/ Visit the Shopify website: https://www.shopify.com/ About Ben Vinegar Ben Vinegar is the founder and CEO of Modem, an AI product management platform built to help teams understand users, product feedback, and the non-coding work behind building great software. Before starting Modem, Ben was VP of Engineering at Sentry, where he spent years working on developer tools, engineering productivity, and software observability. His work now sits at the intersection of AI, product development, user insight, and the future of agentic software workflows. Connect with Ben Vinegar on LinkedIn: https://www.linkedin.com/in/benvinegar/ Visit the Modem website: https://modem.dev/ About Andrew Chau Andrew Chau is the co-founder and CEO of Neo Financial, one of Canada’s most prominent fintech companies, and a co-founder of SkipTheDishes. After helping build and exit one of Canada’s breakout consumer technology companies, Andrew turned his attention to one of the hardest markets in the country: banking. Through Neo, he is focused on giving Canadians a modern alternative to legacy financial institutions, with digital-first products spanning credit cards, savings, checking, mortgages, rewards, and major brand partnerships. Connect with Andrew Chau on LinkedIn: https://www.linkedin.com/in/andrew-chau-1046749/ Visit the Neo Financial website: https://www.neofinancial.com/ About Fahd Ananta Fahd Ananta is an operator and investor with experience across Shopify, Opendoor, and Roach Capital. He recently joined Opendoor during a major turnaround period, bringing with him the systems-driven operating mindset shaped by his time around Shopify’s culture of speed, abstraction, and company-building discipline. Fahd represents a new kind of Canadian tech operator: globally experienced, deeply technical, quietly intense, and focused on helping large, complex companies move faster. Connect with Fahd Ananta on LinkedIn: https://www.linkedin.com/in/fananta/ Visit the Opendoor website: https://www.opendoor.com/ About Eliot Pence Eliot Pence is the founder of Dominion Dynamics, a Canadian defense technology company focused on sovereign capability, Arctic security, and dual-use technology. A former leader at Anduril, Eliot returned to Canada to build a defense company designed for speed, risk-taking, and real-world deployment. His work is centered on helping Canada rebuild ambition in national security, defense procurement, Arctic infrastructure, and the kind of company-building required to create globally consequential Canadian technology. Connect with Eliot Pence on LinkedIn: https://www.linkedin.com/in/eliotpence/ Visit the Dominion Dynamics website: https://www.defendthedominion.com/ Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1 Visit the Ripple Ventures website: https://www.rippleventures.com/ This episode is brought to you by Deel. Receive our exclusive offer here: https://www.deel.com/partners/tanktalks/?utm_source=podcast&utm_medium=partner-sourced&utm_content=rippleventures&utm_place=organic-community 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