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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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October 23, 2026Episode 34720 min

The Rundown 10/23/26: CoreWeave’s Debt Warning, Anthropic’s $2T IPO Bet & Elon Musk’s SpaceX Pledge

AI demand is booming. So why is John Ruffolo watching the bond market? Welcome back to another news roundup on Tank Talks! Matt Cohen and John Ruffolo dig into the money behind the artificial intelligence boom, and whether the companies building it can make the numbers work. From Anthropic’s proposed $10 billion Nova Scotia data center campus to CoreWeave’s debt pressures and the race between OpenAI and Anthropic for investor capital, the conversation keeps coming back to one question: when does extraordinary growth turn into actual cash flow? They also unpack Anthropic’s public benefit fund proposal, Elon Musk’s SpaceX share pledge for American children, and what the Alberta referendum discussion reveals about Canada’s unresolved provincial tensions. For founders, investors, and anyone following Canadian business and AI infrastructure, this episode looks at the financial assumptions behind the headlines and what could happen when those assumptions meet reality. Anthropic’s $10 Billion Canada Bet: Who Funds the Build? (00:39) A massive AI infrastructure project in Cape Breton sounds like a win for Canada. Matt unpacks the Anthropic-EverWind data center deal discussed in the episode, including the proposed investment in computing infrastructure and wind power, the ownership behind the project, and its phased expansion plans. But announcing a campus and financing one are two very different milestones. With construction, power, and capital all needing to come together, how much of the headline will become operating capacity? CoreWeave’s Debt Problem: Is the Bond Market Sounding an Alarm? (03:19) Matt walks through the company’s stock decline, rising bond yields, and widening credit default swap spreads, the cost of protection against a borrower failing to pay. The bigger issue is a business model that requires enormous spending today against revenue expected tomorrow. Separating data centers into individual financing structures may reduce some risks, but it doesn’t eliminate expensive borrowing, power constraints, or execution problems. Anthropic’s IPO Ambitions: Incredible Growth, but Where’s the Cash? (09:16) Matt and John turn to Anthropic’s investor presentation and the roughly $2 trillion IPO valuation ambition discussed on the show. The revenue growth is extraordinary. Whether that growth justifies the price is a harder question. They examine compute costs, stock-based compensation, and the gap between adjusted profitability and cash generation. Matt also raises the question of how usage attributed to Chinese model developers could affect the revenue picture. OpenAI vs. Anthropic: Can Investors Fund Both? (12:20) What happens when two of AI’s biggest companies seek enormous amounts of money at roughly the same time? Matt compares the OpenAI fundraising plans and Anthropic IPO ambitions discussed in the episode. Different fundraising routes do not necessarily mean different sources of capital, especially when both companies are courting some of the world’s largest investors. Elon Musk’s SpaceX Share Pledge: A Generation of Shareholders? (14:36) Matt and John discuss Elon Musk’s stated plan to give a SpaceX share to every American child under 18 through Trump accounts. Matt estimates the potential value of the pledge while noting that timing and transfer details remain unresolved. The idea opens up a broader conversation about giving cash versus shares, tax considerations, and what happens when millions of children become shareholders in the same company. Alberta’s Referendum: Why the Ottawa Fight Isn’t Over (17:11) The episode closes with Matt and John discussing preliminary Alberta referendum results described during the recording, including the reported rejection of separation. John shifts attention to the other referendum questions and what they could mean for provincial powers, federal authority, and Alberta’s relationship with Ottawa. They also consider why Quebec’s economic circumstances make comparisons between the two provinces complicated. 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

October 22, 2026Episode 34655 min

The "Prepared Mind" Investing Strategy Behind Sierra Ventures' Biggest Bets | Shomik Ghosh

In this episode of Tank Talks, host Matt Cohen sits down with Shomik Ghosh, Partner at Sierra Ventures, to explore his unique path from the fixed income trading floor to the forefront of deep tech and hard tech investing. Shomik shares his journey from a liberal arts education to Wall Street, his pivotal role at Top Tier Capital, and his nearly six-year tenure at Boldstart Ventures, where he learned the craft of inception-stage investing. They break down why a “generalist approach with a prepared mind” is a venture superpower, how to build and maintain long-term LP relationships, and the crucial difference between “deep tech” and “hard tech.” Shomik opens up about the art of using public market research to gain an edge in private markets, the future of AI and robotics, and why the biggest threat to the AI industry isn’t regulation, but “token maxing.” He also shares his insights on leadership, the value of a non-traditional information diet, and his personal philosophy on health, presence, and family. Whether you’re exploring research-driven deep tech, complex hard tech systems, or the increasingly blurred line between the two, this conversation offers a thoughtful look at how to spot emerging signals, build conviction early, and invest with a broader perspective. The Generalist Advantage: From Fixed Income to Venture Capital (02:15) * How a background in fixed income sales and trading provides a unique lens for understanding cash flow and leverage in venture. * Why the world needs more generalists, not just specialists, and how being curious across industries creates the strongest returns. * The unexpected parallels between structuring complex debt and untangling today’s private credit markets for AI data centers. Lessons from the LP Side: Top Tier Capital and the Long Game (04:57) * Why Top Tier’s fund-to-fund model gives them an edge in backing emerging managers. * The critical importance of a regular cadence of communication with LPs, beyond the annual AGM. * Understanding what different LPs want, why fund-of-funds chase co-investments while pension funds prioritize macro allocation. * The value of treating LPs as human relationships, not just transactional ones. The Art of the 180: Transitioning from Growth to Inception at Boldstart (10:46) * How a shared investment in Snyk led to a deep professional relationship with Boldstart’s Ed Sim. * The mental shift from seeing companies with $5M+ ARR to pre-product startups. * Why getting “a few layers below the C-suite” is essential for building deep, lasting relationships and understanding a company’s true health. The Three C’s of Venture: Cheer, Chill, and Challenge (15:03) * Ed Sim’s “3 C’s” framework for supporting founders: Cheer when things are down, Challenge when things are good, and Chill to let them cook. * The importance of knowing when to course-correct if a team is building in a silo. * Witnessing the power law in action: Snyk’s journey from The Move to Sierra Ventures: Flexibility, People, and Prepared Minds (19:17) * Why the move from a focused inception fund to a multi-stage firm like Sierra was the right fit for long-term flexibility. * The importance of “clicking” with the team, from Mark Fernandes to Tim and Ben. * How Sierra’s “all hands on deck” approach to pitch meetings, including non-investment roles, differentiates them from founders. Deep Tech vs. Hard Tech: Navigating Frontier Investments (25:51) * Shomik’s distinction between “deep tech”, research-driven, like silicon carbide for AR glasses, and “hard tech”, complex systems integration, like maritime defense. * How to assess demand signals for each category, from clear market needs to observing geopolitical shifts. * The crucial role of public markets in understanding supply chains for private companies in robotics and defense. Using Public Markets to Sharpen Private Market Bets (30:00) * How listening to investor days for companies like Waste Management and ATI provides unique insights into bottlenecks in turbines and superalloys. * The power of “Qurater” and other tools to distill first-party information from public companies. * Why having a base of first-party knowledge is essential for using AI effectively, or you just get “AI slop.” AI, Robotics, and the Future of Compute (36:56) * The three sub-trends in robotics: humanoids, foundation models, and vertical robotics. * The critical shortage of munitions and propulsion systems, and the need for advanced materials. * Why photonics is a massive area with exploding backlogs, and how companies are betting on co-packaged optics. * Debunking the “open vs. closed” source debate, why both will coexist and push the frontier. Underhyped Productivity and the “Token Maxing” Trap (48:35) * Why the recent pullback in “token maxing” is bullish for the long-term health of the AI industry. * Concrete signs of AI productivity in traditional verticals, from radiologists doing more scans to lawyers taking on longer-tail opportunities. * The potential for AI to compress time in healthcare, improving both patient outcomes and leisure time. About Shomik Ghosh Shomik Ghosh is a Partner at Sierra Ventures, a 45-year-old venture firm with a legacy of backing companies like Intuitive Surgical and Intuit. He focuses on early-stage investments in AI, frontier tech, hard tech, and deep tech. Prior to Sierra, Shomik was a Partner at Boldstart Ventures, where he helped build their inception-stage practice. He began his career in fixed income sales and trading before moving into investment banking and then venture capital. He holds a degree from Carnegie Mellon University. Connect with Shomik Ghosh: linkedin.com/in/shomik-ghosh-a5a71319 Visit the Sierra Ventures website: https://www.sierraventures.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

October 15, 2026Episode 34521 min

Why Investors are Betting on Canadian Startups | NRTH Conference

In this special episode of Tank Talks, recorded at NRTH Festival (formerly Elevate) in downtown Toronto, host Matt Cohen chats with three prominent investors and operators to explore the state of the Canadian tech ecosystem. Michael Garrity, retired CEO of FinanceIt and co-chair of the C100, discusses why Canadian founders need to get better at telling their stories and how the Canada Investment Summit signals growing global interest. Isaac Souweine (Venture Science Fund at Mila) breaks down how Canada’s AI research institutions are pivoting toward commercialization and why we need to calibrate globally, not locally. Elizabeth Yin of Hustle Fund shares why Toronto is her favorite place to scout, the importance of hustle over hype, and how community-building creates lasting founder networks. They explore why there’s never been a better time to build or join early-stage companies, the public markets gap for Canadian startups, how Mila and Vector are responding to talent poaching from big labs, and what it takes to get non-tech capital off the sidelines. Whether you’re a founder, investor, or someone working in a Bay Street tower wondering if you should make the leap, this conversation offers a rare window into where the Canadian ecosystem is headed. Michael Garrity: Telling Canadian Stories and the C100 Mission (03:15) * The C100’s role in keeping Canadian companies in Canada by connecting them to Silicon Valley networks * Why Canadian founders are “crap at telling our stories” and the need to celebrate success * The Canada Investment Summit and why global investors are paying attention * Why the government’s job is to open regulatory spigots, not close deals * The public markets gap: why Canada needs better IPO infrastructure for early-stage companies * The cost of building has dropped to the lowest level ever, so why there’s never been a better time to start Isaac Souweine and the Venture Science Fund: Commercializing Canada’s AI Advantage (09:20) * Mila as the largest collection of AI researchers in the world * The cultural pivot at Mila: from pure research to supporting startups * How external pressure from OpenAI, Anthropic, and Amazon triggered internal change * The 15-person incubation group at Mila providing programs and services * Why Canadian founders need to calibrate globally, not locally * Playing offense by mobilizing Mila and Vector alumni in the Valley to do deals on their turf * What’s coming next: GPU optimization, AI intersection with biotech and material science, robotics, and physical AI Elizabeth Yin and Hustle Fund: The Vibe, The Hippocorn, and Global Pre-Seed Investing (16:00) * Hustle Fund’s nine-year history and 700-company portfolio * Why Toronto is Elizabeth’s favorite place to scout: talent, maturity, and less competition than SF * How less capital forces founders to become better business people * The Hustle Fund approach: pre-revenue, under $10M post, and no thesis, just listening to founders * Maintaining community through Hustle Camp and the importance of kindness * AI in the pitch review process (yes, they use it) and how they see 1,000 companies a month About Michael Garrity Michael Garrity is the retired CEO and current Executive Chair of FinanceIt, one of Canada’s leading fintech success stories. He is co-chair of the C100 alongside Mike Wessinger, focused on helping Canadian companies scale globally while staying rooted in Canada. Connect with Michael Garrity: https://www.linkedin.com/in/michael-garrity-7a87152/ About Isaac Souweine Isaac is a partner at the Venture Science Fund, part of the Mila Institute in Montreal. With 10 years in the Canadian VC game at Real Ventures and Pender, he previously ran FounderFuel, one of Canada’s leading accelerators. He holds a background as a product manager and is focused on commercializing Canada’s world-class AI research. Connect with Isaac on LinkedIn: https://www.linkedin.com/in/isaacsouweine/ Learn more about Mila: https://mila.quebec/en About Elizabeth Yin Elizabeth Yin is a co-founder and General Partner at Hustle Fund, a pre-seed venture fund that invests globally in early-stage companies. With a portfolio of over 700 companies, Hustle Fund is known for its founder-friendly approach and vibrant community. Elizabeth is based in San Francisco and is an active scout in the Toronto ecosystem. Connect with Elizabeth Yin: https://www.linkedin.com/in/elizabethyin/ Learn more about Hustle Fund: hustlefund.vc Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1 Visit the Ripple Ventures website: 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

October 8, 2026Episode 34437 min

The Billable Hour is Broken: How Blackletter is Redesigning Law for Startups | Jonathan Rosenbluth (CEO and Co-Founder)

In this episode of Tank Talks, host Matt Cohen sits down with Jonathan Rosenbluth, co-founder of Blackletter, to trace his path from a Harvard JD and McKinsey consultant to employee number 20 at Cohere, and finally to building an AI-native law firm from the ground up. Jonathan shares how a chance networking call led him to Cohere’s founders, why he chose to bet on an unproven startup over a legal career, and how nearly five years scaling go-to-market, partnerships, and product functions shaped his conviction that law itself needed to be rebuilt, not just tooled up. They dig into why the billable hour exists in the first place, how its incentives quietly shape lawyer and client behavior, and why Jonathan believes the only way to fix legal services is to become the law firm rather than sell software to one. He explains Blackletter’s wedge into venture financing and commercial contract work, how fixed-fee pricing and a “harness” built around foundation models let the firm move at startup speed, and why he thinks the shift coming to law firms will rival what e-commerce did to retail. Whether you’re a founder tired of unpredictable legal bills, an investor watching the AI-native services wave, or just curious what it takes to leave law only to end up building a law firm, this conversation offers a founder’s-eye view of an industry on the edge of structural change. Finding Consulting, Then Entrepreneurship (01:36) * Splitting a 2L summer between a law firm and McKinsey, and why consulting “lit him up” * Early McKinsey projects with financial institutions across Canada, the US, and Jamaica * McKinsey’s culture of feedback and investment in people’s growth * Founding Campus Coupon in undergrad as a non-technical first stab at building something The Accidental Path to Cohere (02:59) * Moving back to Toronto and deciding to jump into a startup * A pandemic-era virtual networking night, his wife’s insistence, and meeting a Cohere investor * Getting connected to the founders after the first business-hire candidate called AI “magic” * A walk with Aidan and Nick debating AI vs. nuclear as the most exciting problem in the world Inside Cohere: From “Everything Guy” to Product Lead (05:16) * Joining as employee number 20, doing “everything outside of training models” * Leading sales, partnerships, and biz ops before making the jump to product * Why he advises consultants and lawyers eyeing startups to “go early” * Early hypergrowth lessons: raising the Series A, launching early access, landing a Google partnership * Overcoming imposter syndrome moving into product with no technical background The Problem That Pulled Him Back to Law (09:38) * Nearly five years at Cohere and why leaving still felt like “being pulled toward” the next problem * Diagnosing what’s broken in law: unpredictable bills, slow turnarounds, misaligned incentives, unhappy lawyers, inaccessible top-tier services * Why the technology is finally capable of solving it, if the incentive problems get solved too A Brief History of the Billable Hour (12:03) * The 1950s American Bar Association push to bill by the hour, tied to lawyer earnings falling behind doctors’ * How billing by the hour incentivizes time spent over client outcomes * Parallels to real estate commissions and misaligned transaction incentives Why Build a Firm, Not a Copilot (13:19) * The limits of giving lawyers tools without redesigning the underlying workflow * Why becoming the law firm, not a vendor to law firms, is the only way to make top-tier legal services abundant * The founding team: David (frontier technology, ex-Cohere), Avi (top-tier lawyer and former Blue Jay Legal COO), and Jonathan (product, go-to-market, and scaling experience) Blackletter’s Wedge: Venture Financing and Commercial Contracts (16:55) * Why client pain in fundraising and commercial deal delays made the natural starting point * Real founder horror stories: six-figure legal bills, wrong currencies on closing documents, deals stalled by unnecessary aggression * Fixed, upfront pricing sheets instead of hourly billing * Working inside clients’ Slack channels and turning work around same-day The Harness: Building Technology Around Frontier Models (23:52) * What a “harness” means and why foundation models alone aren’t enough * Being model-agnostic and riding the wave of improving frontier models * Where Blackletter’s proprietary IP actually lives: the system around the model, not the model itself * How lawyers become the judgment layer rather than the bottleneck that kicks off every task Disrupting Big Law: Trust, Talent, and the Coming Shift (26:56) * Why top-tier lawyers want to practice at the highest level, not defend billable hours * The widening gap between rising expectations and slower paths to partnership * Why Jonathan sees law as fundamentally “a trust business,” not a relationships business * Predicting a shift for law firms as large as e-commerce’s disruption of retail Building in Canada and Looking Ahead (31:08) * Why Jonathan believes every Canadian founder has an obligation to build at home * Crediting Cohere’s founders for proving it’s possible * The biggest challenge as a first-time founder: prioritization amid constantly ratcheting intensity * The five-year vision: expert lawyers and purpose-built technology working in harmony for clients About Jonathan Rosenbluth Jonathan Rosenbluth is the CEO and co-founder of Blackletter, an AI-native law firm delivering top-tier legal services at a fraction of the cost. Previously, he was employee #20 at Cohere, where he helped scale the company from stealth to a $6.8 billion valuation, leading sales, partnerships, and business operations before transitioning to product. He holds a JD from Harvard Law School and a degree in history from Harvard University, and spent time at McKinsey & Company. Connect with Jonathan Rosenbluth: linkedin.com/in/rosenbluth Visit the Blackletter website: https://blackletterfirm.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

September 29, 2026Episode 34319 min

The Rundown 9/29/26: Quantum Reality Check, AI Risks, and Why Canada Is Missing Its Tech Opportunity

Welcome back to another thought-provoking episode of Tank Talks! Matt Cohen is joined once again by John Ruffolo to break down the biggest stories shaping the future of technology, investing, and Canada’s economy. From the market reaction following Xanadu’s SPAC lockup expiration to the growing debate around whether Canadian pension funds are investing enough in homegrown innovation, this episode explores the opportunities and risks facing investors, founders, and policymakers. John also shares his concerns around AI privacy, Meta’s personal AI agents, the massive infrastructure demands behind AI adoption, and the future liability risks that come with increasingly powerful technology. Plus, Matt and John dive into Canada’s budget debate and question whether accounting strategies are masking the true scale of government spending. As AI reshapes industries, investors rethink risk, and governments navigate economic uncertainty, the decisions being made today will define the next decade. Xanadu’s Market Reality: AI Opportunity or Overhyped Valuation? (04:45) After Xanadu’s SPAC lockup expired, the quantum computing company’s stock faced significant selling pressure, dropping sharply as early investors and shareholders gained the ability to sell. Matt and John discuss founder Christian Weedbrook’s decision to sell a portion of his shares while maintaining a majority stake, and why John views the move as a strategic step rather than a negative signal. Why Aren’t Canadian Pension Funds Backing More Canadian Innovation? (09:29) Matt and John examine a recent investment by a Canadian pension fund into Harvey Legal, an AI legal technology company, and question why similar-sized investments are not flowing into more Canadian startups. John argues that Canadian pension funds have the capital and ability to support domestic venture and growth-stage companies, but many remain underweight in Canadian innovation. The conversation explores whether institutions are doing enough to support companies like Clio, Float Financial, and other Canadian technology businesses that are building globally competitive products. Meta AI, Personal Agents, and the Privacy Trade-Off (12:04) Meta’s new AI assistant has created excitement across the technology world, but John raises a major question: how much personal information should consumers be willing to hand over to AI platforms? The discussion explores the growing popularity of AI agents that connect to email, calendars, and personal data, and whether convenience is worth the potential privacy risks. While Matt highlights the power and usefulness of personal AI assistants, John remains cautious about giving technology companies access to sensitive personal information. The Hidden Cost of AI Growth: Compute, Capital, and Liability (14:10) As AI adoption accelerates, Matt and John discuss the enormous infrastructure requirements needed to support these systems. From computing power and capital expenditures to potential legal liabilities, the next phase of AI growth may depend on whether companies can continue scaling while managing the costs behind the scenes. The conversation also touches on Anthropic’s upcoming IPO concerns and the unanswered questions surrounding liability when AI systems make mistakes or operate unpredictably. Canada’s Budget Debate: Are The Numbers Telling The Full Story? (16:06) Matt and John close the episode by examining Canada’s deficit projections and the government’s approach to separating operating expenses from capital spending. John challenges the idea that certain spending categories should be treated differently when evaluating the country’s financial position, comparing it to how companies can manipulate profitability by changing accounting treatment. The discussion raises a broader question: are governments presenting a clearer picture of their finances, or are accounting methods making the numbers harder to understand? 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

September 28, 2026Episode 34232 min

The Holy Grail of Energy: Why Fusion is Finally Having Its Wright Brothers Moment | Henry Gould (Daedal Systems)

In this episode of Tank Talks, host Matt Cohen sits down with Henry Gould, founder of Daedal Systems, to explore his journey from a childhood fascination with physics to building the measurement infrastructure for the entire fusion energy industry. Henry shares his path from Queen’s Engineering Physics to the plasma diagnostics team at General Fusion, where he worked on the PI3 project and saw a structural problem: every fusion company was building the same diagnostics in-house, underinvesting in them because they weren’t core IP. They break down why fusion is fundamentally different from fission, the “triple product” that defines every reactor’s performance, and the 2022 breakthrough at the National Ignition Facility that served as the industry’s Wright Brothers moment. Henry explains how one of the biggest bottlenecks to commercialization is the lack of standardized, trusted measurement systems to validate milestones for investors. He opens up about the “apparent conflict of interest” of being paid by customers while serving as an industry validator, why tritium is worth $30,000 per gram, and why Ontario’s CANDU reactors give Canada a strategic advantage in the global fusion race. Whether you’re deep in the fusion space, investing in frontier tech, or just curious about the Holy Grail of energy, this conversation offers a rare look inside the supply chain that will make or break the fusion industry. The Holy Grail of Energy: Why Fusion Is So Hard (02:35) * Why fusion is called the Holy Grail: abundant fuel from seawater and lithium, no long-lived radioactive waste, dispatchable power * The challenge: overcoming electrostatic repulsion to fuse positively charged nuclei at 100 million degrees Celsius * The two main approaches: magnetic confinement and laser inertial fusion, and the 2022 scientific breakeven milestone * The caveat: scientific breakeven only measures energy out of the plasma, not the total energy input to power the lasers Inside General Fusion: Plasma Diagnostics and the PI3 Project (04:52) * Joining General Fusion as an intern, then full-time on the plasma diagnostics team * The “first wall problem” and how General Fusion’s liquid metal wall approach solves it * What PI3 (Plasma Injector 3) is and why it’s essential to the reactor architecture * The challenge of measuring a superheated gas at 10 million degrees: you can’t just stick a thermometer in * The triple product: density, temperature, and confinement time as the universal benchmark for fusion performance Why Now? The Forces Converging on Fusion (10:02) * AI power demand making abundant energy essential * Geopolitical risk and the push for sovereign energy infrastructure * 40% year-over-year growth in fusion investment and 10% growth in the number of companies * Why investors are waking up to both the science risk and the massive payoffs The Founding of Daedal Systems: Standardizing the Missing Layer (13:00) * Seeing the structural problem: every fusion company needs the same diagnostics, but builds them in-house * Why diagnostics are underinvested relative to core IP * The vision: a platform of standardized diagnostic hardware and a generalized data analysis layer * Being architecture-agnostic: serving tokamaks, stellarators, mirror machines, and inertial approaches Measurement as a Service: Validation, Trust, and the Investor Milestone Path (17:05) * The fourfold value proposition: higher quality measurements, faster, focused on core IP, and validation * The codified development path * Why peer-reviewed papers take 18 months, and arXiv posts lack validation * The “apparent conflict of interest” of being paid by customers while serving as an industry validator * Why trust is the entire business: “Any distrustful act is going to kill the company for the long term” Ontario’s Strategic Advantage: Tritium, Talent, and the CANDU Legacy (20:28) * Why Henry moved back from Vancouver to build Daedal Systems in Toronto * The CANDU heavy water reactors and their byproduct: tritium, essential fuel for fusion * Tritium economics: $30,000 per gram, and 55 kilograms needed to start a reactor ($1.5–2 billion) * Canada’s vast majority of the world’s civilian tritium supply * The Center for Fusion Energy in Ontario and Daedal as the first private company on board Competing with Incumbents: Why Private Industry Needs Something Different (23:08) * General Atomics as the leader in plasma diagnostics for large public devices like ITER * Why private fusion companies need a measurement partner with a business model that works for them * The motivation for talent: working on infrastructure that benefits the entire industry, not just one device Beyond R&D: Adjacent Markets and the Long-Term Vision (26:38) * Starting with R&D-phase diagnostics for comprehensive understanding * Expanding to SMRs for neutron detection and other plasma industrial processes like semiconductors * The long-term vision: operating infrastructure for the fusion power industry * Why Daedal provides value today, not waiting for a mature fusion industry SMRs vs. Fusion: Clearing Up the Confusion (27:31) * SMRs as advanced nuclear fission: smaller, mass-manufacturable, competitive levelized cost of energy * Henry’s hot take: “I’ll wait to see what the energy price is” * The waste problem: long-lived radioactive waste vs. fusion’s much shorter-lived byproducts * Why fusion isn’t waste-free: tritium has a 12-year half-life, and neutron bombardment activates steel, but it’s fundamentally different from fission The Road Ahead: Becoming the Standard for Every Fusion Device (29:38) * The plan: become the measurement system provider for every next fusion device built * Accelerating the build-test-learn loop and commercialization * Building in downtown Toronto, at the heart of Canada’s nuclear ecosystem About Henry Gould Henry Gould is the founder of Daedal Systems, a company building the measurement infrastructure for the fusion energy industry. Previously, he worked at General Fusion on the plasma diagnostics team, serving as an engineer, physics lead, and technical project manager on the PI3 project. He holds a degree in Engineering Physics from Queen’s University and grew up in Toronto. Connect with Henry Gould: https://www.linkedin.com/in/whenrygould/ Visit the Daedal Systems website: https://daedalsystems.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

September 24, 2026Episode 34147 min

Selling Without a Sales Team: How Railway Scaled GTM to $100M+ with Under 10 Reps | Rahul Parmar

In this episode of Tank Talks, host Matt Cohen sits down with Rahul Parmar, Head of Go-to-Market at Railway and Venture Partner at Ripple Ventures, to unpack the real truths of building a sales engine in the modern AI era. Rahul shares his journey from being one of the first sales hires at Google Cloud in London to scaling Drata’s sales team from Series A to Series C, and now leading GTM at the developer-first cloud platform, Railway. He explains why the traditional sales hierarchy is becoming obsolete, how he built Drata’s engine by hiring in Toronto when it was a contrarian move, and why he believes Canadian reps are some of the best in the world. They break down the “time chamber” theory of selling in Canada, why the US market is a “shooting fish in a barrel” for trained Canadian talent, and the fundamental problem with Canada’s ecosystem: a lack of capital and customers, not a lack of great founders. Rahul also shares his spicy take on the AI boom, explaining why the era of marking up token prices is over and why enterprises will soon distribute their AI workloads across multiple models. Whether you’re a founder trying to land your first enterprise deal, a sales leader building a team, or an engineer contemplating a move to the Bay Area, this conversation offers a rare look inside the new playbook for winning in GTM. From Google Cloud to Drata: The Early Days of a Sales Career (02:07) * Joining Google Cloud in London as the 5th or 6th seller, when revenue was under $100M * The “confidence in the root” that Google provides, and using that shield to be transparent with customers * Why the best sales advice is: “Tell them what you do, tell them what you don’t do, and then shut up” * Transitioning to Drata as the first sales leader, taking it from $50M in revenue The “Time Chamber” Theory: Why Canadian Sales Talent is Elite (13:18) * The Dragon Ball Z analogy: Selling in Canada is like training in a weighted vest * Why Canadian buyers are incredibly difficult, forcing reps to master the fundamentals * How Canadian reps “crush it” when unleashed on the US market, where the propensity to buy is higher * The story of Drata’s top AEs in every segment being based in Toronto The AI Era of Selling: Fewer Reps, More Revenue (15:41) * Why you can now scale to $1B in revenue with a team the size of a Series A startup * The shift from a siloed GTM model to a unified one where GTM leaders are involved in everything * Why the era of the “forecast aggregator” sales manager is over * The new imperative: You’re either building the system or you’re selling deals * How Railway builds its own internal software, like its own Zendesk, to own the customer experience Railway: The Developer Experience First Cloud (20:49) * What Railway is: The cloud where you point to a GitHub repo and it just launches * Why they run their own steel: The rate limits and poor fit of building a cloud on another cloud * The importance of owning the entire stack for a usage-based business * Why post-close support is a huge part of the revenue game at Railway The Canadian Ecosystem: Capital, Customers, and the Need for Network Effects (25:21) * Why it doesn’t matter where the investors come from, but where the capital and customers are * The “tragedy” of successful Canadian companies, like Wattpad and Turbo Puffer, having their exit proceeds and financing led by US firms * The two fundamental problems for Canadian startups: access to capital and access to early customers * The “35 in Toronto vs. 35 in SF” thought experiment: Why you can’t monetize your network in Canada * Why companies like Datadog and Snowflake would have died in the water if they started in Toronto AI, GTM, and the Future of Sales (35:41) * How Rahul uses AI at Railway to do lookalike mapping of customers based on usage patterns * Why he doesn’t believe in high-volume, AI-driven cold outreach * The one quality he looks for in great GTM people: Intelligence, defined as listening for what’s not being said and storytelling * How to call “b******t” on a sales hire in an interview: Ask for second-level details on a deal * His spicy take: The era of marking up token prices is over; enterprises will soon distribute workloads across a mix of frontier and open-source models The Road Ahead: Building from Anywhere, Winning Everywhere (39:38) * The plan for Canadian founders: Build your product here, sell it in the US * The value of doing a stint at a high-growth US company, like Ramp or Anthropic, to absorb the culture and build a network * Why the next generation of Canadian founders should not apologize for building here * The “Build, Follow, or Get Out of the Way” mentality for the Toronto tech ecosystem About Rahul Parmar Rahul Parmar is the Head of Go-to-Market at Railway, a developer experience first cloud platform, and a Venture Partner at Ripple Ventures. Previously, he was the first sales leader at Drata, where he scaled the sales team from Series A to Series C. He was also one of the first sales hires for Google Cloud in London. He holds a degree from business school and built Canada’s largest coding bootcamp, Lighthouse Labs, before his career in high-growth SaaS. Connect with Rahul Parmar: https://www.linkedin.com/in/rahulparmargtm/ Visit the Railway website: https://railway.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

September 17, 2026Episode 34058 min

How Biossil is Rescuing Billion-Dollar Drugs Big Pharma Abandoned | Anthony Mouchantaf

In this episode of Tank Talks, host Matt Cohen sits down with Anthony Mouchantaf, co-founder and CEO of Biossil, a biotech company on a mission to resurrect orphaned drugs using AI and a hedge fund–inspired operating model. Anthony takes us through his unconventional journey: from a law school student obsessed with Alexander Hamilton, to founding his first startup, Rthm (acquired), to investing at OMERS and RBC, and finally returning to the founder seat with Biossil. They dive into the mindset shift required to leave a stable legal career for the uncertainty of startups, why Anthony views entrepreneurship as a “drug,” and how his time as an LP shaped his view of what separates great VCs from mediocre ones. Anthony opens up about the early days of Biossil, the “too cute” capital-efficient strategy, and how a serendipitous dinner intro to Founders Fund changed everything. He also breaks down the real-world mechanics of acquiring off-the-shelf drugs, the brutal reality of biotech timelines, and why regulatory reform is the hidden bottleneck to AI-driven medicine. From the partnership with OpenAI to the company’s operating philosophy (hedging beta, maximizing catalyst density, and isolating alpha), Anthony offers a blueprint for building a resilient, mission-driven biotech for the AI era. Whether you’re a founder, investor, or just someone curious about the intersection of AI and life sciences, this episode is packed with hard-earned wisdom on risk, identity, and the art of controlling what you can control. From Law School to Startup Life (02:24) * Growing up in Toronto as the child of immigrant parents, chasing constitutional law * The Alexander Hamilton obsession that started in high school * Teaching a course at U of T law without ever practicing * How a late-night conversation at Massey College with co-founder Alex led to Rthm What Founding Rthm Taught Him About Himself (06:14) * Getting comfortable with structural uncertainty as almost “a drug” * Why you can take the individual out of the startup, but never the startup out of the individual * The itch that never fully goes away after founding something From Founder to Investor: OMERS and RBCX (07:11) * What separates great investors from destructive ones * “Extremely hard to kill”: what he saw early in Matt and Ripple Ventures * Why most VCs cluster around mediocrity, and what the outliers do differently * The poker-chip analogy: how capital position shapes VC risk appetite * Why good LPs need to “thumb the scale” for good VCs, just as good VCs do for founders The Idea Behind Biossil (15:05) * Reuniting with Alex, an MD-PhD, after years on separate paths * The core problem: drug development should be recursive, but biotechs can’t afford to make it so * Why promising drugs get stranded in “regulatory limbo” when the data is equivocal, not failed * The insight: using technology to systematize what was historically a relationship-driven, human-scale rescue effort Biossil 1.0 vs. the Bigger Vision (20:43) * Launching in 2023 on a lean seed round with no capital to acquire drugs outright * Getting “too cute” trying to solve the problem at a fraction of the necessary cost * Why most VCs evaluate founders cross-sectionally instead of longitudinally Hunting for Orphaned Drugs (26:03) * Why data is a cost of admission in biotech, not a moat like in tech * How Biossil structures deals to share economics with original rights holders * Why inbound interest rarely meets their bar Running Biossil Like an Operating Hedge Fund (30:50) * Isolating alpha, or execution, from beta, or market and biotech cycle risk * Why traditional biotech investing is “binary risk you can’t underwrite” without a portfolio * Building resilience through catalyst density instead of just runway * The “epsilon” factor: surviving long enough for unexplained outcomes to work in your favor Building Lean with AI (34:12) * Running a hyper-efficient, eight-person core team * Why Biossil takes on regulatory and commercial risk, not manufacturing risk * The pipeline today: $70M raised, 11 drugs, 5 open clinical trials across the US, Canada, and Europe * What makes manufacturing the most underestimated cost in biotech The Next 5-10 Years for Biossil (49:47) * The long-term vision: an approved-drug pipeline, deeper trials, more disease areas * Bringing new mechanisms of action to market as a category-defining goal Advice to His Past Self (51:15) * Why he’s hesitant to just tell people to “go do entrepreneurship” * Motivation matters more than the identity of being a founder * The Steve Jobs commencement speech that reframed how he thinks about risk About Anthony Mouchantaf Anthony Mouchantaf is the co-founder and CEO of Biossil, a biotech company that uses AI to systematically identify, acquire, and advance orphaned drugs left behind by failed clinical trials. With a background in law (U of T), startup founding (Rthm, acquired), and venture investing (OMERS, RBC), Anthony brings a rare blend of legal, financial, and operational discipline to the high-stakes world of drug development. Biossil is backed by Founders Fund and OpenAI, and is on a mission to turn industrial-scale drug resurrection into a new category of biotech innovation. Connect with Anthony Mouchantaf: https://www.linkedin.com/in/anthony-mouchantaf-508442113/ Learn more about Biossil: https://www.biossil.co/ 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

September 14, 2026Episode 33923 min

The Rundown 9/14/26: Canada-U.S. Trade Talks Collapse, Anthropic’s AI War, and Miro’s $16B Fall

Matt Cohen and John Ruffolo break down the collapse of Canada-U.S. trade negotiations, the unanswered questions surrounding the failed deal, and whether Canada is protecting legacy industries at the expense of technology and long-term economic growth. They also examine Prime Minister Mark Carney’s ambitious pitch to bring international capital back to Canada, including billions of dollars in proposed energy, transportation, infrastructure, and technology projects. But can a polished deal book convince investors to fund projects that have struggled to attract capital for years? Finally, Matt and John unpack the political battle forming around Anthropic’s anticipated IPO, the growing influence of AI regulation campaigns, and Miro’s dramatic fall from a $17.5 billion valuation. As Canada searches for a way out of its trade crisis, global investors are being asked to reconsider the country’s economic potential. At the same time, AI companies are entering a political and regulatory battle that could determine who controls the industry’s future. If you are a founder, investor, policymaker, or anyone trying to understand where capital and technology are heading next, this episode is worth your time. – 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 Why Canada-U.S. Trade Talks Fell Apart (01:31) The latest Canada-U.S. trade negotiations appeared close to producing an agreement until everything suddenly unraveled. John argues that the biggest problem is not simply the failed deal, but the Canadian government’s refusal to clearly define what success was supposed to look like. With provinces reportedly objecting to parts of the proposed agreement and conflicting stories emerging from both sides, Canadians are left guessing about what happened. John asks the uncomfortable question: Is Canada protecting dairy and other legacy interests while sacrificing its technology economy? The Real Cost of Walking Away From the U.S. (07:43) Many Canadians support ending the negotiations, but that support begins to disappear when higher taxes, rising unemployment, and slower economic growth enter the conversation. John warns that Canada cannot reduce its dependence on its largest trading partner without experiencing real financial pain. That burden will not be shared equally. Older Canadians with homes, pensions, and U.S. investments may be able to absorb the disruption, while younger Canadians already struggling with housing and affordability have much more to lose. Carney’s Plan to Bring Investment Back to Canada (10:18) The Canada Investment Summit is presenting more than 160 opportunities across energy, critical minerals, transportation, manufacturing, digital technology, and infrastructure. The goal is to reintroduce Canada to international investors after a decade in which global capital largely looked elsewhere. John supports the strategy but tempers expectations. The summit may not produce immediate checks, but it could rebuild the relationships Canada needs to finance major projects and reverse its reputation as an undercapitalized market. Anthropic’s IPO Enters the AI Political War (16:15) A former Anthropic researcher’s warning about self-improving superintelligence quickly spread across the internet, creating fresh questions about AI safety and the company’s anticipated IPO. Matt examines whether the viral backlash emerged organically or was amplified by politically connected organizations pushing for tighter AI regulation. John believes there is no neutral position in the AI debate anymore. Competing groups are funding optimistic and catastrophic narratives, turning data centers, employment, regulation, and AI safety into deeply political issues. Despite the controversy, he does not expect the backlash to derail Anthropic’s IPO. Miro’s Collapse and the Continuing SaaSpocalypse (21:11) Miro was valued at $17.5 billion at the height of the software boom. Its reported acquisition by Bending Spoons at a fraction of that valuation shows how brutally the market has repriced venture-backed SaaS companies. Miro remains a substantial business with hundreds of millions in recurring revenue and a strong enterprise customer base. The problem was not the product; it was the inflated valuation and financing structure built around it. John expects more overfunded unicorns to face similar outcomes. 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

September 10, 2026Episode 33859 min

How Rock Bottom Turned Chris Pronger Into an NHL Legend

In this episode of Tank Talks, host Matt Cohen sits down with Chris Pronger, Hockey Hall of Famer, Norris and Hart Trophy winner, Stanley Cup champion, two-time Olympic gold medalist, and one of the NHL’s 100 greatest players. Chris takes us inside the mindset that transformed him from a booed 21-year-old in St. Louis into one of the most dominant defensemen of his generation. They break down what it really takes to bet on yourself, why delayed gratification is the secret to sustained excellence, and how Chris rebuilt his entire training protocol from the studs after already being nominated for a Norris Trophy. Chris opens up about the early-career failures that forced him to look in the mirror, the veterans who shaped him, from Brad McCrimmon to Wayne Gretzky and Al MacInnis, and the 4-pound muscle between his ears that changed everything. He also shares hard-won lessons on leadership, managing teammates with different personalities, the importance of culture in championship runs, and why the best leaders lead by example, not just by talking. From the 2007 Stanley Cup run with Anaheim to the scary commotio cordis incident in 1998 and the eye injury that ultimately ended his career, Chris delivers a raw, unfiltered look at the true cost of greatness. Whether you’re an athlete, a founder, a leader, or simply someone trying to earn your way forward, Chris offers practical wisdom on resilience, identity, and the art of controlling what you can control. 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 Why Multi-Sport Athletes Have an Edge (04:33) * The physical and mental benefits of playing multiple sports * Proprioception, hand-eye coordination, and learning how to learn * Why parents are stealing their kids’ childhoods with early specialization * The truth about peewee superstars: 99 out of 100 aren’t the best at 18 The Veterans Who Shaped a Hall of Famer (07:28) * Brad McCrimmon as a mentor and “woobie” in Hartford * Learning consistency, preparation, and professionalism from the ground up * Walking into a locker room with Gretzky, Hull, MacInnis, and Fuhr * Watching how the greats handle media, scrutiny, and the grind Getting Booed, Hitting Rock Bottom, and the Aha Moment (10:33) * Being traded for Brendan Shanahan and getting booed relentlessly in St. Louis * The dark hole of not being prepared and the wake-up call that changed everything * Why Gretzky’s arrival was a blessing that took the spotlight off him * The summer that launched his ascent: training, preparation, and the 4-pound muscle The Magical 1999-2000 Season (13:27) * Winning the Hart and Norris in the same year, first defenseman since Bobby Orr * Staying healthy through proper training and offseason dedication * How Al MacInnis’ injury forced him to carry more weight * The magical regular season that fell apart in the playoffs Delayed Gratification and the 2007 Stanley Cup Win (16:15) * Compounding summers of training with Charles Poliquin * Scrapping his entire training protocol after a Norris nomination * Getting twice as strong in one summer and feeling the difference on the ice * Winning the Cup with Anaheim, and why the mission was winning for everyone else Outlasting Opponents and Battling Peter Forsberg (19:46) * Taking pride in being the best-conditioned athlete on the ice * The battle of attrition and grinding guys down * Why Forsberg was one of the toughest players he ever faced * The physical toll of playing a heavy game Leading by Example vs. Talking About Standards (24:01) * Holding teammates to a high standard, and showing them why * Why teammates need to see your work ethic every single day * Managing different personalities and knowing how to reach each player * The evolving nature of culture in a locker room The 2007 Ducks Run and Championship Culture (29:46) * A veteran core with different leadership styles: Scotty Niedermayer, Teemu Selanne, Rob Niedermayer * The self-policing group that didn’t need one person grinding all the time * Winning for Teemu, winning for Jiggy, winning for each other The Heart-Stopping Incident and Ripping the Band-Aid Off (32:05) * Blocking a shot that hit him in the heart, commotio cordis * Stopping breathing for 25-30 seconds and the surreal aftermath * Playing two days later to avoid the stigma and the questions * Comparing his experience to Damar Hamlin’s The Eye Injury, Losing His Sixth Sense, and Forced Retirement (37:45) * The stick to the eye that ended his career * Losing the spatial awareness that made him elite * Watching the game from the outside and realizing at 40 it was too fast * Evolving from “what if I was playing” to “how can I help players get better?” Controlling What You Can Control (44:24) * Learning to park the game at the door and not stew on mistakes * The maturity to separate performance from identity * Sleeping better, recovering faster, and playing longer The Year Off and Avoiding Post-Career Pitfalls (46:42) * The best advice he ever received: take meetings, listen, wait a year * Retraining his eye and healing his head for 18 months * Why jumping into the next thing too fast is a trap Investment Mistakes and Lessons Learned (51:03) * Prioritizing people over the deal itself * The red flags, last-minute asks, rushed timelines, and fine print * Sleeping on every decision and never committing on the spot Writing Earned and Taking Off the Armor (54:17) * The hardest truths to put on the page * Why hockey stories alone weren’t enough: mistakes, growth, and evolution * The message that everything in life is earned, no shortcuts, no handouts Parenting, Legacy, and the No-”What-If” Rule (57:21) * No what-if games in the Pronger household * You can’t cherry-pick moments; everything changes with every fork in the road * No rearview mirrors, learn, grow, evolve, and keep moving forward About Chris Pronger Chris Pronger is a Hockey Hall of Famer, Norris Trophy winner, Hart Trophy winner, Stanley Cup champion, and two-time Olympic gold medalist. Over a 20-year NHL career, he played for the Hartford Whalers, St. Louis Blues, Edmonton Oilers, Anaheim Ducks, and Philadelphia Flyers. Known for his physical dominance, elite hockey sense, and relentless conditioning, Pronger was named one of the NHL’s 100 greatest players. Since retiring, he has focused on his family, his wife Lauren’s luxury travel company, Inspired Travels, and sharing the hard-earned lessons of his career through his 2026 book, Earned: The True Cost of Greatness from One of Hockey’s Fiercest Competitors . Connect with Chris Pronger: https://www.linkedin.com/in/chrispronger Buy Earned : https://www.amazon.com/Earned-Greatness-Hockeys-Fiercest-Competitors 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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