Tank Talks By Ripple Ventures

In this episode of Tank Talks, we delve into the grassroots movement that's turning heads across Canada’s innovation ecosystem: Toronto Tech Week. Joining us are two of the powerhouse organizers behind the festival: Julia Baird of Golden Ventures and Taha Hossain of Daybreak Studio. With Collision saying goodbye to Toronto, Julia and Taha stepped up to fill the void, co-creating a decentralized, nonprofit, and radically inclusive tech festival that’s rallying an entire city.From organizing 200+ events across 24 neighbourhoods to collaborating with giants like Shopify and Google Cloud, Julia and Taha break down how Toronto Tech Week came to life, what makes it truly different from traditional tech conferences, and why it matters so much to Canada’s next generation of founders, investors, and builders.* What’s the future of community in tech?* How do you run a 5-day, 200+ event festival without a central committee?* Can a city-scale tech festival really be open-source and inclusive?How Toronto Tech Week Was Born (00:02:37)* Why Collision’s exit left more than just a calendar gap* The spontaneous conversations that sparked a movement* What it took to rally 40+ early partners and full-city supportDecentralized by Design: What Makes This Festival Different (00:04:50)* The open-source structure and why it works* Student-led, VC-supported, builder-run: a new way to “conference”* Why side events became the main eventSocial Media & The Rise of Momentum (00:08:50)* How Toby Lutke, Twitter, and memes helped launch the idea* Rallying the community with retro vibes and real voices* Why the diversity of events is by design, not accidentDesigning the Streetcar-Inspired Website (00:11:13)* Taha’s inspiration from his Toronto commute* Gamifying city navigation with local flavour* How retro tech, TTC lines, and nostalgia created an authentic experienceLogistics of a 24-Neighbourhood Tech Week (00:17:44)* The hidden support of the City of Toronto* Navigating across the city on foot, by bike, or by subway* Why decentralization adds to the magicBuilding a Global Platform from a Local Base (00:25:08)* How CDL and other partners brought international attention* The snowball effect of global participation* Why leaders like ​Chamath Palihapitiya, Geoffrey Hinton & Harley Finkelstein matterWhat to Expect: From Hinton to Homecoming (00:17:44)* Previewing the biggest events, from BetaKit Town Hall to Netflix’s CTO* What excites Julia and Taha most on the calendar* How every community, from AI to CPG, is representedHosting an Event? Here's How (00:34:27)* How the event application process works* What types of events are welcomed (hint: all of them)* How organizers can tap into tools, space, and city supportThe Ripple Effects: Why This Matters (00:31:22)* Why Canadians are everywhere but rarely recognized* Why Toronto Tech Week is a "homecoming" for global talent* How this might plant seeds for the next wave of innovationAdvice for Founders & Attendees (00:35:58)* Why Toronto is the easiest place to make real friendships* What the organizers hope every visitor walks away with* How optimism and belief drive long-term impactAs cities everywhere chase the next big tech event, Toronto may have just found the blueprint: open, grassroots, volunteer-led, and deeply local. Will other ecosystems follow its lead?Toronto Tech Week is a weeklong, citywide collection of events to connect and celebrate the tech community. Happening on June 23-27, 2025, it's an open platform for anyone to join or host events to showcase Toronto globally as a city where anything is possible.About Julia BairdJulia Baird is the Head of Platform & Operations at Golden Ventures, an early-stage venture capital fund based in Toronto. She’s also one of the founding organizers behind Toronto Tech Week. Julia brings deep experience supporting startups and venture ecosystems and has been instrumental in building the strategic partnerships that power this new community-first festival. When she’s not coordinating 200+ events, she’s championing Canadian tech talent and empowering founders to scale their impact.About Taha HossainTaha Hossain is the founder of Daybreak Studio, a design and technology studio based in Toronto that partners with high-growth startups to craft impactful brand, product, and web experiences. As one of the founding organizers of Toronto Tech Week, Taha led the creative direction behind its now-iconic streetcar-inspired website and brand identity. His work blends playful design with deep cultural context, making tech feel approachable, authentic, and unmistakably Toronto.Connect with Julia Baird on LinkedIn: https://www.linkedin.com/in/juliabaird/Connect with Taha Hossain on LinkedIn: https://www.linkedin.com/in/tahahossain/Visit the Toronto Tech Week website: https://www.torontotechweek.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Welcome back to another episode of Tank Talks! This week, Matt Cohen and John Ruffolo dive deep into the economic and innovation headlines shaping Canada's future, from the shocking collapse in domestic VC funding to Bell’s billion-dollar bet on AI infrastructure, and Mark Carney’s latest power move that might just redefine Canadian politics.* Is Canada's startup ecosystem on life support?* What Bell's AI supercluster plan means for data sovereignty and why it might be too small, too late.* Mark Carney's political chess game: A shift to the economic right?* Jim Balsillie’s warning about crypto, open banking, and the end of Canadian monetary independence.This is one episode where politics, venture capital, and emerging tech collide. Let’s dive in.Vancouver’s Web Summit Debut: A Promising Start, But Room to Grow (00:00:42)Matt shares his experience from Web Summit Vancouver, highlighting a surprisingly dense tech scene and global founders living in B.C., but the event suffered from a lack of promotion and branding blunders.John’s take: Good signs of energy on the West Coast, but Vancouver still needs to establish itself as a recurring VC destination.Canada's VC Crisis: A System on the Brink (00:04:30)BDC and CVCA reports reveal domestic early-stage VC activity has plummeted to a five-year low. U.S. capital, once Canada’s cushion, is drying up too.John’s take: The system is at a critical point. Without a strong local VC backbone, Canada risks losing its tech future. The warning signs are clear and urgent.Risk-Off Era: Are VCs Getting Too Cautious? (00:08:14)Fundraising is down, LPs are nervous, and timelines are stretching. Despite great founders, Canadian VCs are playing defense, not offense.John’s take: It’s fear, not fundamentals. This is the exact moment when bold investing should happen. But anxiety from capital pools is paralyzing the ecosystem.Bell's AI Supercluster Gamble: Bold or Too Small? (00:12:40)Bell Canada plans six new AI data centers, but can they compete with the U.S.'s Stargate megaproject?John’s take: We’re betting small while others bet global. Sovereignty is good, but if we’re not exporting Canadian tech to the world, we’re falling behind.Jim Balsillie’s Crypto Challenge: Canada Must Move or Be Left Behind (00:16:08)Balsillie urges the government to adopt open banking and stablecoins now or risk being sidelined in the new global financial order.John’s take: Canada was ahead in crypto once. If we don’t act now, we’ll lose our influence over the next generation of monetary infrastructure.Mark Carney's First Power Move: Is the Economic Right Back in Style? (00:18:51)Carney appoints Marc-André Blanchard, ex-UN ambassador and CDPQ executive, as chief of staff. It’s a clear signal he means business.John’s take: This is a big-league move. Blanchard’s background shows Carney is building a serious, economically focused leadership team.VC Fund Stakes on Sale: Crisis or Opportunity? (00:21:05)LPs like Yale and Harvard are dumping VC fund positions at steep discounts. Secondary market activity is exploding.John’s take: It’s concerning, but also an opportunity. Discounts of 60%+ could generate strong returns. Still, the pullback from emerging managers could choke off future innovation.If you’re a founder, investor, or policymaker, this is essential listening. Canada is at an inflection point, and this episode helps you understand the stakes.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In this episode of Tank Talks, Matt Cohen speaks with Terry Doyle, Managing Partner at Telus Global Ventures, about the evolving role of corporate venture capital (CVC) in business strategy. Terry discusses his path from Nokia and Microsoft to leading one of Canada’s top CVC arms. With 30+ deals in 2023 and a dual “investor + customer” model, Telus is redefining how corporates fuel innovation. The conversation covers AI in emerging verticals, enterprise partnerships, and Canada's place in global tech. Founders, investors, and policy leaders alike will find actionable insights and strategic guidance throughout this episode.Terry’s Unconventional Career Path (00:00:49)* From law school to Nokia’s corporate development during the iPhone disruption.* Lessons from Nokia’s decline: "The paranoid survive" (Andy Grove) and the dangers of engineering-centric cultures.* Transition to Microsoft pre-Satya Nadella: Pitching $400M deals in an era where "revenue below $1B wasn’t reported."How Telus Builds Through Venture Capital (00:14:51)* Telus’s evolution from telco to tech & services powerhouse* Over 90% of investments include commercial partnerships* Measuring ROI through value capture: “$34M in portfolio revenue last year, targeting $60M this year.”Navigating M&A and Corporate Integration (00:28:43)* Why integration, not pricing, kills most acquisitions* Founders: plan to stay 3+ years post-acquisition* The liquidity logjam: public markets are closed, valuations remain stickyAI’s Vertical and Observability Revolution (00:43:00)* Why Telus is betting on vertical LLMs and AI observability tools* Applications in health, agriculture, and cybersecurity* “AI isn’t a side bet, it’s foundational to our product strategy.”Canada’s Innovation Imperative (00:32:58)* Only 6% of Canadian corporates invest in venture (vs. 40% in the U.S.)* “If you don’t like change, you’re going to hate irrelevance.”* The need for more startup acquisitions, angel reinvestment, and risk tolerance from corporate leadersAbout Terry DoyleTerry Doyle is Managing Partner at Telus Global Ventures, leading strategic investments across Telus’ digital health, agriculture, and AI verticals. A veteran of British Telecom, Nokia, and Microsoft, Terry has negotiated global M&A deals and now helps startups scale through Telus’ commercial ecosystem. Passionate about Canadian tech, Terry is also a long-time supporter of C100 and innovation policy.Connect with Terry Doyle on LinkedIn: https://www.linkedin.com/in/doyleterryVisit Telus Global Ventures Website: https://www.telus.com/en/ventures/global-venturesConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

On this episode of Tank Talks, we sit down with Dean Brauer, co-founder of GoHenry, to explore how his revolutionary fintech startup is teaching kids financial literacy in a digital-first world. Dean takes us through his journey from South Africa to Toronto, then London, and back to Canada, highlighting how living abroad shaped his entrepreneurial mindset.Dean shares how GoHenry was born out of frustration with kids racking up charges on their parents’ credit cards and how he saw the opportunity to build a fintech product that combines financial education with practical money management. GoHenry’s unique approach of pairing a debit card for kids with an intuitive app has empowered millions of young users to learn about saving, spending, earning, and giving—all while giving parents the tools to guide their children responsibly.We also dive into Dean’s innovative fundraising strategies, including breaking equity crowdfunding records and raising millions from parents-turned-investors. He reveals how customer loyalty and a mission-driven brand helped GoHenry scale to over 2 million users across the UK and the US.What You’ll Learn in This Episode:* The inspiration behind GoHenry and why financial literacy for kids matters* How Dean navigated London’s emerging tech scene in the late 2000s* The unique challenges of expanding a fintech startup internationally* Why GoHenry chose crowdfunding over traditional VC in the early days* Lessons from GoHenry’s acquisition by Acorns and the strategic alignment between the two companies* Dean’s practical advice for founders on maintaining balance, focus, and integrity while scaling a businessBuilding Financial Literacy for Kids (00:04:55)* How GoHenry’s debit card and app teach money management* Why kids learn best by doing, and how GoHenry empowers themThe Crowdfunding Success Story (00:25:55)* How GoHenry raised $15M through customer investment* Why crowdfunding worked for GoHenry and how it built brand loyaltyNavigating International Expansion (00:35:37)* Lessons from expanding GoHenry from the UK to the US and Europe* How to balance home market stability with new market entryThe Acquisition by Acorns (00:40:09)* Why Acorns and GoHenry make the perfect pair for building financial wellness* How the acquisition strategy aligned with GoHenry’s missionAdvice for Entrepreneurs (00:44:17)* Dean’s “Rule of Three” for balancing family, health, and business* How maintaining integrity and authenticity helps build lasting relationshipsAbout Dean BrauerDean Brauer is the co-founder of GoHenry, a fintech platform designed to teach kids money management skills through real-world experience. Originally from South Africa, Dean’s journey took him from Toronto to London, where he co-founded GoHenry and led it to become a leader in the kid-focused fintech space. Following GoHenry’s acquisition by Acorns, Dean continues to inspire entrepreneurs with his practical insights on building mission-driven businesses.Connect with Dean Brauer on LinkedIn: https://www.linkedin.com/in/deanbrauer/Visit the GoHenry website: https://www.gohenry.com/uk/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Welcome back to Tank Talks! In this episode, host Matt Cohen sits down with John Ruffolo to dissect the latest turbulence in venture capital, political uncertainty, and Canada's looming economic challenges. From shrinking VC deals to a controversial budget delay, this conversation cuts through the noise to reveal what's really happening beneath the headlines.* The steepest drop in Canadian VC deal count since 2020* Seed rounds oversubscribed by U.S. funds, while Series A bars skyrocket* Growth equity freezes as Canadian LPs hunker down* The “denominator effect” myth dies in a two-week market rally* Cabinet curveballs: Tim Hodgson calms resource markets, but policy vacuum lingers* Can Ottawa really cut taxes without a budget vote?* Why investors fear 18 months of fiscal radio silenceVenture Capital in Crisis: Deals Down, Dollars Up (00:00:02)Canada's VC market showed worrying signs in Q1 2025, with just 116 deals - the lowest since 2020 (seed) and 2021 (pre-seed). While total investment held at $1.26B, this was propped up by large late-stage rounds. U.S. investors retreated, forcing startups to rely on shaky domestic funding. AI deals masked deeper weakness - excluding them, the market looked "very, very low." The data reveals growing risk aversion, particularly at early stages, threatening Canada's innovation pipeline as capital becomes increasingly concentrated in fewer, later-stage companies.John's Take: If early-stage funding collapses, innovation dies with it. We're already seeing the warning signs - fewer deals mean fewer future companies getting to Series A and beyond. The government doesn't seem to grasp how critical this pipeline is.Risk Aversion: Canada vs. U.S. (00:02:00)The U.S. market is surging, stocks rally, IPOs soar (eToro jumps 40% on debut), and capital flows despite turbulence. Canada, meanwhile, pulls back as local investors freeze while Americans dive in. The denominator effect fades as rebounding public markets revive LP confidence, unlocking fresh venture funding. Optimism returns, but risks linger beneath the rally’s glow. Will momentum hold, or will volatility resurface? For now, the bulls are running, and the world is watching.John's Take: This is classic Canadian risk aversion - we pull back exactly when we should be deploying. In the U.S., they see volatility as an opportunity. Here? We see it as a reason to hide. It's economic self-sabotage.Carney’s New Cabinet Sends Mixed Signals (00:11:24)Carney’s cabinet shuffle has drawn scrutiny, particularly with controversial picks like Evan Solomon overseeing AI compute. Meanwhile, the budget delay, now pushed to Fall, leaves Canada without a fiscal roadmap for 18 months since the disastrous April 2024 plan. Though the government promises middle-income tax relief, the lack of legislative details fuels skepticism. Is this genuine reform or mere political theater? With uncertainty looming, critics question whether Carney’s agenda can deliver.John's Take: Kicking the budget down the road is disrespectful to businesses making investment decisions. You can't claim to be pro-market while operating in a policy vacuum. This isn't governance - it's negligence.Higher Bars, Shifting Tides in Startup Funding (00:06:50)Canadian startups now face tougher Series A requirements, with investors demanding Series B-level metrics like $3M+ revenue. Meanwhile, U.S. capital is pouring into seed rounds, oversubscribing deals as American funds seek early-stage bargains. Yet the later-stage market has frozen, with growth equity drying up amid rising risk aversion. The funding landscape is increasingly polarized, hot at the seed level, brutal for scaling companies. For founders, adaptability is now the ultimate test.John's Take: The U.S. is eating our lunch because they understand something we don't - downturns create winners. While our investors panic, theirs are backing the next generation of companies. We're being outplayed at every turn.The Bottom LineJohn's Final Warning: Canada is at a crossroads. Without urgent policy fixes and a cultural shift toward risk-taking, we'll wake up in five years wondering why all our best companies moved south. The time to act was yesterday.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Welcome back to another episode of Tank Talks! Host Matt Cohen is joined once again by John Ruffolo to dissect the major headlines shaping the tech and political landscapes. From Google’s surprising search decline to Alberta's political maneuvers and OpenAI's evolving partnership with Microsoft, this episode delivers in-depth analysis and thought-provoking insights.Alberta’s Exit Threat: Political Reality or Empty Rhetoric? (00:04:20)* In a passionate speech, Alberta Premier Danielle Smith called for significant changes, including scrapping Bill C-69 and easing pipeline restrictions. While her stance highlights Alberta’s grievances over federal policies, talk of a potential referendum on separation looms large.John’s take: Alberta’s frustrations are rooted in a decade of feeling undervalued, but the talk of separation could harm Canada’s stability on the global stage. Is this a legitimate political movement or a pressure tactic to get Ottawa’s attention?OpenAI’s Partnership Drama: Can Microsoft Keep Control? (00:09:36)* OpenAI’s revenue-sharing deal with Microsoft faces renegotiation, as the AI giant’s financial projections for 2030 are far lower than initially expected. With Microsoft holding critical infrastructure leverage, how will OpenAI balance growth aspirations with strategic partnerships?John’s take: The entry of a new executive at OpenAI may signal a strategic pivot as the organization navigates both its nonprofit roots and commercial ambitions.Apple vs. Google: The Browser Battle Intensifies (00:13:45)* Apple’s decision to challenge Google’s default search dominance has sent shockwaves through the tech world. As the DOJ moves to bar Google from maintaining exclusivity on third-party browsers, could this spark a major shift in browser market dynamics?John’s take: Apple’s track record with AI has been inconsistent, but disrupting Google’s foothold might be a game-changer in the long run.Is Google Losing Its Search Dominance? (00:15:09)* Google’s recent sell-off raised eyebrows, fueled by statements hinting at a decline in search usage. John Ruffolo dives into the implications of Google's search being “under attack” and the strategic shifts at play. Is the rise of AI-powered alternatives like ChatGPT fundamentally altering how people search for information?John’s take: Google’s maneuver might be an attempt to alleviate DOJ antitrust pressure. If Google’s dominance in search truly falters, what could this mean for the future of the tech giant?Education Disrupted: The AI Cheating Debate (00:16:52)* A viral article from New York Magazine claims students are increasingly using AI tools like ChatGPT to bypass traditional academic tasks. Is this cheating, or a natural evolution of how technology reshapes education?John’s take: Comparing the rise of AI tools to the introduction of calculators in schools, John questions whether the educational system needs a fundamental rethink to adapt to the digital age.Investing Evolution: CO2 Opens the Doors to Smaller Investors (00:19:27)* A new fund from CO2, backed by Bezos and Dell, allows investors to contribute as little as $50,000. Is this democratization of venture capital a positive trend, or a risky dilution of strategic investment?John’s take: This could signal a growing divide between massive investment conglomerates and boutique, specialized investors. Is the barbell approach to investment here to stay?Tune in to hear Matt and John’s nuanced perspectives on these unfolding stories, and stay ahead in the ever-evolving world of business, technology, and policy.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In this episode of Tank Talks, host Matt Cohen sits down with Mayuran Yogarajah, the visionary behind Index Exchange, one of Canada's most successful ad tech companies. From the early days of Casale Media to growing Index Exchange into a global powerhouse, Mayuran shares the remarkable journey of scaling a bootstrapped business in an industry dominated by tech giants. We also dive deep into his expansion into venture capital with IX Labs and the latest innovations in ad tech.The Genesis of Index Exchange (00:02:10)* How Mayuran’s journey at Index Exchange started and the pivotal moments that shaped its success.* The early days of Casale Media, their transition to Index Exchange, and the world of programmatic advertising.* Overcoming the challenge of real-time bidding and how they reshaped the ad tech industry.Building a Global Ad Tech Leader (00:10:45)* From a small team to 600 employees across 16 global offices.* The growth of Index Exchange and its mission to remain independent in a highly consolidated ad tech market.* The development of header bidding technology and how it revolutionized publisher revenue generation.The Power of Transparency & Trust (00:17:30)* Mayuran’s approach to maintaining trust in a highly competitive industry and the company's commitment to transparency with their Client Audit Logs.* Why clients trust Index Exchange to keep their data safe and their processes transparent, unlike larger platforms like Google and Facebook.The Rise of AI in Ad Tech (00:22:15)* How AI is reshaping the ad tech space and what it means for the future of digital advertising.* The integration of machine learning and neural nets in improving data filtering and ad serving.* How AI tools are empowering ad tech companies to scale operations with efficiency.A Bold Move into Venture Capital with IX Labs (00:30:30)* The story behind the launch of IX Labs and how it aligns with Index Exchange’s mission to diversify.* Mayuran’s approach to backing early-stage companies and helping scale innovation in hardware and deep tech.* The importance of building a business with solid leadership, not just solid technology.Ad Tech and the Changing Market Landscape (00:38:00)* Why Index Exchange hasn’t gone public yet and how they’ve managed to remain agile and successful without external investment.* The impact of changing global economics, how tariffs, recession fears, and rising interest rates influence ad tech budgets and strategies.As businesses in ad tech and beyond continue to navigate the shifting landscape, they must adapt or risk falling behind. Mayuran Yogarajah and Index Exchange are leading the charge, proving that with the right mix of innovation, transparency, and a commitment to scaling sustainably, success is within reach. Will companies in the ad tech world rise to meet the challenges of an evolving digital landscape, or will they struggle to stay ahead in an era where agility, transparency, and technology define the future of advertising?About Mayuran YogarajahMayuran Yogarajah is the co-founder and leader behind Index Exchange, one of the world's leading independent ad exchanges. With over 20 years of experience in the ad tech industry, Mayuran has been pivotal in transforming Index Exchange from its humble beginnings as Casale Media to a global leader in programmatic advertising. Under his leadership, the company has pioneered industry-shifting technologies like header bidding and continues to scale globally with offices in 16 cities worldwide. Mayuran is also the driving force behind IX Labs, where he is helping venture into the world of venture capital, supporting early-stage startups in hardware and deep tech.Connect with Mayuran Yogarajah on LinkedIn: https://www.linkedin.com/in/mayuran-yogarajah/Visit the Index Exchange website: https://www.indexexchange.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Welcome back to another power-packed episode of Tank Talks! Matt Cohen is once again joined by John Ruffolo to break down one of the most divisive and impactful elections in Canadian history. From Alberta’s fury and NDP’s collapse to the growing political alignment on tech policy, this episode peels back the layers on what just happened and what’s coming next.* The shocking downfall of Jagmeet Singh and the NDP* Mark Carney’s debut win and what it means for national unity* Alberta’s boiling anger and the risk of Western alienation* The truth behind Microsoft’s AI revenue surge and whether it’s smoke and mirrors* Why tech leaders are finally seeing political alignment in OttawaElection Earthquake: Liberals Win, But is it Really a Minority? (00:02:00)Canada’s 2025 federal election saw Mark Carney’s Liberals clinch 169 seats, just three short of a majority. But is this really a minority government?John’s take: Treat it like a majority. No one wants another election, and Carney may hold power longer than expected, possibly 12 to 24 months of clear runway. But the NDP collapse and talk of MP defections are setting the stage for high-stakes political bargaining.The NDP Implodes: Jagmeet Singh Steps Down (00:02:43)The New Democratic Party faces political extinction, just 6% of the vote and seven seats, losing official party status for the first time in decades.John’s take: Expect backroom deals. Whether it's extending party status or poaching MPs, the Liberals may offer the NDP a lifeline in exchange for quiet support. But it’s a risky game and could backfire with voters.Alberta's Fury: Is Western Alienation Back? (00:07:52)Premier Danielle Smith is fuming, warning that Alberta may escalate demands if its economic interests aren’t prioritized. With 34 out of 37 seats going Conservative, Alberta feels ignored, again.John’s take: Their frustration is justified. Ottawa’s refusal to discuss pipelines or LNG is alienating a province that bankrolls the nation. If Alberta walks, Canada loses its economic engine.Tech’s Policy Wish List: Capital Gains, AI, and Procurement (00:11:26)Canadian tech leaders wasted no time, issuing a post-election call to action: reform capital gains, support Canadian-built tech, and invest in AI infrastructure.John’s take: The time for polite advocacy is over. With both Liberals and Conservatives aligning on major innovation policy, the opportunity for real progress has never been better, if egos don’t get in the way.Surprise Unity: Liberals & Conservatives Align on Innovation (00:12:24)Despite the heated rhetoric, the two leading parties are shockingly aligned on digital strategy, immigration reform, and even open banking.John’s take: There’s nearly 80% overlap. Both parties want economic growth through tax relief, fast-tracked infrastructure, and internal free trade. Entrepreneurs are leading the charge, it’s time politicians caught up.Microsoft’s AI Playbook: Real Money or Recycled Revenue? (00:15:24)Microsoft’s stock jumps as AI revenues appear to surge, but is it genuine growth or just a repackaged Office 365 price hike?John’s take: Be skeptical. Most of the new revenue might just be legacy SaaS customers forced into higher prices. Until there’s clear evidence of fresh, net-new AI revenue, it’s mostly smart marketing.The AI Gold Rush: Are Startups Actually Winning? (00:18:12)John questions whether AI startups are truly reaping rewards or just helping Big Tech inflate its margins. And with hyperscalers spending tens of billions, pressure is mounting to prove the returns are real.John’s take: Don’t confuse exploratory pilot projects with actual adoption. Many corporates are still in “test mode,” and unless startups can prove long-term value, they risk getting left behind in an AI bubble.As Canada redefines its political and economic future, this episode offers unfiltered insights into what’s really going on in Ottawa, Alberta, and Silicon Valley North. If you’re a founder, investor, or policy leader, this is essential listening.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Welcome back to Tank Talks! Host Matt Cohen is back with the one and only John Ruffolo in another no-holds-barred news rundown from the frontlines of business, tech, and politics. With Canada barreling toward an election that could reshape its economic future, and global giants like Google facing legal evisceration, this episode is packed with jaw-dropping insights.* Why the Canadian election might deliver another political deadlock and why that terrifies investors.* The secret behind Google’s looming breakup and OpenAI’s wild move to snag Chrome.* Inside the AI shell game: How Ottawa’s $2B bet could be more smoke than fire.* Rising gold, crashing confidence: Is Bitcoin back or are the gold bugs winning?Platforms vs. Reality: Are Politicians Just Rearranging Deck Chairs? (00:03:25)Matt and John break down the policy platforms with brutal honesty, from fantasyland deficit projections to a tax-and-build housing bonanza that may never materialize.John’s take: Liberal spending assumptions are based on fantasy GDP projections. Meanwhile, conservative tax relief and entrepreneurial support feel more grounded but still beg the question, “Where’s the execution?”AI Reallocations or Just a Shell Game? (00:08:04)The $2 billion AI investment promised by the Liberals is under scrutiny. The Conservatives say it’s a reallocation, not a cut, but John isn’t sold on the ROI.John’s take: Ottawa’s indiscriminate tech funding might be helping foreign giants more than Canadian innovators. Real results will only come from supporting homegrown ecosystems, not flashy line items.Google Breakup Incoming? OpenAI Eyes Chrome (00:14:00)A U.S. court just found Google guilty again, this time for monopolizing ad tech. The breakup buzz is real, and OpenAI is already circling Chrome like a hawk.John’s take: This antitrust reckoning is 10 years late. Chrome is key to Google’s dominance, but the real threat may now be Gen Z’s shift to LLM-powered search. The disruption has already begun.Sell Everything U.S.? Global Rotation or False Alarm? (00:17:25)Markets are jittery. U.S. equities are underperforming. International funds are surging. Is this the start of a broader retreat from the American financial engine?John’s take: If the U.S. wobbles, where do you go? The answer might be gold, Bitcoin, or both. As fiat faith erodes, the store-of-value debate is back with a vengeance.Gold vs. Bitcoin: The Great Store-of-Value Showdown (00:18:37)Gold is soaring. Bitcoin bugs are stirring. With the U.S. dollar under pressure and investors fleeing uncertainty, we might be entering a new age of alternative assets.John’s take: Gold’s silent resilience is paying off again. Meanwhile, Bitcoin maxis are rallying, but in the debate? Gold is taking the lead.In a world of broken platforms, fiscal illusions, and rising geopolitical chaos, this episode is a crash course in the new rules of money, tech, and power.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Welcome back to Tank Talks! In this episode, host Matt Cohen is joined by John Ruffolo for another high-voltage rundown of the most urgent headlines at the intersection of business, politics, and innovation. As Canada stares down the barrel of a snap federal election and the U.S. economy teeters on a razor’s edge, this episode is all about decoding the chaos.* Can Canada avoid a recession as political gridlock looms?* Will U.S. economic volatility derail global investment?* What happens when tech titans like Musk and Dorsey call for the end of intellectual property law?From capital gains clashes and cross-border tax traps to TikTok-fueled counterfeits and China's IP free-for-all, this conversation goes deep into the geopolitical and economic fault lines shaping our future.Election Whiplash: Personality Over Policy (00:01:00)With Canada’s snap election just days away, John and Matt unpack the shift from hard policy debate to emotional brand politics. Despite mounting economic concerns like productivity slumps, unaffordable housing, and rising interest rates, voters seem more fixated on the personalities of frontrunners Mark Carney and Pierre Poilievre.John’s take: We may be headed toward a minority government, but the real issue is voter apathy. If younger voters don’t turn up, expect unpredictable outcomes. Meanwhile, the debates are muddying policy distinctions, making this more of a popularity contest than a strategic vote.Tax Turbulence: Capital Gains and Cross-Border Chaos (00:04:00)Capital gains are back in the spotlight on both sides of the border. In Canada, competing parties offer conflicting visions on taxation. But south of the border, new U.S. proposals could triple taxes on Canadian investors holding U.S. assets.John’s take: Canada’s assumption that U.S. Democrats would win and raise capital gains taxes might backfire. If Republicans take over and slash taxes instead, Canada’s competitiveness could tank. The stakes? Talent flight, diminished foreign investment, and a harsh wake-up call for young Canadians evaluating life abroad.Trump, Tariffs, and the Trade War Ripple Effect (00:07:31)Trump’s tariff spree continues to rattle markets. Mixed signals and shifting policies have left Canada and much of the world scrambling for economic footing.John’s take: Canada has been over-indexing on Trump rather than addressing its domestic weaknesses. Blaming external forces won’t fix structural problems like low productivity and weak innovation infrastructure.Recession Realities: Brace for Impact (00:11:50)With interest rates climbing and the bond market flashing red, John paints a sobering picture: a Canadian recession is not just likely, it’s imminent. But not all is doom and gloom.John’s take: Recessions are where great companies are made. The key is balance sheet strength and a strategy to gain market share, even at the cost of short-term profits. It’s survival of the most prepared.Fear vs. Opportunity: Investing Amid Uncertainty (00:13:00)Despite market jitters, John’s firm is busier than ever. He sees opportunity in volatility, just not for the faint of heart.John’s take: Most people freeze in a downturn. That’s a mistake. Investors and founders need to think like race car drivers, slow down strategically, but stay ready to accelerate when the track clears.The IP Debate Goes Nuclear: Musk & Dorsey Speak Out (00:17:00)In a viral exchange, Jack Dorsey and Elon Musk call for the abolishing of intellectual property laws. They argue IP stifles creativity and prioritizes lawsuits over innovation.John’s take: While the system needs reform, scrapping IP entirely is extreme. Protection encourages R&D, especially for startups. The real threat? Patent trolls and uneven enforcement that favors deep-pocketed players.The Counterfeit Tsunami and China’s Rule-of-Law Rebellion (00:20:50)From luxury bags to Tesla knockoffs, China’s casual relationship with IP law is costing Western economies over $600 billion annually. And the stakes are rising.John’s take: The U.S. once stood as a beacon for rule-based trade. Now, it's playing the same unpredictable game as China. Without global cooperation, the IP battlefield could become a free-for-all, and that’s dangerous for everyone, especially startups.As elections, tariffs, and tech wars reshape the global economy, this episode is your essential guide to what’s coming and how to prepare. Whether you're a founder, policymaker, or investor trying to read the tea leaves, John and Matt deliver the no-nonsense insight you won't find anywhere else.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com