Matt Cohen sits down with Rebecca Kacaba, Co-Founder and CEO of DealMaker, a groundbreaking platform transforming how companies raise capital. Rebecca shares her journey from her entrepreneurial family background and legal expertise to spearhead innovation in the fundraising space.The conversation covers how DealMaker democratizes capital access, enabling individuals to invest in brands they love. The discussion also touches on the impact of regulations like the JOBS Act, the role of community and marketing in successful capital campaigns, and the future of AI in streamlining complex fundraising processes.Rebecca also opens up about her experiences as a female CEO in a male-dominated industry, scaling a fintech startup, and her vision for how retail capital will reshape ownership in the coming years.About Rebecca KacabaRebecca Kacaba is the CEO and co-founder of DealMaker, a tech company that helps businesses raise money online. DealMaker has helped companies raise over $1.7 billion from 650,000 investors, making it one of the fastest-growing companies in Canada. Rebecca’s goal is to make it easier and fairer for people to invest in businesses they believe in.Before starting DealMaker, Rebecca worked as a lawyer for over ten years, specializing in helping companies with capital markets and mergers. She also worked at the Ontario Securities Commission, where she helped with important rules and policies for investments. Her background in law helped her create new tools for companies to raise money more efficiently.Rebecca earned her Bachelor of Arts in Psychology from Western University and her law degree (LLB) from the University of Windsor.Fast Favorites* Favorite Podcast: All-In Podcast* Favorite Bestie from All-In: Chamath Palihapitiya* Favorite Newsletter or Blog: Morning Brew* Favorite Tech Gadget: iPhone* Favorite New Trend: The democratization of capital* Favorite Book: Elon Musk's Biography* Favorite Life Lesson: "Failure is not a thing."Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai 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 insightful discussion, John Ruffolo, a finance and technology expert, shares his vision for Canada's prosperity agenda. He emphasizes the need for tax reform and strategic negotiation to bolster Canada’s economy. The conversation delves into 'friend-shoring,' highlighting how close partnerships with the U.S. can enhance innovation and competitiveness. They also explore Canada’s $2 billion investment in AI infrastructure and the evolving venture capital landscape, urging the creation of structured frameworks for emerging technologies.

Matt Cohen welcomes Mitch Debora, the Co-Founder and CEO of Mosaic Manufacturing, a pioneer in the field of additive manufacturing and 3D printing. Mitch shares insights into how Mosaic is transforming global supply chains with innovative 3D printing solutions, particularly in the wake of COVID-19, which exposed the fragility of traditional supply chains.The discussion dives into Mosaic’s latest innovation, the Array system, which enables continuous automated production at scale. Mitch outlines the environmental and economic advantages of additive manufacturing, its applications in diverse industries such as medical devices, textiles, and consumer goods, and Mosaic's vision for a sustainable future of localized production.The conversation also touches on Mosaic’s $28M growth equity financing round led by Idealist Capital, signaling the company's ambitious plans for expansion and innovation.About Mitch Debora:Mitch Debora is the Co-Founder and CEO of Mosaic Manufacturing, a leader in advanced polymer-based multi-material additive manufacturing solutions. He also serves as an Additive Manufacturing Advisory Board Member at NGen Canada. With expertise in digital manufacturing and supply chain innovation, Mitch focuses on strategy, growth, intellectual property, and engineering. His earlier ventures include founding Vivid 3D, offering professional-grade 3D printing services. Mitch earned his Bachelor of Applied Science in Mechanical Engineering from Queen's University, where he also developed a deep interest in 3D printing.Topics discussed:(01:32) Mitch’s Journey into Entrepreneurship02:30) Inspiration Behind Mosaic(08:09) Impact of COVID-19 on Supply Chains(11:49) The Array System: Revolutionizing Manufacturing(15:48) Future of 3D Printing(18:24) AI in Additive Manufacturing(23:00) Environmental Benefits of Additive Manufacturing(26:34) 3D Printing at Home(31:40) Mosaic’s Recent Funding RoundFast Favorites:Favorite Podcast: How I Built This by Guy RazFavorite Blog: Mosaic’s BlogFavorite Tech Gadget: 3D printersFavorite New Trend: Betting culture as a predictive data sourceFavorite Book: The Age of Spiritual Machines by Ray KurzweilFavorite Life Lesson: "You don't know what you don't know."Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai 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

Matt Cohen and John Ruffolo discuss Neo Financial’s $80M funding and the concerns surrounding Tencent’s involvement, Hopper’s layoffs as it pivots to B2B partnerships, and Elon Musk’s dual moves with his Department of Government Efficiency and X.AI’s stock offering. They also explore the implications of ServiceTitan’s IPO ratchet clause and Wealthsimple’s $100M secondary share purchase ahead of a potential IPO.(01:13) Neo Financial’s Tencent ControversyNeo Financial’s $80M equity financing revealed Tencent Holdings as a lead investor, sparking concerns about Chinese involvement in Canadian financial services.* Tencent is a passive investor with no board seat or sensitive data access, but the lack of transparency raised questions.* John’s Take: “If safeguards are in place, why not openly embrace a credible investor like Tencent? Mishandling the PR has fueled unnecessary suspicion.”(04:39) Hopper’s Layoffs and Strategic PivotHopper cuts 10% of its workforce, following a 30% reduction last year, as it shifts focus to B2B partnerships with firms like Capital One and Uber.* B2B now accounts for two-thirds of Hopper’s revenue.* John’s Analysis: AI could transform Hopper’s operations, but revenue compression and dependency on Expedia create challenges.(09:53) Musk’s Moves: DOGE and XAIElon Musk enlists Sriram Krishnan for his Department of Government Efficiency (DOGE) initiative while leveraging his X.AI venture to benefit Twitter investors.* DOGE: Musk’s team focuses on reducing government inefficiency through red tape reduction, technology adoption, and spending optimization.* X.AI Stake Offering: Musk grants a 25% stake in X.AI to Twitter investors to offset valuation losses post-acquisition.* John’s Insight: “Musk is creating an interconnected ecosystem where partners benefit from his entire portfolio, a brilliant move to maintain loyalty and long-term value.”(06:00) Wealthsimple’s Secondary TransactionsWealthsimple purchased $100M in employee shares at a $5B valuation, positioning for a potential IPO.* Signals: Minimal gap between common and preferred shares indicates readiness for public markets.* Performance: Reportedly cash flow breakeven, driven by a strong crypto portfolio and $8B AUM.* Matt’s Take: “This secondary move shows maturity and sets the stage for long-term growth under new leadership.”(18:29) ServiceTitan’s Ratchet Clause and IPO ImpactServiceTitan’s IPO is propelled by a compounding ratchet clause from its Series H funding.* What’s a Ratchet? Investors get more shares if IPO valuation falls below a set threshold, diluting existing shareholders.* John’s Take: “Compounding ratchets penalize employees and distort economic interests. They’re a clear sign of investor concerns during the funding crunch.”Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai 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

Matt Cohen interviews Jayesh Parmar, founder of Picatic, a ticketing platform acquired by Eventbrite, and current wellness innovator with Gunkii. Jayesh discusses building a startup in Saskatoon, navigating challenges, competing against incumbents, and lessons learned from scaling a company. He also shares insights into his current venture, Gunkii, and his contributions to the startup ecosystem.About Jayesh Parmar:Jayesh Parmar is the Co-CEO and founder of Gunkii, a wellness brand launched in 2021 that focuses on luxury tongue scrapers. He is responsible for leading product innovation and strategic growth in the oral health space.Previously, he was at Eventbrite after acquired his startup, Picatic a global event ticketing platform serving 46 countries, known for its innovative pricing models. Earlier, Jayesh founded Boom Music, an event production and live music management company, which he ran from 1997 to 2011. He also spent over a decade as a teacher with Saskatoon Public Schools.Jayesh holds a bachelor’s degree from the University of Saskatchewan.Discussion Highlights:* 00:20 Founding Picatic: Competing with Eventbrite using innovative pricing models* 00:37 Early challenges of building a startup: Funding, market confusion, and team building.* 02:11 Scaling from Saskatoon and the role of accelerators in San Francisco, Toronto, and New York* 03:44 Competing with Eventbrite: Pay-What-You-Want and freemium pricing models* 09:00 The importance of "dogfooding" in refining Picatic’s product* 16:32 Celebrating milestones like reaching $10 million in sales* 18:50 The Eventbrite acquisition: How it happened and preparing for M&A* 21:00 Practical advice: Keeping a clean data room and leveraging exited founders as advisors* 27:13 Mentorship and giving back to the startup ecosystem* 28:31 Viewing failure as a data point and using it to improve* 31:00 Creating Gunkii: A wellness product inspired by cultural heritage* 33:24 What’s next: Supporting startups as a mentor and advisorFast Favorites:* Favorite Podcast: All In* Favorite Newsletter: Lenny’s Newsletter* Favorite Tech Gadget: Boardy.ai* Favorite New Trend: Wellness-focused retreats for entrepreneurs* Favorite Book: Principles by Ray Dalio* Favorite Life Lesson: “Your presence matters more.”Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai 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

Matt Cohen welcomes back John Ruffolo, of Maverix Private Equity, for a discussion on Neo Financial’s recent funding round, the state of IPOs, antitrust actions against Google, the dominance of NVIDIA in AI hardware, and the speculative nature of MicroStrategy's Bitcoin strategy. * (00:55) Neo Financial's $362 Million Series D RoundAnalysis of the Calgary-based challenger bank's latest financing round, including a significant valuation drop since 2022 and insights into structured equity and debt financing.* (03:20) Fintech Valuation ResetsJohn reflects on the aggressive valuations during 2019-2021 and applauds founders navigating down rounds responsibly.* (06:22) Klarna and IPO TrendsDiscussion of Klarna's IPO and broader market activity, including ServiceTitan's filing and a potential boost in M&A and IPOs.* (08:47) Antitrust Pressure on GoogleThe DOJ's push to dismantle Google's Chrome browser and Android dominance, its implications for AI development, and the historical irony compared to Microsoft's Netscape case.* (12:49) NVIDIA’s Dominance in AI HardwareExploration of NVIDIA’s record-breaking revenues, its chokehold on AI compute, and the challenges potential competitors face.* (15:46) OpenAI’s Costs vs. RevenueA deep dive into OpenAI's staggering operational costs and projected losses for 2024, highlighting the high stakes of AI innovation.* (16:45) MicroStrategy’s Bitcoin StrategyDiscussion of MicroStrategy’s Bitcoin-heavy balance sheet, its valuation compared to its holdings, and parallels to previous financial collapses.* (19:00) Final Thoughts and TakeawaysJohn reflects on exuberance in speculative markets and the risks of over-leveraging in volatile assets like Bitcoin.Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai 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

Matt Cohen and John Rikhtegar of RBCx discuss the insights from Rikhtegar's report on capital exited in Canadian venture capital over the past decade. They talk about the importance of understanding capital efficiency, market cycles, and the power law in venture exits.John emphasizes the need for a comprehensive view of the venture ecosystem, focusing on capital allocated, invested, and exited. The discussion also the current state and future of Canadian venture capital, emphasizing the importance of capital efficiency, the challenges of growth at all costs, and the evolving landscape of funding. They analyze data on exit values and funding ratios between Canada and the US, highlighting the need for Canadian investors to adapt their strategies to achieve better outcomes.And John Ruffolo from Maverix PE stops by to discuss the week’s news.About John Rikhtegar:John Rikhtegar is the Director of Capital at RBCx, where he leads investments in venture capital funds and startups, while driving strategic initiatives to enhance transparency and value in Canada's private markets. With a focus on supporting the venture ecosystem, John has played a key role in fostering innovation and growth across the country.Before joining RBCx, John built an impressive career in tech and operations. He held senior leadership roles at Kognitiv Corporation, guiding strategic transformations in Canada and the UK, and was part of the founding team at VaynerCommerce, leading revenue growth in the UK and EMEA. At Shopify Plus, he worked with high-growth, enterprise-level merchants, helping scale some of the world’s most innovative brands.John holds an Honors Business Administration (HBA) degree from the Ivey Business School at Western UniversityNews Rundown with John Ruffolo(01:00) Analysis of Q3 2024 Canadian venture capital activity: Record-breaking headline numbers but troubling declines in early-stage domestic investment.(03:00) Impact of Canada’s capital gains tax increases on angel investments and early-stage startups.(05:23) U.S. investment dominance in Canadian deals and the challenges for domestic capital raising.(10:50) Klarna’s rebound after valuation cuts as a roadmap for startups navigating downturns.(12:35) Databricks' secondary funding move and the tension between liquidity needs and IPO delays.(16:50) Public-private sector collaboration in the U.S. and lessons Canada could adopt for governance efficiency.Interview with John Rikhtegar(20:20) John Rikhtegar’s career journey: From Shopify to VaynerMedia to leading RBCX Capital.(24:30) The origins of the Spotlight report and why analyzing capital exited, not just invested, is critical to understanding venture ecosystem health.(28:00) Market cycles and their impact on liquidity, with 2020-2021 generating 50% of Canada’s total exit value over the past decade.(30:26) The power law in Canadian venture exits: The top 50 exits accounted for 85% of all exit value.(32:00) Capital efficiency and its implications for founders, GPs, and LPs: Why bigger isn’t always better.(36:00) Canada’s advantage in building capital-efficient companies due to constrained resources compared to the U.S.(38:00) Practical advice for investors: Staying disciplined on entry prices and prioritizing ownership-sensitive investments in early-stage companies.(46:08) Comparing Canada and U.S. capital efficiency: Lessons learned and the importance of scaling the 1.6x efficiency ratio for Canadian venture capital.Fast FavoritesFavorite Podcast: 10X Capital by David WeisbergFavorite Newsletter or Blog: Clouded Judgment by Jamin BallFavorite Tech Gadget: Garmin WatchFavorite New Trend: Cooking at homeFavorite Book: The Score Takes Care of Itself by Bill WalshFavorite Life Lesson: Don’t worry about things outside of your control.Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai 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, Matt Cohen interviews Bill Macaitis of SaaS CMO Pro. Bill was instrumental in scaling B2B SaaS giants like Salesforce, Zendesk, and Slack. The conversation covers Bill’s transition from B2C to B2B, bringing consumer marketing techniques into enterprise SaaS, and his role in IPO successes for companies like Zendesk and Slack. Bill also delves into building high-performing, customer-centric marketing teams, strategies for effective inbound and outbound marketing, and the importance of brand differentiation, even in the traditionally risk-averse B2B space. They also explore the evolving role of AI in marketing and the shift in customer acquisition strategies using product-led growth (PLG) models.And John Ruffolo is back to break down the news of the week!About Bill Macaitis:Bill Macaitis is the founder and CEO of SaaS CMO Pro, a platform that helps B2B SaaS and AI companies grow through customer-centric, capital-efficient strategies. He also provides advisory services to founders on scaling marketing and sales.Previously, Bill served as CMO and CRO at Slack, where he led the company to a $16 billion IPO and later acquisition by Salesforce. He was also CMO at Zendesk, guiding the company to a $1.7 billion IPO, and SVP of Marketing at Salesforce, where he drove revenue from $900 million to $3 billion.Bill began his career in B2C marketing, notably at IGN Entertainment and Fox Interactive Media. He holds a Bachelor’s in Business Administration from the University of Illinois Urbana-Champaign.News Rundown with John Ruffolo* (00:01:04) U.S. Federal Election Analysis* (00:04:00) Mainstream Media and Social Media's Rise* (00:06:35) Elon Musk’s Influence and Stock Market Reactions* (00:08:18) OpenAI’s Purchase of "Chat.com"* (00:09:38) Perplexity AI’s $500 Million Funding Round* (00:13:00) Venture Capital’s Private Equity Strategy in AI* (00:15:23) Salesforce in the AI LandscapeInterview with Bill Macaitis* (00:20:20) Bill Macaitis’ Journey from B2C to B2B* (00:21:52) Building Salesforce’s Brand in the Financial Crisis* (00:27:00) Importance of B2B Mascots* (00:32:57) Product-Led Growth (PLG) Strategy at Slack* (00:39:00) Tips for AI Startups on Freemium Strategies* (00:41:31) Account-Based Marketing (ABM) Insights* (00:45:58) AI’s Impact on Marketing and Career Advice for Marketers* (00:49:26) Launch of SaaS CMO ProFast Favorites* Favorite Podcast: Artificial Intelligence Show* Favorite Newsletter or Blog: Only CFO* Favorite Tech Gadget: Rachio* Favorite New Trend: Artificial Intelligence (AI) advancements* Favorite Book: Earn It by Steve Pratt* Favorite Life Lesson: Don't focus on if you're employed, focus on if you're employableFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai 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

Peter van der Velden joins Matt Cohen to discuss the dynamic changes within the life sciences sector and venture capital at large. He highlights the success factors in life sciences as a high-performing asset class and discusses the role of Canadian pension funds in supporting innovation. The episode also covers the transformative potential of GLP-1 drugs and AI's impact on drug discovery and medical technology.And John Ruffolo is back to talk about the US elections and tech news. (Note: this was recorded before the election on 11/5/24).About Peter van der Velden:Peter van der Velden is the Founder and Managing General Partner of Lumira Ventures, a top Canadian life sciences venture capital firm he established in 2007 following a management buyout of MDS Capital. At Lumira, he focuses on biotech and medtech investments, with multiple high-profile exits involving acquisitions by major pharmaceutical companies.Prior to Lumira, Peter served as President and CEO of MDS Capital, Canada’s oldest life sciences VC firm. He has also founded and led Fusion Capital, an investment bank for Canadian tech ventures, and worked as Managing Director at Bedford Capital, a private equity boutique.Peter began his career in venture capital in 1988 at Vencap Equities and later held roles in business development at Hyal Pharmaceuticals and Taurus Capital. He holds an MBA from the Schulich School of Business and an MSc in Pathology and a BSc in Life Sciences from Queen’s University.In this episode, we discuss:News with John Ruffolo(1:26) – Super Micro Computer Stock Decline(4:00) – Canadian Perspective on U.S. Elections(6:45) – Decline of Mainstream Media and Rise of Alternative Platforms(11:41) – VCs Backing Multiple Competing LLMs(17:20) – Potential AI Mergers and Acquisitions in 2025Interview with Peter van der Velden(19:48) – Peter’s Role at Lumira Ventures(21:03) – Transformation in Venture Capital and Life Sciences(24:05) – Life Sciences Outperformance as an Asset Class(27:48) – Canadian Pension Funds and Venture Capital(31:20) – Case Study: Histosonics and Pension Fund Support(35:25) – Quebec’s Leadership in Supporting Local Innovation(37:00) – Challenges in Advocating for Canadian Venture Capital(46:16) – GLP-1 Drugs and Their Transformative Potential(49:19) – Industries Disrupted by GLP-1 Innovations(52:00) – AI’s Role in Drug Discovery and MedtechFast Favorites * Favorite Podcast: Acquired and All In* Favorite Tech Gadget: NotebookLM.google* Favorite Trend: Rationality returning to the venture market* Favorite Life Lesson: "Never give up"Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai 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, David Skok, founder and CEO of The Logic, discusses his journey from traditional journalism to leading a digital-first news outlet. He reflects on his time at The Boston Globe, where he helped the publication transition to a digital subscription model. This experience laid the foundation for his decision to launch The Logic, focusing on Canada's innovation economy and providing high-quality, in-depth reporting.David explains how Clayton Christensen’s theory of disruptive innovation influenced his approach to digital media. He saw an opportunity to address gaps in Canadian tech and business coverage, and launched The Logic in 2018. He highlights the challenges of building a digital publication in a space dominated by legacy media and how his publication has carved out its niche by focusing on critical, analytical journalism.The discussion also covers the impact of Bill C-18 on the media landscape in Canada, with David offering insights into how it aims to level the playing field between big tech platforms and smaller news organizations. He also touches on the role of The Logic Summit, an annual event that brings together leaders in tech and business, as part of his broader mission to foster a stronger innovation ecosystem in Canada.And John Ruffolo of Maverix Private Equity joins Matt Cohen to discuss the latest tech and venture capital news.About David Skok:David Skok is the founder and CEO of The Logic, a business news publication focused on Canada’s innovation economy, with five bureaus across the country. Backed by the Financial Times, The Logic has become a prominent source of in-depth business journalism under his leadership.With over 25 years of experience, David previously held senior roles at The Toronto Star and The Boston Globe, where he led digital strategy and helped grow BostonGlobe.com’s digital subscriptions by 40%. He also co-created Globalnews.ca, one of Canada’s leading digital news platforms.David holds a Nieman Fellowship from Harvard University and a Bachelor’s degree in journalism from Ryerson University. He also serves on the board of the Online News Association and advisory boards for several journalism institutions.In this episode, we discuss:News Rundown with John Ruffolo:* (01:31) Elon Musk’s epic week * (02:00) Discussion on the rise of reusable rocket systems and the implications for space exploration* (03:26) Information Venture Partners (IVP), a Toronto-based venture capital firm, decides not to raise its fourth venture fund, citing market conditions and personal circumstances* (05:00) The trend of venture funds consolidating and shifting towards more niche or special purpose vehicle (SPV) investments is explored* (09:00) Geoffrey Hinton, known as the "AI godfather," wins the 2024 Nobel Prize in Physics for his contributions to AI* (12:00) Shopify President Harley Finkelstein's controversial comments about the lack of ambition in the Canadian tech sector, and the push for more risk-taking in AI development* (14:50) John Ruffolo responds, emphasizing the need for better access to capital and support for Canadian entrepreneurs, rather than a lack of ambition being the primary issue* (19:00) Matt and John discuss the large investments being made in U.S. data center developments and AI infrastructure, noting the contrast with Canada’s lack of similar projects* (23:00) A story about Anguilla’s earnings from the ".ai" domain surge, and how it now accounts for 20% of the island’s government revenueInterview with David Skok:* (24:53) David Skok discusses his early years in journalism and how his experiences shaped his career* (27:21) His experiences at The Boston Globe, leading its transition to a subscription-based model and the lessons learned from that time* (31:00) The evolution of digital content consumption and how consumers’ preferences for news have changed* (33:36) Clayton Christensen’s disruptive innovation theory on David’s decision to start The Logic, and his approach to navigating the shifting media landscape.* (41:55) The founding of The Logic, initial challenges, and the importance of building a subscription-based media outlet* (45:00) The competitive nature of the Canadian media landscape and the challenges of securing talent and resources for a startup media company* (49:13) David explains The Logic Summit, how it serves as a platform for bringing together Canada’s innovation and business leaders, and its growing significance* (51:58) The implications of Bill C-18 and how it affects relationships between media outlets and tech platforms like Google and Meta* [56:43] The rise of generative AI, the challenges of copyright for news organizations, and the impact on journalistic integrity* [59:00] David outlines The Logic’s approach to using AI and how they manage its integration with journalistic standards.Fast Favorites:* Favorite podcast: Pivot by Kara Swisher and Scott Galloway* Favorite newsletter or blog: Stratechery by Ben Thompson* Favorite tech gadget: His iPhone* Favorite new trend: Generative AI* Favorite book: The Innovator’s Dilemma by Clayton Christensen* Favorite CEO to watch: Marc Benioff from SalesforceFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai 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