This week we welcome Randy Garg, Founder and Managing Partner of Vistara Growth. Randy shares his journey from his beginnings at PwC and Discovery Capital to co-founding Beedie Capital in 2010, and launching Vistara Growth in 2015 with support from the Beedie family as his first LP.Randy discusses the challenges tech companies face in securing growth capital and how Vistara Growth offers a mix of Growth Debt and Growth Equity to meet these needs, highlighting successful investments in companies like Zafin and Kore.ai. He delves into the state of private credit, public tech companies, and Vistara's fundraising strategies for its funds, including the transition from family office LPs to institutional LPs with Fund Five.Additionally, Randy talks about the importance of having a credit mindset, distinguishing growth debt from venture debt, and shares strategies for businesses to achieve sustainable growth and overcome scaling challenges. He also emphasizes leadership's role in growth and shares personal recommendations for podcasts, newsletters, and books, along with his life lesson on the importance of self-belief.About Randy Garg:Randy Garg is Founder and Managing Partner of Vistara Growth which provides creative and tailored Growth Debt & Growth Equity financing solutions to mid-later stage technology companies across North America. Vistara's typical investment size ranges from $10 million to $30 million for companies that have scaled or are scaling past $10 million+ in revenues. To date Vistara has raised $600M and is currently investing out of its fifth fund.Prior to launching Vistara, Randy co-founded and was Managing Partner of family office group Beedie Capital (2011-2015). During that time he sourced, completed and managed numerous growth capital financings with particular emphasis on the technology sector.Randy received his BBA from York University, his MBA from UBC, and holds a Chartered Financial Analyst (CFA) designation.In this episode, we discuss:(01:00) Randy shares his extensive background in venture capital, private equity/debt investing, and his significant experience in corporate finance and M&A(03:58) His role as Co-Founder and Managing Partner at Beedie Capital Partners (05:55) Founding Vistara Growth to provide flexible Growth Debt and Growth Equity financing solutions to mid-later stage technology companies across North America(07:48) His stint at PwC Corporate Finance leading the firm’s corporate finance activities across Western Canada for the technology practice(08:44) Vistara Growth's investment philosophy, emphasizing flexible growth capital to support companies as they scale past $10 million+ in revenues(10:21) The current state of private credit and public tech company valuations, identifying opportunities despite market challenges(11:08) Vistara Growth's investment in Zafin(16:45) The broader state of private credit, venture capital retreats, and the impact on companies seeking financing(20:21) The dynamics of the Canadian public market for small-cap tech companies, contrasting it with private financing strategies(23:02) Kore.ai's growth, from significant early achievements to becoming a leader in enterprise-grade virtual assistant platforms(25:52) Explains the unique offering of growth debt and the concept of "rental equity," differentiating Vistara Growth's approach from traditional venture debt(27:09) Future opportunities and strategies for Vistara Growth, focusing on the expanded market gap for flexible capital solutions(31:41) Discusses Vistara Growth's investment strategy and focus areas, including sector-specific strategies and the firm's approach to supporting portfolio companies(35:22) Concludes with future plans for Vistara Growth, emphasizing raising the rest of Fund Five, deployment strategies, and team growth.Fast Favorites:* 🎙- Favorite Podcast: Invest Like The Best* 📰- Favorite Newsletter / Blog: Bloomberg, Wall Street Journal, Globe and Mail, TechCrunch* 📲- Favorite Tech Gadget: Peloton Bike+* 📈-  Favorite New Trend: Focusing on health* 📚- Favorite Book: Outlive* 🤔 - Favorite Life Lesson: Always been that on yourself.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

We are excited to have Alex Kolicich, the founding partner of 8VC, on the pod this week. Alex shares his journey from working at Google and Palantir to joining Peter Thiel's hedge fund, Clarion Capital, and later co-founding 8VC. Alex discusses 8VC’s mission to significantly impact their portfolio companies by leveraging their unique blend of industry insight and investment expertise. And we get Alex's take on the recent AI boom in venture capital, dissecting the mega funding rounds in the AI space and providing a forward-looking perspective on startups and fundraising.We also have a news round-up with John Ruffolo.About Alex Kolicich:Alex Kolicich is a Founding Partner at 8VC, where he focuses on IT and Bio-IT investments.Prior to 8VC, Alex was a Partner at Formation 8 and also worked with Peter Thiel as a Principal at Mithril Capital Management, a growth-stage venture fund, where he helped lead investments in AppDirect, C2FO, and Helion Energy.Before his career as an investor, Alex worked as an engineer and early-product advisor at Clarium, Palantir, and Google. He was an early member of the Clarium Capital quantitative engineering team (with Joe Lonsdale) and a close advisor/collaborator with the early Palantir team; advising on product design and contributing to the product. At Google Research, Alex worked on Google Street View before and during its launch and also worked on the development and launch of the Google Checkout.In this episode, we discuss:(01:35) The trend of U.S. private equity firms acquiring Canadian tech companies and the benefits of currency arbitrage(03:17) The difference in capital competition between the U.S. and Canada, indicating a more vibrant private equity scene in the U.S.(06:04) Why John is bullish on Ethereum(08:28) How former Canadian Prime Minister Brian Mulroney's policies shaped the current political and business landscapes(12:45) Alex shares his journey from engineering at Google to venture capital, emphasizing the culture of innovation at Google(14:22) The shift from Google to venture capital, underlining the pivotal role of working with Peter Thiel(17:25) The founding principles of 8VC, focusing on investing in companies that leverage technological advancements(20:05) The potential of AI, Alex predicts its significant impact on the venture capital landscape(23:15) Alex’s his decision to pivot to venture capital, inspired by the opportunity to work with Peter Thiel and invest in deep technology(27:05) Alex discusses the significance of Canadian tech innovations and his motivation to invest in Canadian companies(33:14) Fundraising in 2024 requires growth and capital efficiency(37:25) A future where AI augments knowledge work, leading to societal shifts towards community-oriented living(49:30) Reflecting on Canada's role in the AI revolution, Alex emphasizes the need for proactive policies to attract and nurture talent, positioning Canada as a leader in AI innovation and applicationFast Favorites:* 🎙- Favorite Podcast: Meb Faber* 📰- Favorite Newsletter / Blog: Interconnects* 📲- Favorite Tech Gadget: Airpods Pro* 📈-  Favorite New Trend: The rebirth of Silicon Valley* 📚- Favorite Book: 1984* 🤔 - Favorite Life Lesson: Put yourself in a position where you work with the most talented peopleFollow 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

This week we are joined by Elio Narciso, founder of ScaleStack, who discusses his journey as an entrepreneur and the challenges of building and selling companies.He shares insights from his time at AWS and the lessons he learned about go-to-market strategies. Elio explains the creation of ScaleStack AI and the importance of problem-solving before incorporating AI. He emphasizes the significance of founder-led sales and building trust with customers. Finally, Elio introduces the Revenue Engine Masters podcast and its focus on revenue operations and sales operations professionals.About Elio Narciso:Elio Narciso, the Co-Founder and CEO of Scalestack, leads a team focused on innovating sales operations. Before founding Scalestack, Elio worked at AWS as a Principal BD and Program Manager, developing a GTM program that helped startups like Notion, Webflow, and Zapier.His operator background includes starting and selling two mobile internet companies and taking on advisory and investment roles in startups such as Bitbrand and Instal.Elio earned his MBA from MIT Sloan, concentrating on entrepreneurship and finance, and is fluent in three languages.In this episode, we discuss:(01:25) Elio recounts his journey from Italy to the U.S. for an MBA at MIT, where his entrepreneurial aspirations took root.(06:19) His experiences building Mobave, learning from its acquisition, and the importance of co-founders(13:19) The creation and legacy of the AWS Global Startup Program(23:11) Why his startup Measure It's failed due to a focus on technology over market needs(25:07) The thrill of seeing users engage with and love a product, underscoring the importance of creating valuable solutions.(26:32) Why founder-led sales in early-stage startups is critical for direct learning and ensuring product-market fit(33:43) The importance of personal communication, like texting, in building deeper customer relationships.(37:57) ScaleStack's approach to automating sales processes, emphasizing efficiency and the use of AI(41:18) Elio’s podcast targets rev ops and sales ops professionals, focusing on efficiency and innovation in sales.Fast Favorites:* 🎙- Favorite Podcast: Lex Fridman* 📰- Favorite Newsletter / Blog: Money Stuff* 📲- Favorite Tech Gadget: Phone, Sonos* 📈-  Favorite New Trend: Productivity gains* 📚- Favorite Book: Guns, Germs, and Steel* 🤔 - Favorite Life Lesson: Be A Better ListenerFollow 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

Lots of news to discuss with John Ruffolo and Matt Cohen:(00:21) The significant downturn in venture capital, the early reset signs, and the impact of a conservative approach to business and fundraising in 2023, especially in Canada(02:09) The fate of companies that struggled to raise funds in 2023 and the shift towards supporting perceived winners and the inevitable challenges for "B" companies(05:29) Private equity's large market and diverse opportunities(06:48) Foundry Group's shutdown and the lack of structure for succession in VC(09:20) The effectiveness of CEO shakeups and the high-risk nature of founders returning to their companies, questioning such moves.(12:23) AI's explosive growth and why investing in foundational AI technologies is the best approach and the potential for major shifts in enterprise applications and cost reductionsFollow 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

This week, we dive into the exciting world of defense tech with Jake Chapman from Marque Ventures. Jake shares his journey into VC, why Marque Ventures was born, and how shifts in geopolitics and advancements in AI, cybersecurity, and autonomous tech are driving VC interest in defense tech.He opens up about the hurdles of long development cycles, regulatory landscapes, and ethical dilemmas while offering insights into DoD procurement strategies, the importance of a defense-first approach, and the power of public engagement for raising sector awareness.Wrapping up, Jake touches on the significance of strategic partnerships and the evolving M&A scene, highlighting a future with a broader range of buyers in the defense tech space.About Jake Chapman:Jake Chapman is managing director at Marque Ventures, an early-stage VC firm focused on defense and dual-use technologies. He has played pivotal roles in various companies, leveraging technology to enhance national security. Jake focuses his investments on sectors like AI, robotics, aerospace, and quantum computing.In addition to investing, Jake is a co-host of "The Merge," a podcast making defense technology accessible and engaging. He also is a writer, where he shares insights on technology's future and venture capital, contributing to major publications like TechCrunch and WIRED.Jake has a BS and JD from the University of California, Berkeley.In this episode, we discuss:(01:16) Jake's transition from law to venture capital was sparked by his passion for sci-fi and a desire to be closer to technology and entrepreneurship(02:07) Launching Marque Ventures, Jake aimed to bridge the gap between startups and the complexities of DOD procurement, drawing on his rich background in tech and legal expertise(03:05) His endeavor to reform Army Venture Capital led to the creation of Marque Ventures, targeting the underexplored niches of defense technology(06:23) Why the geopolitical climate and innovation in AI, cybersecurity, and autonomous systems for the increased interest in defense tech from generalist VCs(11:59) The unique challenges of DOD procurement, and why startups should align their solutions with DOD needs from the outset(17:12) The importance of securing sufficient funding and understanding the long-term commitment required(20:23) Why Marque Ventures focuses on filling the Series A funding gap in defense tech(22:00) Discussing portfolio synergies, Jake mentions GoTenna's mesh networking as a prime example of integrating technologies for enhanced defense capabilities(23:23) Jake reflects on the changing dynamics of military engagement, stressing the need for cost-effective solutions in contemporary conflicts(25:06) The flaw in cost-plus contracting model, advocating for a shift towards more economically viable defense procurement strategies(28:48) The need for innovation in defense manufacturing, Jake envisions a TSMC-like platform to support the scalability of defense tech startups(35:38) The concept of 'dual use' in defense tech, citing SpaceX as an exemplary model for successfully navigating and scaling in this sector(37:13) The global defense market's potential, encouraging startups to look beyond the US for opportunities(40:44) What its like to co-host his own podcast, The MergeFast Favorites:* 🎙- Favorite Podcast: The Pitch* 📰- Favorite Newsletter / Blog: The Merge Newsletter, Defense Tech and Acquisition* 📲- Favorite Tech Gadget: iPhone, Switch* 📈-  Favorite New Trend: Generative AI* 📚- Favorite Book: Tuxedo Park* 🤔 - Favorite Life Lesson: You don't get what you don't ask for.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 week's episode, we're thrilled to host Alex McIsaac of Northside Ventures. With a diverse background in venture capital, cleantech, and global investing, Alex shares invaluable insights from his tenure as a Partner at Global Founders Capital. We explore why Alex believes it's the right time to launch Northside Ventures and the specific pre-seed market gaps he aims to address.We also delve into the prospects for Canadian AI startups, discussing strategies for outperforming established players and securing Canada's victory in the tech arena.About Alex McIsaac:Alex McIsaac is the Founder and General Partner of Northside Ventures. He has 12 years of experience as both an operator and early-stage investor. Alex led the Canadian practice as a Partner at Global Founders Capital, an international multi-stage venture fund with $3B+ AUM and 15+ offices globally. As a Principal at BDC Capital, the largest venture investor in Canada with $6B+ AUM, Alex helped manage the Seed Fund and Women in Tech fund.Alex spent over six years as a co-founding employee at NRStor, an energy storage-focused cleantech start-up founded in 2012. Blackstone Energy acquired its commercial business in 2018.Alex holds a BScH from Queen’s University and an HBA from the Richard Ivey School of Business.In this episode, we discuss:(01:03) McIsaac's VC journey started with a biology background, shifting to business and early-stage cleantech at Northwater Capital(02:01) The transition to building at NRStor, focused on energy storage technology(04:42) International investing and founder importance at BDC and Global Founders Capital(08:48) The founders' role in company success and adapting to market shifts at GFC.(10:27) Founders' adaptability to profitability during market changes(12:19) Why Alex launched Northside Ventures, focusing on early-stage, high-velocity companies without follow-on checks(17:42) Addressing Canadian pre-seed investment gaps(20:32) His interest in sectors like B2B SaaS, AI, FinTech, and cleantech for long-term growth(23:30) Adding value through investor and customer introductions, and key decision advising(26:18) Emphasis on one-to-one founder relationships over formal board seats for flexibility.(27:14) Targeted diverse LPs as a fundraising strategy(31:02) Using networking and events for LP network building(34:59) The importance of a good CRM as a solo GP(37:18) Early success with investments like Terminal, emphasizing founder-market fit(40:16) Optimism about Canadian AI startups(42:41) AI startups with distinct distribution strategies and customer needs addressing(45:36) Goals to make Northside a leading VC firm, contributing to the Canadian tech ecosystemFast Favorites:* 🎙- Favorite Podcast: 10x Capital* 📰- Favorite Newsletter / Blog: Techmeme* 📲- Favorite Tech Gadget: Oura Ring, Nanit Baby Camera* 📈-  Favorite New Trend: Mental Health Awareness* 📚- Favorite Book: Red Notice* 🤔 - Favorite Life Lesson: We live in a marketplace of favors. Be generous with your time to as many people as possible because you never know how those favors or those people may come back to help you out.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

Former NBA All-Star Baron Davis shares his journey from sports to business, emphasizing mentorship, legacy-building, and entrepreneurship. He discusses empowering athletes through networking, creating interconnectivity in sports and entertainment, and building successful partnerships in entrepreneurship. The conversation also touches on favorite books and life lessons.

Sergey shares his evolution from a startup operator to venture capitalist and how his experience shaped him as an investor.Sergey grew up in Israel and we talk about why Israel’s startup ecosystem has been so successful for so many years even as it grapples with the current conflict.Sergey shares his thoughts around how startups should think about expansion to the U.S from overseas and how to know when you are ready to enter other markets.Lastly Sergey shares his thoughts on the potential rise of Management led buyouts in todays startup world and why we might see more of them in VC-backed startups that are underwater.About Sergey Gribov:Sergey Gribov is General Partner at Flint Capital where he invests in VoIP, cybersecurity, digital health, and finance.Sergey's educational background is as impressive as his professional achievements. He is an alumnus of the Massachusetts Institute of Technology, where he earned his MBA as a Sloan Fellow. This prestigious program is designed for mid-career global executives and entrepreneurs, focusing on entrepreneurship, finance, technology, and innovation management. Additionally, Sergey holds a B.Sc. in Computer Science, Cum Laude, from Beer-Sheva University. His academic pursuits have played a significant role in shaping his analytical and strategic approach to business challenges.In this episode, we discuss:(1:20) Sergey's Background and Journey into Startups and Investing(2:38) Experience in the Israeli Startup Ecosystem(6:03) Shift to Business and Angel Investing(13:26) Collaborative Nature of the Israeli Ecosystem(17:26) Managing Operations During Conflict(21:30) Market Dynamics and Venture Capital Ecosystem(30:54) Management Buyouts in Startups(34:01) Advice for Founders in Current Market ConditionsFast Favorites:* 🎙- Favorite Podcast: 20VC, Lex Fridman* 📰- Favorite Newsletter / Blog: Social Media* 📲- Favorite Tech Gadget: Google Pixel* 📈-  Favorite New Trend: LLMs* 📚- Favorite Book: Never Split the Difference* 🤔 - Favorite Life Lesson: They're all luck plays in our life.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

The new year brings new news to discuss with John Ruffolo and Matt Cohen. In this episode, we discuss:(00:28) CEO and CRO Changes in Startups and Scale-ups(02:02) Exploration of 'founder flight' in startups, Canada vs. the US(02:39) Runway Shortage in Startups(04:00) AGF Private Capital's Acquisition of Kensington Capital(07:17) Dynamics of Asset Management and Private Equity(08:00) Venture Capital Industry Trends(09:22) JMI Equity's Acquisition of Safe Software(11:26) Analysis of Carta's crisis management in their secondary markets division(18:39) AI's Impact on Job MarketsFollow 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

Today we're diving into the world of ProductLed growth and user onboarding strategies with our special guest, Adam Jarczyn, Senior Director of Product Digital Health at PC Health and a valued Venture Partner at Ripple.Adam brings a wealth of experience to the product and go-to-market strategies for early-stage startups and offers unique insights that help founders scale revenue and retention. In our conversation, we covered a range of topics, including scoping and discovery core features that can drive significant gains without losing sight of the project's vision, decision Velocity and how to cultivate a culture that values quick and smaller decisions, how urgency shapes PLG strategies and user experiences, and how tailoring your company's onboarding experiences can help address some of the most common PLG challenges.About Adam Jarczyn:Adam Jarczyn works as Senior Director of Product Digital Health at PC Health, while also being a Venture Partner at Ripple Ventures, a ProductLed Coach at ProductLed, and a GTMramp Member at GTMfund, where he advises and invests in companies that leverage product-led growth (PLG) and user onboarding strategies to scale their revenue and retention.He has been a founder and operator at KOHO, Shopify, Slyce and others. He holds a BS and MBA from McMaster University. (0:58) Discussing his career journey, Adam highlights transitions from product-focused roles to operational and go-to-market strategies.(1:41) Reflections on early career experiences include a startup exit and a shift to more operational roles.(1:58) The path into product-led growth (PLG) is described, emphasizing how diverse experiences influenced his understanding of product functions.(2:29) Emphasizing the importance of learning from successes and mistakes, Adam underlines this as a key factor for growth.(3:16) Insights from his tenure at Shopify focus on team dynamics and balancing growth with capacity.(4:46) Importance of compromise and autonomy in diverse problem-solving environments is stressed.(5:49) A problem-solving approach that starts with low-fidelity solutions, scaling up based on success, is explained.(7:35) The early mindset of "the best idea wins" has evolved to prioritize effective problem-solving.(9:07) Focusing on understanding user problems, Adam discusses finding solutions through systematic approaches.(10:36) Advocating for human-led or low-fidelity initial solutions, the emphasis is on minimizing scope in technology projects.(11:12) The advantages for early-stage companies in closely interacting with their users are discussed.(12:34) Advice for early-stage entrepreneurs centers on understanding customer needs and fostering a culture of quick decision-making.(14:28) Prioritizing user interactions and feedback over rapid scaling is highlighted as significant for early-stage companies.(15:58) In discussing product-led growth, understanding customer behavior and preferences is emphasized.(17:28) The role of human interaction in enhancing user experiences within product-led growth strategies is elaborated.(19:28) Balancing product improvement, marketing, and human interaction is advised for addressing user challenges effectively.(22:20) Integration of human elements in product-led growth strategies, especially in customer interactions, is suggested for early-stage teams.(22:43) Direct communication with users and building personal relationships are cited as advantages for early-stage companies.(24:02) A balanced approach between comprehensive data collection and practical action is advocated for data-driven decision making.(25:56) Focusing on key metrics and adapting data collection strategies based on evolving needs is encouraged.(27:05) To understand user drop-offs, focusing on positioning and value proposition is suggested when user interaction data is low.(29:03) Narrowing focus on solving specific user problems is advised for early-stage teams to avoid premature scope broadening.(31:57) Narrowing focus on specific user segments is recommended for more effective problem-solving and marketing for early-stage startups.(34:03) Focusing on user problems without rushing into monetization is emphasized as crucial in early venture stages.(36:57) Learning from sales organizations about managing leading and lagging indicators is advised for product teams.(39:51) Bold experimentation in AB testing is advocated over cautious approaches.(41:38) Quick feedback cycles are emphasized as vital for product innovation, suggesting a focus on leading indicators.(43:58) Incorporating multidisciplinary thinking and cross-team collaboration to solve user problems is recommended.(45:18) Challenges in incorporating new market dynamics into product decision-making are discussed, underlining the value of small-scale experiments.Fast Favorites:* 🎙- Favorite Podcast: The Daily* 📰- Favorite Newsletter / Blog: All In Manager* 📲- Favorite Tech Gadget: Dexcom G7* 📈-  Favorite New Trend: Gentle Parenting* 📚- Favorite Book: The Subtle Art of Not Giving a F**k* 🤔 - Favorite Life Lesson: When you're 14, you think everyone cares about you. When you're 40, you stop caring what everyone thinks. And when you're 60, you realize no one cared about you in the first place.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