Tank Talks By Ripple Ventures

Matt Cohen and John Ruffolo break down the seismic shift in Canadian politics as Mark Carney takes over as Prime Minister, succeeding Justin Trudeau. We explore what this means for Canada’s economy, upcoming elections, and how business leaders are reacting to the change.* What’s next for Carney and the Liberal Party?* Could Canada be heading for an April election?* How will Canada’s economic policies evolve under Carney’s leadership?Mark Carney Takes Over as Canada’s 24th Prime Minister (00:01:00)In a widely expected move, Mark Carney won the Liberal leadership race with 86% of the vote, stepping into the role of Prime Minister. Despite having never held elected office, Carney’s deep experience in global finance makes him a powerful force in Canadian politics.Carney’s Background:* Former Governor of the Bank of Canada (2008-2013)* Governor of the Bank of England (2013-2020)* Economic advisor to Trudeau during COVID-19* Declined a role in Harper’s Conservative governmentWhat’s Next?With a tight race against Conservative leader Pierre Poilievre, Carney must move quickly to define his platform beyond broad economic promises. His leadership so far has been untested in political debates, raising questions about how he will navigate policy discussions leading up to a potential election.John Ruffolo’s Take:“This is not a massive shift from Trudeau’s policies—it’s more of a continuation. Expect more government spending and taxation debates, but the big question is: How will Carney perform under real political pressure?”Will Canada See an April Election? (00:03:00)An early election could be announced as soon as March 16, with a vote set for April 22.Key Election Dynamics:* The Liberal Party is eager to hold elections before Conservative fundraising gains momentum.* Carney currently lacks a parliamentary seat, which could impact campaign optics.* A potential coalition between the Liberals, NDP, and Greens could reshape the political landscape.Projected Outcomes:* Conservatives still favored to win—but the margin is narrowing.* A left-wing coalition could prevent a Conservative majority.* Economic issues, particularly cost of living and taxation, will dominate voter concerns.John Ruffolo’s Perspective:“With Canada’s economy still under pressure, the Liberals need to move fast. Their best bet is a short campaign before Pierre Poilievre gains further traction. If the Liberals delay too long, it could backfire.”Canada’s Economic Crossroads: What Carney’s Policies Could Mean (00:07:00)Carney has hinted at major spending initiatives, but concerns over taxation remain front and center.Top Concerns:* Rising debt: More government borrowing could impact inflation.* Carbon tax shift: The tax isn’t going away—just moving from gas stations to industrial sectors.* Cost of living crisis: Canadians are struggling with affordability, and tax policy will be a major campaign issue.What’s Next?Will Carney unveil a bold new economic vision, or will his policies be Trudeau’s agenda rebranded? Investors, business leaders, and everyday Canadians are watching closely.The Big Picture: What This Means for CanadaWith a potential election looming, Canada stands at a political and economic crossroads. Will Carney’s leadership provide stability, or will voters seek a new direction under Pierre Poilievre? 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 dive into the growing exodus of Canadian talent to the U.S., breaking down why top founders and engineers are choosing Silicon Valley over homegrown opportunities. They discuss OpenAI’s latest move to charge up to $20,000 per month for AI-powered research agents and how companies are rethinking hiring in light of these powerful tools. The conversation also covers the controversial CoreWeave IPO, highlighting its rapid $1.9B revenue surge, heavy reliance on Microsoft, and whether it signals a coming shake-up in cloud computing. On the political front, they analyze the potential for an early Canadian election, shifts in party leadership, and how economic policies—like capital gains tax hikes—are driving entrepreneurs out of the country.Canada’s Tech Exodus: Why Founders Are Flocking to the U.S. (07:00)A striking rise in Canadian emigration has raised concerns about the country’s ability to retain top talent. In 2024, 81,601 Canadians left the country, the highest number since 2017—half of them from Ontario.* Capital gains tax hikes pushing high-net-worth individuals and founders to relocate.* U.S. venture capital firms providing better funding opportunities for Canadian startups.* YC founder exodus: More Canadian founders are moving to the U.S. post-Y Combinator Demo Day, as confirmed by YC CEO Gary Tan.John Ruffolo’s take:* Canada risks losing its top tech talent permanently if it doesn’t address the capital and policy gaps driving this migration.* Founders aren’t leaving out of convenience—it’s about better market access, capital, and scaling opportunities.OpenAI’s $20K/Month AI Agents: A Game-Changer? (18:00)OpenAI is rolling out three tiers of AI-powered assistants, capable of advanced research, software development, and business strategy—at a hefty price tag.Pricing breakdown:* $2K/month: Handles advanced knowledge worker tasks.* $10K/month: AI for software development.* $20K/month: PhD-level AI agents for deep research.Why this matters:* AI-powered coding tools like Cursor.dev have already grown to $100M ARR in 18 months.* Founders are increasingly opting for AI engineers over hiring multiple full-time developers.* This signals a shift in the labor market, potentially disrupting high-paid professional roles in tech, research, and consulting.CoreWeave’s $2B Revenue IPO—Boom or Bust? (12:00)CoreWeave, a cloud computing startup that stockpiled NVIDIA GPUs early, is racing toward a high-profile IPO.Key numbers:* Revenue skyrocketed from $16M in 2022 to $1.9B in 2023.* Microsoft accounts for 62% of its revenue, sparking concerns over customer concentration.* The company holds $11B in debt, raising questions about profitability.* Founders cashed out $500M pre-IPO, raising red flags.John Ruffolo’s analysis:* This looks like a high-risk, low-margin business that may struggle to justify its valuation.* Heavy debt financing and reliance on Microsoft contracts make it a shaky bet.* If public markets reject CoreWeave, it could be a warning sign for other AI and cloud IPOs.Will Canada See an April Election? (03:00)With Canada’s Liberal Party leadership race heating up, rumors suggest an election could be called as early as March 16, with a vote on April 22.* The Liberals want a short election to limit Conservative fundraising advantages.* Mark Carney is positioned as the Liberal frontrunner, but he doesn’t currently hold a parliamentary seat.* Coalition talks between Liberals, NDP, and the Green Party could reshape Canada’s political landscape.Projected outcomes:* Conservative majority is still likely, but the margin has narrowed.* A left-wing coalition could prevent a Conservative landslide.The Bigger Picture: Where is Canada Headed?From AI disruption and talent migration to political uncertainty, this episode of Tank Talks dives into the forces reshaping Canada’s future. 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 sits down with Robert Morier, a former global investment executive turned venture capital professor at Drexel University. Robert shares his non-traditional journey—from studying history to managing multi-billion dollar investment portfolios, and ultimately returning to education to mentor the next generation of startup founders and VCs. They discuss his experience teaching venture capital, how risk management in lifeguarding relates to investing, how podcasting helps drive awareness, and why universities need more real-world startup training.About Robert Morier:Robert Morier is a professor at Drexel University, specializing in venture capital, early-stage finance, and private market due diligence. He mentors entrepreneurs and conducts research on entrepreneurial mindset and risk management, drawing insights from his experience as an ocean lifeguard in Wildwood Crest, NJ.With 25 years in institutional investments, he has led business development and fundraising efforts at firms like Paradice Investment Management, Xponance, and Indus Capital, raising billions in assets across global markets. He also runs Twelve Pound Advisors, advising asset managers on growth strategies.Morier is the co-founder of Twelve Pound Productions, producing the Dakota Live! Podcast, where he interviews investors on finance, leadership, and market trends. He has served on the University of Vermont’s Grossman School of Business advisory board and supports nonprofit fundraising initiatives.Topics* (00:01:39) - How a love for travel led Robert into global investment roles* (00:03:04) - Spending years on the road and what ultimately led Robert to leave for academia* (00:04:06) - How working as a lifeguard shaped Robert’s perspective on leadership and risk management* (00:07:09) - Why VCs should start with risk assessment rather than leaving it for the end of due diligence* (00:09:53) - Teaching Venture Capital: Why VC education is still lacking in most universities and how Drexel is changing that* (00:12:47) - Why schools focus too much on investment banking exits rather than startup formation* (00:15:32) - How the Drexel Innovation Fund supports student-led startups with real investments* (00:19:35) - The importance of teaching students about mistakes, failures, and resilience in investing.* (00:24:58) - The story of AER Cosmetics, a sustainable mascara startup that grew out of Drexel’s entrepreneurial program* (00:30:21) - How schools can build better VC education and student-run investment funds* (00:36:25) - How the Dakota Live! Podcast came to be* (00:41:47) -  The biggest mistake fund managers make when pitching investorsRobert Morier’s Fast Favorites:* Favorite Podcast: The Overthink Podcast* Favorite Podcast for Venture Capital: Capital Allocators by Ted Seides, along with Dakota Live! and Tank Talks.* Favorite Newsletter or Blog: Alternatively Speaking by Christopher Schelling* Favorite Book: East of Eden by John Steinbeck* Favorite Tech Gadget: A landline phone* Favorite Life Lesson: “Who’s better than you? Nobody.”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 talk about the BDC Capital $1B fund, the state of early-stage VC funding in Canada, and the rise of mega-deals dominated by U.S. investors. They also discuss the feasibility of the Quebec City-Toronto high-speed rail project, AI copyright lawsuits, potential Trump-era tariffs, and the future of open banking in Canada.Key TopicsBDC Capital’s $1B Growth-Stage Investment Fund (00:42)* BDC Capital announces a $1B investment fund, with:* $500M Growth Venture Fund for direct investments and co-investments.* $450M Growth Equity Partners Program for minority stake investments in mid-market companies.* Concerns were raised by Mark McQueen about lack of early-stage funding* John Ruffolo’s take:* Canada’s early-stage VC ecosystem is underfunded.* BDC was meant to focus on riskier, early-stage investments, while EDC (Export Development Canada) focused on growth-stage.* Shift towards later-stage funding may leave early-stage startups without necessary capital.Canadian Venture Capital Funding Trends (04:55)* CVCA’s 2024 report:* $7.86B invested across 592 deals, up 10% from 2023.* Mega deals ($50M+ rounds) comprised 62% of total VC investments.* Seed-stage funding fell 50% to $510M.* Notable mega-deals:* Clio – $1.24B Series F* Cohere – $616M Series D* Blockstream – $289M convertible note* Waabi – $275M Series B* U.S. investors dominate:* 32% of Canadian VC deals had U.S. investor participation.* Clio’s round was entirely U.S.-funded.* John Ruffolo’s analysis:* Canada needs stronger domestic venture capital.* U.S. capital will always flow into late-stage companies, but early-stage funding is crucial for long-term ecosystem growth.* Lack of Canadian IPOs in 2024 is a concerning sign.Quebec City-Toronto High-Speed Rail: $90B Boondoggle? (09:17)* Massive infrastructure proposal:* $60B–$90B price tag, with $3.9B allocated to planning alone.* Construction won’t begin for at least five years, taking 5–7 years per segment.* Criticisms:* Timing is political (announced right before an election).* Where is the funding coming from? Canada’s finances are already stretched.* Route selection is questionable – e.g., Laval getting a stop over Mississauga/Brampton.* John Ruffolo’s take:* Financial viability is unclear – pension funds won’t invest without guarantees of ridership.* Other priorities (e.g., Arctic infrastructure, national security) are being ignored.* The government should invest in digital infrastructure instead (e.g., full 5G coverage).AI Copyright Lawsuits: Cohere vs. Media Giants (14:35)* Major media coalition (The Atlantic, Forbes, The Guardian, Vox, etc.) sues AI startup Cohere for copyright infringement in New York.* Allegations: Cohere scraped and displayed copyrighted content without permission.* Seeking $150K per work infringed + an injunction against Cohere using their content.* Growing legal pressure on AI companies:* NY Times vs. OpenAI – potentially setting a massive precedent.* Anthropic, Meta, and Thomson Reuters have faced similar lawsuits.* John Ruffolo’s view:* Copyright concerns were always an issue for AI models.* AI startups may have to pay into a licensing pool (like the music industry).* Investor risk increasing – legal uncertainties may impact funding for public LLMs.Trump’s Potential Tariffs: What Canada Should Do (19:25)* Trump’s trade policies likely to return if re-elected, impacting Canadian businesses.* John Ruffolo’s recommendations:* Canada must fix internal issues first (e.g., interprovincial trade barriers).* Tariffs won’t disappear for at least four years, so businesses must adapt.* Canadian businesses will have to shift profits & operations to the U.S. to remain competitive.The Future of Open Banking in Canada (22:00)* U.S. fintech sector gains a boost as Trump administration removes CFPB regulations.* Chime & Klarna expected to benefit from deregulation.* Canadian Conservatives promise major push for open banking if elected.* Liberals have been slow to act on open banking despite six years of promises.John Ruffolo’s perspective:* Open banking will make Canadian banks stronger, not weaker.* Canada must prepare for U.S. competition in financial services.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 sits down with Amber Kanwar, a longtime financial journalist and former BNN Bloomberg anchor, who recently made the bold leap into independent media with her new podcast, In the Money. Amber shares her journey from an ambitious intern at BNN to becoming one of Canada’s most recognizable financial voices.She recounts how she overcame imposter syndrome in the high-stakes world of financial journalism, the real lessons she learned from industry giants, and the importance of clear communication in a jargon-filled industry. Amber also reveals the investigative journalism story that put her on the map—a shocking fertility fraud scandal that led to a national reckoning.Leaving behind a prestigious legacy media role wasn’t easy, but Amber explains why she chose to go solo, the structural challenges traditional media faces, and why she believes the future belongs to independent content creators. About Amber Kanwar:Amber Kanwar is one of Canada’s most trusted and recognizable business journalists. For over a decade, she was a familiar face on Canada’s flagship business channel, BNN Bloomberg. She has appeared as a contributor on CTV and Bloomberg in the US. She has interviewed hundreds of portfolio managers, CEOs, political leaders and newsmakers. She has a reputation for asking the right questions, putting the viewers’ interests first and having a deep knowledge of the financial markets. She brings her signature authenticity and charm to the show, stress-testing ideas to make sure investors have all the information they need to make moves.Topics:* (01:25) – Amber’s early career at BNN and breaking into financial journalism* (01:41) – Overcoming fear and using it as a motivator* (02:09) – The importance of starting from the bottom and learning every role* (04:56) – Amber’s groundbreaking investigative journalism piece on fertility fraud* (09:16) – Transitioning from investigative journalism to financial news* (10:26) – The journey from intern to producer to on-air host at BNN* (11:38) – The importance of mentorship in media careers* (13:05) – How Amber developed her financial knowledge through guest interviews* (14:26) – Learning to turn complex financial news into engaging stories* (15:48) – The impact of simplifying financial jargon for broader audiences* (18:26) – Why Amber left BNN Bloomberg after 15 years* (22:02) – The vision for In the Money and why long-form content is valuable* (23:46) – How independent media can move faster than legacy media* (25:09) – The shift to digital-first journalism and YouTube podcasting* (26:26) – Investing philosophies: Amber’s biggest lessons from the pandemic* (30:26) – The role of media in shaping market sentiment* (32:09) – Alternative investments: Are they worth it?* (33:38) – The future of In the Money and expanding AK Media* (35:23) – The shift in media consumption habits and the opportunity for new players* (38:46) – The importance of clear communication in finance* (40:02) – The hardest part of going independent: identity & brand-building* (41:38) – How Amber approaches guest preparation differently from legacy media* (43:23) – Building a media brand: Monetization, distribution, and content strategy* (45:09) – What legacy media gets wrong about digital content* (47:26) – Why niche content is thriving while traditional news strugglesFast Favorites📻 Favorite Podcast: SmartLess, Conan O'Brien Needs a Friend, Seth Meyers’ Podcast, Gettin’ Savvy by Catherine Murray and Strictly Money by Sejal Patel📰 Favorite Newsletter or Blog: Jim Reid’s Early Morning Read (Deutsche Bank)📱 Favorite Tech Gadget: iPhone & Continuous Glucose Monitor (CGM)📈 Favorite New Trend: Podcasting on YouTube📖 Favorite Book: Educated by Tara Westover🎓 Favorite Life Lesson: "Shortcuts take you the long way."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 welcomes Willson Cross, the co-founder and CEO of Borderless AI, to discuss how AI is transforming the global HR and payroll industry. Willson shares his entrepreneurial journey, from founding and selling GoFetch to launching Borderless AI. They explore how AI-driven compliance, payroll, and onboarding are solving key challenges in hiring global teams. Willson also talks about the company’s $35M funding, its partnership with Cohere, and how they differentiate from major competitors like Deel and Rippling.About Willson Cross:Willson Cross is the Co-Founder and CEO of Borderless AI, a global payroll platform that uses generative AI to streamline hiring, managing, and paying international employees. Since launching in 2023, the company has raised $27 million from top investors, including Susquehanna and Bernard Arnault. Based in Toronto, Willson leads the team in building AI-powered solutions for the future of work.Before Borderless AI, Willson co-founded GoFetch, Canada’s leading pet services marketplace. Starting from his basement in 2015, he grew the company to seven markets, raised $3.5 million, and led a team of 45 before selling the business in 2018. Earlier, he launched UBC Bitcoin Jobs, an online job board that connected university students with cryptocurrency startups, matching over 80 students to 20 companies.Originally from Vancouver, Willson studied economics at New York University before leaving after his third year to pursue startups full-time.⏱ Topics* (1:26) – Willson’s background & founding GoFetch* (2:59) – Key lessons from running a bootstrapped startup* (4:55) – The transition to Borderless AI & identifying HR’s biggest challenges* (6:33) – Payroll & benefits: The first major opportunities* (6:52) – Building real-time global payroll infrastructure* (7:50) – Meeting co-founder Sean Agarwal & forming a strong partnership* (9:45) – AI’s role in HR compliance, payroll & automation* (12:04) – How Cohere’s AI models enhance HRGPT* (15:48) – Competing with Deel & Rippling as an AI-native company* (18:19) – Pricing strategy & product differentiation* (19:13) – How AI is transforming HR roles* (20:47) – The shift toward larger early-stage funding rounds* (24:30) – Target customers: Startups & large enterprises* (27:41) – Why Borderless AI chose a full in-office model🎯 Fast Favorites🎧 Favorite Podcast: 32 Thoughts📩 Favorite Newsletter/Blog: SaaStr by Jason Lemkin📱 Favorite Tech Gadget: Old-school wired headphones📈 Favorite New Trend: No-meeting Wednesdays📚 Favorite Book: How to Know a Person – David Brooks💡 Favorite Life Lesson: “It’s not what is said, but how it’s said.”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

This episode analyzes the latest trade tensions between the U.S., Canada, and Mexico, exploring Trump’s recent tariff decisions and their economic impact. Matt Cohen and John Ruffolo discuss Canada's political inaction, the rise of the Build Canada initiative, and the massive AI infrastructure investments by tech giants. They also break down StackAdapt’s explosive growth and its implications for the Canadian startup ecosystem.Topics(00:42) Trump’s Trade War: Winners & Losers(06:00) Canada’s Delayed Government Response(09:30) The Launch of Build Canada(14:00) Shifts in Liberal Party Leadership(17:00) StackAdapt’s Rise & $235M Investment(20:00) AI’s CapEx Boom – Smart Play or Overspend?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 Niklas Halusa, Co-Founder and CEO of Nautical Commerce, to explain how his company makes starting and running marketplaces easier. Niklas shares lessons from his venture capital experience, how to choose the right customers, and why marketplaces succeed or fail. He also talks about fundraising, managing growth, and what startup founders can learn from Formula 1 racing.About Niklas Halusa:Niklas Halusa is the Co-Founder and CEO of Nautical Commerce, where he has led the company since September 2023 after serving as its President for over three years. At Nautical, he focuses on simplifying marketplace creation and advancing digital commerce solutions.Before starting Nautical Commerce, Niklas worked on the investment team at Activant Capital, a firm specializing in commerce and technology-focused growth-stage businesses. Prior to Activant, Niklas held leadership roles at Turvo Inc., a supply chain collaboration platform which was acquired by Lineage Logistics for over $200 million. Earlier in his career, he worked in investment banking at Bank of America Merrill Lynch and at eToro.Niklas earned a Bachelor’s degree in Economics from Harvard University.Topics:(01:15) Niklas shares his upbringing across Europe, his time in the U.S., and how his international background shaped his career(02:17) Niklas discusses his early work at Activant Capital, how he stumbled into venture capital, and what drew him to marketplace technology(05:56) The challenges and inefficiencies in marketplace infrastructure that inspired the creation of Nautical Commerce(08:00) Why startups should focus on their ideal customer profiles (ICP), how the wrong customers can harm growth, and why it’s crucial to say no(11:45) Niklas explains how marketplaces evolve, why there’s still room for new entrants, and how niche players can disrupt legacy platforms like Amazon(18:06) The experience of raising $30 million during the COVID-fueled e-commerce boom, and the importance of finding investors who align with your vision(25:00) Creative ways marketplaces can make money, such as seller subscriptions, logistics services, and data-driven value-adds beyond basic commissions(30:00) How marketplaces can use search data and customer insights to increase sales, attract more buyers, and better serve sellers(33:00) Strategies for reducing churn and building long-term trust in marketplaces by focusing on supplier quality and buyer-seller stickiness(37:00) Lessons from Formula 1: the value of focusing on one problem at a time, resource prioritization, and how it applies to running startups(41:00) Advice for founders: Test your idea while keeping your day job to gain conviction before fully committing to entrepreneurshipFast Favorites:* Favorite Podcast: How I Built This and F1 Beyond the Grid* Favorite Newsletter or Blog: Stratechery* Favorite Tech Gadget: Eight Sleep Pod,* Favorite New Trend: Antitrust movements, particularly those supporting small businesses* Favorite Book: Children of Time by Adrian Tchaikovsky* Favorite Life Lesson: “Success is going from failure to failure with no loss of enthusiasm.”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 chats with Wendy Li, the co-founder and Chief Investment Officer of Ivy Invest, about her journey from managing institutional endowments to founding a fintech startup. Wendy shares insights from her experiences at the Metropolitan Museum of Art, the UJA Federation of New York, and the Mother Cabrini Health Foundation.She highlights her decision to leave a traditional allocator role to build Ivy Invest, a platform democratizing access to institutional-quality investments for retail investors. Wendy discusses the challenges of being a first-time founder, how emerging managers can build trust with institutional investors, and the long-term lessons from her career.About Wendy Li:Wendy Li is the Co-Founder and Chief Investment Officer of Ivy Invest, a platform that helps individual investors access investment portfolios similar to those used by big institutions. She has over 10 years of experience managing large investment funds and holds a Chartered Financial Analyst certification.Before starting Ivy Invest, Wendy was the Managing Director of Investments at the Mother Cabrini Health Foundation, where she set up the investment office and managed $4 billion. At the UJA-Federation of New York, she oversaw a $1 billion endowment and a $400 million pension plan. Her career began at the Metropolitan Museum of Art, where she worked as a Senior Investment Analyst.Wendy studied at Columbia University, where she earned her Bachelor’s degree.Topics(01:13) Early Career Journey: Wendy shares her upbringing in Pennsylvania, moving to NYC, and her entry into finance at Columbia University.(02:30) First Role at the Met Museum: Insights from working with an established portfolio, sitting across high-profile investment committee members, and lessons on portfolio management.(04:51) The Transition to UJA: Managing a new investment office, building credibility with a seasoned investment committee, and reshaping a hedge fund-heavy portfolio.(06:57) Influence of David Swensen: Learning from Swensen's Yale Model and its focus on alternative investments, plus her direct exposure to the Yale network through colleagues.(09:48) Building Ivy Invest: Why Wendy left the endowment world to create Ivy Invest, the challenges of launching an SEC-registered fund, and solving access and complexity barriers for individual investors.(19:14) Fund Structure: Ivy Invest’s single-fund strategy blending public and private investments, its interval fund structure, and quarterly repurchase options for investors.(24:11) Emerging Manager Advice: Key strategies for preparing to meet with institutional investors, understanding their specific needs, and how to build trust over time.(28:17) Long-Term Relationships: Why personal rapport, patience, and a deep understanding of both LPs and your own strategy are essential for emerging managers.(31:17) Lessons as a First-Time Founder: Transitioning to a fintech startup, learning to navigate the tech and regulatory landscape, and unexpected challenges like user access glitches.(36:38) Co-Founders and Team Dynamics: The complementary skills of her co-founders, balancing optimism with risk awareness, and maintaining trust and humor through challenges.(38:42) Brand Awareness and Challenges: Educating retail investors about their eligibility and building recognition for Ivy Invest’s mission.(39:54) Surprises from Early Investors: The diversity of early adopters and how their demographics exceeded initial expectations.Fast Favorites* Favorite Podcast: How I Built This* Favorite Newsletter: Matt Levine’s Money Stuff* Favorite Tech Gadget: iPhone* Favorite Trend: Established alternative investment managers opening access to retail investors* Favorite Book: A Tree Grows in Brooklyn by Betty Smith* Favorite Life Lesson: “Finish what you start.”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

This episode analyzes the latest developments in U.S. policy and how they intersect with business, innovation, and Canadian economic strategies. Matt Cohen and John Ruffolo discuss Trump’s second-term inauguration, Canada’s potential responses, and the growing trend of venture capital firms adopting private equity-style roll-up strategies.Topics(00:42) Trump’s Second-Term Inauguration(02:40) Key US Policy Announcements(05:00) Canada’s Preparedness vs. Reaction in Policy (09:03) Alberta’s Independent Strategy(13:11) Shifts in Liberal Party Leadership(16:31) Venture Capital Adopts Roll-Up Strategies(21:15) Challenges for Venture Roll-UpsFollow 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