With 2023 coming to a close, we thought it would be nice to reflect on the year’s trends with John Ruffolo.Doing the news breakdowns this year it’s been apparent that AI, ML, and ChatGPT have dominated. It’s been a little over a year since the chat interface was launched by OpenAI and we’ve seen a scramble in tech to catch up, a defeated coup at OpenAI itself, and many other developments in the space.We’ve also seen world politics come into the tech world in ways we haven’t seen before, how will the conflicts around the world shape tech and investing moving forward? And with interest rates poised to fall, what will that mean for global finance in 2024?In this episode, we discuss:(01:00) AI Evolution and Historical Comparison(03:16) Nvidia, Salesforce, Amazon, and Microsoft's strategies in AI infrastructure and applications(05:31) 2023 VC and Crypto Challenges(08:30) Geopolitical Impact on Tech Leadership(11:21) 2024 Predictions for Startups and Interest Rates(14:22) Potential 2024 Tech IPOs(14:52) Emerging Tech Trends for 2024(18:00) 2025 Canadian Federal Election Predictions(19:00) Entrepreneurial Advice for 2024Follow 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 journey to Product Market Fit (PMF) and the common pitfalls for first-time founders are abundant, and finding a trusted guide to help you on your startup journey can be just as difficult. Our guest today is Pablo Srugo from Mistral VC. With his roots in co-founding Gymtrack and transitioning to venture capital, Pablo has seen or experienced many of the challenges of being a founder.In our discussion, Pablo highlights the importance of solving real problems and valuing customer feedback. He also dives into the importance of pivoting for startup survival, sharing real-world examples from his investment career. He wraps up by advising founders on balancing the long-term vision with the immediate quest for PMF, emphasizing the integration of customer feedback and market insights into their strategies.About Pablo Srugo:Pablo Srugo is a Partner at Mistral, based in Toronto. Prior to Mistral, Pablo was the co-founder and COO of Gymtrack, a VC-backed startup in the FitTech space. Pablo also co-founded an online tutoring platform, which was acquired in 2014.He also is the host of The Product Market Fit Show.(01:20) Pablo discusses his transition from founding a tutoring marketplace and Gymtrack to venture capital at Mistral VC(04:19) The importance of empathy in venture capital and how his founder experience helps him understand the challenges of reaching milestones like 10K or 50K MRR(06:26) His time as an Entrepreneur in Residence at Invest Ottawa, noting the common challenge startups face in achieving product market fit due to focusing on less significant problems(08:56) Choosing the right early customers and focusing on core business values.(10:57) Pablo’s experience with Gymtrack, discussing the challenges of finding product market fit and how revenue is not the only indicator of success(13:02) The struggle of gaining significant traction and the realization that their solution was not a top priority for their customer(23:35) Founder’s responsibility for achieving product market fit with VCs playing a supportive role(28:12) ADA’s challenges with customer service quality as its user base grew(30:24) The importance for founders to understand customer pain points and get real-time feedback, rather than delegating key roles too early(31:07) The balance of patience and urgency in venture capital, especially when a portfolio company is struggling to find product market fit(33:50) The tendency of founders, especially first-timers, to rush into building products without fully understanding the market or customer needs.(35:39) Why Minimum Viable Products (MVP) should deliver real value rather than being a half-finished product(41:16) Pablo shares his love for learning about the origin stories of companies like DuPont and FedEx, and the importance of understanding the journey to product market fit(42:00) The power of being a resilient “founder cockroach”Fast Favorites:* 🎙- Favorite Podcast: My First Million* 📰- Favorite Newsletter / Blog: Stratechery* 📲- Favorite Tech Gadget: Airpods* 📈-  Favorite New Trend: AR and AI* 📚- Favorite Book: Man's Search for Meaning* 🤔 - Favorite Life Lesson: The only thing that matters is meaningful work and meaningful relationships plus good healthFollow 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

Capital formation, aka fundraising, is the unglamorous side of venture capital. Building a strategy and executing it is the reality for both emerging managers and established brands. Our guest today is Ashton Rosin, an Operating Partner and Head of Capital Formation at Lowercarbon Capital.Ashton shares her amazing journey working in the non-profit and NGO space in Washington DC before making a complete 180 and joining the fast-paced world of hedge funds as an IR manager. Ashton explains how her time working in investor relations at a hedge fund opened her eyes to how other asset classes were so far behind when it came to managing investor relationships and how the role at Lower Carbon came to be.Lastly, we get some tips and tricks for other emerging managers struggling to raise capital and how narrowing down your target list of LPs when fundraising is a better approach than spraying and praying. And John Ruffolo is back to dissect the week’s news.About Ashton Rosin:Ashton Rosin is an Operating Partner and the Head of Capital Formation at Lowercarbon Capital where she leads the firm's partnerships with existing and future investors.Prior to Lowercarbon, Ashton was the Head of Investor Relations at Obvious Ventures where she led capital-raising efforts and built solutions for relationship management, including the ESG considerations of limited partners. She started her career in financial services leading investor relations at Clocktower Group, helping the firm to conceptualize and scale new offerings across the hedge fund and venture capital landscapes. Before her financial services career, Ashton spent her time advocating for international disability rights through her academic, policy, and direct service pursuits around the world. Ashton holds a BA in International Development and a minor in Disability Studies from UCLA. In this episode, we discuss:(1:22) Cohen and Ruffolo delve into Openview's unexpected pause in new investments and its potential causes.(2:26) Exploring the impact of possible key man clauses and layoffs at Openview.(4:10) Predictions about LPs' reactions to Openview's investment suspension.(5:37) The implications for founders backed by Openview are questioned.(7:18) Skepticism about Elon Musk's involvement in multiple businesses.(10:32) Ruffolo shares his views on Bitcoin and Ethereum's roles in investment.(14:00) Ashton recounts her journey from South Africa to the U.S. and her career shift to venture capital.(19:31) Describing her role evolution at Clocktower Group and learning in asset management.(25:10) Ashton discusses the significance of building strategic investor relationships in a climate-focused fund.(30:15) Challenges faced by emerging managers in diversifying their investor base.(36:49) The importance of personal branding for GPs in capital formation and engaging LPs.(40:56) Strategies for maintaining communication with LPs during fundraising gaps.(43:39) Insights on hiring a dedicated head of capital and the use of placement agents.(48:46) Emphasizing research for targeting prospective LPs and the benefits of networking in capital formation.Fast Favorites:* 🎙- Favorite Podcast: My Climate Journey* 📰- Favorite Newsletter / Blog: CTVC* 📲- Favorite Tech Gadget: Kindle and Mill, which offers a unique composting solution, transforming compost into a white powder used for chicken feed* 📈-  Favorite New Trend: Climate and AI investing* 📚- Favorite Book: The Unbearable Lightness of Being* 🤔 - Favorite Life Lesson: Life is like a ladder, you can go up or down, but there’s always another rung above you to pull you 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

Once platforms for connection and communication, social media now often serves as a battleground for digital deception, with algorithms sometimes amplifying extremist content, including jihadi propaganda and anti-Semitism. This complex digital landscape calls for a sophisticated approach to separate the truth from manipulation.Our guest today, Benjamin Dubow, is an expert in navigating this challenging digital terrain. As President and CTO of Omelas, he brings a wealth of experience from his days of monitoring extremist content to leading a company that uses open-source intelligence to combat disinformation.Ben shares his journey and how his expertise in tracking and understanding loyalty to terrorist groups has evolved into addressing broader influence operations by major world powers. He delves into the ethical considerations in AI-driven intelligence and the dynamic nature of misinformation, offering an in-depth look at the societal implications of these phenomena.This episode is a must-listen for anyone interested in the interplay between technology, international politics, and the changing digital world.About Ben Dubow:Benjamin Dubow is the CTO and President of Omelas, a company that blends expert knowledge with artificial intelligence to provide comprehensive context behind data. He is also a fellow at the Center for European Policy and Analysis. His role at Omelas showcases his profound expertise in data architecture and machine learning, enabling him to conduct extensive and innovative research and analysis. Additionally, he is multilingual and proficient in Arabic, French, Farsi, and Russian, which enhances his capabilities in global tech and policy arenas.Prior to Omelas, Ben was the President of Code To Inspire, a nonprofit focused on teaching Afghan women coding skills and helping them secure online employment. He also worked as a consultant for Google, where he played a pivotal role in the removal of ISIS content from YouTube and was instrumental in establishing the Redirect Method, a digital counter-extremism effort. His background in technology and his commitment to social impact have marked him as a notable figure in both the tech and policy sectors.In this episode, we discuss:(01:27) Ben’s career transition from counterterrorism to tech-driven solutions at Omelas(04:30) His experience at Google(06:25) The opportunity he saw when founding Omelas(07:15) Omelas' distinctive approach to open-source intelligence(09:24) Techniques for content analysis and sentiment assessment in intelligence gathering(11:10) Tackling misinformation and the data explosion in the digital age(14:13) The importance of understanding different perspectives in data contextualization(17:29) Analyzing the complex world of digital truth and the rise of disinformation(22:14) The mechanics of Russian influence operations and their unique approaches(29:17) Specific characteristics of jihadi propaganda and the influence of social media algorithms(36:22) Omelas' role in counteracting extremist messaging and propaganda(38:20) Exploring the implications of generative AI in shaping perceptions in information wars(42:55) Outlining Omelas' vision and the significance of truth in information disseminationFast Favorites:* 🎙- Favorite Podcast: Midday Show with Joe Giulio and Hugh Douglas* 📰- Favorite Newsletter / Blog: Eurasia Daily Monitor from Jamestown Foundation* 📲- Favorite Tech Gadget: MidJourney* 📈-  Favorite New Trend: AI Videos* 📚- Favorite Book: Searching for Meaning by Viktor Frankl* 🤔 - Favorite Life Lesson: You only have a very, very small perspective of the world.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

John Ruffolo and Matt Cohen convene an emergency news rundown to discuss the recent OpenAI news.(00:22) OpenAI's Board’s surprise ousting of CEO Sam Altman(01:07) Impact on investors like Microsoft and Silicon Valley figures(01:29) Perspectives on OpenAI's dramatic changes(03:21) Criticism of OpenAI's governance approach(04:46) Exploration of OpenAI’s corporate structure(06:28) Implications for Microsoft and Tech Industry(07:54) Leadership dynamics and legal aspects(08:32) John's experience at the APEC Summit and discussions on AI and geopolitics.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

There’s a term of art in the business world—dogfooding. It means if you’re going to propose a solution, you should use that same solution to help better understand problems the end user may encounter. Our guest today is familiar with dogfooding, both as a business process and from literally making food for pets. Isaac Langleben made the leap from consulting to leading Open Farm, a sustainable pet food business. We talk about that leap, the Canadian Startup Scene and have a news roundup with John Ruffolo.About Isaac Langleben: Isaac Langleben is the CEO and Co-Founder of Open Farm, a premium pet food brand on a mission to deliver exceptional pet nutrition while driving a positive impact on animals and the planet. Isaac leads Open Farm’s team across Canada and the US in bringing innovative, healthy products to pets through over 6,000 pet stores & online. A serial entrepreneur, Isaac has also co-founded two other pet product companies – Canada Pooch, a leading pet accessories company and Diggs, an innovative pet supplies company.Prior to being a pet entrepreneur, Isaac was at Clairvest Inc, a Toronto-based private equity firm with over $2.4 billion of equity capital under management, and a consultant at Boston Consulting Group.He has two bachelor’s degrees from McGill University.In this episode, we discuss:(01:02) News rundown with John Ruffolo(02:08) Developments and challenges in quantum computing(04:18) Analysis of Microsoft's investment strategies(06:12) Microsoft's approach to innovation in technology(07:24) OpenAI's expansion and its implications(08:12) Challenges and opportunities in AI and consumer technology(10:26) Impact of GPT-4 Turbo on AI development(11:06) Competitive landscape in AI startups(12:58) New AI technologies and privacy concerns(14:07) Role of AI in modern technology trends(15:21) Isaac's journey from law to pet food industry leadership(17:13) His private equity experience and insights into the pet industry(18:44) Evolution of the pet food industry(21:02) Strategies for scaling and diversifying in the pet industry(23:41) Challenges and opportunities in business growth(26:18) Different investment and growth approaches(28:18) Open Farm's commitment to sustainability(30:21) Challenges in global expansion and market entry(32:20) Strategies for customer base expansion in the U.S.(34:22) Open Farm's future growth and sustainability goals(36:15) Alignment of Open Farm's mission with business objectives(38:44) Role of investors and strategic partnerships in business growth(41:51) The Canadian startup ecosystem(44:29) Encouraging entrepreneurship in Canada(47:20) Navigating supply chain challenges during COVID-19(49:38) Isaac's advocacy and educational initiativesFast Favorites:* 🎙- Favorite Podcast: Ringer NBA and Bill Simmons* 📰- Favorite Newsletter / Blog: Axios* 📲- Favorite Tech Gadget: Traeger Timberline* 📈-  Favorite New Trend: Return to work and Brazilian jujitsu* 📚- Favorite Book: Every Night is Pizza Night* 🤔 - Favorite Life Lesson: If you see something, just go for itFollow 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

On Today’s episode, we dive into the world of Family Office Investing with Ronald Shon from REDDS Capital.We talked about to him the beginnings of his family's real estate empire, the Shon Group, which flourished in Vancouver since 1954. Following his education at Stanford and Wharton, Ron took the helm of the business after his father's untimely passing, eventually diversifying into technology and venture capital investments, driven by a pivotal investment in Apple stock that revealed the limitations of real estate compared to institutional investing.Today, as the head of REDDS Capital, Ron emphasizes their distinctive approach to startup assessment, not only providing financial backing but also offering strategic guidance and networking support to foster innovation and growth within their portfolio companies.About Ronald Shon: Ronald Shon Chair & GP of REDDS Capital in Vancouver. He has investments in technology, education, real estate, natural resources, fashion, private equity, and venture capital primarily in North America and Asia. He was a founding shareholder of Salman Partners Inc. an independent boutique investment banking firm that has raised over $20 billion CDN.In this episode, we discuss:(01:11) News Round-Up with John Ruffolo(18:32) Ron Shon's Journey into Real Estate and Investment(21:14) Transition from Real Estate to Technology and VC Investments(23:50) How Ron’s international worldview impacted his perspective in Vancouver(25:18) Insights on Real Estate Development and Challenges(31:09) Investing in Technology and Venture Capital(34:50) Assessing Potential Startup Investments(39:06) Impact of Investments and Future Plans(47:50) Advice to his children and the next generation of investorsFast Favorites:* 🎙- Favorite Podcast: Fast Money* 📲- Favorite Tech Gadget: iPhone* 📈-  Favorite New Trend: AI* 📚- Favorite Book: The Fourth Industrial Revolution* 🤔 - Favorite Life Lesson: Always have a planFollow 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

As the Canadian Tech scene expands, we often are aided by Canadians abroad who have gained experience and expertise in various aspects of startup life and culture. Our guest today is Andre Charoo, Founder and GP of Maple Ventures, which invests in founders with Canadian roots.We spoke about the lack of early-stage Canadian investors on the cap tables of successful companies like Instacart and Wish even though their founders have Canadian roots and what it was like being an early employee at both Uber and Hired.Maple started in 2016 with just $1.2m in commitments and currently has over $16M in AUM.And John Ruffolo is back to discuss the news.About Andre Charoo:Andre Charoo is the Founding Managing Partner at Maple VC, an early-stage venture capital fund based in San Francisco that backs Canadian-led companies. Andre’s deep operational expertise stems from helping to scale some of the most successful companies around, including his time as one of the first 25 employees at both Uber and Hired. He is also a Co-Chair of The C100, an influential community of Canadians in tech.In this episode, we discuss:(0:01:11) News rundown with John Ruffolo(0:14:09) Andre’s jounrey from Markham, Ontario to Silicon Valley investor(0:31:19) Lessons from being an early employee at Uber and Hired(0:38:21) The problem with Canadian investors(0:40:11) Why all successes are unique(0:43:03) How he signed on to be a Venture Partner with Inovia Capital(0:47:23) Operating from his homebase in Seoul, SK while investing in North America(0:53:39) Tools he uses to stay organized(0:55:48) How Maple’s portfolio construction has evolved(1:00:20) Demonstrat value and viability to his LPsFast Favorites:* 🎙- Favorite Podcast: Acquired* 📰- Favorite Newsletter / Blog: The Generalist* 📲- Favorite Tech Gadget: Too many to name* 📈-  Favorite New Trend: AI* 📚- Favorite Book: Shoe Dog* 🤔 - Favorite Life Lesson: Put yourself in uncomfortable situations because that's how you will growFollow 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 grass is always greener, as the saying goes, and when our guest today saw the opportunity to build his lawncare empire and launch GreenPal, a lawncare marketplace he jumped in with both feet and never looked back.Bryan Clayton is the Co-Founder and CEO of GreenPal, and has lived the lawn care life before. He also knew what lawn care professionals needed and what lawn care customers wanted, but he didn’t know much about launching an app.Today, GreenPal is the largest on-demand lawn care marketplace in the US with the goal to be the easiest way to book a local lawn care company for yard maintenance services at an affordable price.We talked to Bryan about his career journey, how to sell your company, and the decision to bootstrap GreenPal to $30M in GMV.About Bryan Clayton:Bryan Clayton is the Co-Founder and CEO of GreenPal, an online marketplace that connects homeowners with local lawn care professionals. GreenPal has been called the “Uber for lawn care” by Entrepreneur magazine and has over 300,000 active users completing thousands of transactions per day.Before starting GreenPal, Bryan Clayton founded Peachtree Inc., one of the largest landscaping companies in the state of Tennessee, growing it to over $10 million a year in annual revenue before it was acquired by Lusa Holdings in 2013. Bryan‘s interest and expertise are related to entrepreneurism, small business growth, marketing, and bootstrapping businesses from zero revenue to profitability and exit.In this episode, we discuss:(01:14) Bryan’s 10-year journey to being an overnight success(02:04) What building a sales process was key to his first business, Peachtree(03:22) Scaling the sales team(07:30) Deciding to sell Peachtree(10:13) How he built GreenPal differently and why they have bootstrapped(12:37) The evolution of his leadership style at GreenPal(14:42) How GreenPal solved the marketplace problem by focusing on the supply side first(17:15) Has bootstrapping effected their decision-making(23:27) How being an industry insider helped him navigate a lot of the blockers in starting GreenPal(26:33) The importance in building community in their lawn care professionals(28:23) Advice for other marketplace founders(30:29) The decision tree for his time and why he says no to many requests(34:05) Understanding a job function before you delegate(34:49) The most rewarding aspect of being an entreprenuer(36:19) What the next 10 years of GreenPal looks likeFast Favorites:* 🎙- Favorite Podcast: All In* 📰- Favorite Newsletter / Blog: Lenny’s Newsletter* 📲- Favorite Tech Gadget: iPhone* 📈-  Favorite New Trend: Large Language Models* 📚- Favorite Book: Seven Habits of Highly Effective People, The Cold Start Problem* 🤔 - Favorite Life Lesson: Walk your store.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

There are moments that can make your day-to-day life come to a halt. What happened in Israel on 10/7 is the sort of public tragedy that stops the normal course of life, it also creates an impact of devastation that will go on for years to come.These events have struck a chord with us personally as members of the Jewish community. Many of our investors and partners share this connection, whether directly or indirectly, and are being impacted by these unspeakable events.As a firm, we want to clearly state that we unequivocally stand behind Israel and its right to defend itself and its people against terrorism. In the face of terrorism or any acts of violence against our fellow communities, we will remain resolute in our support.We are grateful for the messages of concern and solidarity that we have received from both Jewish and non-Jewish founders and VC colleagues who have reached out to inquire about the safety of our family and friends during these events.In times like these, we all need to support one another.Today we welcome Itamar Novick, an operator, investor, and Israeli who founded Recursive Ventures, a firm based in Berkeley, CA.We spoke about the news he is getting from the ground in Israel and his views on what the future might hold for the country and the world. We also have John Ruffolo on to discuss the current headlines making news around the world. 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