Free Daily Podcast Summary
Tank Talks By Ripple Ventures: Daily Summaries Delivered
by Ripple Ventures
Join your host, Matt Cohen, Founder & Managing Partner at Ripple Ventures for weekly conversations with leaders in the startup ecosystem discussing the truth about investing, building and running startups. tanktalks.substack.com
Latest Episodes
The most recent episodes — sign up to get AI-powered summaries of each one.
- 3 days ago19 min
The Rundown 11/07/26: Budget 2026 Delivers for Tech, the $25B Canada Strong Fund & the BDC-EDC Merger
Welcome back to another news roundup on Tank Talks: The Rundown. The federal budget just dropped, and in this emergency episode, Matt Cohen and John Ruffolo cut through the noise to focus on what matters for tech and venture capital. The verdict: the Canada Growth Incentive hit the mark.Both Matt and John spent the past year pushing Ottawa to close the gap with U.S. capital gains rules. Matt’s Build Canada policy memo, Reward the Risk Takers, called for exactly that. The ask was two things: a meaningful capital gains exemption for investing in early-stage Canadian companies, and a rollover to keep those gains in the ecosystem. The government delivered both.For founders, early employees, and investors, this episode breaks down who qualifies, what the fine print says, and why nobody should be calling their accountant just yet.Budget 2026: The Ask Was Two Things. Ottawa Delivered Both Everyone has become an economist overnight, with reactions ranging from “great news” to “worst budget ever.” Matt and John set the politics aside and zero in on the innovation economy.John explains the problem they set out to fix: capital formation for IP-based technology businesses. U.S. Qualified Small Business Stock rules, commonly known as QSBS, have created what John calls a giant sucking sound, pulling Canadian founders south because their investors get a better deal there. Meanwhile, resource and large CapEx players got major deductions in past budgets, while the new economy got nothing.Inside the Canada Growth Incentive Canada has 33 small businesses per thousand people. The U.S. has 124. The Canada Growth Incentive is designed to change how small businesses get created and funded here.Matt walks through the details:* Up to $15 million CAD in capital gains exemptions per individual, per business, not a single lifetime exemption on one exit* Applies to Canadian-controlled private corporations (CCPCs) with $100 million or less in assets at the time of issuance* Minimum hold increases to three years, up from two* The business must be primarily carried on in Canada* Carve-outs for real estate, traditional consulting and services businesses, and potentially some hybrid fintech modelsJohn is clear about the intent: this was never meant for law firms, accounting practices, or lawn mowing businesses. It is a direct competitive response to the U.S., aimed at scalable, IP-based companies. Is it a coincidence that the seven largest companies in the world by market cap are U.S. technology companies, all built on early-stage venture dollars? Canada needs to play in that game.The Rollover: Keeping Exit Dollars in Canada Under the old lifetime capital gains exemption, a founder or investor got one shot. Once it was used, there was little reason to put the next dollar back into Canadian startups instead of following U.S. incentives.The new rollover changes that. Proceeds can be reinvested into another qualifying Canadian small business within the year of sale plus three years, extended to five years when a SAFE is involved. John calls the timeline unbelievable, having expected one year. The measures are forward-looking, running through 2037.Open questions remain, including whether a fintech counts as financial services or technology.Take It Easy: This Is Not Law Yet For anyone already dialing their accountant: slow down. The budget was tabled on November 5 as a fiscal plan with notices of ways and means motions. It still needs to pass through a budget implementation act.Two things to know now:* It is not retroactive. It applies to newly issued shares, not investments already on your books.* Options do not count. Employees need to own shares, not hold unexercised options. Matt saw this firsthand when Turnstyle was sold: many employees had meaningful ownership through options they never exercised, so the hold period never started.John’s advice for early employees with low strike prices: exercise the option, and the rules start applying to you. Cashless exercise is another route for those without the cash.The Canada Strong Fund: A $25B Sovereign Wealth Fund The big headline was the Canada Strong Fund, a $25 billion sovereign wealth fund to be set up as a Crown corporation. It will take minority co-investments on commercial terms, make selective direct investments, and offer retail notes to Canadians.John is glad it is launching, but questions the timing on retail notes, which work like the old Canada Savings Bonds: a guaranteed minimum return with upside. His advice: get the fund running and work out the kinks first. The fund does not even have a CEO yet.Matt adds that without a surplu
- 5 days ago50 min
Claude, GPT or DeepSeek? The Data Behind the Race | Peter Walker
In this episode of Tank Talks, host Matt Cohen welcomes back Peter Walker, Head of Insights at OpenRouter and formerly of Carta, where his charts on cap tables and fundraising became required reading for founders and VCs. Peter now sits on one of the largest real-world data sets in AI, with roughly 600 trillion tokens a month flowing through a single API that gives access to 500+ models. He explains why OpenRouter is as much about routing between inference providers as between models, and why the same model can feel brilliant or terrible depending on who serves you the token.They also dig into how fast the market has splintered beyond Claude and GPT, why agentic usage was the turning point, and why most teams don’t need the most expensive token for every task. Peter shares his view on open-weight models and the geopolitics behind them, why the AI “bubble” looks different from the dot-com fiber glut, and what stood out to him in Anthropic’s S1, from the non-cancellable compute commitments to the eye-popping growth and net dollar retention. He also covers neo-clouds, fine-tuning versus distillation, why he thinks “model nerfing” is a red herring, and why cultural change, not technology, will slow AI’s spread through the broader economy.Whether you’re building on top of the AI stack, funding it, or just trying to make sense of it, this conversation offers a data-driven view from someone who watches the whole market.From Carta to OpenRouter * Peter’s path from a data-visualization nerd at Carta to head of insights at OpenRouter* Why he wanted to get closer to AI, and the FOMO that pulled him there* Why OpenRouter’s cross-lab view is unique: labs only see their own data, while OpenRouter sees which models, tasks, and providers are gaining traction* Joining 10 days before the Stripe acquisition was announcedWhat OpenRouter Actually Does * One API key for 500+ models, instead of being “a Claude shop” or “an OpenAI shop”* Why the more important layer is inference provider routing: the same open-weight model can be served by hundreds of providers with very different cost, latency, throughput, and reliability* The marketplace model: more models attract more users, which attract more providers, with a service fee on top* The founding team’s commitment to making as much data public as possible* Why Stripe and OpenRouter fit: both abstract complexity (payments and AI), and AI is now the first or second fastest-growing line item for CFOsFragmentation and the Agentic Turning Point * Why the market is still in early innings, from ChatGPT’s launch in late 2022 to today’s diversity of models* The shift in February 2026 from chatting with AI to agents doing the work, and why it kicked off multi-model usage* Matching models to tasks: security reviews, customer service, and why you may not need a frontier model to review your next email* Why this market, with commodity-like supply and complex demand, has no real precedentBad Tokens, Good Tokens * Why the inference layer is more complex than the model layer* Closed models are served by a handful of places, while open models have hundreds of providers, some excellent and some “super shady”* Speed differences of up to 20x between providers serving the same model* Why people disagree so much about the same model: often it’s the token they were served, not the model* The reputational risk of putting a slow or unreliable provider behind a customer-facing appSubscriptions vs. API Pricing * A carnival-token analogy for how tokens work* Why $100-a-month subscriptions are still fantastic deals, and why API bills can become “eye-watering”* Why the best models are still worth it for many use cases, but not for all of them* The geopolitical layer: open-weight models skew Chinese, closed-weight models skew AmericanOpen Weights vs. the Frontier * Why OpenRouter believes in a multiplicity of winners rather than one open-or-closed champion* New model categories nobody had envisioned weeks ago, such as fast, cheap decision models for classification* Why not everything will happen inside OpenAI or AnthropicIs AI a Bubble? * Why this isn’t the dot-com fiber glut: everyone is compute constrained, and more GPUs would be used* How supply and demand can still get out of whack* Why there’s no world where we go back to a pre-AI economyReading Anthropic’s S1 * The scale of the multi-year, largely non-cancellable compute commitments* Why Peter sees Anthropic as highly profitable on inference, with the open question being whether it can ful
- 1 weeks ago24 min
The Rundown 10/30/26: Anthropic’s IPO Debate, Canada’s Venture Funding Push & Rising Cyber Risks
Welcome back to another news roundup on Tank Talks: The Rundown! Matt Cohen and John Ruffolo dig into a question connecting Canadian venture capital, AI infrastructure, and cybersecurity: what does it actually take to sustain the growth everyone is betting on? From Ottawa’s $1.75 billion venture and growth capital plan to the Anthropic IPO numbers discussed in the episode, they look at where fresh capital could make a difference and where financial commitments could become a problem.For Canadian founders, there’s reason for optimism. For investors chasing the AI boom, John has some pointed questions about cash flow, compute costs, and what happens when growth slows.For founders, investors, and business leaders, this episode connects the funding announcements and AI headlines to the decisions that follow. Where will the money come from, what will it build, and how resilient will those businesses be when conditions change?Canada’s $1.75B Venture Capital Push: When Will the Money Arrive? Ottawa’s venture and growth capital plan leads the discussion, with funding earmarked for fund of funds, life sciences investors, emerging managers, and companies trying to scale in Canada.Matt and John unpack how the programs could attract pension funds and other institutional investors. They also tackle the practical question behind the announcement: how quickly can fund managers turn those commitments into capital that founders can actually use?Why Canadian Startups Keep Selling Before They Scale A promising startup gets traction, attracts a buyer, and sells. Early investors may earn a strong return, but Canada loses another opportunity to build a lasting global company.Matt shares that his firm has already seen three exits from its 2023 vintage fund. That opens a bigger conversation about the shortage of domestic growth capital, especially for companies raising Series C rounds and beyond. Can the new funding help founders keep building here?Canada’s Budget: The Tax Changes John Wants to See Ahead of the federal budget, Matt and John discuss what would make a difference for the innovation economy. Incentives for major infrastructure projects have their place, but software companies, startup employees, and early investors face different decisions.The conversation turns to a Canadian approach inspired by U.S. Qualified Small Business Stock rules, commonly known as QSBS, and the potential for broader capital gains exemptions.Anthropic’s IPO Debate: Huge Growth, Huge Compute Commitments Matt walks through the Anthropic filing figures discussed in the episode, highlighting rapid revenue growth, enterprise adoption, and substantial compute commitments. John focuses on the relationship between those obligations and the revenue needed to support them.His comparison is WeWork’s financial structure: long-term commitments supported by revenue that could change much faster. The question is how that structure holds up if demand disappoints.CoreWeave, Oracle & the Risk of an AI Infrastructure Squeeze The discussion expands to the companies supplying AI’s computing power. Matt raises Elon Musk’s comments about financing pressure on AI infrastructure providers, while John examines how interconnected contracts and circular financing could spread financial stress.If a major provider runs into trouble, how many other businesses are exposed?Cybersecurity, Sovereign AI & the Risks of AI Agents Matt and John close with cybersecurity and the growing consequences of giving AI systems access to business tools and sensitive information.They discuss sovereign AI, aging digital infrastructure, and the additional exposure that comes with increasingly capable AI agents. For businesses adopting these tools, security decisions are becoming inseparable from operational decisions.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com
- 1 weeks ago45 min
How Amazon’s “Best Vendor” Grew 8x | Mike Mahannah
In this episode of Tank Talks, host Matt Cohen sits down with Mike Mahannah, partner and advisor at Resonance Consulting, to unpack nearly 40 years of building businesses in Western Canada. Mike shares his path from a prairie upbringing and an engineering degree to becoming a partner at Olympic International in Vancouver, a five-person HVAC sales agency above a fish plant that grew into the market leader. He walks through the 10-year internal succession plan he used to sell the company to its employees, and the hard lesson he learned when a formula-based valuation failed in a downturn.They also dig into the second chapter of Mike’s story: buying Scott Springfield, a Calgary sheet metal job shop, for $1 million in 1990 and turning it into a custom air handling manufacturer. After landing Amazon Web Services as a customer, it grew from $20 million to $160 million in revenue in four years and sold to Modine for $260 million (about 10.5x trailing 12-month EBITDA). Mike explains how he earned a trusted-partner relationship with Amazon, why he sold a future instead of a past, and how he built a culture where mistakes are shared, celebrated, and learned from. He also opens up about straight talk in coaching, his biggest blind spot (firing too slowly), and why planning your exit is the thing most owners get wrong.Whether you’re a founder thinking about succession or an exit, an operator chasing enterprise contracts, or a leader trying to build a healthier culture, this conversation is full of practical lessons from someone who has done it twice.From Prairie Boy to Partner at Olympic International * Growing up in Alberta, the oil patch, and the pull toward engineering* Moving to Vancouver in 1978 and joining Olympic International in 1985 as the sixth person at the firm* A small HVAC sales agency selling to pulp mills, mines, hospitals, and large office buildings* Why he bought in for the partners and the relationship, not just the business* Early lessons: grunt work, technical credibility, and hiring people who are both competent and a good fit* Growing the firm to 80 people by his exit, and 115 and counting todayThe 10-Year Succession Plan: Selling to Your Employees * Why a sales agency can’t be sold to private equity: if the salespeople leave, there’s nothing left* Selling equity in 5% increments to key employees, many of whom took second mortgages to buy in* Why “a path to ownership” became a powerful pitch for attracting top talent* Why most owners never plan their exit, and why many cling to 51% for control* The “secret sauce”: using the shareholders’ agreement to keep influence over the board while reducing his stake, until the company could buy him out of its own cash* Planning to keep enough cash in the business for the buybackValuation Lessons and the Culture Reset * Why a formula-based valuation backfired: it grossly undervalued the business in a downturn* Moving to a professional valuator, used only when a transaction is pending* Why Mike wouldn’t change anything about how he executed the succession* The culture reset 15–20 years in: strategies kept failing because the culture wasn’t pulling in the same direction* The three pillars of the culture: win-win-win, communication, and integrity* Why choosing a culture attracts some people and ejects othersBuying Scott Springfield for $1 Million * Acquiring a Calgary sheet metal job shop in 1990 as a defensive move to get into custom air handling* Teaching them to build quality equipment, starting with a first unit for Lions Gate Hospital* Converting the business from a job shop to a custom air handling manufacturerLanding Amazon and the Data Center Boom * Spending over a year proving quality and trust before the volume came* Funding a second plant with personal capital in 2015 after the original plant filled with one contract* Roughly $10 million per giga center order, and never missing a delivery date* The setback: the intermediary pulled out after the plant was built, leaving a new plant and no customer, at a cost of around $3 million* Turning that setback into a direct relationship with AmazonPlaying the Long Game on Enterprise Contracts * Three gates: engineering and quality control, the buyers, and the legal team* Why Amazon’s one-sided contracts were tolerable after three years of working together* Insisting on a partnership instead of a transactional relationship* Listening for what each stakeholder cares about, including internal politics, so they look good tooSelling to Modine: Timing, Process, and Culture * G
- 2 weeks ago20 min
The Rundown 10/23/26: CoreWeave’s Debt Warning, Anthropic’s $2T IPO Bet & Elon Musk’s SpaceX Pledge
AI demand is booming. So why is John Ruffolo watching the bond market?Welcome back to another news roundup on Tank Talks! Matt Cohen and John Ruffolo dig into the money behind the artificial intelligence boom, and whether the companies building it can make the numbers work. From Anthropic’s proposed $10 billion Nova Scotia data center campus to CoreWeave’s debt pressures and the race between OpenAI and Anthropic for investor capital, the conversation keeps coming back to one question: when does extraordinary growth turn into actual cash flow?They also unpack Anthropic’s public benefit fund proposal, Elon Musk’s SpaceX share pledge for American children, and what the Alberta referendum discussion reveals about Canada’s unresolved provincial tensions.For founders, investors, and anyone following Canadian business and AI infrastructure, this episode looks at the financial assumptions behind the headlines and what could happen when those assumptions meet reality.Anthropic’s $10 Billion Canada Bet: Who Funds the Build? A massive AI infrastructure project in Cape Breton sounds like a win for Canada. Matt unpacks the Anthropic-EverWind data center deal discussed in the episode, including the proposed investment in computing infrastructure and wind power, the ownership behind the project, and its phased expansion plans.But announcing a campus and financing one are two very different milestones. With construction, power, and capital all needing to come together, how much of the headline will become operating capacity?CoreWeave’s Debt Problem: Is the Bond Market Sounding an Alarm? Matt walks through the company’s stock decline, rising bond yields, and widening credit default swap spreads, the cost of protection against a borrower failing to pay.The bigger issue is a business model that requires enormous spending today against revenue expected tomorrow. Separating data centers into individual financing structures may reduce some risks, but it doesn’t eliminate expensive borrowing, power constraints, or execution problems.Anthropic’s IPO Ambitions: Incredible Growth, but Where’s the Cash? Matt and John turn to Anthropic’s investor presentation and the roughly $2 trillion IPO valuation ambition discussed on the show. The revenue growth is extraordinary. Whether that growth justifies the price is a harder question.They examine compute costs, stock-based compensation, and the gap between adjusted profitability and cash generation. Matt also raises the question of how usage attributed to Chinese model developers could affect the revenue picture.OpenAI vs. Anthropic: Can Investors Fund Both? What happens when two of AI’s biggest companies seek enormous amounts of money at roughly the same time?Matt compares the OpenAI fundraising plans and Anthropic IPO ambitions discussed in the episode. Different fundraising routes do not necessarily mean different sources of capital, especially when both companies are courting some of the world’s largest investors.Elon Musk’s SpaceX Share Pledge: A Generation of Shareholders? Matt and John discuss Elon Musk’s stated plan to give a SpaceX share to every American child under 18 through Trump accounts. Matt estimates the potential value of the pledge while noting that timing and transfer details remain unresolved.The idea opens up a broader conversation about giving cash versus shares, tax considerations, and what happens when millions of children become shareholders in the same company.Alberta’s Referendum: Why the Ottawa Fight Isn’t Over The episode closes with Matt and John discussing preliminary Alberta referendum results described during the recording, including the reported rejection of separation.John shifts attention to the other referendum questions and what they could mean for provincial powers, federal authority, and Alberta’s relationship with Ottawa. They also consider why Quebec’s economic circumstances make comparisons between the two provinces complicated.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com
- 2 weeks ago55 min
The "Prepared Mind" Investing Strategy Behind Sierra Ventures' Biggest Bets | Shomik Ghosh
In this episode of Tank Talks, host Matt Cohen sits down with Shomik Ghosh, Partner at Sierra Ventures, to explore his unique path from the fixed income trading floor to the forefront of deep tech and hard tech investing. Shomik shares his journey from a liberal arts education to Wall Street, his pivotal role at Top Tier Capital, and his nearly six-year tenure at Boldstart Ventures, where he learned the craft of inception-stage investing.They break down why a “generalist approach with a prepared mind” is a venture superpower, how to build and maintain long-term LP relationships, and the crucial difference between “deep tech” and “hard tech.” Shomik opens up about the art of using public market research to gain an edge in private markets, the future of AI and robotics, and why the biggest threat to the AI industry isn’t regulation, but “token maxing.” He also shares his insights on leadership, the value of a non-traditional information diet, and his personal philosophy on health, presence, and family.Whether you’re exploring research-driven deep tech, complex hard tech systems, or the increasingly blurred line between the two, this conversation offers a thoughtful look at how to spot emerging signals, build conviction early, and invest with a broader perspective.The Generalist Advantage: From Fixed Income to Venture Capital * How a background in fixed income sales and trading provides a unique lens for understanding cash flow and leverage in venture.* Why the world needs more generalists, not just specialists, and how being curious across industries creates the strongest returns.* The unexpected parallels between structuring complex debt and untangling today’s private credit markets for AI data centers.Lessons from the LP Side: Top Tier Capital and the Long Game * Why Top Tier’s fund-to-fund model gives them an edge in backing emerging managers.* The critical importance of a regular cadence of communication with LPs, beyond the annual AGM.* Understanding what different LPs want, why fund-of-funds chase co-investments while pension funds prioritize macro allocation.* The value of treating LPs as human relationships, not just transactional ones.The Art of the 180: Transitioning from Growth to Inception at Boldstart * How a shared investment in Snyk led to a deep professional relationship with Boldstart’s Ed Sim.* The mental shift from seeing companies with $5M+ ARR to pre-product startups.* Why getting “a few layers below the C-suite” is essential for building deep, lasting relationships and understanding a company’s true health.The Three C’s of Venture: Cheer, Chill, and Challenge * Ed Sim’s “3 C’s” framework for supporting founders: Cheer when things are down, Challenge when things are good, and Chill to let them cook.* The importance of knowing when to course-correct if a team is building in a silo.* Witnessing the power law in action: Snyk’s journey from The Move to Sierra Ventures: Flexibility, People, and Prepared Minds * Why the move from a focused inception fund to a multi-stage firm like Sierra was the right fit for long-term flexibility.* The importance of “clicking” with the team, from Mark Fernandes to Tim and Ben.* How Sierra’s “all hands on deck” approach to pitch meetings, including non-investment roles, differentiates them from founders.Deep Tech vs. Hard Tech: Navigating Frontier Investments * Shomik’s distinction between “deep tech”, research-driven, like silicon carbide for AR glasses, and “hard tech”, complex systems integration, like maritime defense.* How to assess demand signals for each category, from clear market needs to observing geopolitical shifts.* The crucial role of public markets in understanding supply chains for private companies in robotics and defense.Using Public Markets to Sharpen Private Market Bets * How listening to investor days for companies like Waste Management and ATI provides unique insights into bottlenecks in turbines and superalloys.* The power of “Qurater” and other tools to distill first-party information from public companies.* Why having a base of first-party knowledge is essential for using AI effectively, or you just get “AI slop.”AI, Robotics, and the Future of Compute * The three sub-trends in robotics: humanoids, foundation models, and vertical robotics.* The critical shortage of munitions and propulsion systems, and the need for advanced materials.* Why photonics is a massive area with exploding backlogs, and how companies are betting on co-packaged optics.* Debunking the “open vs. closed” sour
- 3 weeks ago21 min
Why Investors are Betting on Canadian Startups | NRTH Conference
In this special episode of Tank Talks, recorded at NRTH Festival (formerly Elevate) in downtown Toronto, host Matt Cohen chats with three prominent investors and operators to explore the state of the Canadian tech ecosystem. Michael Garrity, retired CEO of FinanceIt and co-chair of the C100, discusses why Canadian founders need to get better at telling their stories and how the Canada Investment Summit signals growing global interest. Isaac Souweine (Venture Science Fund at Mila) breaks down how Canada’s AI research institutions are pivoting toward commercialization and why we need to calibrate globally, not locally. Elizabeth Yin of Hustle Fund shares why Toronto is her favorite place to scout, the importance of hustle over hype, and how community-building creates lasting founder networks.They explore why there’s never been a better time to build or join early-stage companies, the public markets gap for Canadian startups, how Mila and Vector are responding to talent poaching from big labs, and what it takes to get non-tech capital off the sidelines. Whether you’re a founder, investor, or someone working in a Bay Street tower wondering if you should make the leap, this conversation offers a rare window into where the Canadian ecosystem is headed.Michael Garrity: Telling Canadian Stories and the C100 Mission * The C100’s role in keeping Canadian companies in Canada by connecting them to Silicon Valley networks* Why Canadian founders are “crap at telling our stories” and the need to celebrate success* The Canada Investment Summit and why global investors are paying attention* Why the government’s job is to open regulatory spigots, not close deals* The public markets gap: why Canada needs better IPO infrastructure for early-stage companies* The cost of building has dropped to the lowest level ever, so why there’s never been a better time to startIsaac Souweine and the Venture Science Fund: Commercializing Canada’s AI Advantage * Mila as the largest collection of AI researchers in the world* The cultural pivot at Mila: from pure research to supporting startups* How external pressure from OpenAI, Anthropic, and Amazon triggered internal change* The 15-person incubation group at Mila providing programs and services* Why Canadian founders need to calibrate globally, not locally* Playing offense by mobilizing Mila and Vector alumni in the Valley to do deals on their turf* What’s coming next: GPU optimization, AI intersection with biotech and material science, robotics, and physical AIElizabeth Yin and Hustle Fund: The Vibe, The Hippocorn, and Global Pre-Seed Investing * Hustle Fund’s nine-year history and 700-company portfolio* Why Toronto is Elizabeth’s favorite place to scout: talent, maturity, and less competition than SF* How less capital forces founders to become better business people* The Hustle Fund approach: pre-revenue, under $10M post, and no thesis, just listening to founders* Maintaining community through Hustle Camp and the importance of kindness* AI in the pitch review process (yes, they use it) and how they see 1,000 companies a monthAbout Michael GarrityMichael Garrity is the retired CEO and current Executive Chair of FinanceIt, one of Canada’s leading fintech success stories. He is co-chair of the C100 alongside Mike Wessinger, focused on helping Canadian companies scale globally while staying rooted in Canada.Connect with Michael Garrity: https://www.linkedin.com/in/michael-garrity-7a87152/About Isaac SouweineIsaac is a partner at the Venture Science Fund, part of the Mila Institute in Montreal. With 10 years in the Canadian VC game at Real Ventures and Pender, he previously ran FounderFuel, one of Canada’s leading accelerators. He holds a background as a product manager and is focused on commercializing Canada’s world-class AI research.Connect with Isaac on LinkedIn: https://www.linkedin.com/in/isaacsouweine/Learn more about Mila: https://mila.quebec/enAbout Elizabeth YinElizabeth Yin is a co-founder and General Partner at Hustle Fund, a pre-seed venture fund that invests globally in early-stage companies. With a portfolio of over 700 companies, Hustle Fund is known for its founder-friendly approach and vibrant community. Elizabeth is based in San Francisco and is an active scout in the Toronto ecosystem.Connect with Elizabeth Yin: <a targ
- Oct 8, 202637 min
The Billable Hour is Broken: How Blackletter is Redesigning Law for Startups | Jonathan Rosenbluth (CEO and Co-Founder)
In this episode of Tank Talks, host Matt Cohen sits down with Jonathan Rosenbluth, co-founder of Blackletter, to trace his path from a Harvard JD and McKinsey consultant to employee number 20 at Cohere, and finally to building an AI-native law firm from the ground up. Jonathan shares how a chance networking call led him to Cohere’s founders, why he chose to bet on an unproven startup over a legal career, and how nearly five years scaling go-to-market, partnerships, and product functions shaped his conviction that law itself needed to be rebuilt, not just tooled up.They dig into why the billable hour exists in the first place, how its incentives quietly shape lawyer and client behavior, and why Jonathan believes the only way to fix legal services is to become the law firm rather than sell software to one. He explains Blackletter’s wedge into venture financing and commercial contract work, how fixed-fee pricing and a “harness” built around foundation models let the firm move at startup speed, and why he thinks the shift coming to law firms will rival what e-commerce did to retail.Whether you’re a founder tired of unpredictable legal bills, an investor watching the AI-native services wave, or just curious what it takes to leave law only to end up building a law firm, this conversation offers a founder’s-eye view of an industry on the edge of structural change.Finding Consulting, Then Entrepreneurship * Splitting a 2L summer between a law firm and McKinsey, and why consulting “lit him up”* Early McKinsey projects with financial institutions across Canada, the US, and Jamaica* McKinsey’s culture of feedback and investment in people’s growth* Founding Campus Coupon in undergrad as a non-technical first stab at building somethingThe Accidental Path to Cohere * Moving back to Toronto and deciding to jump into a startup* A pandemic-era virtual networking night, his wife’s insistence, and meeting a Cohere investor* Getting connected to the founders after the first business-hire candidate called AI “magic”* A walk with Aidan and Nick debating AI vs. nuclear as the most exciting problem in the worldInside Cohere: From “Everything Guy” to Product Lead * Joining as employee number 20, doing “everything outside of training models”* Leading sales, partnerships, and biz ops before making the jump to product* Why he advises consultants and lawyers eyeing startups to “go early”* Early hypergrowth lessons: raising the Series A, launching early access, landing a Google partnership* Overcoming imposter syndrome moving into product with no technical backgroundThe Problem That Pulled Him Back to Law * Nearly five years at Cohere and why leaving still felt like “being pulled toward” the next problem* Diagnosing what’s broken in law: unpredictable bills, slow turnarounds, misaligned incentives, unhappy lawyers, inaccessible top-tier services* Why the technology is finally capable of solving it, if the incentive problems get solved tooA Brief History of the Billable Hour * The 1950s American Bar Association push to bill by the hour, tied to lawyer earnings falling behind doctors’* How billing by the hour incentivizes time spent over client outcomes* Parallels to real estate commissions and misaligned transaction incentivesWhy Build a Firm, Not a Copilot * The limits of giving lawyers tools without redesigning the underlying workflow* Why becoming the law firm, not a vendor to law firms, is the only way to make top-tier legal services abundant* The founding team: David (frontier technology, ex-Cohere), Avi (top-tier lawyer and former Blue Jay Legal COO), and Jonathan (product, go-to-market, and scaling experience)Blackletter’s Wedge: Venture Financing and Commercial Contracts * Why client pain in fundraising and commercial deal delays made the natural starting point* Real founder horror stories: six-figure legal bills, wrong currencies on closing documents, deals stalled by unnecessary aggression* Fixed, upfront pricing sheets instead of hourly billing* Working inside clients’ Slack channels and turning work around same-dayThe Harness: Building Technology Around Frontier Models * What a “harness” means and why foundation models alone aren’t enough* Being model-agnostic and riding the wave of improving frontier models* Where Blackletter’s proprietary IP actually lives: the system around the model, not the model itself* How lawyers become the judgment layer rather than the bottleneck that kicks off every taskDisrupting Big Law: Trust, Talent, and the Comin
Get Tank Talks By Ripple Ventures summaries in your inbox
Free AI-powered daily recaps. Key takeaways, quotes, and mentions — in a 5-minute read.
Get Free Summaries →Free forever for up to 3 podcasts. No credit card required.
You Might Also Like
Listeners also like.
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Interviews with top venture capitalists and successful founders about startup funding and building tech companies.
The Compound and Friends
Expert analysis and candid discussions on business and investing trends with a rotating panel of financial professionals.
All-In with Chamath, Jason, Sacks & Friedberg
Four tech investors discuss technology, markets, politics, and poker with candid, in-depth analysis.
David Senra
David Senra hosts conversations with the greatest living founders.
Thinking Crypto News & Interviews
Covers crypto news, interviews, and analysis on Bitcoin, Ethereum, Web3, DeFi, NFTs, blockchain tech, regulations, and digital asset trends.
Cheeky Pint
John Collison interviews founders, builders, and leaders over a pint.
TBPN
Daily tech talk show featuring interviews with prominent tech leaders and condensed highlights of key discussions.
Invest Like the Best with Patrick O'Shaughnessy
Interviews with top investors and business leaders exploring their strategies, decisions, and insights on investing and leadership.
The AI XR Podcast
Insightful interviews with tech founders and executives on AI, virtual reality, augmented reality, and the future of spatial computing.
Moonshots with Peter Diamandis
Exploring breakthrough technologies and their impact on humanity's future.
The Best One Yet
A daily 20-minute podcast breaking down the three key business stories with sharp, accessible takes.
The Money Mondays
Business discussions on investments, side hustles, and entrepreneurship with experts, athletes, and influencers in personal settings.
About Tank Talks By Ripple Ventures
Join your host, Matt Cohen, Founder & Managing Partner at Ripple Ventures for weekly conversations with leaders in the startup ecosystem discussing the truth about investing, building and running startups. tanktalks.substack.com
Customized Recaps
AI-powered recaps with compact key takeaways, quotes, and insights.
Straight to Your Inbox
Get key takeaways from Tank Talks By Ripple Ventures in a 5-minute read.
Save Hours Every Week
Stay current on your favorite podcasts without falling behind.
Frequently Asked Questions
What is Podzilla's Tank Talks By Ripple Ventures daily summary?
It's a free AI-powered email that summarizes new episodes of Tank Talks By Ripple Ventures as soon as they're published. You get the key takeaways, notable quotes, and links & mentions — all in a quick read.
How does the Tank Talks By Ripple Ventures podcast summary work?
When a new episode drops, our AI transcribes and analyzes it, then generates a personalized summary tailored to your interests and profession. It's delivered to your inbox every morning.
Is this an official Tank Talks By Ripple Ventures product?
No. Podzilla is an independent service that summarizes publicly available podcast content. We're not affiliated with or endorsed by Ripple Ventures.
Can I get summaries of other podcasts too?
Absolutely! The free plan covers up to 3 podcasts, any in the catalog. Basic raises that to 15, Pro to 40 and Max to 100. Browse our full catalog at /podcasts.
How often does Tank Talks By Ripple Ventures release new episodes?
Tank Talks By Ripple Ventures publishes weekly. Our AI generates a summary within hours of each new episode.
What topics does Tank Talks By Ripple Ventures cover?
Tank Talks By Ripple Ventures covers topics including Business, Entrepreneurship, Investing. Our AI identifies the specific themes in each episode and highlights what matters most to you.
Start getting Tank Talks By Ripple Ventures summaries tomorrow morning.
Free forever for up to 3 podcasts. No credit card required.
Free forever for up to 3 podcasts. No credit card required.