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Tank Talks By Ripple Ventures

Tank Talks By Ripple Ventures

By: Ripple Ventures
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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.

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Episodes
  • Inside Canada’s Most Ambitious Space Infrastructure Company with Mina Mitry of Kepler Communications

    Inside Canada’s Most Ambitious Space Infrastructure Company with Mina Mitry of Kepler Communications
    May 13 2026
    In this episode of Tank Talks, host Matt Cohen sits down with Mina Mitry, CEO and Co-Founder of Kepler Communications, one of the world’s most ambitious space infrastructure companies. With a journey that spans from winning $75,000 in university pitch competitions to building the world’s first commercial optical data relay network, Mina’s experience offers valuable insights for founders, especially those navigating the challenges of building deep-tech and hardware-driven companies.Mina shares his entrepreneurial beginnings, the lessons he learned while scaling Kepler, and the hard pivot from off-the-shelf software to a vertically integrated satellite manufacturing model. He also discusses the Arctic surveillance gap, why real-time space data is critical for Canadian sovereignty, and how Kepler was selected as prime contractor for ESA’s Hydron Element 3 project.From launching 10 satellites on a SpaceX Falcon 9 to shooting lasers across 6,500 kilometers in orbit, Mina dives into his journey and the key principles he follows in his entrepreneurial endeavors. Whether you’re interested in space tech, defense, or sovereign infrastructure, Mina’s story provides inspiration and practical wisdom.From University Rockets to Building Space Infrastructure (02:03)* Mina’s journey from a first-generation immigrant family to co-founding Kepler at the University of Toronto* Why Kepler’s original mission of bringing the internet beyond Earth has never changed* The ultimatum that convinced his co-founders to leave traditional career paths behindThe Early Days of Kepler and Finding Product-Market Fit (06:36)* How Kepler survived the early years with limited capital and massive ambition* Why remote communications in the Arctic became one of the company’s first real-world use cases* The challenge of convincing investors in 2015 that orbital laser networks were even possibleSatellites, Orbital Networks, and Why Space Connectivity Matters (08:25)* A breakdown of low Earth orbit, geostationary orbit, and why northern connectivity remains difficult* How Kepler built the world’s first commercial laser-based relay network in space* Why real-time data transmission is becoming critical for everything from disaster response to defenseBuilding Canada’s Largest Orbital Data Center (14:22)* What it actually means to put compute infrastructure in orbit* Why SpaceX, Starship, and falling launch costs could completely reshape the space economy* The engineering, thermal, and regulatory challenges of scaling orbital infrastructureInside Kepler’s Falcon 9 Launch Moment (16:48)* What it felt like watching Kepler’s satellites launch from Vandenberg for the first time* The emotional significance of one of Canada’s largest space milestones in years* Why launch economics and insurance remain misunderstood parts of the industryDefense, Arctic Surveillance, and Sovereign Space Infrastructure (19:42)* How Kepler is helping governments access real-time intelligence from space* Why the Arctic has become a major strategic priority for Canada and its allies* The role of orbital infrastructure in missile detection, surveillance, and national securityThe Geopolitical Tailwinds Behind Space Sovereignty (23:19)* Why middle powers are increasingly investing in sovereign technology infrastructure* How defense ministries around the world are approaching space-based intelligence differently* The recurring revenue model behind Kepler’s government partnershipsWhy Space Tech Moats Are Built Over Decades (26:56)* Why Mina believes infrastructure, regulatory access, and time are harder to replicate than capital* The importance of spectrum rights, security clearances, and orbital heritage* Why Kepler’s biggest competitive advantage may simply be the years it has already spent buildingJeremy Hansen, Artemis II, and Inspiring the Next Generation (28:43)* What Canada’s moon mission means for the future of the country’s space sector* Why Mina believes visibility and inspiration matter as much as technology itself* How astronauts have become both cultural icons and catalysts for innovationWhy Ambition Still Matters Most for Founders (31:00)* Mina’s advice for founders building difficult, long-term companies* Why independent thinking matters more than following trends* The types of space startups Mina believes are still too early to realistically succeedAbout Mina MitryMina Mitry is the CEO and co-founder of Kepler Communications, a Toronto-based space infrastructure company building the world’s first commercial optical data relay network. A first-generation Egyptian-Canadian, Mina started Kepler out of the University of Toronto in 2015 with $75,000 from pitch competitions. Under his leadership, Kepler has grown to over 200 employees, vertically integrated its satellite manufacturing, and launched 10 optical relay satellites on a SpaceX Falcon 9 in January 2026. Mina holds advanced degrees in engineering, left a PhD program to start ...
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    37 mins
  • Bring it Home: Canada's Regulatory Gridlock & Real Estate Recovery with Jon Love of KingSett Capital

    Bring it Home: Canada's Regulatory Gridlock & Real Estate Recovery with Jon Love of KingSett Capital
    May 7 2026
    In this episode of Tank Talks, host Matt Cohen sits down with Jon Love, founder and executive chair of KingSett Capital, one of Canada’s largest and most experienced private equity real estate platforms. A seasoned investor who has navigated multiple market cycles, Jon is known for his frank, unfiltered takes on Canadian policy, regulation, and capital deployment, and this conversation is no different.Jon shares his honest assessment of the federal government’s newly announced $25 billion Canada Strong sovereign wealth fund, the push to fast-track major resource projects, and what’s really holding Canada back: not a shortage of capital, but a shortage of permission. He also breaks down where the real estate market stands today across office, retail, industrial, and residential, and why he believes a sharp recovery is coming for those with the balance sheet to wait it out.Whether you’re a developer, investor, policy watcher, or simply trying to understand what’s actually happening in the Canadian economy, Jon Love delivers the kind of straight talk that cuts through the noise.Canada’s $25 Billion Sovereign Wealth Fund: Progress or Déjà Vu? (02:48)* Jon’s honest take on the Canada Strong fund and what’s still missing* Why the real barrier to investment isn’t capital, it’s permission* Lessons from the Heritage Fund and what discipline looks like in practiceResource Fast-Tracking and the Major Projects Office (08:36)* The bull and bear case for Tim Hodgson’s promise of 5–10 shovel-ready projects by spring 2027* What regulatory bottlenecks remain under the Carney government* Why Shell’s takeover of Arc Resources signals renewed confidence and what still needs to happen nextInstitutional Capital Coming Home (14:50)* What’s different about this wave of pension fund repatriation* OMERS, the Maple Eight, and why Canadian real estate returns are among the best in the world* The case for Canada as a technology superpower and why Jon is more optimistic than mostThe Real Estate Cycle: Where We Are and What’s Coming (20:25)* Triple-A office as the surprise strongest asset class in the country* Why for-sale residential is in pain and why a sharp recovery is inevitable* How banks are behaving with stressed borrowers, and the Oxford story from 1992 that defined a strategyCreative Repurposing, Affordable Housing, and the HST Rebate (30:44)* Office-to-hotel conversions in Toronto and why adaptive reuse is just getting started* Why streamlining affordable housing approvals matters more than new funding programs* The HST rebate: right medicine, but the prescription still isn’t writtenMedia, Trade Wars, and What Jon Would Tell Carney (33:24)* Why the Port of Vancouver’s seven-day container turnaround vs. Dubai’s seven hours is a symbol of a much bigger problem* How media fragmentation and social media have made constructive policy debate nearly impossible* The one frank piece of advice Jon would give Prime Minister Carney if he had 15 minutes: give permissionAbout Jon LoveJon Love is the founder and executive chair of KingSett Capital, one of Canada’s leading private equity real estate platforms. With decades of experience across multiple market cycles, Jon has built a reputation for candid, principle‑driven commentary on Canadian policy, regulation, and investment. He is a former CEO of Oxford Properties and has been a key figure in shaping Canada’s institutional real estate landscape. Beyond investing, Jon is known for mentoring young talent, championing affordable housing, and relentlessly advocating for cutting red tape.Connect with Jon Love on LinkedIn: https://www.linkedin.com/in/jonlovekingsett?originalSubdomain=caVisit KingSett Capital website: https://www.kingsettcapital.com/Connect 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
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    44 mins
  • The Rundown 4/28/26: Canada’s $25B Sovereign Wealth Fund: Genius Move or Political Slush Fund?

    The Rundown 4/28/26: Canada’s $25B Sovereign Wealth Fund: Genius Move or Political Slush Fund?
    Apr 28 2026
    In this episode of Tank Talks, Matt Cohen and John Ruffolo break down one of the biggest economic policy announcements in Canada’s innovation economy: Mark Carney’s proposed $25 billion Canada Strong Fund, a sovereign wealth fund designed to invest in nation-building projects, strategic industries, Canadian technology companies, and long-term economic sovereignty. John, who previously argued for this type of fund in his Substack piece Canada’s Missing Pot of Gold, explains why Canada’s biggest structural problem is undercapitalization and why relying on foreign direct investment for critical industries creates serious sovereignty risks.Matt and John dig into the hard questions behind the fund: Where does the money come from? Can Canada borrow at low rates and invest for long-term returns? How should the fund be governed so it does not become a political slush fund? And can this vehicle finally force a more serious conversation around Canadian pension funds, domestic capital formation, and backing companies like Cohere, Kepler, and Xanadu before they are pushed toward foreign capital markets?The episode also covers Cohere’s acquisition of German AI firm Aleph Alpha, the rise of sovereign AI alternatives outside the U.S. and China, Xanadu’s volatile post-SPAC quantum stock run, SpaceX’s reported Cursor acquisition talks, Meta’s 8,000-person AI-driven workforce reduction, and Thoma Bravo’s massive Medallia equity wipeout. From sovereign wealth and AI infrastructure to quantum financing and private equity pain, this episode asks the real question: can Canada build the capital systems needed to own its future?Canada Strong Fund: Carney’s $25B sovereign wealth fund announcement (00:31)Matt opens the episode by laying out the breaking news: Mark Carney has launched the proposed Canada Strong Fund, a $25 billion sovereign wealth fund aimed at giving Canadians a stake in strategic national projects and critical industries.Why John Ruffolo says Canada is dangerously undercapitalized (01:22)John argues that Canada’s core economic problem is not a lack of ideas, talent, or companies, but a lack of domestic capital formation. He explains why foreign-controlled capital in sovereign industries is a bad idea and why Canada needs its own funding mechanism.The biggest risk: governance or political slush fund? (03:14)John explains that the Canada Strong Fund will only work if it is independently governed, similar to CPPIB or CDPQ. Without strong governance, he warns, the fund could collapse into politically motivated pet projects.Can Canada borrow at 3.5% and earn 7% long term? (04:59)John breaks down the financial logic behind using Canada’s strong credit rating to borrow at lower rates and invest through a professionally managed fund targeting long-term returns similar to major pension funds.Why the fund fails if returns do not materialize (08:15)Matt raises concerns about launching a sovereign wealth fund during a deficit environment. John says the idea only works if the fund is independently managed and capable of generating real long-term returns.No more grants: John’s blunt plan for government funding (14:02)John calls for Canada to stop giving grants, especially to foreign-based companies, and instead convert government support into equity investments that create long-term ownership and capital recycling for the country.Cohere acquires Aleph Alpha and makes a sovereign AI play (16:12)Matt breaks down Cohere’s acquisition of German AI firm Aleph Alpha, the new Berlin European headquarters, and the reported $600 million financing commitment from Schwarz Group as part of a broader sovereign AI strategy.Xanadu’s quantum stock surge and post-SPAC volatility (19:59)Matt explains Xanadu’s post-SPAC trading action, including its sharp rise, options activity, and SEC filing registering nearly 300 million Class B shares for sale after the lockup period expires.SpaceX, Cursor, and peak AI paper-deal froth (24:25)Matt and John react to reports that SpaceX could acquire AI coding startup Cursor for $60 billion, with John arguing that SpaceX shareholders should be furious about the growing complexity and governance concerns.Meta layoffs and the real cost of AI capital spending (27:56)Matt highlights Meta’s reported 10% workforce reduction tied to massive AI capital spending. John argues the “AI efficiency” explanation often masks bad capital allocation and failed strategic bets.Thoma Bravo’s $5.1B Medallia equity wipeout (29:55)The episode closes with Thoma Bravo handing Medallia back to creditors after a major private equity software deal collapses, raising questions about SaaS valuations, debt structures, and exit assumptions in the AI era.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 ...
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    33 mins
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