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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
Peter van der Velden joins Matt Cohen to discuss the dynamic changes within the life sciences sector and venture capital at large. He highlights the success factors in life sciences as a high-performing asset class and discusses the role of Canadian pension funds in supporting innovation. The episode also covers the transformative potential of GLP-1 drugs and AI's impact on drug discovery and medical technology.And John Ruffolo is back to talk about the US elections and tech news. (Note: this was recorded before the election on 11/5/24).About Peter van der Velden:Peter van der Velden is the Founder and Managing General Partner of Lumira Ventures, a top Canadian life sciences venture capital firm he established in 2007 following a management buyout of MDS Capital. At Lumira, he focuses on biotech and medtech investments, with multiple high-profile exits involving acquisitions by major pharmaceutical companies.Prior to Lumira, Peter served as President and CEO of MDS Capital, Canada's oldest life sciences VC firm. He has also founded and led Fusion Capital, an investment bank for Canadian tech ventures, and worked as Managing Director at Bedford Capital, a private equity boutique.Peter began his career in venture capital in 1988 at Vencap Equities and later held roles in business development at Hyal Pharmaceuticals and Taurus Capital. He holds an MBA from the Schulich School of Business and an MSc in Pathology and a BSc in Life Sciences from Queen's University.In this episode, we discuss:News with John Ruffolo(1:26) – Super Micro Computer Stock Decline(4:00) – Canadian Perspective on U.S. Elections(6:45) – Decline of Mainstream Media and Rise of Alternative Platforms(11:41) – VCs Backing Multiple Competing LLMs(17:20) – Potential AI Mergers and Acquisitions in 2025Interview with Peter van der Velden(19:48) – Peter's Role at Lumira Ventures(21:03) – Transformation in Venture Capital and Life Sciences(24:05) – Life Sciences Outperformance as an Asset Class(27:48) – Canadian Pension Funds and Venture Capital(31:20) – Case Study: Histosonics and Pension Fund Support(35:25) – Quebec's Leadership in Supporting Local Innovation(37:00) – Challenges in Advocating for Canadian Venture Capital(46:16) – GLP-1 Drugs and Their Transformative Potential(49:19) – Industries Disrupted by GLP-1 Innovations(52:00) – AI's Role in Drug Discovery and MedtechFast Favorites * Favorite Podcast: Acquired and All In* Favorite Tech Gadget: NotebookLM.google* Favorite Trend: Rationality returning to the venture market* Favorite Life Lesson: "Never give 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
Matt Cohen and John Ruffolo of Maverix Private Equity talk about the current dynamics of the Canadian venture capital ecosystem, discussing recent controversies and major moves by key players.Topics include public criticism within the Canadian Venture Capital Association (CVCA), Brookfield's ambitious plans for a $50 billion pension fund, and a strategic review by Lightspeed Commerce, hinting at privatization.The discussion also covers global developments in AI, such as California's vetoed AI safety bill and OpenAI's massive new fundraising round, and closes with reflections on the growing influence of self-driving technologies and regulatory challenges, with insights into the future of AI and automation.In this episode, we discuss:* (0:16) - CVCA Criticism* (3:23) - Role of Industry Associations* (5:00) - Brookfield's $50B Maple Fund* (8:00) - Lightspeed Commerce Strategic Review* (11:35) - Waymo and Self-Driving Tech* (15:51) - California's Vetoed AI Safety Bill* (19:00) - OpenAI's $150B Valuation* (24:00) - Future of AI and Enterprise SoftwareFollow 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 of Maverix Private Equity talk about a wide array of current topics in venture capital, with a particular focus on the state of AI funding with Radical Ventures raising an $800M AI-focused fund, the challenges facing late-stage startups, and the impact of government policies on entrepreneurship and innovation.In this episode, we discuss:(00:23) Radical Ventures raises $800M for growth-stage AI startups(01:19) Discussing risks and rewards in AI growth-stage investing(05:09) Insights from Carta and CVCA reports on late-stage funding challenges(13:18) Canadian Entrepreneurs Incentive (CEI) changes and their impact(18:06) NVIDIA chip smuggling to China despite U.S. export restrictions(21:06) Google's antitrust case and its potential impact on the tech industryFollow 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
Join host Rashel Hariri in this captivating episode of She's Interesting as she sits down with Zoey McKenzie; former model turned investor and founding partner of Public Ventures. Discover Zoey's journey from her active childhood learning to embrace ADHD to becoming a renowned advocate for health equity and climate preparedness. Next, dive into impact investing and learn how Zoey's $100 million fund drives positive change in climate change, poverty, and health disparities. Zoey shares her non-traditional path to VC and offers valuable insights on building a successful fund. This episode will help you gain practical advice on overcoming imposter syndrome, fundraising for entrepreneurs, and navigating the business world. We also discuss horoscopes and spirituality because a She's Interview wouldn't be complete without examining the human psyche. Scroll down to get links to Zoey's suggested VC and Fund support networks. Don't forget to subscribe, rate, and review! In this episode, we discuss: (02:31) Zoey's Early Years: From a precocious child to discovering her ADHD (09:15) Tech Passion: Pitch competitions, syndications, and government work (12:45) Impact Investing Journey: The pivotal moment leading Zoey to health sciences and the UN (21:20) Building a Fund: Ground-up strategies for fund-raising and reputation building (31:08) Founder Advice: Tips for raising funds, brand elevation, and building support systems (34:43) Spiritual Insights: Unveiling spirituality's role in business and embracing your divine plan Let's Keep In Touch: Newsletter: https://shesinteresting-newsletter.beehiiv.com/ Instagram: @shesinterestingpodcast TikTok: @shesinterestingpodcast Website: shesinteresting.com LinkedIn: https://www.linkedin.com/company/shes-interesting-podcast Here's how to keep in touch with Zoey: LinkedIn: https://www.linkedin.com/in/zoeydash/ Links and resources mentioned in this episode: CVCA - https://www.cvca.ca/ Venture University - https://www.venture.university/ VC LAB - https://fi.co/apply/vc/home-trio Fund Launch - https://app.fundlaunch.com/ Music Credits Intro music: Lifeline by Kaleido Sponsors: Studio Sponsor - CreatorClub Studios Shift Collab - https://www.shiftcollab.com/
The most recent school shooting shattered our illusion of safety for our children. We invited CVCA administration Jason Spodnik and Dr. Matt Koons to discuss how to process fear as parents in a broken world. How do we keep our fears from crippling us as parents? Where is the line between walking in wisdom and responding in fear? We ask them to share their experiences as parents and school administrators to help us break down this challenging topic.
On The Kenny & JT Show, Akron Beacon Journal sportswriter Brad Bournival joins us as we discuss his story on two area golfers competing in this year's U.S. Open golf tournament: Walsh Jesuit grad Ryan Armour and Green grad Maxwell Moldovan. Plus, a look at local high school basketball phenom, junior Darryn Peterson from CVCA.
C'est déjà la dernière Grande discussion de la saison et cette semaine, Magaly Charbonneau nous partage son parcours entrepreneurial !Durant son parcours, elle a été cheffe des opérations et investisseuse chez PasswordBox, vice-présidente mondiale, ventes et investisseuse chez Hostopia.com puis investisseuse et membre du conseil d'administration d'Anomalous Networks Inc.Comptant plus de 25 ans d'expérience comme entrepreneure et investisseuse, elle est aujourd'hui associée chez Inovia Capital et siège aux conseils d'administration de Rewind, Novisto, MILA et CVCA et observateur du conseil de AlayaCare et Botpress et Trackforce.Merci à nos partenaires :- Ministère de l'Économie, de l'Innovation et de l'Énergie- Banque Nationale- Réseau Mentorat- Centre de transfert d'entreprises du Québec- Persévérance entrepreneuriale- Mon commerce en ligne- InfoBref Pour nous suivre :Site web : www.aliasentrepreneur.comLinkedIn : @alias-entrepreneureFacebook : @aliasentrepreneurInstagram : @aliasentrepreneur_eTikTok : @aliasentrepreneurPour connaître l'essentiel de l'actualité, écoutez les balados d'InfoBref : https://infobref.com/audio
Are you wondering about grain-free diets, Diet Associated DCM, and what cardiologists are currently recommending? On this month's episode of Real Talk Unleashed, we sit down with Dr. Emily Suess, a resident in cardiology at CVCA, to discuss:
Join the Real Talk Unleashed team and special guest, Dr. Niccole Bruno, for the very first episode in our Women in Leadership series. We kick off this amazing episode by discussing Dr. Bruno's path into leadership, whether DEIB education should be mandatory in veterinary schools, how to smash the patriarchy, why representation and diversity are so important, Dr. Bruno's advice to other women and people of color in vetmed, and so much more! Niccole Bruno, DVM is the CEO and Founder of Blendvet, a veterinary hospital certification program in diversity, equity, inclusion and belonging. She is a graduate of Tuskegee University and Cornell University School of Veterinary Medicine. She has worked in private practice for over 15 years, serving in veterinary leadership within her hospitals. Dr. Bruno's decision to pivot into DEIB work and pursue Blendvet stemmed from her lived experiences being underrepresented in the veterinary profession and her desire to shift the culture in veterinary medicine. If you're interested in learning more about Dr. Bruno and Blendvet, visit www.blend.vet Thanks for listening and we'll see you next episode where we talk to Dr. Emily Suess of CVCA about Diet Related DCM!
“There was kind of an ‘aha' moment last May. And it triggered a conversation that I believe was really frank on both sides.” CVCA CEO Kim Furlong joins to discuss the comments she made in May about the future of VCCI, the potential renewal of that program, selling its value to policymakers, and what Canadian venture will look like in 2023. Sponsored by AWS.
Welcome to Season 2, episode 2 of Backstage Pass, the podcast by Front Row Ventures taking you behind the scenes into Canada's tech ecosystem and its success stories. Today, we're happy to have Kim Furlong. Kim is the CEO of the Canadian Venture Capital and Private Equity Association--the CVCA. The CVCA is an organization that represents Canada's private capital ecosystem. They speak to governments and create opportunities to voice the most pressing issues in the Canadian private capital landscape. Prior to the CVCA, she spent five years in the Canadian government and a decade at Amgen as VP of Federal Government Affairs. She graduated from McGill University with a Bachelor in American History, and from Carleton with a Master of International Trade and Finance. In this episode, we'll cover all of that and more. So, without further ado, here's Kim Furlong.
In this episode of the Beehive Capital Podcast, Kim Furlong and Douglas Owusu discuss observations of Covid-19, Black Lives Matter movement, & Women In Tech initiative on GP activity and LP expectations. As well as performance of matching investment programs.
Jay Peters recently stepped down after 17 seasons in charge of the boys basketball program at Cuyahoga Valley Christian Academy in the state of Ohio. The 2019-20 season was his 22nd season serving as a head coach. He spent three seasons as a head coach at Strasburg High School and two seasons at Grove City High School and was also an assistant at Massillon High School before coming to CVCA for the 2003-04 season. Jay holds a career record of 329-190 and his CVCA teams combined to go 283-126 during the past 17 seasons. He led 6 teams to District Championships with five of those coming at CVCA. The Royals also won three Principals' Athletic Conference titles and finished as District Runners-up up three times under his direction. Jay was a standout player at Medina High School, Grove City College, and Kent State and played for Athletes in Action following his collegiate career. Make sure you subscribe to the Hoop Heads Podcast on iTunes, Spotify or wherever you get your podcasts and while you’re there please leave us a 5 star rating and review. Believe it or not those ratings help your friends and colleagues find the show. If you leave a review we’ll give you a shoutout on the show in the coming weeks! Visit our website, hoopheadspod.com to listen to episodes from our archive, subscribe to our weekly newsletter, or get yourself an official Hoop Heads Pod t-shirt. This episode is packed with solid advice for coaches so make sure you’re prepared to take some notes as you listen to our conversation with Coach Jay Peters from Cuyahoga Valley Christian Academy in the state of Ohio. Email - jpeters@cvcaroyals.org Twitter - https://twitter.com/CVCAathletics (@CVCAathletics) Support this podcast
IT'S THE DEBUT OF THE H2S2, HIGH SCHOOL HOLLA SPORTS SHOW “H2S2 DOUBLE-PLAY” SERIES FEATURING HIGH SCHOOL BASEBALL & SOFTBALL PROGRAMS FROM AROUND THE CHICAGO PUBLIC LEAGUE WE START OFF WITH A SCHOOL FROM THE CHICAGO SOUTH-SIDE IN THE AVALON PARK NEIGHBORHOOD AS WE TALK WITH CVCA (CVS) HEAD BASEBALL COACH MILES NEWMAN ABOUT THE 2020 CAVALIER BASEBALL SQUAD AND SEASON WE HAVE IT FOR YOU ON THE BEST SHOW IN CHICAGO FOR HIGH SCHOOL SPORTS THE H2S2 SHOW !!!
In this week's episode we cover all the latest tech news including: -CVCA’s latest venture capital funding report -NerV Technology’s first place finish at the Entrepreneurship World Cup -Silofit’s CAD $1mm seed round led by Whitecap Venture Partners -Paypal’s 4bn acquisition of Honey Science -Google’s acquisition of CloudSimple We hope you enjoy the show and please subscribe for future updates!
CVCA Student Athletes of the Week Caden Scarborough and Payton Fraley
Darrell oversees all data related to Canadian private capital investments, exit and fundraising activities for the CVCA. Darrell has held senior positions at several global organizations including the Toronto Stock Exchange, Institutional Limited Partners Association, Thomson Reuters, Glaxosmithkline and the Interac Association. In between these, he also started his own successful management consulting company. He has worked in New York, London and Shanghai, but Toronto remains his favorite working city. He brings to the CVCA a passion for telling compelling stories with data. Darrell is currently on the board of a nonprofit social housing in Peel, a member of Volunteer Toronto as well as an active volunteer with Woodgreen Community Services. He holds a BA in Philosophy/History from the University of Western Ontario and an MBA from the Rotman School of Management. Check out the CVCA website: https://www.cvca.ca/ Follow Darrell on LinkedIn: https://www.linkedin.com/in/darrellpi... --- Support this podcast: https://anchor.fm/georges-khalife/support
It's not the biggest country, but New Zealand has developed thriving startup ecosystems while facing heightened versions of many of the same challenges we see in Canada, including a small domestic market, and an underdeveloped venture capital sector. Creative HQ in Wellington is one of the leading lights of the New Zealand startup ecosystem, and we talk to CEO Stefan Korn about what's working well and what gaps still need to be addressed. I take a look at two different reports on venture capital activity in Canada over the first quarter of 2017. You'd hardly know that they're even talking about the same period: one says it was a great three months, the other says the year got off to a slow start. And I have an update on the NACO report on angel investing in Canada that we discussed in episode 6. Press play to listen or subscribe with your favourite podcast app. Links: Creative HQ Creative HQ on Twitter (@CreativeHQ) Lightning Lab Lightning Lab on Twitter (@LightningLab) New Zealand Startup Ecosystem Map (Mum's Garage) VC & PE Canadian Market Overview // Q1 2017 (CVCA) 2017 Canada PE & VC Breakdown: Part I (PitchBook) "Sowerby on Aust innovation policy" (formerly: "Sowerby unloads: Gov’t is hopeless")
For over four years, Mike Kirkup was the director of Velocity—the startup incubator at the University of Waterloo. It's been a huge addition to the Waterloo startup community since opening in 2008. He stepped down just over a year ago to become CTO at Encircle—a Velocity graduate—and on this week's show looks back at lessons learned from Velocity's growth (and how a huge space for Velocity Garage quickly became too small). I also take a quick look at some new data on Canada's venture capital industry from a BDC report released last week, and catch up on the Canadian government's Innovation Superclusters Initiative (ISI) after attending a information session. Only five superclusters are going to be selected and the front runners seem pretty clear. Is there even any point for anyone else to apply? Press play to listen or subscribe with your favourite podcast app. Links: Velocity Velocity on Twitter (@UWVelocity) Mike Kirkup on Twitter (@mikekirkup) Encircle Velocity Fund Finals (Livestream archive) Innovation Superclusters Initiative (ISI): Frequently asked questions Canada’s Venture Capital Landscape (BDC) VC & PE Canadian Market Overview 2016 (CVCA)
H2S2 Coaches Chatter with CVCA Football Coach Larry Williams by Urban Fieldhouse Media
Listen Live as Walsh Jesuit travels to CVCA in a boys soccer matchup.
CVCA VS Walsh Jesuit Boys Soccer 2nd Half 9/10/09
CVCA VS Walsh Jesuit Boys Soccer 1st Half 9/10/09
Listen Live as Walsh Jesuit travels to CVCA in a boys soccer matchup.
CVCA VS Walsh Jesuit Boys Soccer 2nd Half 9/10/09
CVCA VS Walsh Jesuit Boys Soccer 1st Half 9/10/09