In this episode of Tank Talks, host Matt Cohen and recurring guest John Ruffolo kick off the new year with a true “only in 2026” combo: a front-row seat to a SpaceX Falcon 9 launch carrying Kepler Communications’ satellites, followed by a hard reality check on Canada’s venture capital slowdown. John breaks down what it felt like watching the rocket, the first-stage landing, and why Kepler’s mission is bigger than a cool space flex: it’s the early shape of space-based data centers and laser-linked networks.

From there, Matt and John unpack an RBCx report arguing 2025 was Canada’s worst VC fundraising year since 2016, and why “capital is fungible” is a comforting myth at the seed stage. They dig into how de-globalization and national self-interest are reshaping capital flows, why Canada is getting squeezed by the barbell effect in venture, and what policy levers (like a QSBS-style incentive) could actually restart domestic risk capital. The episode closes with two tension points that rhyme: Nvidia’s $20B Groq (with a Q) deal showing how returns can flow outside Canada, and the escalating political drama of Trump’s DOJ targeting Fed Chair Jerome Powell and what that uncertainty does to markets.

If Canada can help put “data centers in the sky,” can it also build the domestic capital base to keep its best companies anchored at home?

“A Data Center in the Sky” + Laser-Linked Networks (00:03:07)

Kepler’s satellites are positioned as more than comms hardware: think orbital compute + storage + real-time processing, with laser links connecting satellites like a network in space.

The RBCx VC Report: 2025 Fundraising Hits a Low (00:05:51)

Matt summarizes the report’s headline numbers and why the pain concentrates on emerging managers and the long tail, not the handful of breakout founders who can raise anywhere.

“Venture Investing Is Local” in a De-Globalizing World (00:08:39)

John challenges the idea that foreign capital will fill gaps at the earliest stages. In this cycle, countries increasingly keep capital for their own ecosystems, making Canada’s domestic shortage more dangerous.

The Barbell Effect: Giants and Niche Funds Win, the Middle Gets Crushed (00:10:17)

They outline how venture is polarizing into mega-platform funds and specialized micro-funds, while mid-sized generalists get squeezed, and why that dynamic is amplified in Canada.

Nvidia’s $20B Groq Deal and Canada’s Return Profile (00:12:36)

They break down the Groq (Q) story, Canadian ties among investors and operators, and the bigger question: if LPs can make outsized returns elsewhere, what keeps capital committed to Canada?

Trump vs Powell: DOJ Pressure, Fed Independence, and Market Fallout (00:17:38)

They react to the reported DOJ move against Jerome Powell, how even Republicans are uneasy about weaponization, and why political pressure campaigns tend to increase uncertainty, not lower it.

Why Uncertainty Pushes Rates Up, Not Down (00:19:30)

John’s punchline: the intended outcome (lower costs, lower rates) can backfire as markets price in instability, and the Powell timeline may extend into a longer institutional fight.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

In this episode of Tank Talks, host Matt Cohen sits down with Michael Platt, CEO of Carma Corp., and lifelong friend, to explore his incredible journey from corporate lawyer to building and selling one of Canada’s leading sub-metering companies.

Michael shares how he transitioned from practicing law to launching a self-funded search fund, ultimately acquiring Carma Corp., a family-run business he scaled from 40,000 to over 135,000 customers nationwide. He opens up about the challenges of cold-calling owners, managing a solo search process, and living out of a motel during due diligence, all while learning the ropes of entrepreneurship on the fly.

He also dives into the bold decisions that fueled Carma’s growth, from strategic acquisitions like Priority Submetering and Spectrum Building Services to the recent landmark sale to CVC DIF. He reflects on lessons from missed deals, imposter syndrome, and why relationships are the real key to success in M&A.

From humble beginnings to leading a national powerhouse, Michael’s story is one of persistence, grit, and lifelong learning. Whether you’re an aspiring entrepreneur, investor, or operator, this conversation offers an honest look at what it takes to go “all in” and build something extraordinary.

From Corporate Law to Entrepreneurship (02:45)

* Michael’s roots in a family of lawyers, and his early career in corporate tax law.

* The “non-merit-based” soft skills learned as a junior lawyer: preparation, punctuality, and clear communication.

* The decision to supplement his skills with business courses leading him to a new path in management consulting.

The Search Fund Journey: Going Rogue (10:17)

* Why Michael chose the self-funded search path over the traditional model for greater flexibility.

* The grueling process: building a team of unpaid analysts, sourcing thousands of leads, and the power of relentless follow-up.

* The 23-month proprietary pursuit of Carma, including an 8-month stint living in a Lindsay motel to build trust and conduct diligence.

Acquiring and Scaling Carma Corp (18:40)

* Finding the right capital partner in Terranova Partners.

* Stepping in as CEO and fostering a “soft landing” with the existing team.

* The acquisition strategy that fueled growth: buying competitors like Priority Submetering and expanding services with Spectrum Building Services.

* Scaling from 40 to 225 employees and from 40,000 to 135,000 customer accounts.

Navigating a Landmark Sale to CVC DIF (31:44)

* Recognizing the right time to sell and the decision to go to market.

* The intense, year-long sale process: working with Jefferies, meeting global buyers, and running an auction.

* Why CVC Dif was the ideal partner for Carma’s next chapter.

* The key takeaway: it takes a deep bench of advisors, investors, and a strong leadership team to reach the finish line.

Lessons on Resilience and Building (35:25)

* Michael’s pride in what the team built and the people he built it with.

* Advice for aspiring searchers: “You have to be all in” and hold yourself accountable.

* The life lessons that guided him: “The Man in the Arena” and “This too shall pass.”

About Michael Platt

Michael Platt is a serial operator and entrepreneur. He is the CEO and visionary behind Carma Corp., a leading sub-metering provider in Canada. After a career in corporate law and management consulting, Michael successfully launched a search fund, acquired Carma, and scaled it dramatically before leading its successful sale to CVC DIF in a landmark deal. He remains dedicated to Carma’s future growth as its CEO.

Connect with Michael Platt on LinkedIn: https://www.linkedin.com/in/michael-platt

Visit the Carma Corp. website: https://carmacorp.com/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

In the final episode of 2025, Matt Cohen and John Ruffolo reflect on a turbulent year for technology, capital markets, and Canadian innovation, while looking ahead to the forces that will shape 2026. The conversation opens with Canada’s largest private startup round of the year, a $1.76B raise by Toronto based HydroStar Energy Storage, and uses it as a springboard to examine the AI shakeout now underway. John describes the sector as entering a “forest fire” phase, where overfunded and undifferentiated companies fall away, creating room for stronger, more durable players to emerge.

Matt and John then explore whether 2026 will finally mark a return of major tech IPOs, or whether the regulatory burden and liquidity options in private markets will keep companies like SpaceX, Stripe, and OpenAI on the sidelines. Despite interest rate cuts, the hosts argue capital markets remain constrained and selective.

The discussion shifts to Canada’s strategic priorities, including a growing focus on defense technology viewed through a dual use lens of sovereignty and innovation. As talent emigration rises and domestic risk capital lags, the episode closes with a clear warning. Without addressing capital access, taxation, and long term retention, Canada risks becoming a leaky boat, losing its builders and economic future to the United States.

The 2025 AI Shakeout & The 2026 Forest Fire (02:06)

John predicts a period of simultaneous “carnage” and opportunity in AI, comparing the market to a forest fire that burns the weak but creates fertile ground for the strong. They debate which companies are the true “sequoias” built to last.

IPO or Bust? The Reluctant March to Public Markets (04:57)

With rumors swirling around SpaceX, Anthropic, and OpenAI, Matt and John explore why 2026 might see major IPOs. John argues that many are driven not by ambition, but by investor pressure for liquidity, calling it a “panacea” for fund timelines rather than a strategic goal.

Rate Cuts & Stagnation: Why Cheap Money Isn’t Fixing Canada’s Economy (07:28)

Despite multiple rate cuts in 2025, investment activity remains sluggish. The hosts diagnose a holding pattern for Canada’s economy, where further cuts risk devaluing the dollar without spurring meaningful productivity gains.

Bullets, Bombs, and Blockchain: Canada’s New Defense Tech Mandate (08:17)

Matt highlights new government funds for defense tech. John reframes the spending as critical for “physical sovereignty” in a tech-driven Cold War, emphasizing the “dual-use” nature of investments in AI, quantum, and satellite technology.

Predictions for 2026: Agents, Physical AI, and Nuclear’s Comeback (11:23)

The hosts share their forecasts: Matt bets on AI “agents” automating complex workflows and tangible ROI finally hitting enterprise software. John is bullish on “AI meeting the physical world” through robotics and autonomous machinery, and predicts a major comeback for nuclear energy.

Canada’s Leaky Boat: The Capital and Talent Retention Crisis (18:32)

Addressing record-high emigration, John identifies the twin failures crippling Canadian innovation: a lack of domestic risk capital at scale and an uncompetitive personal tax regime. He warns that without urgent fixes in the next budget, the brain drain will accelerate, with U.S. capital actively pulling companies and founders south.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/