1 00:00:05,894 --> 00:00:07,914 [music] 2 00:00:14,480 --> 00:00:19,040 >> Nectar, welcome here from Canada and I I 3 00:00:16,680 --> 00:00:21,280 really do appreciate that. 4 00:00:19,040 --> 00:00:24,720 For sure, happy to be here. 5 00:00:21,280 --> 00:00:25,960 So, Nectar, um basically like you are 6 00:00:24,720 --> 00:00:28,840 you put it out there that you're 7 00:00:25,960 --> 00:00:30,440 changing the face of Canadian VC. What 8 00:00:28,840 --> 00:00:32,400 does that mean to you? And tell us a 9 00:00:30,440 --> 00:00:34,120 little bit about yourself. 10 00:00:32,400 --> 00:00:35,960 Sure, sure. Maybe I'll start with myself 11 00:00:34,120 --> 00:00:37,440 and uh before the big big mission of the 12 00:00:35,960 --> 00:00:39,640 fund, but you know, like I've been a 13 00:00:37,440 --> 00:00:41,080 tech geek for 20-ish years, started my 14 00:00:39,640 --> 00:00:42,320 started my career in digital marketing 15 00:00:41,080 --> 00:00:43,720 and uh 16 00:00:42,320 --> 00:00:45,080 you know, worked at Google for for a 17 00:00:43,720 --> 00:00:46,800 little while and did some angel 18 00:00:45,080 --> 00:00:48,760 investing before before starting my own 19 00:00:46,800 --> 00:00:50,320 company. And uh now, yeah, I'm now 20 00:00:48,760 --> 00:00:52,160 having new adventures starting this fund 21 00:00:50,320 --> 00:00:53,880 called Amiral Ventures, uh which we just 22 00:00:52,160 --> 00:00:55,600 launched 5 months ago. 23 00:00:53,880 --> 00:00:57,880 And uh it took it was a hell of a 24 00:00:55,600 --> 00:00:59,800 difficult time to to start a new VC fund 25 00:00:57,880 --> 00:01:01,200 in Canada. It took us like 3 years to 26 00:00:59,800 --> 00:01:03,120 fundraise. And 27 00:01:01,200 --> 00:01:04,360 And a lot of existential questions like, 28 00:01:03,120 --> 00:01:06,080 "Why the hell are we doing this? Like, 29 00:01:04,360 --> 00:01:09,000 why are we spending all this time, you 30 00:01:06,080 --> 00:01:11,360 know, to to to start a fund?" And 31 00:01:09,000 --> 00:01:14,280 we realized that there's just not enough 32 00:01:11,360 --> 00:01:15,720 uh VC capital in Canada, right? So, it's 33 00:01:14,280 --> 00:01:17,120 like more of a question of not like 34 00:01:15,720 --> 00:01:20,160 changing it. It's really just helping 35 00:01:17,120 --> 00:01:21,680 boost uh you know, the ecosystem here, 36 00:01:20,160 --> 00:01:23,760 having another fund that knows what it 37 00:01:21,680 --> 00:01:26,320 is to start a company, understands 38 00:01:23,760 --> 00:01:28,040 startups, and knows when to help, knows 39 00:01:26,320 --> 00:01:29,240 when to get out of the way. And most 40 00:01:28,040 --> 00:01:30,480 importantly, for founders like, "Write 41 00:01:29,240 --> 00:01:31,640 the term sheet." Be able to lead a 42 00:01:30,480 --> 00:01:33,200 round. Like, that's the biggest thing 43 00:01:31,640 --> 00:01:35,400 that's really missing in the country 44 00:01:33,200 --> 00:01:37,480 right now. 45 00:01:35,400 --> 00:01:39,200 And And I kind of remember when this was 46 00:01:37,480 --> 00:01:41,000 happening on the timeline. It was like 47 00:01:39,200 --> 00:01:44,040 around when Open Claw had come out and 48 00:01:41,000 --> 00:01:45,600 some of the the the uh models had start 49 00:01:44,040 --> 00:01:48,800 getting into where they were actually 50 00:01:45,600 --> 00:01:51,640 useful uh for for for day-to-day sort of 51 00:01:48,800 --> 00:01:53,840 automation and stuff. And um that whole 52 00:01:51,640 --> 00:01:56,160 scene changed where 53 00:01:53,840 --> 00:01:57,920 uh businesses just that are different. 54 00:01:56,160 --> 00:02:00,480 And now the founder CEOs were were 55 00:01:57,920 --> 00:02:01,200 becoming more on the scene. 56 00:02:00,480 --> 00:02:03,560 Um 57 00:02:01,200 --> 00:02:04,800 but Canada itself 58 00:02:03,560 --> 00:02:06,520 being 59 00:02:04,800 --> 00:02:07,680 a Canadian myself and having grown up 60 00:02:06,520 --> 00:02:09,720 here 61 00:02:07,680 --> 00:02:12,040 having grown up in the Waterloo area in 62 00:02:09,720 --> 00:02:15,400 the in the I went to McMaster so the 63 00:02:12,040 --> 00:02:17,080 Hamilton area. Um I a lot of engineers, 64 00:02:15,400 --> 00:02:19,320 a lot of tech people, a lot of talent 65 00:02:17,080 --> 00:02:21,360 goes down south. So talk about that 66 00:02:19,320 --> 00:02:23,720 brain drain. It's been happening since I 67 00:02:21,360 --> 00:02:25,560 was in high school um a long time ago. 68 00:02:23,720 --> 00:02:26,640 So tell me uh what do you what do you 69 00:02:25,560 --> 00:02:28,880 know about that and how are you trying 70 00:02:26,640 --> 00:02:30,080 to change it? Yeah, well it's it's an 71 00:02:28,880 --> 00:02:31,520 obvious thing, right? You pointed it out 72 00:02:30,080 --> 00:02:34,000 Johan that you know like a lot of the 73 00:02:31,520 --> 00:02:35,360 best and brightest leave and um 74 00:02:34,000 --> 00:02:36,760 part of that is like in my role as I 75 00:02:35,360 --> 00:02:39,160 guess you founders I get term sheets 76 00:02:36,760 --> 00:02:40,400 from, you know, American investors and 77 00:02:39,160 --> 00:02:42,760 you know what? Founders should get the 78 00:02:40,400 --> 00:02:44,640 best possible terms and best possible 79 00:02:42,760 --> 00:02:45,920 partner they can, right? So I'm not uh 80 00:02:44,640 --> 00:02:47,400 it's not a knock on the founders. It's a 81 00:02:45,920 --> 00:02:49,600 knock on there's just not enough capital 82 00:02:47,400 --> 00:02:51,920 locally. So there's one thing and then 83 00:02:49,600 --> 00:02:53,240 two is, you know, like the reality of 84 00:02:51,920 --> 00:02:54,920 the matter is like all the tech's being 85 00:02:53,240 --> 00:02:56,720 built like a lot of the big generational 86 00:02:54,920 --> 00:02:59,040 companies are in the US, right? So that 87 00:02:56,720 --> 00:03:00,519 attracts a lot of smart people that are 88 00:02:59,040 --> 00:03:01,640 not necessarily, you know, ready to be 89 00:03:00,519 --> 00:03:03,600 founders or not considering the 90 00:03:01,640 --> 00:03:05,519 entrepreneurship path and but want good 91 00:03:03,600 --> 00:03:07,800 safe jobs that pay well. 92 00:03:05,519 --> 00:03:09,640 And that's much more present, you know, 93 00:03:07,800 --> 00:03:11,040 in in the US, right? So but the joke is 94 00:03:09,640 --> 00:03:12,880 San Francisco's just a wrapper on 95 00:03:11,040 --> 00:03:14,440 Waterloo, right? So 96 00:03:12,880 --> 00:03:15,720 it's it's normal that these things are 97 00:03:14,440 --> 00:03:18,120 happening. It's just like the the state 98 00:03:15,720 --> 00:03:19,560 of the chessboard today. So I think what 99 00:03:18,120 --> 00:03:21,760 we're trying to do and I'm one of the 100 00:03:19,560 --> 00:03:23,640 small part of the chain is like if we 101 00:03:21,760 --> 00:03:24,920 have more tech companies here we could 102 00:03:23,640 --> 00:03:26,720 probably get people that want to stick 103 00:03:24,920 --> 00:03:28,519 around, you know, 104 00:03:26,720 --> 00:03:30,320 that maybe ascribe more to the values of 105 00:03:28,519 --> 00:03:32,000 this country that hey if I don't need to 106 00:03:30,320 --> 00:03:33,840 leave, you know, to have a high-paying, 107 00:03:32,000 --> 00:03:35,920 you know, a salary somewhere else or hey 108 00:03:33,840 --> 00:03:37,680 I could actually start a company. 109 00:03:35,920 --> 00:03:38,560 It is possible to do it, right? It's 110 00:03:37,680 --> 00:03:39,959 like I said it's not a perfect 111 00:03:38,560 --> 00:03:42,080 environment. There's still a lot of work 112 00:03:39,959 --> 00:03:44,239 to be done but uh 113 00:03:42,080 --> 00:03:45,800 small steps towards building, you know, 114 00:03:44,239 --> 00:03:47,640 more companies here I think it is a good 115 00:03:45,800 --> 00:03:49,280 thing. You know, the end state of how I 116 00:03:47,640 --> 00:03:50,920 like to describe it is that we have one 117 00:03:49,280 --> 00:03:52,400 big tech company in Canada, right? Like 118 00:03:50,920 --> 00:03:54,520 the you know, the the the the one big 119 00:03:52,400 --> 00:03:56,200 you know, 200 plus market cap company. 120 00:03:54,520 --> 00:03:58,280 We probably need at least 10 or dozen 121 00:03:56,200 --> 00:03:59,520 more to just build a more vibrant 122 00:03:58,280 --> 00:04:01,240 ecosystem, right? Because then below 123 00:03:59,520 --> 00:04:02,760 that you have a lot more obviously, you 124 00:04:01,240 --> 00:04:04,520 know, 125 00:04:02,760 --> 00:04:05,800 uh you know, like 50 billion and 10 126 00:04:04,520 --> 00:04:07,440 billion and you know, you know, growing 127 00:04:05,800 --> 00:04:08,640 companies and like they'll just be more 128 00:04:07,440 --> 00:04:10,840 of 129 00:04:08,640 --> 00:04:12,280 uh a bigger tech industry as a whole, 130 00:04:10,840 --> 00:04:14,280 right? 131 00:04:12,280 --> 00:04:17,160 Um I think I know which one it is. It's 132 00:04:14,280 --> 00:04:20,040 Shopify. I mean, it's it's the only one. 133 00:04:17,160 --> 00:04:23,880 But like the the others are banks pretty 134 00:04:20,040 --> 00:04:26,560 much and and insurance institutions. And 135 00:04:23,880 --> 00:04:28,520 uh that's the the state of business in 136 00:04:26,560 --> 00:04:30,160 Canada pretty much. Um 137 00:04:28,520 --> 00:04:33,360 yes, and you're right. We do need to 138 00:04:30,160 --> 00:04:34,840 change that. And tell me about like 139 00:04:33,360 --> 00:04:37,280 what what do you see as the biggest 140 00:04:34,840 --> 00:04:39,880 challenges ahead for for making inroads 141 00:04:37,280 --> 00:04:42,840 into into that? 142 00:04:39,880 --> 00:04:44,360 Um well, you know, like in my role like 143 00:04:42,840 --> 00:04:45,680 obviously, you know, everything I see is 144 00:04:44,360 --> 00:04:46,600 you know, like a you know, what's the 145 00:04:45,680 --> 00:04:48,720 expression? If you're a hammer, 146 00:04:46,600 --> 00:04:50,040 everything's a nail, right? So, I think 147 00:04:48,720 --> 00:04:51,400 part of it is like hey, more money like 148 00:04:50,040 --> 00:04:52,720 more money pouring into like funds like 149 00:04:51,400 --> 00:04:55,560 myself. Like that's obviously super 150 00:04:52,720 --> 00:04:56,360 biased. Uh but part of it is also just 151 00:04:55,560 --> 00:04:57,680 um 152 00:04:56,360 --> 00:04:59,919 building the ecosystem here, right? So, 153 00:04:57,680 --> 00:05:01,280 showing people that it is possible. Like 154 00:04:59,919 --> 00:05:02,680 I've met a bunch of very successful 155 00:05:01,280 --> 00:05:04,120 founders that have built companies here 156 00:05:02,680 --> 00:05:06,080 that have made it and you know, like you 157 00:05:04,120 --> 00:05:07,960 know, built here, but are on the global 158 00:05:06,080 --> 00:05:10,480 stage. So, [snorts] part of it is like 159 00:05:07,960 --> 00:05:11,880 just showcasing that it's it's possible, 160 00:05:10,480 --> 00:05:14,320 right? So, I think a little bit of you 161 00:05:11,880 --> 00:05:15,640 know, one of the arrows in our quiver is 162 00:05:14,320 --> 00:05:17,120 trying to do some marketing, trying to 163 00:05:15,640 --> 00:05:18,240 do some media and events to to help 164 00:05:17,120 --> 00:05:19,960 promote the ecosystem. We're not the 165 00:05:18,240 --> 00:05:21,680 only ones. You know, it's it takes a 166 00:05:19,960 --> 00:05:23,360 village as they say. 167 00:05:21,680 --> 00:05:25,280 Uh so, part of it is just like the 168 00:05:23,360 --> 00:05:26,840 positive Canadian propaganda. It's like 169 00:05:25,280 --> 00:05:28,240 showing people you can do it here. And 170 00:05:26,840 --> 00:05:30,120 if you follow, you know, like I spend 171 00:05:28,240 --> 00:05:31,480 too much time on Twitter and like um 172 00:05:30,120 --> 00:05:32,560 it's like a lot of the vibes end up 173 00:05:31,480 --> 00:05:33,919 being negative. I was like, but why? 174 00:05:32,560 --> 00:05:34,840 It's like quality of life in Canada is 175 00:05:33,919 --> 00:05:37,320 great. We're you know, there are no 176 00:05:34,840 --> 00:05:38,440 bombs falling. You can do it here. Like 177 00:05:37,320 --> 00:05:39,800 there's no there's you know, like 178 00:05:38,440 --> 00:05:40,880 writing software is done at your you 179 00:05:39,800 --> 00:05:44,280 know, like in the office. Like there's 180 00:05:40,880 --> 00:05:46,080 no other reason. And uh there's a lot of 181 00:05:44,280 --> 00:05:48,160 like mis- misconceptions. Oh, you have 182 00:05:46,080 --> 00:05:50,120 to be a Delaware corp in order to get 183 00:05:48,160 --> 00:05:51,120 funding from the US VC. It's not true. 184 00:05:50,120 --> 00:05:53,760 It's like I don't know where that's 185 00:05:51,120 --> 00:05:54,840 written, but that's not 100% not true. 186 00:05:53,760 --> 00:05:57,160 Uh so, I think part of it is 187 00:05:54,840 --> 00:05:58,720 demystifying it for the founders as well 188 00:05:57,160 --> 00:06:00,040 that are building. And like I said, if 189 00:05:58,720 --> 00:06:01,640 they want to move and like go there, 190 00:06:00,040 --> 00:06:03,560 like of course like it's a it's a very 191 00:06:01,640 --> 00:06:05,080 vibrant ecosystem, but 192 00:06:03,560 --> 00:06:08,114 my job is like how can we help make it 193 00:06:05,080 --> 00:06:08,400 more attractive for people to stay? 194 00:06:08,114 --> 00:06:12,520 >> [snorts] 195 00:06:08,400 --> 00:06:14,200 >> Yeah, and um are you seeing any sort of 196 00:06:12,520 --> 00:06:17,440 uh narrative 197 00:06:14,200 --> 00:06:19,440 for people high net worth and bigger 198 00:06:17,440 --> 00:06:23,040 investing in Canada? Like what what are 199 00:06:19,440 --> 00:06:23,760 they what are their reservations? 200 00:06:23,040 --> 00:06:25,160 Um [sighs] 201 00:06:23,760 --> 00:06:26,560 the way I like to approach this question 202 00:06:25,160 --> 00:06:27,880 is that we're not we're not the Valley. 203 00:06:26,560 --> 00:06:29,640 Let's not pretend we are, right? Like 204 00:06:27,880 --> 00:06:31,200 there's just way more capital available 205 00:06:29,640 --> 00:06:32,520 and and it's like you know, it's the 206 00:06:31,200 --> 00:06:33,919 analogy is like French wine. Like who 207 00:06:32,520 --> 00:06:35,440 has the best best wine in the world? 208 00:06:33,919 --> 00:06:37,000 It's the French, right? And the reason 209 00:06:35,440 --> 00:06:38,560 is cuz they've been doing it for 210 00:06:37,000 --> 00:06:40,400 multiple multiple generations, right? 211 00:06:38,560 --> 00:06:42,080 So, it's same thing in the Valley. Like 212 00:06:40,400 --> 00:06:43,800 it's literally since the '50s and '60s 213 00:06:42,080 --> 00:06:45,400 that this whole, you know, tech tech 214 00:06:43,800 --> 00:06:47,160 industry started there. 215 00:06:45,400 --> 00:06:49,880 We are on like they're maybe generation 216 00:06:47,160 --> 00:06:52,960 12, 13 of building, exiting, and 217 00:06:49,880 --> 00:06:55,919 reinvesting in in in tech. We're at like 218 00:06:52,960 --> 00:06:57,200 1.5, 2, right? So, we're just we're less 219 00:06:55,919 --> 00:06:59,280 mature, right? We're an emerging 220 00:06:57,200 --> 00:07:00,919 ecosystem compared to Canada, right? So, 221 00:06:59,280 --> 00:07:03,560 it's normal that there's the pockets of 222 00:07:00,919 --> 00:07:06,320 money that we have aren't used to 223 00:07:03,560 --> 00:07:07,440 investing in tech, right? So, I think 224 00:07:06,320 --> 00:07:09,160 it's starting to change. Like we started 225 00:07:07,440 --> 00:07:11,800 with our fund, you know, like more than 226 00:07:09,160 --> 00:07:13,560 a third of our capital base came from 227 00:07:11,800 --> 00:07:15,680 founders, from tech founders that had 228 00:07:13,560 --> 00:07:16,919 exited, that had success, that believe 229 00:07:15,680 --> 00:07:19,800 in our mission, what we're trying to do. 230 00:07:16,919 --> 00:07:21,360 We have like 51 private LPs and majority 231 00:07:19,800 --> 00:07:22,680 are are tech founders, like the 232 00:07:21,360 --> 00:07:24,440 operators. 233 00:07:22,680 --> 00:07:25,400 Um you know, but but there's still, you 234 00:07:24,440 --> 00:07:26,760 know, there's a little bit of a 235 00:07:25,400 --> 00:07:27,760 misconception is that there's not enough 236 00:07:26,760 --> 00:07:29,000 money and capital. It's like it's not 237 00:07:27,760 --> 00:07:31,560 true. It's like there's we're a rich 238 00:07:29,000 --> 00:07:33,800 country here. It's just the chunk of the 239 00:07:31,560 --> 00:07:35,560 money isn't going into tech for a large 240 00:07:33,800 --> 00:07:37,080 extent. So, I think 241 00:07:35,560 --> 00:07:38,520 part of, you know, a lot of the 242 00:07:37,080 --> 00:07:40,120 government a lot of the money does come 243 00:07:38,520 --> 00:07:41,120 from government, which is a good and a 244 00:07:40,120 --> 00:07:42,840 bad thing. I could I could I could 245 00:07:41,120 --> 00:07:43,960 probably talk about that. 246 00:07:42,840 --> 00:07:45,320 But we need to attract more private 247 00:07:43,960 --> 00:07:46,560 capital for sure, right? So I think 248 00:07:45,320 --> 00:07:48,120 that's a that's a key thing that needs 249 00:07:46,560 --> 00:07:50,080 to happen. 250 00:07:48,120 --> 00:07:52,080 So the narrative is like, yeah, there's 251 00:07:50,080 --> 00:07:54,560 French wine down in San Francisco, but 252 00:07:52,080 --> 00:07:56,400 there's a some great sweet Niagara 253 00:07:54,560 --> 00:07:57,880 region dessert wine up here in Canada, 254 00:07:56,400 --> 00:08:00,040 right? 255 00:07:57,880 --> 00:08:01,600 Totally. Totally, yeah, that's it. And 256 00:08:00,040 --> 00:08:03,000 you know, and and to be clear, it's like 257 00:08:01,600 --> 00:08:05,200 I think we we punch above our weight, 258 00:08:03,000 --> 00:08:06,760 right? If you look at um 259 00:08:05,200 --> 00:08:08,960 if you look at a lot of the innovations 260 00:08:06,760 --> 00:08:10,920 that powered today's tech, like it all 261 00:08:08,960 --> 00:08:13,360 started here, right? So 262 00:08:10,920 --> 00:08:15,000 smartphones is one. Like we have two of 263 00:08:13,360 --> 00:08:16,720 the three, you know, godfathers of the 264 00:08:15,000 --> 00:08:18,280 AI like literally AI, the modern AI, the 265 00:08:16,720 --> 00:08:19,600 transformer came from here, came from 266 00:08:18,280 --> 00:08:21,320 Montreal. Um 267 00:08:19,600 --> 00:08:22,760 but we haven't been as good, obviously, 268 00:08:21,320 --> 00:08:24,120 you know, the the common trope is 269 00:08:22,760 --> 00:08:25,840 Canada's not good at commercializing and 270 00:08:24,120 --> 00:08:28,040 it's kind of true, right? Like we're 271 00:08:25,840 --> 00:08:30,360 good at the, you know, uh 272 00:08:28,040 --> 00:08:31,480 R&D science stuff, 273 00:08:30,360 --> 00:08:33,880 but we're not good at building companies 274 00:08:31,480 --> 00:08:35,360 as a result, right? So I think, you 275 00:08:33,880 --> 00:08:37,400 know, there's groups like Vector 276 00:08:35,360 --> 00:08:38,760 Institute and Mila that are really 277 00:08:37,400 --> 00:08:41,000 trying to change that with their their 278 00:08:38,760 --> 00:08:42,440 venture programs and get a lot of the 279 00:08:41,000 --> 00:08:43,960 people that were that would be sucked 280 00:08:42,440 --> 00:08:45,160 down south to stay here and start 281 00:08:43,960 --> 00:08:47,000 companies. And we're seeing some some of 282 00:08:45,160 --> 00:08:48,400 those successes emerge. 283 00:08:47,000 --> 00:08:49,480 Uh but like I said, it takes time. So 284 00:08:48,400 --> 00:08:50,960 it's not it's going to be an overnight 285 00:08:49,480 --> 00:08:52,720 thing. I think we could probably 286 00:08:50,960 --> 00:08:55,240 accelerate that faster than having to 287 00:08:52,720 --> 00:08:56,800 wait, you know, multiple generations 288 00:08:55,240 --> 00:08:59,200 uh because we already have all the, you 289 00:08:56,800 --> 00:09:00,760 know, raw ingredients are are in place. 290 00:08:59,200 --> 00:09:02,800 Yeah, so um 291 00:09:00,760 --> 00:09:06,720 let's continue. The 292 00:09:02,800 --> 00:09:08,800 there's a a meetup place in Waterloo and 293 00:09:06,720 --> 00:09:09,839 I'm part of it. It's like a a co-work 294 00:09:08,800 --> 00:09:13,240 space. 295 00:09:09,839 --> 00:09:14,839 And uh I go there and there's just a 296 00:09:13,240 --> 00:09:16,920 cool culture up there, you know, a 297 00:09:14,839 --> 00:09:18,920 builder culture. Um 298 00:09:16,920 --> 00:09:20,920 very cool things happening when people 299 00:09:18,920 --> 00:09:23,560 get together and they 300 00:09:20,920 --> 00:09:24,280 they meet with other like founders. 301 00:09:23,560 --> 00:09:26,520 Um 302 00:09:24,280 --> 00:09:29,600 just uh an interesting place to be, 303 00:09:26,520 --> 00:09:32,640 especially around that region. 304 00:09:29,600 --> 00:09:34,720 Um so we do have a good culture here. It 305 00:09:32,640 --> 00:09:37,040 just takes that growing up or it just 306 00:09:34,720 --> 00:09:39,160 takes that uh initiative for people to 307 00:09:37,040 --> 00:09:41,240 see the vision in it. So, I'm glad 308 00:09:39,160 --> 00:09:43,680 people like you, Nectar, are are are 309 00:09:41,240 --> 00:09:46,680 leading this charge. Talk about like 310 00:09:43,680 --> 00:09:48,400 some of the ideas that that really that 311 00:09:46,680 --> 00:09:50,400 you've seen that you're like, "No, this 312 00:09:48,400 --> 00:09:51,920 is not going to work." Like to help some 313 00:09:50,400 --> 00:09:53,640 of the founders that are are developing 314 00:09:51,920 --> 00:09:54,760 right now. 315 00:09:53,640 --> 00:09:56,280 I'm not going to have a very good answer 316 00:09:54,760 --> 00:09:58,240 to this question, right? Because I think 317 00:09:56,280 --> 00:09:59,800 the one thing I've realized is no one 318 00:09:58,240 --> 00:10:01,960 knows. Like everyone's pretending. 319 00:09:59,800 --> 00:10:03,760 Everyone's trying to fight for status. 320 00:10:01,960 --> 00:10:05,400 Uh so, there's not like, "Oh, if you're 321 00:10:03,760 --> 00:10:06,440 doing idea X, it's stupid." Because it's 322 00:10:05,400 --> 00:10:08,400 like 323 00:10:06,440 --> 00:10:10,040 the history of venture is littered with 324 00:10:08,400 --> 00:10:11,320 successes of like people that said like, 325 00:10:10,040 --> 00:10:13,960 "This is a dumb idea. Don't do it." 326 00:10:11,320 --> 00:10:15,600 Right? So, who am I to say especially 327 00:10:13,960 --> 00:10:18,600 you know like sitting on the sidelines 328 00:10:15,600 --> 00:10:21,200 of 329 00:10:18,600 --> 00:10:22,920 um you know like a lot of people told 330 00:10:21,200 --> 00:10:23,920 you know the the founders of Airbnb is 331 00:10:22,920 --> 00:10:25,120 like, "This is the dumbest idea I've 332 00:10:23,920 --> 00:10:27,120 ever heard. No one's going to sleep on a 333 00:10:25,120 --> 00:10:29,240 stranger's mattress." The smartest 334 00:10:27,120 --> 00:10:31,240 investors in the world, right? So, 335 00:10:29,240 --> 00:10:32,760 I'm not I'm not one to criticize and 336 00:10:31,240 --> 00:10:35,120 say, "Hey, you shouldn't try X." Right? 337 00:10:32,760 --> 00:10:36,520 So, I think the path is you have to 338 00:10:35,120 --> 00:10:38,080 follow the reality in front of you, 339 00:10:36,520 --> 00:10:40,560 right? So, you have to know it's like 340 00:10:38,080 --> 00:10:43,000 are people you know demanding your 341 00:10:40,560 --> 00:10:44,520 product or not? Right? So, like that's 342 00:10:43,000 --> 00:10:47,600 really the one thing that matters. Like 343 00:10:44,520 --> 00:10:49,200 are the customers you use the solution 344 00:10:47,600 --> 00:10:50,760 that you know that that that that you're 345 00:10:49,200 --> 00:10:52,520 coming up with, right? So, if you have 346 00:10:50,760 --> 00:10:55,360 some kind of unique insight into a new 347 00:10:52,520 --> 00:10:57,040 behavior, new emergent behavior, uh that 348 00:10:55,360 --> 00:10:58,240 you think you can capitalize on and 349 00:10:57,040 --> 00:11:00,000 build a company around. So, I think 350 00:10:58,240 --> 00:11:02,160 that's really the core of it. So, I 351 00:11:00,000 --> 00:11:03,560 would say it's like startups as you know 352 00:11:02,160 --> 00:11:05,480 it's like a lot of experimentation 353 00:11:03,560 --> 00:11:06,480 starting with A and then you end up with 354 00:11:05,480 --> 00:11:07,160 B. 355 00:11:06,480 --> 00:11:08,760 You know, 356 00:11:07,160 --> 00:11:10,360 look at the guys from that started Slack 357 00:11:08,760 --> 00:11:11,200 like Stewart Butterfield. It's like it's 358 00:11:10,360 --> 00:11:12,360 like we're going to oh, we're doing a 359 00:11:11,200 --> 00:11:13,800 video game. And it's like, "Oh, we need 360 00:11:12,360 --> 00:11:15,520 an in-chat interface for the video 361 00:11:13,800 --> 00:11:17,320 game." And that became 362 00:11:15,520 --> 00:11:18,560 Slack. Right? So, like if you told me at 363 00:11:17,320 --> 00:11:20,760 the beginning it's like, "Oh, this video 364 00:11:18,560 --> 00:11:23,200 game pitch is so stupid." It's like 365 00:11:20,760 --> 00:11:24,920 right? So, you ultimately what it boils 366 00:11:23,200 --> 00:11:26,280 down to is like it's the quality of the 367 00:11:24,920 --> 00:11:27,480 founder and like do they have some kind 368 00:11:26,280 --> 00:11:28,800 of idea, some kind of area they're 369 00:11:27,480 --> 00:11:30,520 working on that's unique, that's 370 00:11:28,800 --> 00:11:32,839 insightful that that that they could 371 00:11:30,520 --> 00:11:34,160 build something. And uh yeah, I'm not 372 00:11:32,839 --> 00:11:35,400 going to be the one that says like don't 373 00:11:34,160 --> 00:11:36,480 do this, you 374 00:11:35,400 --> 00:11:37,960 And and I 375 00:11:36,480 --> 00:11:39,680 just being part of 376 00:11:37,960 --> 00:11:42,680 startups as well, too. It's it's it's 377 00:11:39,680 --> 00:11:44,840 about the the character of the founder 378 00:11:42,680 --> 00:11:46,400 and how they can pivot, how they listen, 379 00:11:44,840 --> 00:11:48,160 how they're coached, 380 00:11:46,400 --> 00:11:49,920 um their sense of urgency, things like 381 00:11:48,160 --> 00:11:51,720 that. And that's probably something that 382 00:11:49,920 --> 00:11:53,400 you see as well, maybe? 383 00:11:51,720 --> 00:11:55,360 Yeah, totally. And there's no one 384 00:11:53,400 --> 00:11:57,640 architect, you know, like some founders 385 00:11:55,360 --> 00:11:59,240 are headstrong, I'm not coachable, I'll 386 00:11:57,640 --> 00:12:01,640 do my thing. Other people are very open 387 00:11:59,240 --> 00:12:03,400 to feedback and will adjust and 388 00:12:01,640 --> 00:12:04,200 it's the the color of the skin, the age, 389 00:12:03,400 --> 00:12:05,440 the gender, all these things are 390 00:12:04,200 --> 00:12:07,520 irrelevant, right? It's really the the 391 00:12:05,440 --> 00:12:09,200 quality of that person's ideas and their 392 00:12:07,520 --> 00:12:10,840 their their grit, their resilience in 393 00:12:09,200 --> 00:12:12,360 working through working through 394 00:12:10,840 --> 00:12:14,880 challenges. That's really the the the 395 00:12:12,360 --> 00:12:17,280 ultimate stress test. 396 00:12:14,880 --> 00:12:20,120 Um what have you learned to walk away 397 00:12:17,280 --> 00:12:21,360 from, what type of founder archetype? 398 00:12:20,120 --> 00:12:22,720 Uh [gasps] like it's very it's a very 399 00:12:21,360 --> 00:12:24,000 personal thing and I'm new to VC, so I'm 400 00:12:22,720 --> 00:12:25,760 like, oh, the grizzled veteran that's 401 00:12:24,000 --> 00:12:27,680 done this, right? So 402 00:12:25,760 --> 00:12:28,840 we have a style of investing that we 403 00:12:27,680 --> 00:12:31,080 like and that we're trying to going to 404 00:12:28,840 --> 00:12:32,600 put forth. And different funds have 405 00:12:31,080 --> 00:12:33,480 different styles and you know, like for 406 00:12:32,600 --> 00:12:34,680 the founders that are looking at 407 00:12:33,480 --> 00:12:35,839 founders, it's like you kind of have to 408 00:12:34,680 --> 00:12:37,440 know like 409 00:12:35,839 --> 00:12:38,280 the stage, the sector, all these things, 410 00:12:37,440 --> 00:12:40,280 like who do you want to work with 411 00:12:38,280 --> 00:12:42,360 long-term? And so the founders I like to 412 00:12:40,280 --> 00:12:43,640 work with are ones that want to partner 413 00:12:42,360 --> 00:12:45,040 with people for the long-term that are 414 00:12:43,640 --> 00:12:47,839 not necessarily focused on just 415 00:12:45,040 --> 00:12:49,520 transactional side. It's like we like to 416 00:12:47,839 --> 00:12:51,160 be in the the trenches, be there for 417 00:12:49,520 --> 00:12:52,960 your important strategic decisions and 418 00:12:51,160 --> 00:12:53,920 help out. And for people that are like, 419 00:12:52,960 --> 00:12:55,560 that's great, just give me come me a 420 00:12:53,920 --> 00:12:57,040 check and go away, it's like that's not 421 00:12:55,560 --> 00:12:58,760 exciting, you know, like for me. It's 422 00:12:57,040 --> 00:13:00,680 like I'm also a founder of this fund, so 423 00:12:58,760 --> 00:13:02,760 I like to like to be involved and help 424 00:13:00,680 --> 00:13:03,800 startups as much as I can and also have 425 00:13:02,760 --> 00:13:06,080 the presence of mind to get out of the 426 00:13:03,800 --> 00:13:07,240 way if I need to. But I also don't want 427 00:13:06,080 --> 00:13:08,640 to get out of the way entirely. Like 428 00:13:07,240 --> 00:13:09,920 that's not 429 00:13:08,640 --> 00:13:11,800 that's not why I started this thing. I 430 00:13:09,920 --> 00:13:13,440 started to to be involved and help and 431 00:13:11,800 --> 00:13:16,160 use my network, use our 432 00:13:13,440 --> 00:13:17,320 the fund's connections to to to be as 433 00:13:16,160 --> 00:13:19,240 you know, it's a small reflection, but 434 00:13:17,320 --> 00:13:20,440 like the founders are doing 99.9% of the 435 00:13:19,240 --> 00:13:21,880 work. If you can help maybe just a bit 436 00:13:20,440 --> 00:13:23,360 at the right time, that can have an 437 00:13:21,880 --> 00:13:25,000 outsized impact. That's what we're 438 00:13:23,360 --> 00:13:25,960 trying to do. 439 00:13:25,000 --> 00:13:27,840 Um so we're not trying to get in their 440 00:13:25,960 --> 00:13:28,680 shoes. You know. 441 00:13:27,840 --> 00:13:30,680 Um 442 00:13:28,680 --> 00:13:33,000 What did you learn from building up that 443 00:13:30,680 --> 00:13:35,360 business in Montreal with with Google 444 00:13:33,000 --> 00:13:38,120 that that's helped you today? 445 00:13:35,360 --> 00:13:39,640 Um yeah, it was a sales job. So but that 446 00:13:38,120 --> 00:13:41,760 was before I started my my my first 447 00:13:39,640 --> 00:13:42,680 company. So uh I learned how to do 448 00:13:41,760 --> 00:13:44,360 sales. 449 00:13:42,680 --> 00:13:46,640 So it was like, you know, like and 450 00:13:44,360 --> 00:13:47,960 within a big structure organization and 451 00:13:46,640 --> 00:13:49,680 you know what it takes and you meet a 452 00:13:47,960 --> 00:13:52,000 lot of people and make friends and I 453 00:13:49,680 --> 00:13:53,800 also saw what world-class engineering 454 00:13:52,000 --> 00:13:55,040 culture looks like, you know, like and 455 00:13:53,800 --> 00:13:56,320 uh you know, the geeks that that you 456 00:13:55,040 --> 00:13:57,720 know, that uh you know, the the the 457 00:13:56,320 --> 00:13:59,960 geeky culture that you know, has made 458 00:13:57,720 --> 00:14:01,400 Google such a success, right? So there's 459 00:13:59,960 --> 00:14:03,280 a there's a ton of lessons and also 460 00:14:01,400 --> 00:14:04,840 maybe I've learned more on the personal 461 00:14:03,280 --> 00:14:06,880 side of like what it what I don't want 462 00:14:04,840 --> 00:14:08,760 for me. It's like maybe I don't I don't 463 00:14:06,880 --> 00:14:10,520 think I'm I'd be a good future employee 464 00:14:08,760 --> 00:14:12,440 anymore, you know, having start company 465 00:14:10,520 --> 00:14:14,560 you know, starting a company kind of 466 00:14:12,440 --> 00:14:16,880 Like never say never, but for you know, 467 00:14:14,560 --> 00:14:18,600 like being a a small cog in a big 468 00:14:16,880 --> 00:14:20,880 machine wasn't for me, you know, so I 469 00:14:18,600 --> 00:14:22,480 learned that like even if Google had 470 00:14:20,880 --> 00:14:24,520 like the most insane kind of 471 00:14:22,480 --> 00:14:26,320 compensation, all the you know, the 472 00:14:24,520 --> 00:14:27,360 external vanity of oh wow, you work for 473 00:14:26,320 --> 00:14:29,080 Google and like a little you know, like 474 00:14:27,360 --> 00:14:31,280 in your social circle it brings you this 475 00:14:29,080 --> 00:14:32,720 outside validation, but realize that 476 00:14:31,280 --> 00:14:34,920 like doesn't it's not a long-term 477 00:14:32,720 --> 00:14:37,080 motivator for me, you know. 478 00:14:34,920 --> 00:14:38,880 I I resonate with that. I used to be an 479 00:14:37,080 --> 00:14:40,920 employee of JP Morgan Chase and it's 480 00:14:38,880 --> 00:14:41,880 like I felt so small within that company 481 00:14:40,920 --> 00:14:45,160 and 482 00:14:41,880 --> 00:14:48,040 I totally get that. Um 483 00:14:45,160 --> 00:14:49,920 Yeah, so so I wanted to hit on a point 484 00:14:48,040 --> 00:14:51,800 that you said about sales. 485 00:14:49,920 --> 00:14:54,400 How important is it for a founder to 486 00:14:51,800 --> 00:14:55,240 know how to sell? 487 00:14:54,400 --> 00:14:56,600 Uh 488 00:14:55,240 --> 00:14:58,200 Well 489 00:14:56,600 --> 00:15:00,160 Okay, so again goes back to maybe I'm 490 00:14:58,200 --> 00:15:02,080 too like the one thing I learned like I 491 00:15:00,160 --> 00:15:03,839 I used to run a strategy company before 492 00:15:02,080 --> 00:15:05,560 and like doing you know, like helping 493 00:15:03,839 --> 00:15:07,280 companies figure out what to do and I've 494 00:15:05,560 --> 00:15:08,400 learned one thing is that there's no 495 00:15:07,280 --> 00:15:10,839 there's no right answer for anything, 496 00:15:08,400 --> 00:15:12,320 right? So the example I said before, you 497 00:15:10,839 --> 00:15:13,960 know, like some founders are just like 498 00:15:12,320 --> 00:15:15,280 insanely technical and like build 499 00:15:13,960 --> 00:15:17,080 something. It's like how good were the 500 00:15:15,280 --> 00:15:18,680 founders of Google in sales? Like zero 501 00:15:17,080 --> 00:15:21,520 on 10, right? Like literally they were 502 00:15:18,680 --> 00:15:23,600 not like but they had this like insane 503 00:15:21,520 --> 00:15:25,240 skill of building the future, you know, 504 00:15:23,600 --> 00:15:28,200 like that came like I know that's a very 505 00:15:25,240 --> 00:15:29,400 obvious example. Uh so it I think it it 506 00:15:28,200 --> 00:15:30,440 depends on what are you building. If 507 00:15:29,400 --> 00:15:32,000 you're building something that's like 508 00:15:30,440 --> 00:15:33,920 product led, the product's the core 509 00:15:32,000 --> 00:15:35,520 innovation uh 510 00:15:33,920 --> 00:15:37,400 it's maybe not as important. Then maybe 511 00:15:35,520 --> 00:15:38,920 hire someone, you know, like have a 512 00:15:37,400 --> 00:15:40,960 co-founder that's good in sales or head 513 00:15:38,920 --> 00:15:42,360 of sales, etc. But if you're like 514 00:15:40,960 --> 00:15:44,240 building something that's enterprise 515 00:15:42,360 --> 00:15:47,200 like the founder needs to sell and like 516 00:15:44,240 --> 00:15:49,440 it's an enterprise led motion or sales 517 00:15:47,200 --> 00:15:51,400 led motion, then yeah, you probably 518 00:15:49,440 --> 00:15:54,160 you should be there, you know, from zero 519 00:15:51,400 --> 00:15:55,840 to X million, right? In in ARR to do 520 00:15:54,160 --> 00:15:57,720 able to know it well before you 521 00:15:55,840 --> 00:15:59,760 transition to other skills. So I want to 522 00:15:57,720 --> 00:16:03,280 say that's probably the most simple the 523 00:15:59,760 --> 00:16:05,560 simplest distinction I can make. 524 00:16:03,280 --> 00:16:07,280 And I guess knowing what the customer 525 00:16:05,560 --> 00:16:09,840 would pay for definitely changes the 526 00:16:07,280 --> 00:16:13,360 product, but sometimes there's strong 527 00:16:09,840 --> 00:16:15,280 visions on what the product should be um 528 00:16:13,360 --> 00:16:17,080 in despite of the customer. So have you 529 00:16:15,280 --> 00:16:19,520 seen different kind of like battles 530 00:16:17,080 --> 00:16:20,960 between companies or smaller companies 531 00:16:19,520 --> 00:16:22,720 about this? And do you have any opinion 532 00:16:20,960 --> 00:16:24,200 on that? Well, it's I think there's 533 00:16:22,720 --> 00:16:26,800 another key distinction of is it a 534 00:16:24,200 --> 00:16:28,360 customer or is it a user, right? So um 535 00:16:26,800 --> 00:16:29,520 you know, the one of the tenants at 536 00:16:28,360 --> 00:16:31,600 Google back in the day was like know the 537 00:16:29,520 --> 00:16:33,720 user and all else will follow. 538 00:16:31,600 --> 00:16:34,880 And the you you know, users of the 539 00:16:33,720 --> 00:16:36,240 search engine or Gmail and I or 540 00:16:34,880 --> 00:16:37,440 whatever, it's like they're not most of 541 00:16:36,240 --> 00:16:39,400 the time they're not paying for the 542 00:16:37,440 --> 00:16:41,200 product, right? So but they're the 543 00:16:39,400 --> 00:16:43,920 linchpin that makes the whole business 544 00:16:41,200 --> 00:16:46,200 model work, right? Uh so being able to 545 00:16:43,920 --> 00:16:47,560 satisfy users is is a key component to 546 00:16:46,200 --> 00:16:49,280 it. And then obviously customer's 547 00:16:47,560 --> 00:16:51,600 different, right? So having 548 00:16:49,280 --> 00:16:52,880 the person that pays the bills, like 549 00:16:51,600 --> 00:16:54,360 often times it could be the user as 550 00:16:52,880 --> 00:16:55,560 well, right? Like depending on on what 551 00:16:54,360 --> 00:16:56,640 the you know, what the startup is 552 00:16:55,560 --> 00:16:58,520 building. 553 00:16:56,640 --> 00:17:00,000 Uh I think in both the cases those are 554 00:16:58,520 --> 00:17:02,440 the you know, like sometimes in the 555 00:17:00,000 --> 00:17:03,680 single persona, sometimes two different. 556 00:17:02,440 --> 00:17:05,240 They're very very critical, right? So 557 00:17:03,680 --> 00:17:07,199 understanding uh you know, the 558 00:17:05,240 --> 00:17:08,400 difference between the two. Sometimes 559 00:17:07,199 --> 00:17:09,880 you can have like a sales led motion, 560 00:17:08,400 --> 00:17:11,079 but the user's not the person that's 561 00:17:09,880 --> 00:17:13,160 paying. It's like it could be let's say 562 00:17:11,079 --> 00:17:14,839 like a developer and engineer, but the 563 00:17:13,160 --> 00:17:16,720 person that's paying is like the CFO or 564 00:17:14,839 --> 00:17:18,040 whatever. That's the customer cuz 565 00:17:16,720 --> 00:17:20,319 they're the ones that they're signing 566 00:17:18,040 --> 00:17:21,920 off on on the purchase order. So, I'm 567 00:17:20,319 --> 00:17:22,760 just just to make a very simple kind of 568 00:17:21,920 --> 00:17:25,000 like 569 00:17:22,760 --> 00:17:27,240 you know statement of how you build a 570 00:17:25,000 --> 00:17:29,000 company right? 571 00:17:27,240 --> 00:17:31,440 Yeah, I mean so when it does get up to 572 00:17:29,000 --> 00:17:33,240 the CFO level, he's mostly probably just 573 00:17:31,440 --> 00:17:36,520 a rubber stamp 574 00:17:33,240 --> 00:17:38,840 and in my opinion anyways, like they the 575 00:17:36,520 --> 00:17:40,440 product people drive that recommendation 576 00:17:38,840 --> 00:17:41,640 like let's pay for this. 577 00:17:40,440 --> 00:17:44,160 Um 578 00:17:41,640 --> 00:17:45,320 but yeah, I totally get that get that 579 00:17:44,160 --> 00:17:46,800 part of things. 580 00:17:45,320 --> 00:17:48,600 Um 581 00:17:46,800 --> 00:17:51,520 What what are you excited about in the 582 00:17:48,600 --> 00:17:52,920 next 6 months here in Canada? 583 00:17:51,520 --> 00:17:54,480 Uh there's a lot man. Like I just like 584 00:17:52,920 --> 00:17:56,240 my job. Like you know, I'm looking at it 585 00:17:54,480 --> 00:17:58,080 my perspective like I really like what I 586 00:17:56,240 --> 00:17:59,680 do. Like it's like meet with founders 587 00:17:58,080 --> 00:18:01,120 and you know, like have brilliant people 588 00:17:59,680 --> 00:18:02,600 line up at the door and try and see hey, 589 00:18:01,120 --> 00:18:04,960 do I want to work with this person and 590 00:18:02,600 --> 00:18:06,400 their team? And there's a lot of cool 591 00:18:04,960 --> 00:18:08,000 sectors that are you know, like you 592 00:18:06,400 --> 00:18:09,680 know, yes, the two-letter buzzword 593 00:18:08,000 --> 00:18:11,360 everyone's talking about today. 594 00:18:09,680 --> 00:18:12,600 But it's it's just like really came 595 00:18:11,360 --> 00:18:15,080 bringing explosion of all different 596 00:18:12,600 --> 00:18:17,760 types of companies like in biotech and 597 00:18:15,080 --> 00:18:19,760 defense tech, obviously AI, 598 00:18:17,760 --> 00:18:21,840 you know, space industries. There's so 599 00:18:19,760 --> 00:18:23,080 much happening. So, I find them like 600 00:18:21,840 --> 00:18:24,520 just drinking from the higher fire holes 601 00:18:23,080 --> 00:18:26,320 all day. It's like meet smart people and 602 00:18:24,520 --> 00:18:28,200 like explaining explaining to me what 603 00:18:26,320 --> 00:18:30,280 they're doing and try and help if I if I 604 00:18:28,200 --> 00:18:31,320 can. Uh so that would say that's 605 00:18:30,280 --> 00:18:32,280 probably the thing I'm most excited 606 00:18:31,320 --> 00:18:33,600 about. And the second thing is also just 607 00:18:32,280 --> 00:18:35,640 building a fund. It's like we just had 608 00:18:33,600 --> 00:18:36,920 our first you know, employee start. We 609 00:18:35,640 --> 00:18:39,400 think about our own process. How do you 610 00:18:36,920 --> 00:18:41,880 build a VC fund in 2026 today with all 611 00:18:39,400 --> 00:18:43,040 with all these new agentic tools? Uh 612 00:18:41,880 --> 00:18:44,120 it's really exciting because there's the 613 00:18:43,040 --> 00:18:46,040 you know, like you know, what's the 614 00:18:44,120 --> 00:18:47,280 expression work on the business or in 615 00:18:46,040 --> 00:18:48,520 the business? 616 00:18:47,280 --> 00:18:50,120 So, there's the working on the business 617 00:18:48,520 --> 00:18:51,440 part two that I find fun. It's like hey, 618 00:18:50,120 --> 00:18:53,000 like we have to build a team and build a 619 00:18:51,440 --> 00:18:54,240 culture and build all these tools and 620 00:18:53,000 --> 00:18:56,280 things that that help us. I think that's 621 00:18:54,240 --> 00:18:58,160 pretty fun, too. 622 00:18:56,280 --> 00:19:00,120 It feels like AI is more of an 623 00:18:58,160 --> 00:19:02,520 enablement technology just like the 624 00:19:00,120 --> 00:19:04,800 internet was 625 00:19:02,520 --> 00:19:07,240 when it first came out and AI is going 626 00:19:04,800 --> 00:19:09,480 to enable other industries to do well. 627 00:19:07,240 --> 00:19:11,400 What other industries outside tech are 628 00:19:09,480 --> 00:19:13,560 you interested in? Well, I mean tech is 629 00:19:11,400 --> 00:19:15,560 like another enablement type of word, 630 00:19:13,560 --> 00:19:18,240 but what industry overall are you 631 00:19:15,560 --> 00:19:20,200 interested in? Like is space 632 00:19:18,240 --> 00:19:21,600 Yeah, um well, I spoke about some of it 633 00:19:20,200 --> 00:19:23,440 before. Space is one that I'm interested 634 00:19:21,600 --> 00:19:25,000 in just because it's like we see it with 635 00:19:23,440 --> 00:19:26,600 the, you know, forthcoming IPO of 636 00:19:25,000 --> 00:19:28,280 SpaceX. It's unlocking this whole new 637 00:19:26,600 --> 00:19:29,360 economy 638 00:19:28,280 --> 00:19:31,680 because the cost per kilogram has 639 00:19:29,360 --> 00:19:33,160 dropped. So, cost of launch has gone 640 00:19:31,680 --> 00:19:34,840 down significantly. So, it's enabling a 641 00:19:33,160 --> 00:19:36,600 bunch of like new cool new technologies. 642 00:19:34,840 --> 00:19:38,760 And in this case is launch is kind of 643 00:19:36,600 --> 00:19:40,800 the enabling technology and we're seeing 644 00:19:38,760 --> 00:19:43,120 a lot of stuff being able to happen and 645 00:19:40,800 --> 00:19:44,880 and a lot of cool stuff that in lower 646 00:19:43,120 --> 00:19:46,840 orbit and orbit that are really 647 00:19:44,880 --> 00:19:48,760 unlocking you know new types of 648 00:19:46,840 --> 00:19:51,000 companies to emerge. I I think that's 649 00:19:48,760 --> 00:19:53,160 really one area that that I'm interested 650 00:19:51,000 --> 00:19:55,280 in. And then yeah, of course, just AI as 651 00:19:53,160 --> 00:19:58,800 a whole I think is one that the pace of 652 00:19:55,280 --> 00:20:00,160 change is so rapid. Um and it's 653 00:19:58,800 --> 00:20:01,160 We could talk about this SAS apocalypse 654 00:20:00,160 --> 00:20:03,040 and everything, but there's a whole 655 00:20:01,160 --> 00:20:05,440 segment and slew of opportunities that 656 00:20:03,040 --> 00:20:08,120 it opens in terms of like surface area 657 00:20:05,440 --> 00:20:09,040 for for founders to build on. And I 658 00:20:08,120 --> 00:20:10,680 think that's really cool. So, it's 659 00:20:09,040 --> 00:20:12,280 enabling a bunch of cool companies to 660 00:20:10,680 --> 00:20:13,520 emerge. And what it takes to build a 661 00:20:12,280 --> 00:20:15,480 company today and the way you build a 662 00:20:13,520 --> 00:20:18,160 team, the way you hire, the way you 663 00:20:15,480 --> 00:20:19,560 staff, what you give agents to do, all 664 00:20:18,160 --> 00:20:21,200 this playbook does not exist. Like I 665 00:20:19,560 --> 00:20:23,000 know it's kind of being written a lot of 666 00:20:21,200 --> 00:20:24,680 cool blog posts, but like that get 667 00:20:23,000 --> 00:20:26,080 outdated quickly. 668 00:20:24,680 --> 00:20:27,760 Really exciting time because it's like 669 00:20:26,080 --> 00:20:29,800 the way you kind of like build a company 670 00:20:27,760 --> 00:20:31,760 is is changing. And we we have, you 671 00:20:29,800 --> 00:20:33,080 know, four portfolio companies today and 672 00:20:31,760 --> 00:20:34,680 all of them are thinking about this 673 00:20:33,080 --> 00:20:36,520 question, right? So, how do we build 674 00:20:34,680 --> 00:20:38,160 today? How do we hire? 675 00:20:36,520 --> 00:20:40,080 How do we be more efficient using these 676 00:20:38,160 --> 00:20:43,080 new tools? 677 00:20:40,080 --> 00:20:45,000 I I'm recalling a tweet that you put out 678 00:20:43,080 --> 00:20:45,800 recently about 679 00:20:45,000 --> 00:20:48,720 um 680 00:20:45,800 --> 00:20:52,240 the Kardashev type two 681 00:20:48,720 --> 00:20:53,680 sort of and I I Googled this uh 682 00:20:52,240 --> 00:20:55,760 or I asked 683 00:20:53,680 --> 00:20:57,320 an AI about this maybe about a few 684 00:20:55,760 --> 00:20:58,560 months ago. And I 685 00:20:57,320 --> 00:21:01,240 what is it? There's like something 686 00:20:58,560 --> 00:21:02,680 around the sun that 687 00:21:01,240 --> 00:21:03,520 that's the end goal, right? Like to have 688 00:21:02,680 --> 00:21:06,280 this 689 00:21:03,520 --> 00:21:08,200 energy generator around the sun? 690 00:21:06,280 --> 00:21:10,160 Um yeah, I think you know, Musk probably 691 00:21:08,200 --> 00:21:11,680 talks about this quite often, but it's 692 00:21:10,160 --> 00:21:14,160 it's where it comes from is from a 693 00:21:11,680 --> 00:21:16,000 Russian astronaut called Kardashev I 694 00:21:14,160 --> 00:21:17,840 think in like 40s or 50s I forget. You 695 00:21:16,000 --> 00:21:20,880 know, like it basically, you know, 696 00:21:17,840 --> 00:21:23,520 civilizational scales. So, 697 00:21:20,880 --> 00:21:24,680 type one, type two, type three. And I 698 00:21:23,520 --> 00:21:27,160 probably going to get this wrong, but 699 00:21:24,680 --> 00:21:30,040 like type one is being able to harness 700 00:21:27,160 --> 00:21:31,800 harness, you know, energy of the sun for 701 00:21:30,040 --> 00:21:34,120 your your own planet. Type two is being 702 00:21:31,800 --> 00:21:36,360 able to to capture it using like a Dyson 703 00:21:34,120 --> 00:21:37,640 sphere and like try to you know, the the 704 00:21:36,360 --> 00:21:39,360 the solar system. And then type three is 705 00:21:37,640 --> 00:21:40,800 being able to use it across multiple 706 00:21:39,360 --> 00:21:43,000 stars. And again, I'm probably 707 00:21:40,800 --> 00:21:44,880 butchering it, but I still like this for 708 00:21:43,000 --> 00:21:47,080 me it's the general notion of harnessing 709 00:21:44,880 --> 00:21:49,760 energy from the sun to just build like 710 00:21:47,080 --> 00:21:51,400 epic cool stuff, you know, so 711 00:21:49,760 --> 00:21:52,600 we're seeing it in terms of like you 712 00:21:51,400 --> 00:21:54,120 know, 713 00:21:52,600 --> 00:21:56,360 solar power, right? The 714 00:21:54,120 --> 00:21:58,760 like it since 1970 the cost of a solar 715 00:21:56,360 --> 00:22:00,800 panels dropped by 99.7% 716 00:21:58,760 --> 00:22:02,680 right? Like it's and it's trending 717 00:22:00,800 --> 00:22:04,120 asymptotically down to zero because like 718 00:22:02,680 --> 00:22:06,200 you know, like power of the sun is like 719 00:22:04,120 --> 00:22:08,720 literally free all day. Right? So, just 720 00:22:06,200 --> 00:22:10,440 our ability to harness it 721 00:22:08,720 --> 00:22:12,080 from for startup land, I know this is 722 00:22:10,440 --> 00:22:13,680 like you know, kind of hyperbolic. I I 723 00:22:12,080 --> 00:22:15,600 gave it as a hyperbolic example on 724 00:22:13,680 --> 00:22:17,120 Twitter, but I like this idea of like 725 00:22:15,600 --> 00:22:19,200 how do we just build more stuff? That's 726 00:22:17,120 --> 00:22:20,360 kind of the future, right? So, mention 727 00:22:19,200 --> 00:22:21,760 space like we're talking to companies 728 00:22:20,360 --> 00:22:24,040 building like just like science fiction 729 00:22:21,760 --> 00:22:25,640 stuff, you know, and we're seeing it in 730 00:22:24,040 --> 00:22:27,160 like you know, biotech and health space 731 00:22:25,640 --> 00:22:29,240 as well. There's so many different areas 732 00:22:27,160 --> 00:22:30,760 like hey, let's cure cancer, right? Like 733 00:22:29,240 --> 00:22:32,600 the founder of DeepMind just raised like 734 00:22:30,760 --> 00:22:34,440 two billion for his company Isomorphic 735 00:22:32,600 --> 00:22:37,120 Labs that is really you know, trying to 736 00:22:34,440 --> 00:22:38,160 use AI to to help solve some 737 00:22:37,120 --> 00:22:39,720 you know, like 738 00:22:38,160 --> 00:22:41,160 you know, health care in essence. 739 00:22:39,720 --> 00:22:42,360 Um, so yeah, I think it's like we're 740 00:22:41,160 --> 00:22:44,440 getting to the point of like the future 741 00:22:42,360 --> 00:22:46,720 is going to look way weirder than we we 742 00:22:44,440 --> 00:22:48,320 can imagine imagine today and we're just 743 00:22:46,720 --> 00:22:49,560 at the start of it. 744 00:22:48,320 --> 00:22:51,400 Yeah, and it's it's one of the reasons 745 00:22:49,560 --> 00:22:53,520 why I created this podcast and named it 746 00:22:51,400 --> 00:22:56,240 after Carl Sagan's Pale Blue Nexus so 747 00:22:53,520 --> 00:22:57,720 how he saw the the Earth from from 748 00:22:56,240 --> 00:22:59,680 space. 749 00:22:57,720 --> 00:23:02,200 I I'm very interested in space tech and 750 00:22:59,680 --> 00:23:02,840 I saw like Nvidia is putting out 751 00:23:02,200 --> 00:23:05,520 uh, 752 00:23:02,840 --> 00:23:07,920 chips out in 753 00:23:05,520 --> 00:23:10,200 on on uh 754 00:23:07,920 --> 00:23:11,760 What did it look like? It looked like um 755 00:23:10,200 --> 00:23:12,800 some kind of spacecraft out there and 756 00:23:11,760 --> 00:23:14,080 they're putting chips out there and 757 00:23:12,800 --> 00:23:16,280 they're harnessing energy from the sun 758 00:23:14,080 --> 00:23:18,120 to run the GPUs. I it's it's really 759 00:23:16,280 --> 00:23:20,400 interesting how people are just kind of 760 00:23:18,120 --> 00:23:21,840 thinking about things these days. 761 00:23:20,400 --> 00:23:23,280 Yeah, well, like it's been announced by 762 00:23:21,840 --> 00:23:24,760 SpaceX and Google. Like it was an 763 00:23:23,280 --> 00:23:26,160 article in Wall Street Journal yesterday 764 00:23:24,760 --> 00:23:28,360 of like their plans to you know put 765 00:23:26,160 --> 00:23:30,280 computer in space, right? And uh 766 00:23:28,360 --> 00:23:31,360 Um so I won't give away which companies 767 00:23:30,280 --> 00:23:32,480 we're talking to, but there's some that 768 00:23:31,360 --> 00:23:34,240 are trying to do something similar, 769 00:23:32,480 --> 00:23:35,880 maybe different angle uh to that 770 00:23:34,240 --> 00:23:36,920 specifically. So Nvidia GPUs are already 771 00:23:35,880 --> 00:23:38,120 in space. Like it's already a thing. 772 00:23:36,920 --> 00:23:39,200 They're already on certain satellites. 773 00:23:38,120 --> 00:23:41,040 So 774 00:23:39,200 --> 00:23:43,360 um we're seeing more launch companies 775 00:23:41,040 --> 00:23:45,360 come out. Like there's one in the 776 00:23:43,360 --> 00:23:47,240 I had the I had the the founder of uh 777 00:23:45,360 --> 00:23:48,840 Reaction Engines on my podcast recently 778 00:23:47,240 --> 00:23:50,560 and he's building a launch company here 779 00:23:48,840 --> 00:23:51,600 out of Montreal. Like really really cool 780 00:23:50,560 --> 00:23:53,200 company. 781 00:23:51,600 --> 00:23:54,800 Um so yeah, the whole that whole sector 782 00:23:53,200 --> 00:23:57,560 right now is like set really to kind of 783 00:23:54,800 --> 00:23:58,520 grow off. Uh and there's a lot of use 784 00:23:57,560 --> 00:23:59,560 People are like, "Oh, why'd you invest 785 00:23:58,520 --> 00:24:01,240 in space?" No, but it's going to help 786 00:23:59,560 --> 00:24:03,600 things here on Earth. Like I think just 787 00:24:01,240 --> 00:24:04,880 people don't realize it yet. 788 00:24:03,600 --> 00:24:07,160 Yeah, even from a commodities 789 00:24:04,880 --> 00:24:08,640 perspective, I it's far out there, but 790 00:24:07,160 --> 00:24:10,240 there's asteroid mining. Like there's 791 00:24:08,640 --> 00:24:12,760 definitely 792 00:24:10,240 --> 00:24:15,120 gold isn't the most rarest resource in 793 00:24:12,760 --> 00:24:17,400 the world if you consider like you can 794 00:24:15,120 --> 00:24:19,600 mine an asteroid for it and 795 00:24:17,400 --> 00:24:22,240 um you know, maybe trees are the more 796 00:24:19,600 --> 00:24:24,080 rare than and gold. So the 797 00:24:22,240 --> 00:24:26,360 wood. Like you know, there's just 798 00:24:24,080 --> 00:24:27,880 certain things that that once you go out 799 00:24:26,360 --> 00:24:29,680 out of this 800 00:24:27,880 --> 00:24:31,720 pale blue planet that we're on and you 801 00:24:29,680 --> 00:24:34,720 step out there, it just becomes an 802 00:24:31,720 --> 00:24:36,640 entire new new world. Pardon the the 803 00:24:34,720 --> 00:24:39,200 pun, but like um 804 00:24:36,640 --> 00:24:41,320 space is the is the next frontier in my 805 00:24:39,200 --> 00:24:43,040 opinion. Yeah, I don't want to get too 806 00:24:41,320 --> 00:24:44,200 much into like the abundance porn, 807 00:24:43,040 --> 00:24:46,000 right? Like you know, you can follow the 808 00:24:44,200 --> 00:24:47,160 abundance podcast if you know, like if 809 00:24:46,000 --> 00:24:48,240 you want to get into like all the you 810 00:24:47,160 --> 00:24:49,160 know, all these amazing things. It's 811 00:24:48,240 --> 00:24:50,320 like 812 00:24:49,160 --> 00:24:52,000 the future's not written, right? So 813 00:24:50,320 --> 00:24:54,320 can still go sideways, you know? Like we 814 00:24:52,000 --> 00:24:55,800 still have to like it's up to humans to 815 00:24:54,320 --> 00:24:57,080 you know, like people and societal 816 00:24:55,800 --> 00:24:58,560 choices that we do things in the right 817 00:24:57,080 --> 00:25:00,680 way. So I'm not trying to say it's all 818 00:24:58,560 --> 00:25:02,720 going to be this utopia. Right. I much 819 00:25:00,680 --> 00:25:03,840 believe the utopian outcome than 820 00:25:02,720 --> 00:25:05,800 dystopian one, but it's not a sure 821 00:25:03,840 --> 00:25:07,240 thing, so there's a lot of work still 822 00:25:05,800 --> 00:25:09,400 left to be done, right? So, I think it's 823 00:25:07,240 --> 00:25:11,400 up to us how how we we decide to do it, 824 00:25:09,400 --> 00:25:13,200 right? So, I'm not trying to like gloss 825 00:25:11,400 --> 00:25:14,440 over the real, you know, like 826 00:25:13,200 --> 00:25:15,880 humanitarian problems that we still 827 00:25:14,440 --> 00:25:17,120 have. Right. 828 00:25:15,880 --> 00:25:18,600 But, I see obviously the reason I'm in 829 00:25:17,120 --> 00:25:20,200 this space sector is because I believe 830 00:25:18,600 --> 00:25:23,320 this stuff's going to help, right? So, 831 00:25:20,200 --> 00:25:26,720 um that's kind of my my uh my viewpoint. 832 00:25:23,320 --> 00:25:28,120 Yeah, I might have a a naive 833 00:25:26,720 --> 00:25:30,360 outlook because I've watched too much 834 00:25:28,120 --> 00:25:32,160 Star Trek over the years and I feel like 835 00:25:30,360 --> 00:25:33,960 uh you know, SpaceX is probably going to 836 00:25:32,160 --> 00:25:36,600 be like the Federation or something like 837 00:25:33,960 --> 00:25:38,760 that, but uh yeah, I I agree with you 838 00:25:36,600 --> 00:25:41,520 and and a very pragmatic outlook there, 839 00:25:38,760 --> 00:25:45,280 Nectar. Um yeah, thank you for coming on 840 00:25:41,520 --> 00:25:47,360 today. Um appreciate the time. Tell us 841 00:25:45,280 --> 00:25:48,840 about your podcast before you go and and 842 00:25:47,360 --> 00:25:50,880 and the type of guests that you're 843 00:25:48,840 --> 00:25:52,120 having on. Sure, sure. It's like this 844 00:25:50,880 --> 00:25:53,280 neat little podcast I've been doing for 845 00:25:52,120 --> 00:25:54,960 like 10 years and for me it's like a 846 00:25:53,280 --> 00:25:56,560 selfish reason to just like meet 847 00:25:54,960 --> 00:25:57,560 founders and meet smart people and learn 848 00:25:56,560 --> 00:25:59,320 from them. It's called it's called 849 00:25:57,560 --> 00:26:01,040 Flagship. I didn't have an original 850 00:25:59,320 --> 00:26:02,720 name. It's just the name of my fund in 851 00:26:01,040 --> 00:26:05,000 in English. My name is the name of my 852 00:26:02,720 --> 00:26:07,200 fund is Amiral in in in English that 853 00:26:05,000 --> 00:26:08,720 means Flagship and got to get the idea 854 00:26:07,200 --> 00:26:10,720 of what we're trying to do with the fund 855 00:26:08,720 --> 00:26:12,000 is like build the next big Canadian 856 00:26:10,720 --> 00:26:13,640 flagships. 857 00:26:12,000 --> 00:26:14,320 So, uh if you're, you know, like trying 858 00:26:13,640 --> 00:26:15,880 to 859 00:26:14,320 --> 00:26:18,160 you know, highlight Canadian founders, 860 00:26:15,880 --> 00:26:19,400 Canadian investors on the pod and trying 861 00:26:18,160 --> 00:26:21,400 to build like an equivalent media 862 00:26:19,400 --> 00:26:22,600 ecosystem to, you know, the US. Like, 863 00:26:21,400 --> 00:26:23,920 you know, I obviously follow a lot of 864 00:26:22,600 --> 00:26:25,800 the US ones, but they have their whole 865 00:26:23,920 --> 00:26:26,840 star ecosystem. Just trying to build 866 00:26:25,800 --> 00:26:28,480 something here like that, right? So, 867 00:26:26,840 --> 00:26:29,600 like if you're Canadian founder, you can 868 00:26:28,480 --> 00:26:31,920 listen to like, hey, what are the people 869 00:26:29,600 --> 00:26:33,240 building here and the and the ecosystem 870 00:26:31,920 --> 00:26:35,480 has them on and learn about what they're 871 00:26:33,240 --> 00:26:37,160 doing here. 872 00:26:35,480 --> 00:26:38,720 That's awesome. And and where can we 873 00:26:37,160 --> 00:26:40,840 catch up with you on I think you're 874 00:26:38,720 --> 00:26:43,360 active on X, right? I am, yeah. Just my 875 00:26:40,840 --> 00:26:46,880 first name on X or or on the LinkedIn, 876 00:26:43,360 --> 00:26:49,720 so I tend to be more unfiltered on on X. 877 00:26:46,880 --> 00:26:51,800 Yeah, um well, thanks, Nectar. Um 878 00:26:49,720 --> 00:26:54,200 appreciate you coming on, like I said, 879 00:26:51,800 --> 00:26:56,880 and we'll talk again soon. My pleasure. 880 00:26:54,200 --> 00:26:56,880 Thanks for having me on.