Back to Atoms For the past two decades, venture capital gravitated toward software — specifically, enterprise SaaS and consumer internet. The reasons were rational: software has high gross margins (70-90%),…
The Unbundling of Venture Capital Venture capital used to follow a simple model: raise a fund from institutional LPs, deploy it over 2-4 years, and generate returns that (in theory)…
The Maple Advantage Canadian tech startups operate in the shadow of a $3 trillion neighbor with 10x the population and a venture capital ecosystem that’s an order of magnitude larger.…
The AI Gold Rush If you want to understand where billions in venture capital flowed in 2024-2025, the answer can be summarized in two letters: AI. But that broad label…
The Hangover Venture capital is climbing out of the deepest trough since the dot-com crash. Global VC funding peaked at roughly $683 billion in 2021, according to CB Insights, fueled…
The Worst Authentication System, Except for All the Others Passwords are terrible. Users reuse them across services. They’re stolen in data breaches (HaveIBeenPwned tracks over 13 billion compromised accounts). They’re…
The Attack Vector Nobody Was Watching Supply chain attacks — compromising trusted software to reach its users — have gone from exotic theoretical risk to the most dangerous threat vector…
The Death of the Perimeter For decades, cybersecurity operated on a castle-and-moat model: build a strong perimeter (firewalls, VPNs), and everything inside is trusted. The problem with this model was…
The Business Model That Shouldn’t Exist Ransomware has evolved from a crude extortion scheme into a sophisticated criminal enterprise with professional-grade software, customer support, affiliate programs, and revenue sharing. The…
Canada’s Unique Market Structure The Toronto Stock Exchange is unlike any other major developed market index — and not always in ways that benefit Canadian investors. As of early 2025,…
