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Our focus on the 2024 Canadian Federal budget continues, we have Jon Love Executive Chair and Founder of KingSett Capital back to discuss the lack of emphasis on fostering prosperity and a shrinking GDP per capita.
While the budget offers some incentives aimed at improving housing affordability and encouraging investments in Canada, the increase in capital gains tax and other measures may slow down real estate development.
Notably, the budget doesn't sufficiently tackle the need to boost the housing supply, which is essential for a healthy real estate market. These tax hikes and regulations could also deter investments and lead capital to flee the country. The budget overlooks important challenges faced by small and medium businesses and predominantly focuses on demand without sufficiently addressing supply issues.
In this episode we discuss:
(00:46) - Overview of the 2024 Canadian Federal Budget and its real estate implications
(01:32) - Discussion on new incentives and the overshadowing impact of capital gains increase
(05:12) - Challenges in the condo market and strategies for developers
(09:28) - The misconceptions around financialization in real estate
(13:24) - Necessity for a prosperity agenda and strategies for economic growth
(17:31) - Potential effects of the budget on small and medium businesses
(19:19) - The long-term consequences of current government policies
About Jon Love: Jon Love is the Executive Chair and Founder of KingSett Capital, a prominent private equity real estate investment firm. Since its inception in 2002, KingSett has impressively managed over $17 billion in assets, earning a strong reputation for its effective investment strategies across various sectors, including Growth, Income, Urban Development, Mortgage, Residential Development, and Affordable Housing.
Before his leadership at KingSett, Jon had a distinguished career at Oxford Properties, beginning in 1980 and eventually becoming President in 1987 and then CEO in 1992. He notably guided Oxford's transition to a publicly traded company in 1995. In 2001, Oxford was privatized when it was acquired by the Ontario Municipal Employees Retirement System (OMERS) in a $4 billion deal.
Jon actively participates in prestigious business organizations and has received numerous accolades for his leadership and academic achievements, including an Honorary Doctorate from Western University in 2016, membership in the Order of Canada (C.M.) in 2018, and prestigious awards such as the Ivey Business Leader of the Year Award and the NAIOP Rex Icon Award in 2023.
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This week we're joined by Nicolas Mulroney, President and CEO of Bond Bakery Brands. Nicolas shares his transition from a finance career at RBC to leading a thriving baking enterprise, highlighting the pivot that led him from Bay Street to Bakery Street.
We talk about the founding of Bond Bakery amid the challenges posed by the COVID-19 pandemic and how his upbringing in a political family shaped his entrepreneurial spirit. Nicolas discusses how technology integrates in his business, he offers insights for budding entrepreneurs, and he outlines his future aspirations for the baking industry in Canada.
We are also joined by John Ruffolo to talk more about the proposed Federal budget and other news in tech.
About Nicolas Mulroney:Nicolas Mulroney is the Co-Founder, Chairman, CEO, and President of Bond Bakery Brands Ltd.
Based in Toronto, Ontario, Bond Bakery Brands operates as an investment platform accelerating the growth of bakery companies throughout North America. The company emphasizes community engagement and investment in family- and founder-run businesses, striving to demonstrate that profitability and positive impact can coexist. Bond's portfolio includes a variety of bakery companies, and it employs over 600 individuals across 11 facilities.
Before launching Bond Bakery Brands, Nicolas served as the Chairman of Portofino Bakery from June 2019 to October 2020, and he remains the Founder and Managing Partner at Northern Waters Capital since August 2018. His career in the capital markets sector includes roles at CIBC Capital Markets in Investment Banking and Institutional Equity Sales, and at Park Lawn Corporation as Vice President of Mergers, Acquisitions & Strategic Initiatives.
Nicolas holds an MBA from the University of Toronto's Rotman School of Management and a Bachelor of Arts from Boston College.
In this episode, we discuss:
(01:52) John Ruffolo discusses meeting with Minister Freeland focusing on adverse effects of proposed capital gains changes on entrepreneurs and investors
(03:32) The dual concerns for innovation community: impact on entrepreneurs and availability of capital
(05:00) The federal budget is poor public policy, particularly for venture capital, stressing the importance of maintaining strong domestic capital source
(07:24) The need to grow the economic pie rather than just redistributing income
(13:45) Public discussions should aim at understanding fundamental problems and exploring viable solutions to foster a collaborative environment across various sectors
(15:54) Nicolas Mulroney’s entrepreneurial journey
(16:09) Nic’s upbringing and the influence of his family, especially his father from Prime Minister Brian Mulroney, on his career choices
(18:27) Challenges and learning experiences from his time in finance that prepared him for entrepreneurship
(20:10) Nic’s decision to leave finance to pursue running a business, attracted to transforming old economy industries
(21:20) The process and rationale behind using a search fund to acquire a business, eventually leading to the purchase of a bakery
(23:37) Advice from his father and Paul Demarais, encouraging him to pursue entrepreneurship
(25:33) Operational challenges faced during the pandemic and the strategic shift towards building Bond Bakery Brands
(30:08) Describes expansion of Bond Bakery Brands, highlighting the acquisition of assets and focus on commercial bakeries
(32:08) The use of technology and data to improve operational efficiency across Bond Bakery Brands
(34:36) Consumer trends affecting the bakery industry and the strategic response of Bond Bakery Brands to changing market conditions
Fast Favorites:
* 🎙- Favorite Podcast: How I Built This
* 📰- Favorite Newsletter / Blog: New York Times Dealbook
* 📲- Favorite Tech Gadget: Phone
* 📈-  Favorite New Trend: Ozempic
* 📚- Favorite Book: The Outsiders
* 🤔 - Favorite Life Lesson: It's a funny thing, the more I practice, the luckier I get.

On this week's episode, we welcome John Li, CEO and Co-Founder of VimCal. John shares the rollercoaster of starting VimCal, from the initial struggles to gaining traction through a product-led approach, particularly appealing to like identifying and appealing directly to its most influential users—executive assistants.
Plus, hear about the extreme loyalty VimCal has inspired, including one user's permanent tribute with a VimCal tattoo.
This a candid conversation about resilience, user-focused development, and the importance of customer feedback in building a product that people not only use but love.
Also, we have John Ruffolo to discuss the week’s news. Note the news rundown was recorded before the Federal Budget proposal was released, for a full breakdown of the budget go here.
About John Li:John Li co-founded Vimcal in 2018 and serves as its CEO. Vimcal is a fast calendar app that helps people manage many meetings and was in Y Combinator. It has features like time zone conversion and keyboard shortcuts. The company introduced Vimcal EA for Executive Assistants, saving time for users at companies like Kleiner Perkins and Dropbox.
Before Vimcal, John worked at Twitter as a software engineer from 2016 to 2018, after his company, Peer was bought by Twitter. He started his career with an internship at Apple.
John studied at the University of California, Berkeley, where he earned degrees in Computer Science, Business Administration, and French.
In this episode, we discuss:
(0:02:36) Public reactions to the growth of the public sector and concerns about Canada's economic policies favoring public sector employment over entrepreneurship
(0:04:17) Inefficiency in government and the significant decline in productivity among remote public sector workers
(0:07:34) The upcoming federal budget will lean heavily on tax increases and the mobility of wealthier individuals and the potential for them to leave Canada due to high taxation
(0:15:25) John Li shares his entrepreneurial background, mentioning his early career moves, including working at Twitter and an internship at Apple, which influenced his product development perspective
(0:18:21) The moment he and his co-founder decided to start their venture after realizing they enjoyed working together on technology projects outside their corporate jobs
(0:20:35) The initial concept for their AR startup, aiming to integrate native advertising into AR environments, and how this idea was ultimately too premature for the market
(0:21:51) Pivoting from their initial AR idea during YC after feedback that the market timing was off, describing the emotional challenge of shifting away from an idea that defined their entrepreneurial identity
(0:25:56) The shift to VimCal, born out of the frustrations with scheduling during their fundraising. He emphasizes the importance of building a product that the founders themselves would use
(0:33:48) The enthusiastic reception of VimCal within the YC community and how personal onboarding calls helped refine the product and convert users into paying customers.
(0:43:16) A memorable encounter with a VimCal fan who demonstrated his loyalty through a permanent tattoo of the VimCal logo, highlighting the passionate user base of the product.
(0:56:23) The future focus of VimCal on enhancing team features for both internal and external scheduling, aiming to simplify complex scheduling scenarios and expand team collaboration tools

Fast Favorites:
* 🎙- Favorite Podcast: My First Million
* 📰- Favorite Newsletter / Blog: James Clear
* 📲- Favorite Tech Gadget: Sous Vide
* 📈-  Favorite New Trend: Living At Home Into Your 20s
* 📚- Favorite Book: Animal Farm
* 🤔 - Favorite Life Lesson: Learning how to deal with emotional triggers on a daily basis
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John Ruffolo and Matt Cohen break down the federal budget proposal announced yesterday and its implications for investors, founders, and entrepreneurs.
The increase in the capital gains tax and the lack of appreciation for founders and owners of businesses are driving the narrative of taxing success and the impact this will have on young founders, corporations, and very mobile individuals who can leave the country.
The potential negative knock-on effects this will have on innovation and productivity gains and that damage to the startup ecosystem and investment landscape across Canada. The conversation explores potential next steps and the importance of being a part of the solution.
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John Ruffolo and Matt Cohen survived the eclipse and are back discussing the week’s news.
Topics discussed:
(01:08) Canada's new $2.4 billion AI initiative, positioning the country as a future AI powerhouse with a comprehensive investment plan
(07:13) Jamie Dimon's enthusiastic endorsement of AI's transformative potential in his shareholder letter, emphasizing JP Morgan's massive AI investment and ambitious plans
(12:56) Paddy Cosgrave's return to Web Summit after a brief hiatus what’s the impact on his reputation and the event's future
(14:46) Queen's University introduced a lottery system for medical school admissions to foster diversity, reflecting on the evolving role and value of higher education amidst changing student priorities
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Topics John Ruffolo and Matt Cohen discuss:
* (00:00) Cohere's significant fundraising efforts, competing in the LLM space, and the notable involvement of Canadian pension funds at a valuation of $5 billion.
* (03:29) Canada's strategy in artificial intelligence emphasizes the critical role of government in education and talent development, but is direct governmental involvement in AI businesses effective?
* (06:09) A $4.5 billion lawsuit has been filed against major social media companies by four Canadian school boards
* (11:15) Canadian public tech companies like Nuve and Lightspeed consider privatization to avoid public market scrutiny and leverage private investment strategies
* (17:00) FTX founder Sam Bankman-Fried sentenced to 25 years for fraud what will the implications be for investor compensation and the broader crypto industry
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