01:36:52 · Eliot Pence, Jordi Hays
[01:36:52] S11: Of Of course, the government's not gonna want to have a monopoly. That's not the point. Like, the point is have the best capability. Yeah. But it is likely that some of those companies will build the best capability. And if they build the best capability, they should have a monopoly. [01:37:05] S0: Okay. Yeah. How are you how are you thinking about you you guys feel uniquely, you know, situated to be able to dominate in with like Arctic capabilities. How big is the opportunity outside of Canada in your view? [01:37:21] S11: Yeah. So what we wanna build is a global company. Mhmm. We want it to be a Canadian company headquartered in Canada, majority owned, majority controlled, which it is. Mhmm. We think it's a huge opportunity. What we're really building is not just Arctic. Right? The reason we're starting Arctic is it's the harshest operating environment in the world. But the other reason is because you have to architect solutions very differently. There's no comms. The hardware situation is insane because power doesn't work. The ground, what they call breeze because of the tundra, so it, like, cracks and breaks, so runways don't work. If you're building drones, you've gotta go 5,000 kilometers. So, like, it's basically like building for the moon. If you build for the moon, you will build massive moats because it's the hardest thing to do. Mhmm.
01:37:21 · Eliot Pence, John Coogan
[01:37:21] S11: Yeah. So what we wanna build is a global company. Mhmm. We want it to be a Canadian company headquartered in Canada, majority owned, majority controlled, which it is. Mhmm. We think it's a huge opportunity. What we're really building is not just Arctic. Right? The reason we're starting Arctic is it's the harshest operating environment in the world. But the other reason is because you have to architect solutions very differently. There's no comms. The hardware situation is insane because power doesn't work. The ground, what they call breeze because of the tundra, so it, like, cracks and breaks, so runways don't work. If you're building drones, you've gotta go 5,000 kilometers. So, like, it's basically like building for the moon. If you build for the moon, you will build massive moats because it's the hardest thing to do. Mhmm. [01:38:08] S1: In terms of Canadian ownership, what does that look like when you go out to fundraise? I see Valor Equity Partners, Atrides, Bessemer, amazing funds. I think of them as American funds. Is do do you draw the line around g seven investors, or is there is there a broader scope that you can think about? Or or do you think about cap table construction one way or another? [01:38:30] S11: A 100% we can talk about and think about cap table construction. We've been super intentional about who we bring in. So we wanted to have pension funds in. [01:38:38] S1: Sure. [01:38:38] S11: Canada has 2 and a half trillion under management by the Maple eight, so we brought two of those pension funds in. Exactly. BCI and OMERS. Just for
01:38:38 · Eliot Pence, John Coogan, Jordi Hays
[01:38:38] S11: Canada has 2 and a half trillion under management by the Maple eight, so we brought two of those pension funds in. Exactly. BCI and OMERS. Just for [01:38:50] S1: the for the pensioners. It's good luck for the Canadian pensioners. It's fantastic. [01:38:58] S11: But, you know, those those funds like valor entries, investment, they're all global funds. Right? They have mandates to do global investing, and we wanted the best of the best. So we went out and got the best of the best. [01:39:09] S0: Very cool. What what have been the biggest breakthroughs since you were on the show last? I think it January of this year? [01:39:17] S11: Five months. Well, we did a 5,500 kilometer snowmobile operation across the Northwest Passage with Orinat, which is our our kid, our back end. So [01:39:28] S1: the drone ball? [01:39:30] S11: Yeah. Yes. Exactly. Across the Northwest Passage. [01:39:34] S0: Wait. Is that a snowmobile a drone snowmobile or you guys are like No. [01:39:39] S11: Literally snowmobiles. Dudes on snowmobiles for three months across that, testing out the communications back end. [01:39:47] S1: That's very cool. I [01:39:48] S11: love No Gong for that. [01:39:50] S1: No. We'll hit it again. [01:39:51] S0: We'll hit it again. [01:39:55] S1: My god. [01:39:55] S0: Tremendous tremendous Great to have you back on. Thank you, You're you're you're coming on at a good clip. So I I Yeah. Confident that we'll see you again this year. [01:40:06] S1: You know the name of the you know the name of the communications platform? Aura?
01:40:06 · John Coogan, Eliot Pence, Jordi Hays, Luca Ferrari
[01:40:06] S1: You know the name of the you know the name of the communications platform? Aura? [01:40:10] S11: It's called AuraNeb. Exactly. Wow. [01:40:13] S1: Powerful. Aura farming. It's good. I love it. Very on trend. Thank you so much for coming on the show. [01:40:18] S11: And happy Canada Day, guys. [01:40:20] S0: Happy Wait. It's Canada Day? [01:40:21] S1: It's Canada Day. We gotta hit that gong again. [01:40:24] S0: Wow. Four. [01:40:27] S1: Everyone who's listening, please text Jeremy Defon. Happy Canada Day. I'll give you his phone number right here. It's 29. [01:40:36] S0: Who? Oh, wow. Canada into the round of 16. We're hoping to follow you we're hoping to follow you guys in there. [01:40:43] S11: There's that. [01:40:45] S1: And thank you so much. [01:40:46] S11: Well, thanks, guys. [01:40:46] S0: So Yeah. Great to see you, Cheers. [01:40:48] S1: Have a good one. Let me tell you about Shopify. Shopify founded in Canada, Canadian company. Shopify is a commerce platform that grows with your business and lets you sell in seconds online, in store, on mobile, on social, on marketplaces, and now with AI agents. Good news. We're gonna do Canada Day. Canada Day Deep Dive, I'm glad we got one Canadian in the show. But up next, we have an Italian, Luca Ferrari, from Bending Spoons, the cofounder and CEO. Luca, how are you doing? Welcome to the show. [01:41:15] S4: Hey, guys. Nice to see you. Thank you for having me. [01:41:17] S1: Thank you for coming back on such a Great [01:41:19] S0: day. To have you back.
01:41:19 · Jordi Hays, John Coogan, Luca Ferrari
[01:41:19] S0: day. To have you back. [01:41:20] S1: How's it going? Where are you at mentally? Are you relieved? Are you excited? What's it [01:41:24] S0: like? Just another day, John. [01:41:26] S4: Just another day? I'm I'm exhausted. Exhausting. You know, I'm an extreme introvert and there's nothing worse for an extreme introvert to do a road show [01:41:36] S0: and media day. Yeah. [01:41:38] S1: Well, we appreciate it. [01:41:39] S0: Well, we can just hang out. We'll keep this we'll keep this casual. We'll pretend it's just the three of us [01:41:44] S1: catching Yeah. Yeah. [01:41:46] S0: Yeah. What how how is your approach overall? We had when when Klarna did their IPO, it was literally they had a handful of people on the team. I think it was like sub 10 people. [01:41:57] S1: Yeah. [01:41:58] S0: They dropped into the stock exchange. They they did the IPO and they Yeah. And they just they left like, you know, the next day. Yeah. What's been your what's been your approach [01:42:06] S1: because it's a company building moment. It's a celebration, but also it can be exhausting to fly a whole bunch of people around the world if you wanna do that. [01:42:14] S4: I think we've we've done probably the opposite. We Nasdaq told us that we broke a record by bringing over 500 people. Wow. Pretty much everybody who could fly on a cruise mounted. [01:42:24] S1: That's awesome.
01:42:24 · John Coogan, Luca Ferrari
[01:42:24] S1: That's awesome. [01:42:26] S4: No. It's been wild. I mean, look, we are a very competitive group and we're already if possibly, more motivated than we were before. But at the same time, it's it's good to pause for a second and and acknowledge the this milestone. [01:42:40] S1: It's not Yeah. [01:42:40] S4: Easy. So, you know, happy for it, but also just hungry to show that this is just the beginning. [01:42:45] S1: Yeah. What was the one liner that resonated on the road show most with bankers and investors who were trying to get their head around the company? [01:42:53] S4: I mean, the financials. [01:42:54] S1: Okay. Start there. That helps.