Mar 26, 2026 · 52 min · 12 segments
Artificial intelligence, productivity, and the next capital cycle In this episode, Laura Baker, Associate Client Portfolio Manager, spoke with Toufic Boubez, Venture Partner at Pender Ventures, where…
Yeah, so I think just like in every major technology wave, the new technology will create companies that are very disruptive, right? And then the legacy companies will either adapt really well and survive and embrace it, or they will go away.
And we're seeing like one of the biggest in my career, one of the biggest technology shifts in my career that I've seen.
And they're really trying to adapt and survive for this next generation of technology cycle.
Some other companies, legacy companies are not necessarily want to name them, but, you know, are not adapting as well.
You know, using the old moat, you know, which don't work anymore, unfortunately.
You know, so, yeah, this is going to be really, really interesting shift, a huge economic shift, just like any destruction, any major destruction in the past, whatever, 20, 40 years.
I guess also given your experience on the venture side, are you seeing similar read-throughs just for the smaller companies or startups? Is it quicker to have an idea and go to market or have less backend?
So what used to take, you know, a team of seven engineers and like funding and so on now can be done with a lot, much, much smaller team, a lot faster too.
Now, This is good and bad from a venture capital perspective because the barrier to entry has gone down so much.
A lot more people are jumping in and that's not necessarily a good thing because you get a lot of i don't know how to use a polite word but a lot of stuff that's not as good you know yeah so then there's a lot of confusion in the market and then as a venture as a as a vc you need to look at these things and evaluate them and evaluate are they valuable like how easy is it to recreate if you did it in a weekend vibe coding in a weekend Why can't 100 other people do it? What is the real value? What is the intrinsic defensible value that you can take a company and grow it in? And when the market is crowded like this, because the barrier to entry has gone down a lot, it becomes a lot harder for a VC to actually figure out what is durable and what is not durable.
Yeah, so I think just like in every major technology wave, the new technology will create companies that are very disruptive, right? And then the legacy companies will either adapt really well and survive and embrace it, or they will go away.
And we're seeing like one of the biggest in my career, one of the biggest technology shifts in my career that I've seen.
And they're really trying to adapt and survive for this next generation of technology cycle.
Some other companies, legacy companies are not necessarily want to name them, but, you know, are not adapting as well.
You know, using the old moat, you know, which don't work anymore, unfortunately.
You know, so, yeah, this is going to be really, really interesting shift, a huge economic shift, just like any destruction, any major destruction in the past, whatever, 20, 40 years.
I guess also given your experience on the venture side, are you seeing similar read-throughs just for the smaller companies or startups? Is it quicker to have an idea and go to market or have less backend?
So what used to take, you know, a team of seven engineers and like funding and so on now can be done with a lot, much, much smaller team, a lot faster too.
Now, This is good and bad from a venture capital perspective because the barrier to entry has gone down so much.
A lot more people are jumping in and that's not necessarily a good thing because you get a lot of i don't know how to use a polite word but a lot of stuff that's not as good you know yeah so then there's a lot of confusion in the market and then as a venture as a as a vc you need to look at these things and evaluate them and evaluate are they valuable like how easy is it to recreate if you did it in a weekend vibe coding in a weekend Why can't 100 other people do it? What is the real value? What is the intrinsic defensible value that you can take a company and grow it in? And when the market is crowded like this, because the barrier to entry has gone down a lot, it becomes a lot harder for a VC to actually figure out what is durable and what is not durable.
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