Tank Talks By Ripple Ventures Canada’s $35 Billion Arctic Push, the New Cost of War, and Building Sovereign Capability with Glenn Cowan of ONE9
In this episode of Tank Talks, host Matt Cohen sits down with Glenn Cowan, a former Canadian Special Forces squadron commander, world-record skydiver, and founder of ONE9 Investments, one of Canada’s most focused venture firms in defence, national security, and dual-use tech. He has experienced both sides of the mission, from the field to the boardroom, and brings a perspective you do not hear often when it comes to building serious, sovereign technology in 2026.
Glenn opens up about his unexpected shift from military operations into venture capital and what he is seeing firsthand as Canada’s defence landscape rapidly evolves. He breaks down major moves like the federal government’s $35 billion Arctic defence infrastructure push and BDC’s expanded $6 billion defence platform, translating what those headlines actually mean for founders, investors, and the country’s long-term capability.
The conversation also digs into bigger questions, including how Canada balances sovereignty with working alongside allies, why the Arctic is becoming strategically critical, and how venture capital is stepping in as a real force in national security.
If you are building in defence tech, investing in dual-use innovation, or simply trying to make sense of where Canada is heading globally, this episode offers a grounded, no-nonsense look at what is happening and what it takes to be part of it.
Glenn’s Unconventional Path to Venture Capital (01:48)
* From infantry officer to JTF2 squadron commander
* How 20 years in special operations shaped his investment philosophy
* The “wrong end of the trade” moment that led to founding ONE9
The Shift in Canada’s Defence Landscape (05:37)
* Why Canada is moving from the “kids’ table” to a relevant middle power
* The $35 billion Arctic defence infrastructure announcement
* How venture capital is becoming a tool of national security
Public-Private Partnerships in Defence (08:37)
* Why government end users are no longer the sole owners of critical capability
* The democratization of space, surveillance, and intelligence
* How founders and VCs can partner with end users to build faster
The Future of Conflict: Cost Asymmetry and Contested Domains (21:52)
* How $500,000 in drones can destroy $7 billion in strategic bombers
* The rise of lasers, kinetic interceptors, and counter-drone technology
* Space as a warfighting domain and what happens when Starlink goes down
Sovereignty vs. Interoperability (26:55)
* What it means for a defence company to be truly Canadian
* IP residency, data governance, and Canadian capital stacks
* Why Canada needs its own defence primes, not just multinational subsidiaries
The Arctic as a Front Line (31:05)
* Why the Northwest Passage and critical minerals are strategic flashpoints
* Russian and Chinese activity in Canada’s North
* Building the first Inuit-led defence company and the importance of local partnership
ONE9’s Evolution and the Kensington Partnership (40:57)
* Why ONE9 joined forces with Kensington Capital and AGF
* Scaling a defence-focused investment platform with institutional backing
* What’s next for Canada’s most specialized defence tech fund
About Glenn Cowan
Glenn Cowan is a former Canadian Special Forces squadron commander, world-record skydiver, and founder of ONE9 Investments, a venture firm focused on defence, national security, and dual-use technology. A 20-year veteran of the Canadian Armed Forces, Glenn spent over a decade conducting strategic missions on behalf of the Government of Canada. He now applies his operational expertise to early-stage investing, backing founders building critical capabilities in autonomy, space, intelligence, and Arctic security. Glenn is also a co-founder of the first Inuit-led defence company and holds multiple world records for skydiving on all seven continents.
Connect with Glenn Cowan on LinkedIn: https://www.linkedin.com/in/glenn-cowan-3387b656/
Learn more about ONE9 Investments: https://www.one9.ca/
Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1
Visit the Ripple Ventures website: https://www.rippleventures.com/
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