Recovering CEO (Wattpad), 3x entrepreneur, deep tech VC (TSF), electrical engineer, helping founders build world-class companies
Two weeks ago, I shared a short note about a fun side project I could only work on at the cottage. I can now pull back the curtain: it is my underwater livestreaming FishCam. At first glance, it sounds simple: put an underwater camera in the lake and livestream it to YouTube. Well, not quite. [ ] The post The Underwater FishCam Livestream That Brought Our Family Together appeared first on Allen s…
The annual Legends of Semiconductors dinner gathered 17 engineers, celebrating a rich lineage in the semiconductor industry. Guests included notable alumni from ATI and influential figures in AI. Discussions highlighted the convergence of hardware and software, innovation in data movement, and the ongoing development of Canada’s semiconductor ecosystem, promising a thriving future. The post…
The author reflects on their academic journey in signal processing at the University of Toronto, pondering how to extract meaningful information from weak signals. Despite moving on to become a founder and venture capitalist, a combination of curiosity and chance has led them back to this field. They highlight that a major challenge in quantum computing is not just a physics issue but a complex…
The location where founders reside does not determine the potential success of their companies. Recently, the author and Eva visited Berlin to engage with founders from Two Small Fish Ventures. They hosted a School of Fish dinner that included researchers, engineers, and founders, which highlighted Berlin's status as a leading deep tech hub. The experience reaffirmed their commitment to global…
Canada's new AI for All strategy is encouraging as it broadens the focus from research and talent to include commercialization, intellectual property retention, and supporting local champions. This shift emphasizes the importance of capturing value from AI innovations rather than solely creating them. Canada has made significant progress in AI, having pioneered the field and developed skilled…
Software is experiencing a significant surge in creation, as indicated by GitHub COO Kyle Daigle's report of 275 million commits weekly, suggesting an annual total of approximately 14.3 billion commits. This growth, marked by a potential increase of 14 times over the previous year, highlights that the software industry's expansion is not just substantial but accelerating. This phenomenon aligns…
Canada played a pivotal role in the development of modern AI, producing key researchers and training talent, yet many leading AI companies emerged in other countries. However, a new opportunity, termed Game 2, is now emerging in sectors like quantum technology, robotics, and advanced manufacturing where Canada has an abundance of skilled scientists. Unlike AI, these fields require specialized…
The Two Small Fish Founder Summit, hosted by an experienced founder turned investor, prioritizes peer-to-peer learning over celebrity speakers. Designed to foster an interactive environment, the summit allows founders to share their real-life experiences, insights, and challenges, particularly in the deep tech sector. The investment team, comprised of former engineers and operators, enhances the…
May is Asian Heritage Month in North America, which makes it a good time to talk about the bamboo ceiling. You cannot turn left and turn right at the same time. Eastern and Western value systems are optimized for different paths to outcomes. One is optimized for harmony. The other is optimized for constructive tension. [ ] The post Discomfort Avoidance appeared first on Allen s Thoughts... .
Upper Bound has become one of my favourite annual trips. This year, more than 11,000 AI geeks and aspiring geeks gathered in Edmonton. I had the chance to give a main stage masterclass called Calculating Risk, Maximizing Upside. Many people are perceived to be risk averse. Over the years, I have discovered that they are [ ] The post Downside. Edge. Upside. appeared first on Allen s Thoughts... .
In recent years, the author has engaged deeply with researchers and innovators, reflecting on the challenge of transforming breakthroughs into successful companies. Marking the fifth anniversary of Wattpad's acquisition, the author expresses gratitude for past experiences while seeking new challenges, specifically in aiding deep tech founders and scientists. Drawing from lessons learned through…
Allen's Thoughts, a blog nearing its tenth anniversary, reflects on the author's transition from Making Things Out of Nothing to a self-hosted WordPress site for greater control. While this arrangement provides autonomy, it demands significant time and effort to maintain, which has detracted from the author's goal of sharing insights. Consequently, the author is shifting to Substack…
In the post "Stop Supplying. Start Owning.", the author elaborates on a banana analogy to convey lessons about ownership and value creation applicable to various aspects of life and business. Drawing from personal experiences, the author outlines five key lessons: prioritizing cash over jobs, recognizing the quality of jobs, understanding the long-term benefits of ownership versus temporary gains,…
Canada, despite being home to leading AI talent and institutions, faces a paradox: nearly 80% of its engineering graduates leave the country post-graduation, taking potential startups and economic benefits with them. The root issue lies not in talent or policy, but in a pervasive supplier mindset that prioritizes job acquisition over ownership and entrepreneurship. This mindset leads to…
We are super excited to share our investment in Tiptree Systems! Founded in Montreal by two Mila AI researchers, Dr. Martin Weiss and Nasim Rahaman, Tiptree is building an AI-native researcher and knowledge network: infrastructure for how AI researchers share, exchange, and advance knowledge. There is an irony here. AI has advanced remarkably quickly, yet [ ] The post Announcing Our Investment in…
Today marks Apple's 50th anniversary, prompting a nostalgic reflection on the author's first computer, the Apple II. With its basic specifications, including a green monochrome monitor and 16KB of memory, the device was a stark contrast to modern technology. Yet, it unlocked the author’s creativity through programming in BASIC and assembly language, leading to the development of games and…
Venture capitalists often claim they support high-quality companies, but the term requires clarification. High quality, in this context, refers to a company's potential to dominate a significant category, possess real competitive advantages, and achieve substantial growth. Understanding what makes a company unique is crucial, going beyond surface-level attributes or current performance metrics. It…
Two Small Fish has led a US$3.9 million financing round for YScope, a startup co-founded by University of Toronto professors Ding Yuan and Michael Stumm, among others. YScope focuses on building open-source logging infrastructure for the AI era, utilizing its core technology, the Compressed Log Processor (CLP), to enhance log storage, search, and analytics. This progress is crucial as AI systems…
Today is Pi Day, prompting a reflection on the enduring relevance of the mathematical constant π. Many people abandon π after school, but the author has maintained a connection, highlighting its significance in various fields. The piece discusses how π continues to influence modern computing across five areas: Physical AI, Advanced Computing Hardware, Smart Energy, AI Infrastructure, and Vertical…
OpenClaw is an AI agent that automates computer tasks but faces challenges such as difficult installation, security risks, and potential costs that hinder its adoption. Many users struggle with the installation process, and improper use can expose their systems to vulnerabilities. Additionally, hidden expenses can accumulate quickly, impacting its practicality. However, Gensee's Crate offers a…
Two Small Fish Ventures celebrates International Women’s Day by highlighting its commitment to supporting women in deep tech. The company invests in groundbreaking computing innovations, collaborating closely with female researchers, scientists, and engineers who drive real change. With a balanced team and investment group—half of whom are women—different perspectives enhance discussions and…
AI faces significant efficiency issues due to high computational costs, energy consumption, and slow response times. To address these challenges, ByteShape, co-founded by experts from the University of Toronto, focuses on improving AI deployment economics. Their technology utilizes quantization to reduce the bit representation of model parameters, enabling faster training and inference by up to 7x…
The landscape of software development is undergoing a profound transformation. While traditional software writing skills may be becoming obsolete due to AI advancements, this democratization heralds an era of unprecedented software abundance. As costs decrease, demand for software is expected to explode, similar to past technological shifts. The old investment models for shallow tech are…
The semiconductor industry has historically relied on Moore's Law, observing that the number of transistors on a chip doubles approximately every two years. However, physical and economic limitations are making further miniaturization increasingly challenging. Consequently, Two Small Fish invested in Zinite, a company utilizing patented technology to create true 3D chips, enhancing performance…
On Saturday, I spoke at the Canadian Engineering Asia Pacific Conference in Hong Kong, which featured eight Canadian engineering deans, marking a historic gathering. The shared theme of the conference was trust, reflecting the ethical commitment of Canadian engineers. Celebrating the 100th anniversary of the Calling of an Engineer tradition, the event emphasized high standards of integrity in the…
Edge AI has been a key pillar of our Advanced Computing Hardware investments and a core part of our thesis for a long time. It is the same arc I wrote about in The Next Data Centre: Your Phone a while ago. We need new architectures to meet the speed, security, and energy demands of the next frontier of computing and [ ] The post Portfolio Highlight: ABR’s Funding Round appeared first on Allen s…
The machinery on the assembly line is world-class. On paper, it can produce an enormous volume of goods per hour. And it does. Yet, the business still misses its targets. Why? Because outcomes are rarely limited by the assembly line itself. The supply of raw materials to the machinery and the delivery of finished products [ ] The post The Factory Analogy: Explaining the Next Frontier of…
I spent a full day at Ontario Tech University in Oshawa a few weeks ago. It was my first time on campus, despite it being just over a 40-minute drive from Toronto, where I live. I arrived curious and left with a clearer picture of what they’re building. Ontario Tech is still a relatively young [ ] The post A Day at Ontario Tech University appeared first on Allen s Thoughts... .
I wrote my master’s thesis on Code Division Multiple Access, or CDMA, a wireless communication technology that originated from military needs in World War II. CDMA uses a technique called direct sequence spread spectrum, which spreads a signal across a wide bandwidth so that it appears as random noise. This made it far better at [ ] The post Dual Use Is the Next Frontier of Deep Tech appeared…
In October, at our Two Small Fish Ventures AGM, I had the chance to sit down with Benjamin Bergen for a fireside chat. At the time, he was still leading the Council of Canadian Innovators. None of us knew he would soon become the new CEO of the CVCA. Looking back, the timing could not [ ] The post Geopolitics Now Matters to Every CEO appeared first on Allen s Thoughts... .
At the beginning of this year, I wrote an op-ed for The Globe about what many were already calling the AI bubble. Nearly a year later, almost all of what I said remains true. The piece was always meant to be a largely evergreen, long term view rather than a knee jerk reaction. The only difference today [ ] The post The AI Bubble That Is Not When Everyone Is All In appeared first on Allen s…
I had the opportunity to join a panel at the Impact 2025 Summit in Calgary, moderated by Raissa Espiritu, with Janet Bannister and Paul Godman. Ironically, none of us are labelled as impact investors, and I explained on stage why Two Small Fish Ventures does what we do. At Two Small Fish Ventures, we’ve never [ ] The post Reflections from the Impact 2025 Summit appeared first on Allen s…
On Friday, October 17, 2025, Chancellor Kathleen Taylor at York University conferred on Eva Lau the degree of Doctor of Laws, honoris causa. I purposely avoided hearing her practice so I could experience it on stage for the first time, just like everyone else in the audience. It turned out to be the right call. [ ] The post Embrace Risks, Execute with an Edge and Seek the Asymmetrical Upside…
The Laus are donating $2 million to the University of Toronto to establish the Eva and Allen Lau Commercialization Catalyst Prize for Computing Engineering Innovation, which U of T will match to amplify its effect. This initiative aims to support researchers in transforming their inventions into viable companies by providing essential resources like mentorship and funding. Annually, one team from…
The author reflects on their journey from studying electrical engineering to developing an interest in quantum physics, which has become relevant to their work in telecommunications. They emphasize that quantum technology has shifted from a mere scientific inquiry to a pressing engineering challenge, prompting increased investment potential. At Two Small Fish Ventures, they focus on investing in…
Last year we invested in Axiomatic AI. Their mission is to bring verifiable and trustworthy AI into science and engineering, enabling innovation in areas where rigour and reliability are essential. At the core of this is Mission 10 30: achieving a tenfold improvement in scientific and engineering productivity by 2030. The company was founded by top [ ] The post Portfolio Highlight: Axiomatic…
In 1865, William Stanley Jevons introduced the concept of Jevons Paradox, illustrating that increased efficiency in technology often leads to higher resource consumption rather than reduced use. This phenomenon has manifested across various sectors, from coal and electricity to computing and internet connectivity. As costs decline, demand surges, driving significant societal changes. For instance,…
One of the most powerful frameworks I’ve come across is the Rule of 3 and 10, coined by Hiroshi Mikitani-san, founder and CEO of Rakuten. The idea is simple: every time a company triples in size, everything breaks. As Rakuten grew from a handful of people into a global business, Mikitani-san noticed a clear pattern. [ ] The post Masterclass Series: The Rule of 3 and 10 — Lessons I Wish I Learned…
For nearly 70 years, the home electrical panel has looked the same. Meanwhile, the home itself is transforming: solar on the roof, batteries in the garage, heat pumps, EVs in the driveway, and smart appliances and devices everywhere. And yet, the panel? Still the same. It is the last dumb box left, and FUTURi is [ ] The post Announcing Our Investment in FUTURi Power: The Last Dumb Box in Our Home…
The cost of intelligence is dropping at an unprecedented rate. Just as the drop in the cost of computing unlocked the PC era and the drop in the cost of connectivity enabled the internet era, falling costs today are driving explosive demand for AI adoption. That demand creates opportunity on the supply side too, in [ ] The post Five Areas Shaping the Next Frontier appeared first on Allen s…
A few years back, Eva met Dr. Scott Stornetta. Later, I did too. Alongside Dr. Stuart Haber, Scott is widely credited as the creator of blockchain. Blockchain is a technology built on a simple but radical idea at the time: decentralization. No single authority, no central point of control, just a trusted system everyone can [ ] The post Backing the Scientists Who Helped Invent Blockchain with…
At most dinners, introductions start with your name and maybe what you do. At this one, we began with:“Second edition.”“Fourth edition.” Why? Because this was our School of Fish Legends of Semiconductors dinner, hosted at our home, where your relationship with the Sedra Smith textbook was the common thread.(I’m second edition, if you’re [ ] The post Legends of Semiconductors: The Only Dinner Where…
In a triathlon, champions from swimming, cycling, and marathon faced defeat as they lacked overall proficiency in all three disciplines. The winner excelled not just as a swimmer but also had strong biking and running abilities, underscoring the importance of being competitive across all areas. Similarly, first-time deep tech founders often mistakenly believe that superior technology alone…
Computing. Then Connectivity. Then Intelligence. For half a century, each major tech shift has followed the same pattern: 👉 A collapse in cost leads to mass adoption. • Late 1970s–1990s: Cheap CPUs → spreadsheets, GUIs • Mid-1990s–2010s: Cheap bandwidth → browsers, smartphones • Mid-2010s–now: Collapsing AI costs → ChatGPT, copilots, agents Each wave begins with an “obvious” application. Roughly…
In the early 2000s, the notion that "next year is the year of the smartphones" became a running joke until the iPhone made it a reality. Similarly, the quantum computing field has continuously faced the same claim over the past decade, yet significant advancements are being made. Although currently limited to small-scale applications with fewer than 100 usable qubits and numerous technical…
Humans have successfully explored land, sea, and space, but the ocean remains underdeveloped in terms of transportation. Marine electrification has lagged due to the high drag that water imposes, complicating the conversion from gas to electric power. However, ENVGO's hydrofoiling NV1 addresses these challenges, heralding a significant shift in marine transport technology. Led by entrepreneur Mike…
When entrepreneurs exit their companies, it is supposed to be a victory lap. But in reality, many find themselves in an unexpected emotional vacuum. More often than you might think, I hear variations of the same quiet confession: “It should have been the best time of my life. But I felt lost after the exit. [ ] The post Wattpad Was My Regular Season. TSF Is My Playoff Hockey appeared first on…
Two Small Fish Ventures celebrates its tenth anniversary, reflecting on a decade of supporting innovative founders. In reaching their 60th first investment, the firm emphasizes quality over quantity, with an annual average of six new investments aligned with their power-law strategy focused on identifying companies with significant growth potential. They express gratitude to the founders they've…
I recently spent a few weeks in Asia, visiting Tokyo, Hong Kong, Singapore, and Taiwan before returning to Toronto. Eva joined me for the first part of the journey, while I spent time in Singapore on my own, a city I’ve visited numerous times before. In Taiwan, I was accompanied by Albert, who was born [ ] The post A Thought for Asian Heritage Month appeared first on Allen s Thoughts... .
We invest in the next frontier of computing and its applications, reshaping large-scale behaviour, driven by the collapsing cost of intelligence and defensible through tech and data moats. The post TSF Thesis 3.0: The Next Frontier of Computing and Its Applications Reshaping Large-Scale Behaviour appeared first on Allen s Thoughts... .