Everyone Has the Same AI Tools Now. So where’s the Moat?

In this episode of Tank Talks, host Matt Cohen sits down with Jacob Jackson, partner at Julian Capital and founder of Deep Checks. A physicist turned SaaS founder turned deep tech investor, Jacob brings a unique perspective on the shifting landscape of venture capital. He shares his personal journey from developing MRI techniques at UBC to founding MedStack, and why he made the full-circle pivot back to backing companies building real, hard technology.

Jacob offers a frank assessment of the defensibility crisis in software, explains why AI is democratizing superpowers across every industry, and makes the case that deep tech offers faster exits and higher unicorn density than its reputation suggests. He also breaks down how Julian Capital supports founders with growth and go-to-market muscle, and why the team behind the idea matters more than ever in today’s market.

Whether you’re a founder building hardware, an investor looking for the next generation of venture returns, or just trying to understand where technology is headed, Jacob Jackson delivers the kind of straight talk that cuts through the hype.

Why Software’s Moat Is Gone (04:00)

* Jacob’s firsthand experience building MedStack, where Amazon, Google, and Azure built competing products almost overnight

* Why the defensibility crisis in SaaS is making it harder than ever for new companies to get off the ground

* The shift from competing on product to competing on capital and go-to-market

Redefining Deep Tech: What Everyone Gets Wrong (06:44)

* The biggest misconception: that deep tech requires 20-year fund cycles

* How SpaceX-style private market liquidity proves milestone-based exits work

* Why the hottest sector of the year is never where the biggest company gets seeded

How AI Accelerates Hardware Development (08:23)

* AI as a democratizing force that makes everything faster and more competitive

* From CAD design to patent strategy: how AI is becoming a founder’s essential tool

* The commoditization of vertical robotics and what it means for defensibility

Building Moat in Deep Tech: Talent, Networks, and Network Effects (10:30)

* Why network effects and talent density matter more than patents alone

* How to pull the “ladder up” behind you as you scale

* Incumbents vs. upstarts: why everyone has access to the same tools now

The Rise of Deep Checks (18:01)

* How Deep Checks became the world’s largest network of deep tech founders and VCs

* The platform that helps founders run a tight, accelerated fundraising process

* Over $100 million deployed and 5,000+ founders submitted in just two years

What Jacob Looks for in Founders (24:50)

* The 50/50 split between team and idea

* Why obsession and speed matter more than business experience

* How to spot the founders who will learn to sell, recruit, and negotiate

Frontier Tech vs. Deep Tech (29:20)

* Why Julian Capital backs “picks and shovels” companies in spaces like fusion and quantum

* The importance of market pull and meaningful near-term milestones

* Why a 20-year fund cycle makes financial math nearly impossible

The Data That Surprised Everyone (32:58)

* Deep tech exits are 25% faster with more unicorns per dollar invested

* Why historical data shows deep tech outperforming software

* The role of capital flooding and dilution in venture returns

About Jacob Jackson

Jacob Jackson is a partner at Julian Capital and the founder of Deep Checks, the world’s largest network of deep tech founders and VCs. A physicist by training, Jacob pivoted from academic research to founding MedStack, a privacy and security SaaS platform, before returning to his engineering roots as an investor. He now backs founders building hardware and tackling the world’s hardest problems. Jacob is known for his data-driven approach, obsession with team quality, and candid takes on the future of venture capital.

Connect with Jacob Jackson on LinkedIn: https://www.linkedin.com/in/jonlovekingsett?originalSubdomain=ca

Visit Julian Capital’s website: https://www.julian.capital/

Submit to Deep Checks: https://www.deepchecks.vc/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Why Software Lost Its Moat and Deep Tech Is Winning with Jacob Jackson of Julian Capital

Tank Talks By Ripple Ventures

Why Software Lost Its Moat and Deep Tech Is Winning with Jacob Jackson of Julian Capital