The president of Shopify Inc. is calling for a cultural shift in Canada’s tech industry, warning that a lack of ambition is hindering the country’s potential.
Harley Finkelstein says Canadian companies have developed a reputation for being acquired by larger U.S. competitors rather than striving for global dominance, adding this mindset is holding back growth in the sector and wants more companies headquartered in Canada instead of treating the country like a ‘branch plant.’
“Shopify has become something of the heir apparent to the notable Canadian tech success story, a crown once worn by Nortel and BlackBerry,” says technology analyst Carmi Levy. “Harley Finkelstein has a point, as Canada has often been perceived as a secondary market to the U.S., where small, innovative companies eventually get bought up by larger, better capitalized American companies,”
Levy adds that even Shopify is vulnerable to competition from U.S. giants like Amazon.
“Finkelstein was clearly going for the headline, he’s known for speaking his mind, but if we’re going to truly compete globally, we’ll need to change our mindset,” says Levy. “Ottawa’s role as a significant corridor of Canadian tech excellence means we should be listening more to the leaders currently driving that change, and challenging them to not only highlight the need to think and act different, but also share their plans for turning talk into action.”
Finkelstein made his comments at the Elevate technology conference in Toronto, where he appeared alongside astronaut Chris Hadfield.
Shopify, founded in 2006, is an Ottawa-based, multinational e-commerce company which provides sales platforms and services like payments, marketing, shipping, and customer engagement tools.
As of 2023, Shopify hosts 4.6 million stores in 175 countries, with annual revenue of $7.1 billion, making it the third largest publicly traded company in Canada.