TORONTO – John Ruffolo says the trade war has awoken Canada to the need to protect its digital sovereignty and he’s feeling hopeful the country will finally do something about it.
The founder of Maverix Private Equity and OMERS Ventures says over the last few years, he was losing hope that Canada would take sovereignty seriously but lately, he’s feeling optimistic.
Since U.S. President Donald Trump started attacking Canada, he’s seen political and business leaders become more attuned to the problems a tech ecosystem reliant on the U.S. or other countries can create.
If Canada wants to protect itself, Ruffolo says it needs to find ways to keep capital in the country. That could mean pension funds and banks investing in homegrown businesses and governments and companies buying from other domestic firms.
If the country doesn’t find ways to support itself, he said it risks being a branch plant economy to the U.S. or elsewhere.
Ruffolo’s remarks came at the Elevate tech conference in Toronto, where patriotism and artificial intelligence are hot topics this year.
This report by The Canadian Press was first published Oct. 8, 2025.
