Canada has no shortage of talent or innovation, but must turn that strength into sustained competitiveness if it is to succeed in a changing global tech economy. That was the message from tech leader John Ruffolo, founder and managing partner of Maverix Private Equity, during a recent fireside chat with Ivey Dean Julian Birkinshaw.
The event, called Capital to Catalyst – John Ruffolo’s Playbook for Scaling Canadian Tech, brought together students across Ivey programs for a discussion on the forces shaping Canada’s innovation landscape – from geopolitical shifts to digital sovereignty – and the conditions needed for Canadian companies to grow and scale at home.
Rethinking how Canada funds innovation
Ruffolo discussed what he sees as one of Canada’s most persistent obstacles: ambitious founders and strong technology, but limited domestic growth capital.
“Our technology here is not the problem. The question is whether we create the conditions so that these companies can grow here,” he said. “Canada has a lack of natural capital formation… and if we don’t maintain the capital that we have here, and we’re allowing the capital to leak out, we're going to have a really big problem.”
He has been advising policymakers on potential solutions, including a Canadian sovereign wealth fund designed to provide stable, long-term capital for strategic industries.
Ruffolo encouraged the students to consider these issues within a wider global shift, noting how rising tensions between the U.S. and China, and a broader trend toward deglobalization, are influencing supply chains, data governance, and economic security. He stressed that this makes it even more important for Canada to build and retain domestic capacity.
Why market access matters
Beyond capital, Ruffolo pointed to the challenge Canadian tech companies face when trying to secure early customers in their home market.
“The single biggest thing is the access to customers and markets,” he said. “Why is it that the first customer is never a Canadian government, and it’s always a U.S. or another one? These are the sorts of things that need to change.”
He added that Canada’s regulatory and digital frameworks were built for an earlier era and have not kept pace with modern technology sectors.
Ruffolo pointed to the U.S. Cloud Act as one example of why Canada needs to take a closer look at where and how its data is stored, particularly as digital infrastructure becomes more closely tied to national competitiveness.
Homegrown potential
Despite the barriers, Ruffolo said Canada is home to impressive and often under-recognized technology companies. He pointed to Toronto-based Kepler Communications, which is preparing to launch what he described as the most powerful, fastest LEO satellite system in the world, built on optical networking rather than radio frequency.
“That’s Canadian technology. And you’re going to hear about this,” he said.
He also mentioned Waterloo’s Miovision, a leader in AI-enabled traffic infrastructure, as an example of advanced Canadian technologies that deserve more attention. Canada’s early leadership in AI research is another example of homegrown work that helped shape a global field, even if much of the commercial success has often landed elsewhere.
Ruffolo’s experience leading OMERS Ventures, where he backed companies such as Shopify during their growth years, reinforced his view that Canada consistently produces world-class technology, even if the ecosystem around it sometimes lags behind.
“What we have in Canada is extraordinary. The challenge is getting others to see it, including ourselves,” he said.
Advice for students
When asked what students should prioritize, Ruffolo offered a clear sense of optimism about the opportunities ahead. Generative AI and other emerging technologies are reshaping traditional career paths, he said, but are also making it easier to build and scale new ventures.
“This is probably the most exciting and most terrifying time at the same time. The rate of change is unprecedented,” he said. “Maintain your optionality and your flexibility… your ability to adapt.”
He added that Ivey’s case method, with its focus on judgment, helps prepare students for a career landscape where conditions change quickly.
“They’re trying to teach you how to think. There is no right answer,” he said.
Why purpose matters
When asked what sets successful founders apart, Ruffolo stressed the importance of purpose-driven resilience.
“When somebody says, ‘I identified this market, it’s going to be huge, I’m going to make a lot of money,’ that’s a big X,” he said.
He connected that theme to his own experience. In 2020, Ruffolo survived a serious accident that left him with a spinal cord injury and a long hospital stay. Yet he founded Maverix only slightly delayed, driven by the belief that Canada’s tech ecosystem still needed attention.
“There was one commonality – this topic of resiliency,” he said.
Canada’s path forward
Ruffolo closed with a call to action for the students, pointing out that real progress will come from those prepared to navigate uncertainty and take on the work of building Canada’s next chapter.
“The opportunities ahead are real … but making the most of them will take judgment, adaptability, and the willingness to step into the roles Canada needs next,” he said.
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