Tech execs say building up tech ecosystem means resisting allure of U.S., acquisition

By: Tara Deschamps, The Canadian Press Posted:

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TORONTO - A trio of the biggest names in tech say they resisted the allure of the U.S. and businesses that saw them as a takeover target — and hope the next generation of Canadian entrepreneurs will do the same. 

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Hey there, time traveller!
This article was published 24/06/2025 (462 days ago), so information in it may no longer be current.

TORONTO – A trio of the biggest names in tech say they resisted the allure of the U.S. and businesses that saw them as a takeover target — and hope the next generation of Canadian entrepreneurs will do the same. 

Shopify Inc. president Harley Finkelstein, Cohere co-founder Aidan Gomez and Wealthsimple CEO Michael Katchen feel the future of the country’s tech ecosystem is dependent on entrepreneurs building in Canada.

In charting their rise, they faced plenty of temptation to flee the country or give in to businesses that wanted to buy their firms.

Aidan Gomez, co-founder of Cohere, attends the Collision Conference in Toronto on Tuesday, June 18, 2024.THE CANADIAN PRESS/Chris Young
Aidan Gomez, co-founder of Cohere, attends the Collision Conference in Toronto on Tuesday, June 18, 2024.THE CANADIAN PRESS/Chris Young

Years ago, Gomez says Cohere was facing a nine-figure acquisition offer it ultimately turned down. He now feels any exit from the Canadian market would be a failure and coaches entrepreneurs who write to him not to incorporate in the U.S.

Finkelstein says Shopify felt similar pressure, when it was raising a Series A and some investors made their funding conditional on a move south of the border. He says Shopify refused and eventually found an investor group that didn’t care where the company was based.

Their remarks came at the inaugural Toronto Tech Week, which will span more than 300 events uniting the country’s entrepreneurs this week.

This report by The Canadian Press was first published June 24, 2025. 

Companies in this story: (TSX:SHOP)

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TORONTO - A trio of the biggest names in tech say they resisted the allure of the U.S. and businesses that saw them as a takeover target — and hope the next generation of Canadian entrepreneurs will do the same. 

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