Six months ago, I set out on a journey that would take me deep into the heart of a political movement, a leadership contest, and a vision for Canada’s future. Along the way, I have found myself in rooms with some of the most accomplished, thoughtful, and proudly patriotic Canadians I know. One such moment came on a crisp November morning when I traveled to Guelph with my friend, Frank Baylis, for breakfast with Jim Balsillie at his stunning residence.
Jim and his wife have created something extraordinary—an estate that blends nature, art, and design in a way that reflects their appreciation for beauty, innovation, and symbolism. As Frank and I arrived, we were greeted by the sprawling nature, including a river winding through the property, and walls adorned with carefully curated art. It was the perfect setting for a discussion that would be as intellectually rich as the surroundings were visually stunning.
Frank and Jim share a unique chemistry—one forged through the shared experience of building businesses from the ground up, creating thousands of jobs, navigating global markets, and innovating at the cutting edge of technology. There is a mutual respect between them, an unspoken bond that exists among those who have done what few others can—scaling companies to multinational proportions while enduring the pressures, setbacks, and triumphs that come with it. Frank’s office features an entire wall dedicated to his countless patent plaques, each a testament to his deep understanding of intellectual property and its role in building businesses. As Frank sipped his tea and I enjoyed a fantastic spread, our conversation turned to an urgent issue: Canada’s place in the world economy.
Canada’s Economic Vulnerabilities and the Trump Wake-Up Call
One of the stark realities Jim pointed out is that the world is changing in ways Canada has been too slow to grasp. The election of President Trump years ago should have been a wake-up call for Canada. It demonstrated that trade agreements and international norms are fragile, and that when international order and laws are disrupted or ignored, game theory suggests that the strong thrive while the weak get left behind. In a world where economic power dictates geopolitical influence, Canada has been far too complacent.
But the roots of our economic vulnerability go back much further. Decades ago, when Canada signed NAFTA (North American Free Trade Agreement) and TRIPS (Trade-Related Aspects of Intellectual Property Rights), we did so without adequately considering the impact on our intellectual property (I.P.). As a result, we allowed some of our most valuable economic assets to be owned by foreign companies. Jim often highlights examples like the battery technology developed at Dalhousie University—now owned by Tesla. He pointed to a quantum computing innovation in Vancouver that ended up under foreign control. In Toronto, he noted, an advanced biotech company was snapped up rather than being scaled domestically. And then there was Google’s failed Sidewalk Labs project—a stark example of how foreign multinationals seek to extract Canadian data and urban I.P. without ensuring Canadian interests are protected.
Jim has also referenced Agenda: Jobs and Growth – Building a More Innovative Economy, published in 1994 by the Canadian government. This document outlined the Canadian government’s economic strategy following the implementation of NAFTA and TRIPS. Despite the fact that these trade agreements significantly impacted intellectual property, the document failed to even mention I.P., highlighting how unprepared Canada was for the changing economic landscape. While other nations aggressively structured policies to protect and commercialize I.P., Canada largely ignored it, missing a crucial opportunity to shape its economic future.
Canada’s Missed Opportunities—And the Path Forward
Many business leaders believe that the consequences of these failures are visible in our GDP per capita and OECD projections. Canada’s growth prospects lag behind other advanced economies, in large part because we have not built a strategy that prioritizes domestic innovation and intellectual property ownership. We are now a country where the majority of our critical technology needs—whether for consumers or businesses—are met by foreign firms.
Jim’s argument was clear: Canada has historically relied on manufacturing, natural resources, and the financial sector as its economic pillars. These industries created immense wealth and provided stability for generations. However, the modern economy is increasingly defined by intellectual property and innovation-driven industries. Without ownership of I.P., Canada will remain at the mercy of global corporations and foreign governments, unable to control its economic future. The failure to integrate an I.P. strategy into national economic planning has left Canada vulnerable in a world where knowledge-based assets drive growth.
But it’s not too late. Canada has extraordinary wealth, and we have the potential to be a major player in industries like artificial intelligence, quantum computing, and clean energy. The question is whether our policymakers will wake up and recognize the urgency of the moment.
An Unexpected Encounter—and a Final Reflection
As Frank and I prepared to leave, the morning took an unexpected turn. Who walks in but Margaret Atwood. We ended up in another fascinating conversation, this time about life, death, happiness, and sadness. Margaret shared with me her thoughts on the people she has loved and lost, and how she envisions her own journey. It was a reminder that, beyond policy debates and economic strategies, the most profound conversations are often about our shared human experience.
As I reflect on that morning, I am left with one overriding thought: Canada still has a choice. We can continue on the current path—one of economic complacency and declining influence—or we can chart a new course. But doing so will require political leaders who are willing to listen, and business leaders who are willing to stand up for their country.
My biggest hope is to see experienced, pragmatic leaders step forward to serve Canada at a time when their perspectives are most needed. My biggest fear is that governments will continue to prioritize political expediency over the hard, necessary choices required to secure Canada’s future.
It’s time for a different kind of leadership—one that understands that economic strength is national strength. That morning in Guelph, I saw two of Canada’s most successful business minds discuss real, practical solutions. It’s a conversation our country needs to hear. And it’s a conversation that has been left out in the cold for too long.
The question now is: will Canada listen?
