Between Two Brunettes The Fight for Canada’s Digital Sovereignty: The Godfather of Canadian Tech
Mar 11, 2026
John Ruffolo, veteran Canadian tech investor who built OMERS Ventures and founded Mavericks, reflects on shaping Canada’s venture landscape. He discusses digital sovereignty, why Canada must scale capital and talent, the Sidewalk Labs conflict, policy gaps, and Mavericks’ focus on sovereignty-related sectors. He also shares how a cycling accident reshaped his purpose and philanthropy.
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The Missing Growth Equity Tier In Canada
- Scale-ups need a distinct growth-equity segment because many companies past venture stage require minority growth capital, not PE buyouts or IPOs.
- Ruffolo created OMERS Growth Private Equity (later Mavericks blueprint) to fill that Canada gap starting around 2017.
Three Pillars That Built Canada’s Tech Renaissance
- Canada’s tech renaissance needs three things: access to capital, talent, and customers; domestic capital availability drove the 2011–2016 surge.
- Ruffolo credits OMERS and policy efforts for creating that initial domestic pool and warns Canada has slid back on capital availability recently.
Why Digital Sovereignty Is An Economic Issue
- Digital sovereignty matters because digital winners extract economic rents via IP and data rather than creating local supply chains; foreign hyperscalers hollow out local value.
- Ruffolo argues controlling data, IP and procurement is essential to avoid becoming economically extractive under foreign platforms.