Former BlackBerry CEO Jim Balsillie has a critical warning for Canada. In an
"urgent message" to Canadian Prime Minister Mark Carney's government, the technology investor called for immediate action to build economic resilience and assert sovereignty over Canadian data following the release of the new US National Security Strategy. Balsillie, who presently chairs the Council of Canadian Innovators, said Canadian policymakers should be "shocked into action"
by the US policy, which he says proves they are "mired in the status quo" on productivity and the digital economy.
In an interview with Bloomberg, Balsillie said:
"Trump just cranked this up a whole other level last week, and this is an urgent, urgent, urgent time that requires reorientation and capacity. I don't know how much louder the alarm bells have to ring." He added that the “Trump doctrine” is the most consequential policy shift for Canada in more than a decade.
A White House document signed by US President Donald Trump last week makes clear that the US will "reassert and enforce the Monroe Doctrine to restore American preeminence in the Western Hemisphere," a 19th-century policy rejecting European and other foreign interference in the Americas.
In blog post, White House noted:
"To ensure that America remains the world’s strongest, richest, most powerful, and most successful country for decades to come, our country needs a coherent, focused strategy for how we interact with the world."The new policy also declares the US
"will prioritise commercial diplomacy, to strengthen our own economy and industries, using tariffs and reciprocal trade agreements as powerful tools."
Jim Balsillie: Canada should have its own data treating strategy
Balsillie said that Canada needs to treat its data as an essential national resource. He also thinks Canada should stop giving taxpayer money to foreign companies if a Canadian company is already capable of doing the work.
He cited the recent C$40 million ($28.9 million) gift to Nokia, the Finnish telecom company, by Carney's government to open a research centre in Ottawa as an example.
"The first rule of holes is stop digging. This document by the US is a real claim of dominance of the hemisphere. You either accept subordination, or you need to create more resilience so you can be OK when the leverage is exerted,” he noted.
Some business leaders believe that Canada needs a "sovereign cloud"-meaning the country controls its own digital systems and storage instead of keeping that data on computers run by other countries. That would be important to securing the personal information, health records, and financial data of Canadians.
Back in September, Carney instructed the government's central projects office to build that "Canadian sovereign cloud" with its own computing power and data centres.
But to make this happen, Canada needs a significant shift in thinking that recognises the importance of Canadian companies, says Patrick Searle, who recently took over as CEO of the Council of Canadian Innovators.
“It is unmistakable that when it comes to data, cloud, IP, cyber, quantum and AI that the US sees technology companies —and companies in general — as national security assets,” Searle said, who has worked with this advocacy group since 2022.
As Canada ramps up its defence spending, Searle says the government should purchase from Canadian firms that make products for both military and everyday use.
Searle will replace Ben Bergen and start his mandate as CEO of the Canadian Venture Capital and Private Equity Association in January 2026. John Ruffolo from CCI, who heads Maverix Private Equity, also led a successful charge this year for new laws around stablecoins as part of a broader effort to move Canadian tech off US rails.
Apart from this, John Ruffolo of the Council of Canadian Innovators, who is also the founder and managing partner at Maverix Private Equity, urged stablecoin legislation this year as part of a broader push to make Canada more autonomous in regards to tech.