17 Canadian Entrepreneurs Turning Tariff Challenges into Opportunities

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Tariffs can cause turbulence across entire industries. But while some businesses panic and clutch their spreadsheets in despair, others see an opportunity. Here are 20 Canadian entrepreneurs who have flipped the tariff script, turning economic headaches into fresh opportunities.

Jim Estill – Adapting Supply Chains for Efficiency

Jim Estill, CEO of Danby Appliances, is no stranger to adapting to economic challenges. So, when tariffs on Chinese-made appliances threatened his margins, he shifted production, exploring alternative suppliers in Vietnam and Mexico. By diversifying his supply chain, Estill reduced costs and gained greater control over inventory and logistics, proving that a bit of flexibility goes a long way.

Linda Hasenfratz – Driving Linamar Through Tariff Storms

As CEO of Linamar, one of Canada’s largest auto parts manufacturers, Linda Hasenfratz faced significant tariff increases on steel and aluminum due to U.S. trade policies. Rather than taking the hit, she invested in efficiency-improving automation and renegotiated supplier contracts. Linamar also expanded into non-auto sectors like agriculture and medical devices, proving that diversification is a powerful tool against tariffs.

Bruce Linton – Cannabis Industry Workarounds

When cannabis tariffs and regulations created trade headaches, Bruce Linton, former CEO of Canopy Growth, found a workaround: Vertical integration. By investing in domestic production and research, he ensured his company wasn’t reliant on international suppliers. This strategy paid off as Canopy Growth became a leader in the cannabis industry while dodging import-related restrictions.

Dani Reiss – Made-in-Canada Success with Canada Goose

Dani Reiss, CEO of Canada Goose, faced rising international production costs due to tariffs on raw materials. However, instead of offshoring, he doubled down on Canadian manufacturing, promoting the “Made in Canada” label as a premium advantage. His strategy worked, with Canada Goose becoming a luxury global brand, proving that sometimes tariffs can help by differentiating a brand.

Tobias Lütke – Shopify’s Digital Trade Expansion

Tariffs on physical goods don’t scare Tobias Lütke, CEO of Shopify. Shopify introduced “buy local” features in its Shop app, enabling users to filter products by country of origin, promoting domestic merchants and mitigating cross-border tariff impacts. Additionally, Shopify’s President, Harley Finkelstein, also emphasized the importance of the de minimis tax exemption for small businesses engaged in cross-border trade, highlighting Shopify’s efforts to keep costs low and enable entrepreneurs to compete on a larger scale.

Susur Lee – Culinary Adaptations

Renowned chef Susur Lee faced increased food tariffs that made key ingredients expensive. Instead of compromising quality, he revamped menus to highlight locally sourced products, turning farm-to-table into an advantage. In 2023, Lee collaborated with McCain Foods to launch Medleys, a line of frozen side dishes combining seasoned potatoes and vegetables, offering consumers quick and nutritious options. This adaptation not only reduced costs but also appealed to sustainability-conscious diners.

Ryan Holmes – Hootsuite’s Global Expansion

With tariffs increasing costs for companies reliant on international marketing, Ryan Holmes’ Hootsuite positioned itself as a must-have for businesses navigating uncertain global markets. In April 2024, Hootsuite agreed to acquire Talkwalker, an AI-led social listening and analytics platform, further solidifying its market position. The company marketed its platform to reach international customers digitally, making physical trade restrictions less of a concern.

Dax Dasilva – Lightspeed’s POS System Success

Retailers facing tariff-related inventory struggles turned to Dax Dasilva’s Lightspeed for help. In 2019, The Globe and Mail’s Report on Business recognized Dasilva as one of Canada’s top five CEOs, highlighting his innovative approach to business challenges. In April 2024, Lightspeed underwent a strategic reorganization, impacting approximately 200 employees, to drive profitable growth.

Michele Romanow – Turning Tariff Chaos into Investment Wins

As a Dragon’s Den investor and co-founder of Clearco, Michele Romanow looked for companies struggling with tariff hikes and provided funding for those that pivoted well. Through Clearco, Romanow has addressed traditional funding barriers, offering data-driven, quick capital solutions that empower businesses to manage inventory and navigate financial uncertainties effectively. Her strategic foresight and commitment to innovation have turned potential challenges into opportunities.

Eric Martel– Navigating Defense Deals

Bombardier CEO Eric Martel expressed concerns that Washington might target the company’s U.S. contracts if Canada cancels a C$19 billion deal for 88 Lockheed Martin F-35 fighter jets amidst an ongoing trade war. He also highlighted the risk of the private planemaker’s contracts being impacted, suggesting strategies like prioritizing deliveries to non-U.S. clients if tariffs are imposed.

Joey Adler – Social Entrepreneurship Meets Trade Challenges

Joey Adler, co-founder of Diesel Canada and a social entrepreneur, found ways to work around tariffs by sourcing ethically and negotiating directly with producers, cutting out intermediaries to maintain competitive pricing. She turned these hurdles into opportunities, proving that with innovation and determination, social entrepreneurship can thrive despite daunting trade obstacles.

Chad Kroeger – Exporting Canadian Music

Nickelback’s frontman-turned-businessman Chad Kroeger tackled streaming restrictions and global music tariffs by launching direct-to-fan sales, showing that even musicians must think like entrepreneurs. Moreover, in 2017, Nickelback inked a worldwide recording deal with BMG, further solidifying their global presence. Their strategic partnerships have contributed to Canada’s position as the third-largest exporter of music globally in 2024.

Robert Herjavec – Cybersecurity for Trade Challenges

Robert Herjavec’s cybersecurity empire benefitted from trade disputes, as companies worried about international data security sought his services to mitigate risks associated with shifting suppliers. While Herjavec’s expertise lies in cybersecurity, his strategic insights have broader implications. For instance, his recent role as executive director of global strategy at Zetaris, a data management company, showcases his knack for navigating complex business landscapes.

Arlene Dickinson – Canadian Brand Advantage

When former U.S. President Donald Trump threatened tariffs that could make any entrepreneur’s poutine curdle, Dickinson didn’t flinch. She joined the Prime Minister’s Council on Canada-U.S. Relations, rolling her sleeves to tackle these trade tantrums head-on. In a LinkedIn post, she called out the “madman strategy” behind the tariffs, suggesting they were more about power plays than trade imbalances. She encouraged businesses to double down on their Canadian identity, turning the “Made in Canada” label into a badge of honor.

Joe Mimran – Canadian Design Going Global

The creator of Joe Fresh and Club Monaco, Joe Mimran, leveraged Canadian design expertise to appeal to international buyers, ensuring his products weren’t solely dependent on U.S. trade. By teaming up with regional experts, Joe Fresh tailored its offerings to local tastes and skillfully navigated the labyrinth of international trade regulations. And, by leveraging local partnerships, he ensured that Canadian design didn’t just tiptoe but sashayed onto the global stage, turning potential trade hurdles into catwalk struts.

Eric Boyko – Stingray Music’s Tariff-Proof Expansion

Eric Boyko, the maestro behind Stingray Group, has orchestrated a symphony of global expansion, deftly sidestepping tariff turbulence. Since co-founding Stingray in 2007, Boyko has been on a world tour of acquisitions, transforming the company into a global powerhouse. In 2024, Stingray secured a $353 million revolving credit facility, preparing for more acquisitions and solidifying its financial fortress.

Bruce Croxon – Investing in Resilient Startups

Bruce Croxon, the digital pioneer who co-founded Lavalife, has a keen eye for startups that can weather economic storms. As a partner at PROPELR Growth, he invests in growth-stage Canadian tech companies, focusing on those with resilient business models. By supporting companies that can pivot and thrive amidst economic fluctuations, including trade barriers, he exemplifies the art of turning challenges into opportunities.

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