He is the founder of the tech giant Shopify Inc. and is undoubtedly not your typical CEO. Interestingly, Tobias Lütke, whose fortune was estimated at $11.86 billion as of 2021, began his journey by selling snowboards online. After getting married, he and his wife settled in Ottawa, marking the beginning of his remarkable success story. More about one of Ottawa’s wealthiest individuals is shared by Ottawa Ski.
Childhood and Personal Life
Tobias was born in 1981 and grew up in Germany. He did not perform well in school, but his love for computers was strong from an early age. By the age of 11 or 12, he had already mastered programming video and computer games. At just 16, he dropped out of school to enroll in computer programming courses—a bold step toward his dream.
The future billionaire met his wife, Canadian Fiona McKean, during a winter vacation in Canada. In 2002, he moved to Ottawa and launched an online store called “Snowdevil,” which allowed customers to purchase custom-made snowboards. At that time, Lütke was only 26 years old.
In 2015, the couple purchased Opinicon Lodge, a popular retreat for Ottawans and visitors to the Canadian capital. The resort, which is over 100 years old, became a beloved getaway for the Lütke family, which consists of five members. The area features a scenic lake, a charming ice cream café that attracts visitors, and a renowned local restaurant serving delicious meals. It is no surprise why this location remains so popular.
The Launch of Shopify Inc.
Tobias was undeniably a brilliant programmer. At one point, he decided to develop his own e-commerce software. Initially, this was just a hobby, but it soon evolved into something much bigger. The results exceeded expectations. However, to officially launch the company, he needed to secure approximately $200,000 in startup capital and complete all necessary legal procedures.
Thus, in 2006, Shopify Inc. was born. The platform provides an essential service for sellers looking to offer their products online. Its popularity skyrocketed, and today, Shopify boasts over 600,000 merchant users worldwide.
Since 2015, Shopify Inc. has been a publicly traded company, valued at $12 billion. According to Forbes, Tobias Lütke’s net worth stands at $11.86 billion, making him one of Ottawa’s wealthiest residents.
Tobias is also a passionate advocate for NFTs (one of the hottest topics in the cryptocurrency world). As a result, Shopify has doubled down on its support for NFTs.
Why Ottawa?
In a 2018 interview with Forbes, Tobias Lütke was asked why he chose to stay in Ottawa instead of moving to Silicon Valley. He explained that when he first settled in Ottawa, Shopify Inc. experienced slow growth (for the first 5-6 years). During this time, major high-tech companies in Ottawa, such as Blackberry, shut down. His decision was pragmatic—he wanted to hire professionals who had been left jobless.
Today, Shopify employs over 4,500 people, with more than 70% of them being Canadian. A few years ago, Lütke’s company acquired a state-of-the-art building on Elgin Street in Ottawa. The 19-story tower on Laurier Avenue, which was previously used by the government, now serves as Shopify Inc.’s headquarters and office space.
Success has different formulas for different people. At some point in life, there comes a turning moment that leads to incredible achievements. Tobias Lütke is one such billionaire who transformed a startup into a global e-commerce giant. His story is an inspiration for bold action.
