The Shopify story by Larry MacDonald: How a startup rocketed to e-commerce giant by empowering millions of entrepreneurs

The story of Shopify, one of Canada’s largest publicly traded companies, is all about starting and growing businesses. In this inspirational corporate history, follow the company’s rocket-like growth over its first two decades and meet its major players, such as Tobias Lütke, who co-founded the company in 2004, transitioned from programmer to CEO in 2008, and thereafter steered Shopify to its incredible growth trajectory, relying more on “first principles” thinking than the business nostrums of MBA classes.

Learn more about the executive team that contributed to Shopify’s performance during the years leading up to its initial public offering (IPO), which turned them into multimillionaires and paved the way for Shopify to enable millions of entrepreneurs to start businesses and enrich the global economy. In The Shopify Story, economist and business journalist Larry MacDonald investigates the factors behind Shopify’s growth and shares lessons for entrepreneurs, business managers, employees, programmers, policymakers, and investors.

Some Lessons from The Shopify Story:

• Embrace First Principles Thinking: Tobias Lütke demonstrated how questioning traditional business norms and approaching problems with a fresh perspective can lead to innovative solutions and remarkable growth.

• Adaptability is Key: Shopify’s ability to pivot and grow in response to market demands highlights the importance of staying flexible in a rapidly changing business environment.

• Empower Others to Succeed: By building a platform that enables millions of entrepreneurs, Shopify proved that empowering others can be a sustainable path to success.

• Leadership Evolution Matters: Lütke’s transition from programmer to CEO showcases the importance of personal and professional growth to meet the evolving needs of a business.

• Teamwork Drives Success: The executive team’s collaboration and shared vision were critical in navigating the challenges leading up to Shopify’s IPO and subsequent success.

• Focus on Long-Term Value: Shopify’s strategy of prioritizing customer success over short-term profits illustrates the benefits of fostering loyalty and creating lasting value.

• Leverage Technology for Scalability: By innovating in e-commerce technology, Shopify set a standard for how platforms can scale efficiently to support a global audience.