O'Leary is a businessman and television commentator who has drawn comparisons to US President-elect Donald Trump. He said the party needs a candidate who can beat Liberal Prime Minister Justin Trudeau and bring jobs back to Canada.
"Shark Tank" is an American reality show in which entrepreneurs try to convince a cast of tycoons to invest in their ideas. Mark Burnett, who created "The Apprentice" with Trump, also produced "Shark Tank."
O'Leary is best known in Canada as a former bombastic judge on CBC's "Dragons' Den," a Canadian equivalent of "Shark Tank."
O'Leary declined to hold a news conference for his leadership announcement, preferring social media and interviews with select media.
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He's competing against 13 lower-profile candidates. Former Conservative ministers such as Peter MacKay and Jason Kenney have declined to run for the leadership.
O'Leary gained marketing experience at Nabisco before founding software company Softkey in the mid-1980s. The company enjoyed financial success for more than a decade before it was acquired. He also ran a mutual fund company, O'Leary Funds Inc, until it was sold in 2015.
O'Leary said. "I'm the son of an immigrant of from Ireland and Lebanon. There are no walls in my world. I wouldn't exist if Canada had walls."
Trudeau remains popular in polls, though O'Leary said Trudeau is "destroying" Canada with debt. He said he needs to rid Canada of Trudeau and said there will be an "exorcism" in the 2019 election.
"It was a big surprise when Donald Trump got elected in the US He's changed all the rules with Canada's largest partner. I would have expected that Justin Trudeau would have waited to find out what the policies were going to be," O'Leary said.
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