Does my business project qualify?

Do you remember the success story of BonLook, the first to have operated the digitalization in the eyewear sector, or that of HeyDay, the conversational artificial intelligence platform that was just acquired for 60 million by Hootsuite, of Polystyvert, whose technology makes it possible to recycle a considerable quantity of contaminated materials while remaining energy-efficient, of Puzzle Medical Devices with its safest heart pump in the world, or more recently of Paper, which has just obtained a new round of financing of 100 million US dollars, with its application that connects more than a million students and tutors across North America?

These are just five of the hundreds of young technology companies that Anges Québec has supported since its creation in 2008. They have in common their absolutely innovative character in fields as varied as health, education, artificial intelligence, agriculture and the environment. They respond to the challenges of today and tomorrow; they have a real impact. They have the potential for dazzling growth, and a scope that can become global.

They are in the start-up phase, " seed , or pre-seed ," says Geneviève Tanguay in the industry jargon. We're talking about zero to five years; and five years is already old! They often come out of incubators or accelerators. "It happens that the high potentials that come forward are not quite ready yet, and that's okay because it gives them time to develop their networks, go and find leads , and come back. We start very early. Some don't even have a point of sale yet!"

These start-ups are led by young, bright people who are committed to integrating human values into their projects, which are reflected in the structure of their leadership and governance. Those that do not have the imprint of diversity stamped within their teams, including the board of directors and shareholders, "have already demonstrated that they are outdated," the specialist says. Eco-responsible considerations are just as essential, whether it is for example product traceability, measurement or carbon reduction.

This is the start-up profile we are looking for .

Who are the Angel Investors?

Don't grow wings on just anyone's back! The financial angel is someone who has extensive business experience and capital that he is willing to split up to inject into promising projects. "In any case, he cannot be risk averse, because there is definitely some!" warns the woman who has more than twenty years of investment expertise behind her hat. He may be a serial entrepreneur, who has experienced failures, got back up, and achieved successes. This is also the best school for him to learn direct investment. The angel can also be an expert in a cutting-edge sector related to technology. Or an experienced venture capital investor. Angels invest in several projects, diversifying their portfolio. They are paired, four per project, according to their values and expertise.

“Venture capital is 20% finance,” explains Geneviève Tanguay. “It’s many other things too.” Beyond philanthropy and money, angels invest their time and expertise. “They want to experience new success, to help build something bigger than themselves. They want to play a decisive role and contribute to projects that excite them in a field they believe in. They get actively involved. Mentoring, coaching and support in business development are part of their motivation. It’s even said that their role condemns them to teaching younger people.”

All in all, a nice virtuous circle.

Anges Québec is a network of 250 active investors that offers venture capital with extraordinary added value for a start-up. Hundreds of millions of dollars have been injected into Quebec companies, at a rate of about twenty investments per year. In 2022, there were thirty-five! An impressive volume. “That’s about twenty million per year, or one hundred million over five years: we have the same capacity as an investment fund of acceptable size,” Ms. Tanguay proudly and rightly shares.

Anges Québec, which works hand in hand with AQC Capital, a branch led by former serial entrepreneur dragon Serge Beauchemin, has immense investment strength because it is integrated with groups in the United States and Europe. It co-invests and creates synergies with the ecosystem.

The face of investing is changing

Since her arrival just two years ago, Geneviève Tanguay has breathed new life into the organization. Having already sat on numerous boards of directors and also chairing the Council of Godmothers and Godfathers of the Young Chamber of Commerce of Montreal, she has been able to professionalize investment and update the business model.

She contributed to the feminization of a sector in which the vast majority of wealthy white entrepreneurs of a certain age were found! A cliché, no doubt, but so close to reality. “Twenty years ago, were there funds run by women? Since then, things have changed. I would say that right now, we are at a pivot point.”

In 2023, out of four investment projects, three are led by women. "However, they still do not receive as much value in monetary terms as men. There is still work to be done! " Same story from the members of Anges Québec. "The pool of excellence is there, but we still have to convince all these leaders that their experience is valid and relevant, much more than they think!"

While we know that in Quebec, entrepreneurial intentions are the strongest among women and immigrants, we will have to continue to overcome this famous imposter syndrome. The investment world wants to reflect the diversity of faces in the entrepreneurial ecosystem, so that it resembles it and is able to meet its challenges and propel it forward. Alongside Geneviève Tanguay, there are other stars shining in the business sky in Quebec: Isabelle Hudon, Geneviève Morin and Ravy Por are just a few of the headliners not to be overlooked! The future is promising.