Jacques Bernier, stirring up the tech landscape in Québec as Teralys’s CEO (50)
Chris Arsenault wrote about the unique opportunity for technology startups in a recent post on MontrealTechWatch, when the provincial budget was announced.
The new fund was announced shortly afterwards, named Teralys, with a capital of $825million, coming from FSTQ, La Caisse de dépôt, and Investissement Québec, as well as $125m to come from private sources.
Heading Teralys is Jacques Bernier, a serial technology entrepreneur, executive and investor in many technology companies. Jacques Bernier was approached by FSTQ’s president back in early 2004 — he found the offer interesting but still had his heart in building technology companies. Moreover, at that time, the FTQ was interested in having a tech fund, but Jacques Bernier thought there wasn’t any seed funding in QC, and that the Fonds FTQ didn’t have the tools to execute what they were wishing for.
If you read Jacques Bernier’s profile on Fond FTQ’s website, it’s interesting to notice that he has a strong operational background, and had the same entrepreneurial mindset when asked by the FSTQ to implement the funding strategy.
The first phase of this strategy was started in 2004-2005, with the FSTQ and Investissement Québec funding several VC funds in Québec, which would in turn seed technology startups. This made headlines back then, and inspired many other institutions (the Ontario Government recently for instance), with varying levels of success.
Teralys in itself is then the second phase of this strategy. This time, Jacques Bernier is setting up a better skilled team, more tools, and with a strong vision of building Québec’s high tech industry. He plans to be operational in May/June and announce their first deals in autumn 2009.
Teralys will invest in VC funds, at a base line of $100 million for each VC fund, with 50% of funds to be invested in QC, 25% in Canada, and 25% internationally. Jacques Bernier tells that there will be a multiplicator effect. Teralys will also seek strategic international partners, such as Vantage Point VP, Rho Ventures, Vertex, amongst others. At the same time, he will also highlights programs such as the 10×20 Program with MIT.
Jacques Bernier presents Teralys as a unique opportunity for Québec and for its tech entrepreneurs. At a recent investor funding, when other LPs were lamenting about the failure of the VC asset class in Canada, Jacques Bernier answered in very strong words that he refused to live in a country driven by natural resources and Wall-Marts. It’s the line I think that one could remember from this interview. It’s not just about financiers looking at a spreadsheet (not that there’s something wrong with that), but a heartful desire to stirr up the tech landscape in Québec.
At the end, we were joking how different things were different in Montreal compared to tech scenes in Israel and in California. He recalls how a 2 days visit to Israel made him meet 40 entrepreneurs, with his venue spreading like wildfire, even though nothing was planned. Since there’s no reason Montrealers should be less active than Israelis, I suggest that we get 40 + 1 entrepreneurs to meet with Jacques Bernier. So well, if you are a tech entrepreneur willing to shake things up, leave a comment and your email, and we’ll arrange something :-)
I’m sure we could find 42. Count me in.
I’m in!
This is great news for the VC community. It would be REALLY good for entrepreneurs if some of this money would go directly to them as grants, for example. I see a lot of people working on interesting and promising projects, but not really the VC-kinds.
So the only way these entrepreneurs would benefit from Teralys is if they dropped their project to go work for one of the funded few companies.
I’d be interested in meeting him. Count me in.
There were interesting discussions on Montreal’s startup landscape and its needs at the pre-camp for Startup Camp Montreal 4.
I’m sure interested in the matter.
Sure - would be interesting to see what comes out of it.
Delano, I thought you were in the Netherlands??
and we’d need now 36 others ..
@Heri: great idea. Let me know if you need help arranging a meeting.
Heri I’m sure you will get more than 40 + 1. Count me in as well.
One more with me. Just 33 others ?
Well I’d appreciate if everyone passes the word around to make this happen
(interesting website btw clowme)
+1 ;-)
Tell me when, I’ll be there !
Count me in too.
Could be fun
Count me in Heri
I am very interested.
We must be there, we are the future Salesforce.com, count me in
++2 SVP. Sign me up!
If he’s looking to truly stir things up, then I’m definitely interested to touch-base.
Chalk one up for me :)
Great news!
This will grow momentum and critical mass!
Let me know the details.
Can you use me as a volunteer?
Michel Beaulieu
++1 : I’m interested!
Last but not least! Make it for the sake of it!
The next generation postcard! The surprise one!
[...] This post was Twitted by fbrunel - Real-url.org [...]
Count me in!
+1
I’m in.
Chris, count me in!
Count me in.
There is one KEY difference between entrepreneurs and investors (VCs and entrepreneurs in residence aka VC wanabees). The difference being that entrepreneurs (and some angels) want to create opportunities and growth and result create jobs (the thing that government cares about). While VCs look for exit opportunities, eventually to sell companies that got government financing and SR&ED… free-loading on government subsidies.
Ideally TERALYS deals should be structured where entrepreneurs and their employee teams have a say in what happens to their companies and jobs. Founder and employee owned. TERALYS should make sure to only dish out cash to VC funds on these terms… or forget VC funds and let entrepreneurs group together to form “founder funds.”
Best companies are lead by strong teams, not greedy investors who lawyered them out of voting rights!
I am sure VCs are already sticking out their hand in front of Teralys (juicy management fee, regardless of fund result… or job creation).
In order to for such a meeting to be effective… it should be entrepreneurs only. Right?
I’d enjoy an introduction if one is available.
I have some interesting deal flow now, companies that are seeking real capital for real innovations, connected to clients and revenues…I would like to arrange a meeting, and will have a few companies to present if the opportunity arises.
@ commenter “Enough said”
as i outlined, Jacques Bernier was also an entrepreneur, so he understands the subtleties
I like your idea though of a “Founder funds” . Of course, VC funding is not made for every company and one should always be on the lookout for options
I’m there
Perhaps +1
Sounds good. +1!
I think Teralys has a huge opportunity to change the tech landscape if they execute based on the Israeli model.
Count me in.
I am in, it takes an entrepreneur to understand an entrepreneur!
Thank you Teralys for making a difference in Quebec hi-tech startup landscapes; thank you Jacques Bernier for believing in startup entrepreneur and not settling only with naural resources and Walmart in economic development.
+3 for the Praized crew!
Pretty sure Sebastien and Paul will make a strong case with me for a vibrant local tech startup écosystème!
All inn Baby !!
Teralys will be great. I hope every country will have this kind of development. Also, I hope Teralys will introduce or develop green technology.
So… 40 comments so far… I guess that would make me the +1 !
For several reasons, I believe that Quebec will yield a tech industry that will be in the top 5 in the world.
It’s time to drive the Quebec tech start-up truck right into the big leagues!
Alex, not really, I commented 3 times already (and 4 with this one) so need more…
I’d like to echo Felipe’s comments. We also need to build a spirit of ambition and success that doesn’t rely so heavily on R&D tax credits, mutlimedia credits, e-anything credits, etc. We’re drowning in high taxes, lots of tax credits, and in the middle a mountain of paperwork. Not doing such a great job at letting entrepreneurs and creative developers do what they’re best at.
Count me in!
I agree with Felipe. This is great news for VCs but I’m not sure how this will affect entrepreneurs. Some of us aren’t on the bleeding edge–meaning that we have existing companies that generate actual revenues. ;)
I would drop $100,000 on new staff, design, and coding TOMORROW if expansion funding was available to my company. That mightn’t sound very innovative but we need to think strategically as a market by pulling in as much revenue into Quebec as possible from the outside world.
It’s true that tech epicentres like California and Israel are kicking ass. It’s because they are mobilized and organized. I can only wish the same for Montreal & Quebec in the future.
[...] the Quebec government’s $ 700M commitment to investing in innovation and entrepreneurship. Jacque Bernier’s Teralys Capital fund of funds is getting set to have a big impact! Alberta’s largest [...]
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