Jacques Bernier, stirring up the tech landscape in Québec as Teralys’s CEO (54)
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 :-)
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.
I’m sure interested in the matter.
and we’d need now 36 others ..
(interesting website btw clowme)
Chalk one up for me :)
This will grow momentum and critical mass!
Let me know the details.
Can you use me as a volunteer?
Michel Beaulieu
The next generation postcard! The surprise one!
[...] This post was Twitted by fbrunel – Real-url.org [...]
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?
RT @mtw: Looking for 40 + 1 entrepreneurs to shake things up http://bit.ly/3SwkMs :-) please RT tx
RT @chrisarsenault: RT @mtw: Looking for 40 + 1 entrepreneurs to shake things up http://bit.ly/3SwkMs :-) please RT tx
RT @chrisarsenault: RT @mtw: Looking for 40 + 1 entrepreneurs to shake things up http://bit.ly/3SwkMs :-) please RT tx
RT @chrisarsenault: RT @mtw: Looking for 40 + 1 entrepreneurs to shake things up http://bit.ly/3SwkMs :-) please RT tx
RT @chrisarsenault: RT @mtw: Looking for 40 + 1 entrepreneurs to shake things up http://bit.ly/3SwkMs :-) please RT tx
RT @mdufort RT @mtw: Looking for 40 + 1 entrepreneurs to shake things up http://bit.ly/3SwkMs :-) please RT tx
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
Count me in.
RT @mtw: Looking for 40 + 1 entrepreneurs to shake things up http://bit.ly/3SwkMs :-) please RT tx
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.
Pretty sure Sebastien and Paul will make a strong case with me for a vibrant local tech startup écosystème!
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!
Count me in!
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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