president`s report ee

COMMITTEE
WORK
THE SURVEY
IN BRIEF
Réseau Capital’s success relies on the hard
work of its many committees. Consisting of
volunteer members, these teams guide the
association’s various facets and implement
many projects.
In September 2013, Réseau Capital conducted
a major survey among its members
and affiliates to learn about
their views on various aspects
of the everyday work of the
association and our industry.
Special attention was taken to ensure
proportionality in the survey between
investor members and associate members.
Over all, the survey indicates that respondents are satisfied
with the networking opportunities provided through
Réseau Capital. One aspect worth noting is that 79.6% of
respondents revealed they would be interested in taking
part in activities involving investors and/or personalities
from outside Québec. You also indicated that you would
like to see our association innovate in terms of events,
and you suggested providing activities by sector.
As regards to training, respondents confirmed their
appreciation of the quality of our events and the calibre
of our speakers. At the same time, they expressed the
hope that we keep a lookout for new trends and current
topics. The results of the information portion show keen
interest in sharing knowledge and practices as well as
a desire for access to information and/or members-only
activities.
Finally, the representation and promotion sections
indicated that 79% of respondents recognize Réseau
Capital as the voice of the industry. We understood,
however, that you want your association to achieve
strategic partnerships with other economic players in
Québec.
Members’ loyalty and commitment is vital to sustaining
any association. Réseau Capital is no exception to this
rule. The good news includes the indication that 98%
of respondents intend to renew their membership, and
88% intend to recommend Réseau Capital to potential
members.
BOARD OF DIRECTORS
During their Annual General Meeting held on December 10th, Réseau
Capital members elected their new Board of Directors. In the usual
order (from the top, left to right):
Among the suggestions garnered from the survey, we are
paying particular attention to the following items:
PRIORITIES FOR THE NEXT THREE YEARS
Bringing our association closer
to Québec entrepreneurs
Jack Chadirdjian (President & CEO), Louis-Philippe Berti, Chris
Arsenault, Véronique Wattiez-Larose, Pierre Lefebvre, Daniel Hétu,
Richard Lajeunesse, Kiron Mondal, François Gilbert, Luc Villeneuve,
Andrée-Lise Méthot, Russell J. David, Pierre-Yves Thibault, Liette
Leduc, André Lévesque (Quebec Chapter President), Michel Ré, Sylvie
Pinsonnault, Frédéric Bouchard (Treasurer), André Dessureault (VicePresident), André Gauthier (Chairman of the Board), Marie-Claude
Boisvert (Officer), John Stokes (Officer), Mireille Fontaine (Secretary)
Absent from the photo:
Eric Legault (Officer), Jérôme Nycz
Promoting investment capital
in the business community
THANK YOU TO OUR PARTNERS
Promoting matters directly involving
the investment trade in Québec
To the existing committees for membership,
public affairs and programming, as well as
the organizing committees of the annual
convention and the Cyclo-Golf event, this
year we have added a new governance
committee. This committee has already
begun its work and has suggested to the
board of directors a charter outlining their
role and responsibilities. This committee
has also prepared a nomination process
for members of the board of directors,
including development of a profile of
desired skills and setting out directors’
roles and duties. This new nomination
process will be in place for the replacement
of board of directors positions planned
for December 2014. In this regard, Réseau
Capital members will receive further
information in the fall of 2014.
2013
2014
SEASON
SERVICES TO BE DEVELOPED
Networking activities with entrepreneurs
Networking activities with other associations
PROGRAMMING PARTNERS
SPECIAL COLLABORATORS
Newsletter or other publication
Following the survey, the board of directors held a
strategic planning meeting during which we developed
an action plan focusing on:
TWO KEY ISSUES
The role of Réseau Capital as a key influencer
in major discussions on investment capital in Québec
Promotion of the investment
capital industry in Québec
« TOOL BOX » SERIES
BUSINESS DEVELOPMENT BANK OF CANADA, ERNST & YOUNG, FONDS DE SOLIDARITÉ FTQ, GPL ASSURANCE INC., MCcARTHY TÉTRAULT, McMILLAN, TANDEM EXPANSION
JOURNÉE TENDANCE 2013
CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC, DELOITTE, DESJARDINS BUSINESS CAPITAL RÉGIONAL ET COOPÉRATIF, ERNST & YOUNG, FONDACTION CSN, FONDS LOCAUX DE
SOLIDARITÉ FTQ, FONDS RÉGIONAUX DE SOLIDARITÉ FTQ, FORTIN GAIGNARD GROUPE CONSEIL INC., GROUPE DANCAUSE, INVESTISSEMENT QUÉBEC, McCARTHY TÉTRAULT,
MORENCY SOCIÉTÉ D’AVOCATS, NATIONAL BANK OF CANADA, NORTON ROSE FULBRIGHT, SPB ORGANIZATIONAL PSYCHOLOGY, STEIN MONAST
PRESIDENT’S
REPORT
2013
2014
SEASON
I am proud to present this second annual Réseau Capital
activity report, Québec’s only investment capital association.
Through this report, I seek to share an overview of our
activities during the 2013-2014 season.
An association like Réseau Capital needs to serve its
members and meet their needs. Accordingly, the elements
in our signature – Influence. Cooperate. Reach. – continue
to drive our actions. To stay focused on our goals, we
conducted a survey among our members and affiliates
in September 2013. This exercise has given us a better
understanding of your needs and expectations. Later
in this report, I will be pleased to share with you the
highlights of this survey. Following this consultation, the
board of directors met in a strategic planning session in
November 2013. Open discussion on industry issues helped
us identify actions to be taken over the coming years. I
must acknowledge the tremendous work done by the
KPMG-Secor team, which assisted us in this process. I also
wish to thank everyone who took the time to answer our
questionnaire and the members of our board of directors
for their openness and candour in our discussions.
At the annual meeting
in December 2013, the
members of our association
elected a new board of
directors and reiterated
their confidence in André
Gauthier, Managing Partner
at Tandem Expansion, as
Chair. I thank André and
all the directors for their
time and involvement
with Réseau Capital and
our industry. On that same
evening, we also saluted
Shahir Guindi, Managing
Partner at Osler, Hoskin &
André Gauthier
Harcourt, marking the end
of his term as our Co-Chair. In his three years at the helm of
the association, Mr. Guindi revitalised Réseau Capital and
guided its strategic positioning in the Québec investment
ecosystem. We thank him for his dedication and wish him
an excellent continuity as a governor of our association.
In addition to key events such as the Journée Tendance
in Québec City, the annual convention and the Cyclo-Golf
event, the 2013-2014 program has been marked by dynamic
activities that drew influential guests such as minister of
state Elaine Zakaïb, Investissement Québec president and
CEO Mario Albert, and, in a first for us, a debate among
representatives of the main political parties, the PQ, the
PLQ and the CAQ, in the context of the April 2014 Québec
election.
In conclusion, I wish to express very special gratitude to
you, our members, for your confidence. Your contribution
during the consultations, your presence at our events and
the continuation of your membership are signs for me that
we are on the right track to position Réseau Capital as a
leading representative of our industry.
I encourage you to contact me with any questions or
comments.
I wish you good reading.
CONGRÈS ANNUEL 2014
BCF BUSINESS LAW, BMO CAPITAL MARKETS, BMO CAPITAL PARTNERS, BORDEN LADNER GERVAIS, BUSINESS DEVELOPMENT BANK OF CANADA, CAISSE DE DÉPÔT ET PLACEMENT
DU QUÉBEC, CLARIDGE INC., CTI LIFE SCIENCES FUND, FASKEN MARTINEAU, FONDS DE SOLIDARITÉ FTQ, GOUDREAU GAGE DUBUC, GOWLING LAFLEUR HENDERSON, HSBC BANK OF
CANADA, INOVIA CAPITAL, INTRALINKS, INVESTISSEMENT QUÉBEC, KILMER CAPITAL PARTNERS, KPMG-SECOR, LAPOINTE ROSENSTEIN MARCHAND MELANÇON, LUMIRA CAPITAL,
McCARTHY TÉTRAULT, McMILLAN, NOVACAP, OSLER HOSKIN & HARCOURT, PRICEWATERHOUSECOOPERS, RBC CAPITAL MARKETS, STIKEMAN ELLIOTT, TANDEM EXPANSION,
TERALYS CAPITAL
CYCLO-GOLF 2014
ACCORD FINANCIAL, BDO CANADA, CYCLE CAPITAL MANAGEMENT, DAVIS WARD PHILLIPS & VINEBERG, DEGRANDPRÉ CHAIT, DESJARDINS BUSINESS CAPITAL RÉGIONAL ET
COOPÉRATIF, ERNST & YOUNG, FASKEN MARTINEAU, FONDS DE SOLIDARITÉ FTQ, FRISCHKORN AUDIOVISUAL, GOWLING LAFLEUR HENDERSON, KILMER CAPITAL PARTNERS, LOLË,
McCARTHY TÉTRAULT, MILLER THOMSON, MORENCY SOCIÉTÉ D’AVOCATS, NATIONAL BANK OF CANADA, NOVACAP, OSLER HOSKIN & HARCOURT, PRICEWATERHOUSECOOPERS,
SCOTIA BANK, SPB ORGANIZATIONAL PSYCHOLOGY, TD COMMERCIAL BANKING, TERALYS CAPITAL
Jack H. Chadirdjian
President and Chief Executive Officer
Réseau Capital
514.502.5225 | [email protected]
www.reseaucapital.com
PUBLIC
AFFAIRS
ACTIVITIES IN THE
2013-2014 SEASON
QUÉBEC CITY
CHAPTER
In keeping with its usual practices, Réseau Capital again
developed an annual program providing access to training
sessions and to current information of relevance to the
industry. Below are some of the highlights.
In October, the Québec City chapter launched the 2013-2014
season by holding a cocktail event at the National Assembly
library, where we had the privilege of welcoming Élaine
Zakaïb, the minister of state for industrial policy and the
Banque de développement économique du Québec.
For the second year in a row, we provided lectures under
the Toolbox banner where the subjects covered; the impact
of sectoral clusters on the investment ecosystem or the
management of perception gaps in the development of
businesses, were greatly appreciated.
At a luncheon speech in
November 2013, we had
the honour of welcoming
the new President and CEO
of Investissement Québec,
Mario Albert, in his first public
appearance after taking up
his duties.
Charles Sirois
Capped by a networking cocktail event to a jazz beat, the
2014 convention was a true success in every respect, with
more than 200 participants,. I wish to thank the committee
Chair, Marie-Claude Boisvert of Kilmer Capital Partners, and
all the members of the organizing team for the work they
put into creating this top-notch event.
2014 electoral debate : André Gauthier, Pierre Duhamel, Stéphane Le Bouyonnec,
Pierre Arcand, Elaine Zakaïb, Jack Chadirdjian
Mario Albert
In connection with the 2014 provincial election campaign,
Réseau Capital organized, for the first time in its history, a
debate welcoming the three major political parties:
minister of state Elaine Zakaïb represented the Parti
Québécois, former minister Pierre Arcand appeared on
behalf of the Québec Liberal Party, and National Assembly
member Stéphane Le Bouyonnec defended the positions
of the Coalition Avenir Québec. This debate, moderated
by Pierre Duhamel, enabled each party to promote its
positions regarding the investment capital industry.
The election, as we know, led to a change of government
in Québec, bringing the Liberal Party to power with a
majority in the National Assembly. A new government
means not only the arrival of new players but also a change
in orientations and budget priorities. Réseau Capital is
currently working to finalize a position paper for a
forthcoming meeting with the new Québec government.
Moreover, we will work to be part of discussions that are
likely to affect our industry through the various forums to
be established by the government over the coming months.
in the rest of Canada. The Québec Liberal Party included
this item in its election platform, and it is now among the
government’s commitments. Réseau Capital also provided
public support to the labour funds in their fight against
the gradual withdrawal of tax credits announced by
the federal government. Our association has emphasized
the importance of labour funds in Québec’s investment
ecosystem.
I am taking this opportunity to thank all the board
members of the Québec City chapter and the Chair, André
Lévesque, for their contribution to the growth of the
industry and of Réseau Capital in the Quebec City region.
Ajay Royan
The 23rd annual convention of Réseau Capital took place
on April 9, 2014, at the Montreal Westin Hotel under the
theme “Connecting Ideas, Engaging People.” The day’s
program gave participants privileged access to an array of
renowned speakers, including Nigel Beck (IBM), Atlee Clark
(The C100), Ajay Royan (Mithril Capital Management),
Harry Singh (Intel Capital) and Charles Sirois (Telesystem).
On June 11, Réseau Capital’s 18th annual Cyclo-Golf event,
held at the Parcours du Cerf golf club in Longueuil, was
offered for the first time in a half-day format. Under
the leadership of committee Chair Frédéric Bouchard of
PricewaterhouseCoopers, this annual networking event was
reconfigured to take account of suggestions from previous
participants. I thank Frédéric and all the members of the
organizing committee for this great success!
Jean Roy, André Gauthier, Elaine Zakaïb, André Lévesque, Jack Chadirdjian
Under the theme “Investisseurs & Entrepreneurs: un
partenariat capital!” the second Journée Tendance was
held in November 2013 in the idyllic setting of the Hôtel
Musée Premières Nations in Wendake. With its blend of
training and networking, this biennial event enabled
participants to explore four separate themes, namely
start-up, recovery and rehabilitation, acquisition and
expansion, and governance and communications. I wish to
thank Diane Duchesne of Fondaction CSN who chaired the
event as well as the members of the organizing committee,
for putting together this gathering, which is a front-line
event for everyone involved in regional investment
capital.
The quarterly release of industry statistics compiled
by Thomson Reuters and published by Réseau Capital
generates sustained coverage in the print and electronic
media. Beyond this regular practice, Réseau Capital is often
called upon, as a voice for the industry, to comment on
investment news. Throughout the 2013-2014 season, we
issued news releases or gave interviews in reaction to
the federal budget, the crowdfunding phenomenon, the
gradual withdrawal of tax credits for labour funds and the
federal government’s Venture Capital Action Plan (VCAP).
“Journée Tendance” Committee: Luc Régnier, Diane Duchesne, Jean Roy,
André Lévesque, René Bastarache, Bruno Fortin
Throughout the 2013-2014 season, Réseau Capital has
made representations to the political parties to emphasize
the importance of the Federal Start-up Visa Program,
which has not been applied the same way in Québec as
Harry Singh, Michael Rosso, Wesley Chan, Nigel Beck, Luc Filiatreault
To round out its 2013-2014 program, the Québec City
chapter presented a breakfast speech featuring Chris
Arsenault of iNovia Capital on the topic of crowdfunding,
as well as a year-end cocktail gathering in the Price
Building offices of the Caisse de dépôt et placement du
Québec in the company of an outstanding guide, Evan
Price, President of CO2 Solutions and descendant of the
family that built the building.
COMMITTEE
WORK
THE SURVEY
IN BRIEF
Réseau Capital’s success relies on the hard
work of its many committees. Consisting of
volunteer members, these teams guide the
association’s various facets and implement
many projects.
In September 2013, Réseau Capital conducted
a major survey among its members
and affiliates to learn about
their views on various aspects
of the everyday work of the
association and our industry.
Special attention was taken to ensure
proportionality in the survey between
investor members and associate members.
Over all, the survey indicates that respondents are satisfied
with the networking opportunities provided through
Réseau Capital. One aspect worth noting is that 79.6% of
respondents revealed they would be interested in taking
part in activities involving investors and/or personalities
from outside Québec. You also indicated that you would
like to see our association innovate in terms of events,
and you suggested providing activities by sector.
As regards to training, respondents confirmed their
appreciation of the quality of our events and the calibre
of our speakers. At the same time, they expressed the
hope that we keep a lookout for new trends and current
topics. The results of the information portion show keen
interest in sharing knowledge and practices as well as
a desire for access to information and/or members-only
activities.
Finally, the representation and promotion sections
indicated that 79% of respondents recognize Réseau
Capital as the voice of the industry. We understood,
however, that you want your association to achieve
strategic partnerships with other economic players in
Québec.
Members’ loyalty and commitment is vital to sustaining
any association. Réseau Capital is no exception to this
rule. The good news includes the indication that 98%
of respondents intend to renew their membership, and
88% intend to recommend Réseau Capital to potential
members.
BOARD OF DIRECTORS
During their Annual General Meeting held on December 10th, Réseau
Capital members elected their new Board of Directors. In the usual
order (from the top, left to right):
Among the suggestions garnered from the survey, we are
paying particular attention to the following items:
PRIORITIES FOR THE NEXT THREE YEARS
Bringing our association closer
to Québec entrepreneurs
Jack Chadirdjian (President & CEO), Louis-Philippe Berti, Chris
Arsenault, Véronique Wattiez-Larose, Pierre Lefebvre, Daniel Hétu,
Richard Lajeunesse, Kiron Mondal, François Gilbert, Luc Villeneuve,
Andrée-Lise Méthot, Russell J. David, Pierre-Yves Thibault, Liette
Leduc, André Lévesque (Quebec Chapter President), Michel Ré, Sylvie
Pinsonnault, Frédéric Bouchard (Treasurer), André Dessureault (VicePresident), André Gauthier (Chairman of the Board), Marie-Claude
Boisvert (Officer), John Stokes (Officer), Mireille Fontaine (Secretary)
Absent from the photo:
Eric Legault (Officer), Jérôme Nycz
Promoting investment capital
in the business community
THANK YOU TO OUR PARTNERS
Promoting matters directly involving
the investment trade in Québec
To the existing committees for membership,
public affairs and programming, as well as
the organizing committees of the annual
convention and the Cyclo-Golf event, this
year we have added a new governance
committee. This committee has already
begun its work and has suggested to the
board of directors a charter outlining their
role and responsibilities. This committee
has also prepared a nomination process
for members of the board of directors,
including development of a profile of
desired skills and setting out directors’
roles and duties. This new nomination
process will be in place for the replacement
of board of directors positions planned
for December 2014. In this regard, Réseau
Capital members will receive further
information in the fall of 2014.
2013
2014
SEASON
SERVICES TO BE DEVELOPED
Networking activities with entrepreneurs
Networking activities with other associations
PROGRAMMING PARTNERS
SPECIAL COLLABORATORS
Newsletter or other publication
Following the survey, the board of directors held a
strategic planning meeting during which we developed
an action plan focusing on:
TWO KEY ISSUES
The role of Réseau Capital as a key influencer
in major discussions on investment capital in Québec
Promotion of the investment
capital industry in Québec
« TOOL BOX » SERIES
BUSINESS DEVELOPMENT BANK OF CANADA, ERNST & YOUNG, FONDS DE SOLIDARITÉ FTQ, GPL ASSURANCE INC., MCcARTHY TÉTRAULT, McMILLAN, TANDEM EXPANSION
JOURNÉE TENDANCE 2013
CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC, DELOITTE, DESJARDINS BUSINESS CAPITAL RÉGIONAL ET COOPÉRATIF, ERNST & YOUNG, FONDACTION CSN, FONDS LOCAUX DE
SOLIDARITÉ FTQ, FONDS RÉGIONAUX DE SOLIDARITÉ FTQ, FORTIN GAIGNARD GROUPE CONSEIL INC., GROUPE DANCAUSE, INVESTISSEMENT QUÉBEC, McCARTHY TÉTRAULT,
MORENCY SOCIÉTÉ D’AVOCATS, NATIONAL BANK OF CANADA, NORTON ROSE FULBRIGHT, SPB ORGANIZATIONAL PSYCHOLOGY, STEIN MONAST
PRESIDENT’S
REPORT
2013
2014
SEASON
I am proud to present this second annual Réseau Capital
activity report, Québec’s only investment capital association.
Through this report, I seek to share an overview of our
activities during the 2013-2014 season.
An association like Réseau Capital needs to serve its
members and meet their needs. Accordingly, the elements
in our signature – Influence. Cooperate. Reach. – continue
to drive our actions. To stay focused on our goals, we
conducted a survey among our members and affiliates
in September 2013. This exercise has given us a better
understanding of your needs and expectations. Later
in this report, I will be pleased to share with you the
highlights of this survey. Following this consultation, the
board of directors met in a strategic planning session in
November 2013. Open discussion on industry issues helped
us identify actions to be taken over the coming years. I
must acknowledge the tremendous work done by the
KPMG-Secor team, which assisted us in this process. I also
wish to thank everyone who took the time to answer our
questionnaire and the members of our board of directors
for their openness and candour in our discussions.
At the annual meeting
in December 2013, the
members of our association
elected a new board of
directors and reiterated
their confidence in André
Gauthier, Managing Partner
at Tandem Expansion, as
Chair. I thank André and
all the directors for their
time and involvement
with Réseau Capital and
our industry. On that same
evening, we also saluted
Shahir Guindi, Managing
Partner at Osler, Hoskin &
André Gauthier
Harcourt, marking the end
of his term as our Co-Chair. In his three years at the helm of
the association, Mr. Guindi revitalised Réseau Capital and
guided its strategic positioning in the Québec investment
ecosystem. We thank him for his dedication and wish him
an excellent continuity as a governor of our association.
In addition to key events such as the Journée Tendance
in Québec City, the annual convention and the Cyclo-Golf
event, the 2013-2014 program has been marked by dynamic
activities that drew influential guests such as minister of
state Elaine Zakaïb, Investissement Québec president and
CEO Mario Albert, and, in a first for us, a debate among
representatives of the main political parties, the PQ, the
PLQ and the CAQ, in the context of the April 2014 Québec
election.
In conclusion, I wish to express very special gratitude to
you, our members, for your confidence. Your contribution
during the consultations, your presence at our events and
the continuation of your membership are signs for me that
we are on the right track to position Réseau Capital as a
leading representative of our industry.
I encourage you to contact me with any questions or
comments.
I wish you good reading.
CONGRÈS ANNUEL 2014
BCF BUSINESS LAW, BMO CAPITAL MARKETS, BMO CAPITAL PARTNERS, BORDEN LADNER GERVAIS, BUSINESS DEVELOPMENT BANK OF CANADA, CAISSE DE DÉPÔT ET PLACEMENT
DU QUÉBEC, CLARIDGE INC., CTI LIFE SCIENCES FUND, FASKEN MARTINEAU, FONDS DE SOLIDARITÉ FTQ, GOUDREAU GAGE DUBUC, GOWLING LAFLEUR HENDERSON, HSBC BANK OF
CANADA, INOVIA CAPITAL, INTRALINKS, INVESTISSEMENT QUÉBEC, KILMER CAPITAL PARTNERS, KPMG-SECOR, LAPOINTE ROSENSTEIN MARCHAND MELANÇON, LUMIRA CAPITAL,
McCARTHY TÉTRAULT, McMILLAN, NOVACAP, OSLER HOSKIN & HARCOURT, PRICEWATERHOUSECOOPERS, RBC CAPITAL MARKETS, STIKEMAN ELLIOTT, TANDEM EXPANSION,
TERALYS CAPITAL
CYCLO-GOLF 2014
ACCORD FINANCIAL, BDO CANADA, CYCLE CAPITAL MANAGEMENT, DAVIS WARD PHILLIPS & VINEBERG, DEGRANDPRÉ CHAIT, DESJARDINS BUSINESS CAPITAL RÉGIONAL ET
COOPÉRATIF, ERNST & YOUNG, FASKEN MARTINEAU, FONDS DE SOLIDARITÉ FTQ, FRISCHKORN AUDIOVISUAL, GOWLING LAFLEUR HENDERSON, KILMER CAPITAL PARTNERS, LOLË,
McCARTHY TÉTRAULT, MILLER THOMSON, MORENCY SOCIÉTÉ D’AVOCATS, NATIONAL BANK OF CANADA, NOVACAP, OSLER HOSKIN & HARCOURT, PRICEWATERHOUSECOOPERS,
SCOTIA BANK, SPB ORGANIZATIONAL PSYCHOLOGY, TD COMMERCIAL BANKING, TERALYS CAPITAL
Jack H. Chadirdjian
President and Chief Executive Officer
Réseau Capital
514.502.5225 | [email protected]
www.reseaucapital.com
PUBLIC
AFFAIRS
ACTIVITIES IN THE
2013-2014 SEASON
QUÉBEC CITY
CHAPTER
In keeping with its usual practices, Réseau Capital again
developed an annual program providing access to training
sessions and to current information of relevance to the
industry. Below are some of the highlights.
In October, the Québec City chapter launched the 2013-2014
season by holding a cocktail event at the National Assembly
library, where we had the privilege of welcoming Élaine
Zakaïb, the minister of state for industrial policy and the
Banque de développement économique du Québec.
For the second year in a row, we provided lectures under
the Toolbox banner where the subjects covered; the impact
of sectoral clusters on the investment ecosystem or the
management of perception gaps in the development of
businesses, were greatly appreciated.
At a luncheon speech in
November 2013, we had
the honour of welcoming
the new President and CEO
of Investissement Québec,
Mario Albert, in his first public
appearance after taking up
his duties.
Charles Sirois
Capped by a networking cocktail event to a jazz beat, the
2014 convention was a true success in every respect, with
more than 200 participants,. I wish to thank the committee
Chair, Marie-Claude Boisvert of Kilmer Capital Partners, and
all the members of the organizing team for the work they
put into creating this top-notch event.
2014 electoral debate : André Gauthier, Pierre Duhamel, Stéphane Le Bouyonnec,
Pierre Arcand, Elaine Zakaïb, Jack Chadirdjian
Mario Albert
In connection with the 2014 provincial election campaign,
Réseau Capital organized, for the first time in its history, a
debate welcoming the three major political parties:
minister of state Elaine Zakaïb represented the Parti
Québécois, former minister Pierre Arcand appeared on
behalf of the Québec Liberal Party, and National Assembly
member Stéphane Le Bouyonnec defended the positions
of the Coalition Avenir Québec. This debate, moderated
by Pierre Duhamel, enabled each party to promote its
positions regarding the investment capital industry.
The election, as we know, led to a change of government
in Québec, bringing the Liberal Party to power with a
majority in the National Assembly. A new government
means not only the arrival of new players but also a change
in orientations and budget priorities. Réseau Capital is
currently working to finalize a position paper for a
forthcoming meeting with the new Québec government.
Moreover, we will work to be part of discussions that are
likely to affect our industry through the various forums to
be established by the government over the coming months.
in the rest of Canada. The Québec Liberal Party included
this item in its election platform, and it is now among the
government’s commitments. Réseau Capital also provided
public support to the labour funds in their fight against
the gradual withdrawal of tax credits announced by
the federal government. Our association has emphasized
the importance of labour funds in Québec’s investment
ecosystem.
I am taking this opportunity to thank all the board
members of the Québec City chapter and the Chair, André
Lévesque, for their contribution to the growth of the
industry and of Réseau Capital in the Quebec City region.
Ajay Royan
The 23rd annual convention of Réseau Capital took place
on April 9, 2014, at the Montreal Westin Hotel under the
theme “Connecting Ideas, Engaging People.” The day’s
program gave participants privileged access to an array of
renowned speakers, including Nigel Beck (IBM), Atlee Clark
(The C100), Ajay Royan (Mithril Capital Management),
Harry Singh (Intel Capital) and Charles Sirois (Telesystem).
On June 11, Réseau Capital’s 18th annual Cyclo-Golf event,
held at the Parcours du Cerf golf club in Longueuil, was
offered for the first time in a half-day format. Under
the leadership of committee Chair Frédéric Bouchard of
PricewaterhouseCoopers, this annual networking event was
reconfigured to take account of suggestions from previous
participants. I thank Frédéric and all the members of the
organizing committee for this great success!
Jean Roy, André Gauthier, Elaine Zakaïb, André Lévesque, Jack Chadirdjian
Under the theme “Investisseurs & Entrepreneurs: un
partenariat capital!” the second Journée Tendance was
held in November 2013 in the idyllic setting of the Hôtel
Musée Premières Nations in Wendake. With its blend of
training and networking, this biennial event enabled
participants to explore four separate themes, namely
start-up, recovery and rehabilitation, acquisition and
expansion, and governance and communications. I wish to
thank Diane Duchesne of Fondaction CSN who chaired the
event as well as the members of the organizing committee,
for putting together this gathering, which is a front-line
event for everyone involved in regional investment
capital.
The quarterly release of industry statistics compiled
by Thomson Reuters and published by Réseau Capital
generates sustained coverage in the print and electronic
media. Beyond this regular practice, Réseau Capital is often
called upon, as a voice for the industry, to comment on
investment news. Throughout the 2013-2014 season, we
issued news releases or gave interviews in reaction to
the federal budget, the crowdfunding phenomenon, the
gradual withdrawal of tax credits for labour funds and the
federal government’s Venture Capital Action Plan (VCAP).
“Journée Tendance” Committee: Luc Régnier, Diane Duchesne, Jean Roy,
André Lévesque, René Bastarache, Bruno Fortin
Throughout the 2013-2014 season, Réseau Capital has
made representations to the political parties to emphasize
the importance of the Federal Start-up Visa Program,
which has not been applied the same way in Québec as
Harry Singh, Michael Rosso, Wesley Chan, Nigel Beck, Luc Filiatreault
To round out its 2013-2014 program, the Québec City
chapter presented a breakfast speech featuring Chris
Arsenault of iNovia Capital on the topic of crowdfunding,
as well as a year-end cocktail gathering in the Price
Building offices of the Caisse de dépôt et placement du
Québec in the company of an outstanding guide, Evan
Price, President of CO2 Solutions and descendant of the
family that built the building.
PUBLIC
AFFAIRS
ACTIVITIES IN THE
2013-2014 SEASON
QUÉBEC CITY
CHAPTER
In keeping with its usual practices, Réseau Capital again
developed an annual program providing access to training
sessions and to current information of relevance to the
industry. Below are some of the highlights.
In October, the Québec City chapter launched the 2013-2014
season by holding a cocktail event at the National Assembly
library, where we had the privilege of welcoming Élaine
Zakaïb, the minister of state for industrial policy and the
Banque de développement économique du Québec.
For the second year in a row, we provided lectures under
the Toolbox banner where the subjects covered; the impact
of sectoral clusters on the investment ecosystem or the
management of perception gaps in the development of
businesses, were greatly appreciated.
At a luncheon speech in
November 2013, we had
the honour of welcoming
the new President and CEO
of Investissement Québec,
Mario Albert, in his first public
appearance after taking up
his duties.
Charles Sirois
Capped by a networking cocktail event to a jazz beat, the
2014 convention was a true success in every respect, with
more than 200 participants,. I wish to thank the committee
Chair, Marie-Claude Boisvert of Kilmer Capital Partners, and
all the members of the organizing team for the work they
put into creating this top-notch event.
2014 electoral debate : André Gauthier, Pierre Duhamel, Stéphane Le Bouyonnec,
Pierre Arcand, Elaine Zakaïb, Jack Chadirdjian
Mario Albert
In connection with the 2014 provincial election campaign,
Réseau Capital organized, for the first time in its history, a
debate welcoming the three major political parties:
minister of state Elaine Zakaïb represented the Parti
Québécois, former minister Pierre Arcand appeared on
behalf of the Québec Liberal Party, and National Assembly
member Stéphane Le Bouyonnec defended the positions
of the Coalition Avenir Québec. This debate, moderated
by Pierre Duhamel, enabled each party to promote its
positions regarding the investment capital industry.
The election, as we know, led to a change of government
in Québec, bringing the Liberal Party to power with a
majority in the National Assembly. A new government
means not only the arrival of new players but also a change
in orientations and budget priorities. Réseau Capital is
currently working to finalize a position paper for a
forthcoming meeting with the new Québec government.
Moreover, we will work to be part of discussions that are
likely to affect our industry through the various forums to
be established by the government over the coming months.
in the rest of Canada. The Québec Liberal Party included
this item in its election platform, and it is now among the
government’s commitments. Réseau Capital also provided
public support to the labour funds in their fight against
the gradual withdrawal of tax credits announced by
the federal government. Our association has emphasized
the importance of labour funds in Québec’s investment
ecosystem.
I am taking this opportunity to thank all the board
members of the Québec City chapter and the Chair, André
Lévesque, for their contribution to the growth of the
industry and of Réseau Capital in the Quebec City region.
Ajay Royan
The 23rd annual convention of Réseau Capital took place
on April 9, 2014, at the Montreal Westin Hotel under the
theme “Connecting Ideas, Engaging People.” The day’s
program gave participants privileged access to an array of
renowned speakers, including Nigel Beck (IBM), Atlee Clark
(The C100), Ajay Royan (Mithril Capital Management),
Harry Singh (Intel Capital) and Charles Sirois (Telesystem).
On June 11, Réseau Capital’s 18th annual Cyclo-Golf event,
held at the Parcours du Cerf golf club in Longueuil, was
offered for the first time in a half-day format. Under
the leadership of committee Chair Frédéric Bouchard of
PricewaterhouseCoopers, this annual networking event was
reconfigured to take account of suggestions from previous
participants. I thank Frédéric and all the members of the
organizing committee for this great success!
Jean Roy, André Gauthier, Elaine Zakaïb, André Lévesque, Jack Chadirdjian
Under the theme “Investisseurs & Entrepreneurs: un
partenariat capital!” the second Journée Tendance was
held in November 2013 in the idyllic setting of the Hôtel
Musée Premières Nations in Wendake. With its blend of
training and networking, this biennial event enabled
participants to explore four separate themes, namely
start-up, recovery and rehabilitation, acquisition and
expansion, and governance and communications. I wish to
thank Diane Duchesne of Fondaction CSN who chaired the
event as well as the members of the organizing committee,
for putting together this gathering, which is a front-line
event for everyone involved in regional investment
capital.
The quarterly release of industry statistics compiled
by Thomson Reuters and published by Réseau Capital
generates sustained coverage in the print and electronic
media. Beyond this regular practice, Réseau Capital is often
called upon, as a voice for the industry, to comment on
investment news. Throughout the 2013-2014 season, we
issued news releases or gave interviews in reaction to
the federal budget, the crowdfunding phenomenon, the
gradual withdrawal of tax credits for labour funds and the
federal government’s Venture Capital Action Plan (VCAP).
“Journée Tendance” Committee: Luc Régnier, Diane Duchesne, Jean Roy,
André Lévesque, René Bastarache, Bruno Fortin
Throughout the 2013-2014 season, Réseau Capital has
made representations to the political parties to emphasize
the importance of the Federal Start-up Visa Program,
which has not been applied the same way in Québec as
Harry Singh, Michael Rosso, Wesley Chan, Nigel Beck, Luc Filiatreault
To round out its 2013-2014 program, the Québec City
chapter presented a breakfast speech featuring Chris
Arsenault of iNovia Capital on the topic of crowdfunding,
as well as a year-end cocktail gathering in the Price
Building offices of the Caisse de dépôt et placement du
Québec in the company of an outstanding guide, Evan
Price, President of CO2 Solutions and descendant of the
family that built the building.
COMMITTEE
WORK
THE SURVEY
IN BRIEF
Réseau Capital’s success relies on the hard
work of its many committees. Consisting of
volunteer members, these teams guide the
association’s various facets and implement
many projects.
In September 2013, Réseau Capital conducted
a major survey among its members
and affiliates to learn about
their views on various aspects
of the everyday work of the
association and our industry.
Special attention was taken to ensure
proportionality in the survey between
investor members and associate members.
Over all, the survey indicates that respondents are satisfied
with the networking opportunities provided through
Réseau Capital. One aspect worth noting is that 79.6% of
respondents revealed they would be interested in taking
part in activities involving investors and/or personalities
from outside Québec. You also indicated that you would
like to see our association innovate in terms of events,
and you suggested providing activities by sector.
As regards to training, respondents confirmed their
appreciation of the quality of our events and the calibre
of our speakers. At the same time, they expressed the
hope that we keep a lookout for new trends and current
topics. The results of the information portion show keen
interest in sharing knowledge and practices as well as
a desire for access to information and/or members-only
activities.
Finally, the representation and promotion sections
indicated that 79% of respondents recognize Réseau
Capital as the voice of the industry. We understood,
however, that you want your association to achieve
strategic partnerships with other economic players in
Québec.
Members’ loyalty and commitment is vital to sustaining
any association. Réseau Capital is no exception to this
rule. The good news includes the indication that 98%
of respondents intend to renew their membership, and
88% intend to recommend Réseau Capital to potential
members.
BOARD OF DIRECTORS
During their Annual General Meeting held on December 10th, Réseau
Capital members elected their new Board of Directors. In the usual
order (from the top, left to right):
Among the suggestions garnered from the survey, we are
paying particular attention to the following items:
PRIORITIES FOR THE NEXT THREE YEARS
Bringing our association closer
to Québec entrepreneurs
Jack Chadirdjian (President & CEO), Louis-Philippe Berti, Chris
Arsenault, Véronique Wattiez-Larose, Pierre Lefebvre, Daniel Hétu,
Richard Lajeunesse, Kiron Mondal, François Gilbert, Luc Villeneuve,
Andrée-Lise Méthot, Russell J. David, Pierre-Yves Thibault, Liette
Leduc, André Lévesque (Quebec Chapter President), Michel Ré, Sylvie
Pinsonnault, Frédéric Bouchard (Treasurer), André Dessureault (VicePresident), André Gauthier (Chairman of the Board), Marie-Claude
Boisvert (Officer), John Stokes (Officer), Mireille Fontaine (Secretary)
Absent from the photo:
Eric Legault (Officer), Jérôme Nycz
Promoting investment capital
in the business community
THANK YOU TO OUR PARTNERS
Promoting matters directly involving
the investment trade in Québec
To the existing committees for membership,
public affairs and programming, as well as
the organizing committees of the annual
convention and the Cyclo-Golf event, this
year we have added a new governance
committee. This committee has already
begun its work and has suggested to the
board of directors a charter outlining their
role and responsibilities. This committee
has also prepared a nomination process
for members of the board of directors,
including development of a profile of
desired skills and setting out directors’
roles and duties. This new nomination
process will be in place for the replacement
of board of directors positions planned
for December 2014. In this regard, Réseau
Capital members will receive further
information in the fall of 2014.
2013
2014
SEASON
SERVICES TO BE DEVELOPED
Networking activities with entrepreneurs
Networking activities with other associations
PROGRAMMING PARTNERS
SPECIAL COLLABORATORS
Newsletter or other publication
Following the survey, the board of directors held a
strategic planning meeting during which we developed
an action plan focusing on:
TWO KEY ISSUES
The role of Réseau Capital as a key influencer
in major discussions on investment capital in Québec
Promotion of the investment
capital industry in Québec
« TOOL BOX » SERIES
BUSINESS DEVELOPMENT BANK OF CANADA, ERNST & YOUNG, FONDS DE SOLIDARITÉ FTQ, GPL ASSURANCE INC., MCcARTHY TÉTRAULT, McMILLAN, TANDEM EXPANSION
JOURNÉE TENDANCE 2013
CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC, DELOITTE, DESJARDINS BUSINESS CAPITAL RÉGIONAL ET COOPÉRATIF, ERNST & YOUNG, FONDACTION CSN, FONDS LOCAUX DE
SOLIDARITÉ FTQ, FONDS RÉGIONAUX DE SOLIDARITÉ FTQ, FORTIN GAIGNARD GROUPE CONSEIL INC., GROUPE DANCAUSE, INVESTISSEMENT QUÉBEC, McCARTHY TÉTRAULT,
MORENCY SOCIÉTÉ D’AVOCATS, NATIONAL BANK OF CANADA, NORTON ROSE FULBRIGHT, SPB ORGANIZATIONAL PSYCHOLOGY, STEIN MONAST
PRESIDENT’S
REPORT
2013
2014
SEASON
I am proud to present this second annual Réseau Capital
activity report, Québec’s only investment capital association.
Through this report, I seek to share an overview of our
activities during the 2013-2014 season.
An association like Réseau Capital needs to serve its
members and meet their needs. Accordingly, the elements
in our signature – Influence. Cooperate. Reach. – continue
to drive our actions. To stay focused on our goals, we
conducted a survey among our members and affiliates
in September 2013. This exercise has given us a better
understanding of your needs and expectations. Later
in this report, I will be pleased to share with you the
highlights of this survey. Following this consultation, the
board of directors met in a strategic planning session in
November 2013. Open discussion on industry issues helped
us identify actions to be taken over the coming years. I
must acknowledge the tremendous work done by the
KPMG-Secor team, which assisted us in this process. I also
wish to thank everyone who took the time to answer our
questionnaire and the members of our board of directors
for their openness and candour in our discussions.
At the annual meeting
in December 2013, the
members of our association
elected a new board of
directors and reiterated
their confidence in André
Gauthier, Managing Partner
at Tandem Expansion, as
Chair. I thank André and
all the directors for their
time and involvement
with Réseau Capital and
our industry. On that same
evening, we also saluted
Shahir Guindi, Managing
Partner at Osler, Hoskin &
André Gauthier
Harcourt, marking the end
of his term as our Co-Chair. In his three years at the helm of
the association, Mr. Guindi revitalised Réseau Capital and
guided its strategic positioning in the Québec investment
ecosystem. We thank him for his dedication and wish him
an excellent continuity as a governor of our association.
In addition to key events such as the Journée Tendance
in Québec City, the annual convention and the Cyclo-Golf
event, the 2013-2014 program has been marked by dynamic
activities that drew influential guests such as minister of
state Elaine Zakaïb, Investissement Québec president and
CEO Mario Albert, and, in a first for us, a debate among
representatives of the main political parties, the PQ, the
PLQ and the CAQ, in the context of the April 2014 Québec
election.
In conclusion, I wish to express very special gratitude to
you, our members, for your confidence. Your contribution
during the consultations, your presence at our events and
the continuation of your membership are signs for me that
we are on the right track to position Réseau Capital as a
leading representative of our industry.
I encourage you to contact me with any questions or
comments.
I wish you good reading.
CONGRÈS ANNUEL 2014
BCF BUSINESS LAW, BMO CAPITAL MARKETS, BMO CAPITAL PARTNERS, BORDEN LADNER GERVAIS, BUSINESS DEVELOPMENT BANK OF CANADA, CAISSE DE DÉPÔT ET PLACEMENT
DU QUÉBEC, CLARIDGE INC., CTI LIFE SCIENCES FUND, FASKEN MARTINEAU, FONDS DE SOLIDARITÉ FTQ, GOUDREAU GAGE DUBUC, GOWLING LAFLEUR HENDERSON, HSBC BANK OF
CANADA, INOVIA CAPITAL, INTRALINKS, INVESTISSEMENT QUÉBEC, KILMER CAPITAL PARTNERS, KPMG-SECOR, LAPOINTE ROSENSTEIN MARCHAND MELANÇON, LUMIRA CAPITAL,
McCARTHY TÉTRAULT, McMILLAN, NOVACAP, OSLER HOSKIN & HARCOURT, PRICEWATERHOUSECOOPERS, RBC CAPITAL MARKETS, STIKEMAN ELLIOTT, TANDEM EXPANSION,
TERALYS CAPITAL
CYCLO-GOLF 2014
ACCORD FINANCIAL, BDO CANADA, CYCLE CAPITAL MANAGEMENT, DAVIS WARD PHILLIPS & VINEBERG, DEGRANDPRÉ CHAIT, DESJARDINS BUSINESS CAPITAL RÉGIONAL ET
COOPÉRATIF, ERNST & YOUNG, FASKEN MARTINEAU, FONDS DE SOLIDARITÉ FTQ, FRISCHKORN AUDIOVISUAL, GOWLING LAFLEUR HENDERSON, KILMER CAPITAL PARTNERS, LOLË,
McCARTHY TÉTRAULT, MILLER THOMSON, MORENCY SOCIÉTÉ D’AVOCATS, NATIONAL BANK OF CANADA, NOVACAP, OSLER HOSKIN & HARCOURT, PRICEWATERHOUSECOOPERS,
SCOTIA BANK, SPB ORGANIZATIONAL PSYCHOLOGY, TD COMMERCIAL BANKING, TERALYS CAPITAL
Jack H. Chadirdjian
President and Chief Executive Officer
Réseau Capital
514.502.5225 | [email protected]
www.reseaucapital.com