Wils Theagene wants Canadian Black entrepreneurs to create the next Google

Wils Theagene on Black Entrepreneurship in Technology

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Wils Theagene studied engineering. "My mother was a typical Black mother... there were three possible careers: medicine, engineering, or law. Blood repulses me, and law bores me, so I chose engineering. I did not like it, but I graduated... for my mom!" After graduation, I switched to finance. "Ever since I read Reginald Lewis's bio, I realized entrepreneurship is key to Black community empowerment." Lewis was the first African-American to build a billion-dollar company, Beatrice Holding."

In 2020, while Theagene was senior director of private equity at La Caisse de dépôt et de placement du Québec, he was instrumental in creating the 250M$ Equity 25-3 Fund to finance diversity-led ventures. In 2023, Theagene left to create his own fund, Citadelle Capital. "The Equity 25-3 fund aimed at expanding existing businesses, Serie B funding. But what Black entrepreneurs need is Serie A funding, capital to develop business models and launch companies. We need to create the whole chain of investing for the Black community."

Theagene remembers one of the first meetings for the 25-3 fund. "It was very emotional. When the entrepreneur saw that I was Black, he told me: " For the first time, I feel I will be judged upon my entrepreneurial skills, not the colour of my skin."

Theagene has bold ambitions for Citadelle Capital. "Our community should aim to build big businesses; the next Google or Amazon, to create jobs and wealth and gain real influence. But it won't happen without a robust financing system, including education and coaching." Wils insists, "Don't tell me there is not enough expertise in our community about finance and entrepreneurship! I can name you hundreds of experts." "And we need to teach our young about money, credit and wealth creation."

Key questions to be addressed:

The state of diversity financing in Quebec/Canada.
The state of Black financing in Quebec /Canada
What does "creating a chain of investing" mean?
Is it "system investing"?
What is social finance?
Is investing in creating a chain of Black investing considered "social finance"?
What is the path to creating a chain of Black investing?
What systemic challenges do you foresee?
What about Groupe 3737, Montreal pioneer incubator for Black entrepreneurs? Where does it fit in the chain of investing?
How will Citadelle raise its capital? Will it be only Blacks financing Blacks?
What do you think of hybrid structures: both for-profit and non-profit?
How do you influence investors' perception to invest in diversity-led businesses? What is the biggest bias to overcome?
Racism: how different is the racism you faced and the racism your son faces?

Why it matters

There is only one Canadian fund, BKR, to finance Black entrepreneurship in technology. When they get funding, Black entrepreneurs receive loans, rarely equity. Quebec's Wils Theagene sees a pressing need for a system change, creating a real financing chain for entrepreneurs from the Black community.