Telegraph: Investing before everything is obvious: conviction as a driver of value creation

Big tech companies aren't born just as their potential becomes clear. They are built long before, when revenues are still limited, the product is constantly evolving, and the future is more about vision than measurable results. 

It is precisely at this stage that Telegraph chooses to intervene. 

For Étienne, a partner at Telegraph, the first years of a company represent both the most fragile and the most decisive moment in its development. These first decisions, whether it is the capital raised, the speed of execution or strategic choices, have a lasting influence on the future trajectory of an organization. 

This conviction is not based solely on an analysis of the markets. It is directly drawn from an entrepreneurial journey experienced from the inside. Like many Quebec founders, Étienne himself has experienced the challenges of finding financing, growing and scaling up a technology company. This experience now shapes his vision of investment and the mission that Telegraph has set itself: to support entrepreneurs before their potential is consensual. 

An investment thesis built around pre-seed

Telegraph's approach is based on a simple observation: many promising companies are still struggling to quickly access the capital needed to accelerate their development. 

In tech ecosystems, speed is often as important a competitive advantage as the technology itself. 

For Telegraph, this issue is particularly present at the pre-seed stage. At this point in the entrepreneurial journey, companies rarely have all the evidence that investors want to see. Revenues remain limited, products continue to evolve and teams are gradually being structured. 

Yet, it is often at this stage that the most impactful decisions are made. 

Telegraph's strategy is therefore to invest before all the boxes are ticked. The firm seeks to support entrepreneurs when conviction matters more than numbers, with the aim of enabling them to gain the necessary velocity to compete in an increasingly competitive environment. 

The team first

Like many pre-seed investors, Telegraph places a special emphasis on founders. However, the valuation is based less on the perfection of the business model and more on the ability of entrepreneurs to create something exceptional. 

One of the central criteria is what the industry calls the founder-market fit. 

For Étienne, the best entrepreneurs are often those who have a unique understanding of the problem they are looking to solve. This knowledge can come from personal experience, a professional background or a deep immersion in a given industry. In all cases, it allows them to identify opportunities that others do not yet see. 

Speed of execution is also a determining factor.

As technology tools become more accessible and innovation cycles accelerate, the ability to learn quickly, test hypotheses, and continuously adapt becomes a major competitive advantage. The best companies are not necessarily those that avoid mistakes, but those that learn faster than their competitors. 

Finally, Telegraph pays special attention to the ability of entrepreneurs to mobilize around a vision. In the early stages of development, founders need to convince customers, employees, partners, and investors to believe in a reality that doesn't yet fully exist. This ability to communicate ambition and rally the right people becomes a critical factor for success. 

Support based on entrepreneurial experience

At Telegraph, capital is only the starting point of the relationship. Étienne's entrepreneurial experience plays a central role in the support offered to portfolio companies. Having experienced the challenges inherent in creating and growing a company, he favours an approach based on a concrete understanding of the realities that founders face. 

This proximity influences the way the fund supports its entrepreneurs. 

The goal is not to multiply processes or meetings, but to provide practical support in the moments that will have the most impact on the company's growth. This can take the form of working on the go-to-market strategy, prioritization of initiatives, capital management or preparation of the next stages of financing. 

For Telegraph, young companies rarely have unlimited resources. Success therefore depends on an ability to maintain a high level of focus on what generates the most value. This discipline of execution and efficiency in the use of resources are recurring themes in the support offered to entrepreneurs. 

Local roots, international ambitions

The team believes that companies can leverage a strong foothold in their local market while benefiting from an international network to accelerate their growth. Telegraph Ventures is a Canadian fund that is the result of a partnership with a Barcelona-based venture capital fund. This combination allows founders to build a solid foundation before exploring new expansion opportunities. 

This approach is also based on a desire to create more strategic options for businesses. In an ever-changing economic environment, the ability to access multiple markets and networks is a significant advantage for growing entrepreneurs. 

Through its partners and its international network, Telegraph seeks to connect Quebec companies to resources and opportunities that can support their long-term development. 

Contributing to the next generation of Quebec entrepreneurs

For Étienne, Telegraph represents much more than a venture capital fund. It is a lever that contributes to the long-term development of the Quebec entrepreneurial ecosystem. 

Its ambition is clear: to foster the emergence of a new generation of technology companies capable of creating quality jobs, generating significant economic spinoffs and, ultimately, giving back to the ecosystem. 

One of the drivers of this vision is a virtuous circle often seen in major tech hubs: successful entrepreneurs then become mentors, investors, or founders of a new company, fueling the next generation of innovation. 

For Étienne, each investment is an opportunity to contribute to this dynamic. By supporting founders at a time when few players are ready to do so, Telegraph hopes to accelerate the growth of Quebec companies and strengthen the ecosystem's capacity to generate more local successes. 

Through this approach, the fund seeks not only to finance promising companies, but also to participate in the construction of a more ambitious, more autonomous ecosystem that is more driven by the experience of those who have already walked this path. 

To find out more visit the Telegraph website: https://www.telegraph-vc.com/