Yves Boudreau is so thrilled to be participating in prestigious San Francisco-based accelerator 500 Startups that his voice seems to glow with Californian sunshine. 

Being one of just two Canadian companies to get into the internationally respected accelerator is especially meaningful to the entrepreneur because his first business ended in bankruptcy.

“I’m learning so much I’ll be a wise Buddha when I’m done here in another 12 weeks,” said Boudreau, over the phone.

“Raising money in the Valley is very different. I’m working on a bigger vision for us. They dream of $1 billion companies here,” said the entrepreneur, who is currently CEO and co-founder of Moncton-based online recruitment company Qimple.

Getting into 500 Startups is just the latest success for Qimple, which tracks and rates job seekers to make the hiring process easier for both recruiters and applicants.

For Boudreau, it feels good to be forging ahead after his first venture ended unhappily.

The entrepreneur, now aged 36, began his first business at the age of 19 when he started Halation Studios, a digital creative agency, out of his home town of Bathurst.

Halation quickly became successful and work came in from major record labels and large financial corporations. Boudreau was named a 2003 CBDC Young Entrepreneur of the Year and was nominated as a 2004 Ernst & Young Entrepreneur of the Year.

But problems arose. 

“My first venture had an amazingly talented team,” he recalled. “We were all misfits from New Brunswick Community College in Miramichi. Revenues went up and 2001-2004 were good years. We were racking up accolades and I was buying into our hype.

“Then the reality of me not knowing how to grow the business kicked in. I was naïve about managing my team, our clients, and cash flow. In 2004-2005, we were running up debts.”

Boudreau had to scale down and cut expenses. He began to have trouble sleeping then developed anxiety.

“I knew nothing about anxiety, so one day when I suddenly couldn’t breathe I thought I was having a heart attack at 25. The doctor said I needed to change my lifestyle.

“l didn’t, but my passion did waver and I began to lose my grip. I was breaking down in my banker’s office, pleading for help to make payroll. I feared losing everything.”

Finally, an unfortunate fire damaged his company’s equipment and meant the end of the business. “That was the last straw for me. I knew it was time to move on,” he said.

Boudreau was $250,000 in debt.

“I tried to negotiate deals with creditors and might have avoided bankruptcy but couldn’t make it work in the end.”

He said that after the bankruptcy, he felt directionless and began to hide away at home.

“When you work so hard for something and it doesn’t pan out, it feels like you can’t be successful at anything else,” he said.  

“I couldn’t talk about this for a long time. It felt like a loss. I had to work hard at overcoming the emptiness I felt. The lift began when I went to a Cybersocial event and met old friends whom I hadn’t seen in months.”

Eventually, Boudreau found a job with Enterprise Greater Moncton, as an entrepreneurship development officer.

“I felt I could use my experience to help other entrepreneurs. Over time, the job became rewarding and I regained confidence,” he said.

He attended an event at regional accelerator, Launch36, and, sitting there listening to the entrepreneurs pitching their ideas, he realized he needed to found another startup.

“I saw them on stage and I knew that I was meant to be part of it. I’d spent five years re-building financially. I had a good-paying job, but I knew I was ready to put it all on the line again,” he said.   

Now, as Boudreau builds his second company, he places a greater emphasis on balance and physical and mental health. 

“I’m as driven as I was when I started my first venture,” he said. “But I’m more leveled-headed this time around and handle the highs and the lows better.

“It means so much to be at 500 Startups in San Francisco after the rollercoaster I’ve been through. It feels like I’ve come full circle. I hope my story will inspire others.”   

This article first appeared in the latest edition of Entrevestor Intelligence.

Disclaimer: Entrevestor receives financial support from government agencies that support startup companies in Atlantic Canada. The sponsoring agencies play no role in determining which companies and individuals are featured in this column, nor do they review columns before they are published.     

Disclaimer: Entrevestor receives financial support from government agencies that support startup companies in Atlantic Canada. The sponsoring agencies play no role in determining which companies and individuals are featured in this column, nor do they review columns before they are published.