The Recipe for Building a Successful Business
October 15, 2025
Entrepreneurship is often seen as a solitary journey, with many obstacles strewn along the way. Which is why it is so important to have access to a supportive ecosystem, mentoring and funding, all of which can help turn entrepreneurial dreams into business success.
This was the key message at the kickoff of Executive Education HEC Montréal’s new Certification in Strategic Management and Leadership on September 25, 2025. The program has been developed specifically for Black business leaders. The event featured a networking reception and a panel discussion moderated by the program’s academic co-director, Wils Théagène. The three guest speakers were Frank Baylis, Executive Chairman of the Board of Directors of Baylis Medical Technologies, Tara Akhavan, CEO of AI4Eyes, a Canadian health tech startup, and Ken McCracken, Venture Partner at Citadelle Capital. They shared their thoughts and insights about the essential ingredients for building a flourishing business.
Long-time friends and change-makers
The impetus for this new program is rooted in a friendship that dates back several decades. Wils Théagène and Éric Deschênes attended the same CEGEP. A school canoe camping trip turned them from acquaintances into friends. “I was immediately struck by how smart and generous Éric was, and how deeply he cared about people,” said Théagène.
In the years that followed, they both pursued different career paths, but the connection remained, waiting to be rekindled. When Deschênes read an article in Le Devoir about an investment fund created by his former schoolmate, he reached out to him. “We picked up right where we left off,” he recalled.
The reunion sparked a discussion: what would it take to create a model that would help Black entrepreneurs secure funding, tap into high-level coaching and capitalize on a strong network? “As I shared my thoughts with Éric, we came up with the idea of sitting down with the team at Executive Education HEC Montréal. And that’s how this initiative came into being,” he explained.
Collective pride
The kickoff event began with opening remarks from Dominique Anglade and Luciano Barin Cruz, the newly appointed heads of Executive Education HEC Montréal, who stressed the importance of this program for the Quebec entrepreneurial community. “What I’m feeling this evening is pride,” said Anglade. “Pride at seeing an initiative that was drawn up on paper come to life, thanks to the agility of the executive education team, our colleagues at HEC Montréal and our partners. This is the kind of responsiveness we need right now, and I hope it will inspire lots of other people.”
Barin Cruz emphasized the core mission of Executive Education HEC Montréal. “We generate knowledge, but we have to apply it in a meaningful way. This program is underpinned by two key elements: academic rigour and real-world impact on entrepreneurs and their communities.”
Frank Baylis: An innovative approach to patient care
The first guest speaker to take the podium was Frank Baylis, who shared how his organization, Baylis Medical Technologies, evolved from a family firm to an international leader in interventional cardiology. “Every minute, a patient somewhere in the world is treated using a product we have developed,” he said.
He noted that entrepreneurship isn’t just a matter of turning a profit. “Yes, we have done well financially, but what really counts is having a strong sense of purpose and making a difference in the lives of millions of people.”
Baylis also reminded the audience that behind every success story are struggles and missteps. “Not everything we’ve done has worked. But we’ve learned from our mistakes and used this to build our greatest achievements.”
Tara Akhavan: Driven by a spirit of resilience
Tara Akhavan, a serial entrepreneur originally from Iran, pointed out that resilience is an essential ingredient to entrepreneurship: “Growing up in an environment marked by war forges something in you that makes bouncing back second nature. When you migrate twice with almost nothing [first to Austria, then to Canada], you learn how to start from scratch, and to do it with optimism and perseverance.”
Akhavan has already founded three startups, the most recent of which, AI4Eyes, is using artificial intelligence to revolutionize eye care. “Being an entrepreneur means accepting ambiguity, taking risks and keeping a positive outlook even when it looks like things won’t work out. The experience is unlike any other. It’s demanding but incredibly rewarding.”
Akhavan agreed that support is a must: “It’s not just a question of social justice. Helping diverse entrepreneurs is about creating value for the global economy.”
Ken McCracken: Building something to last
For Ken McCracken, who founded and sold a pharmaceutical company before joining Citadelle Capital, discipline and vision are vital: “Success for an entrepreneur isn’t measured solely by the bottom line but by the ability to build an organization that will survive its founder. You have to create something that can exist and run on its own over the long term.”
What does he think are some of the other keys to success? “It starts with knowing the potential of your business and developing a realistic strategic plan. Then you have to move forward step by step, with two or three initiatives a year, no more. You also need to attract and retain good people, keep your finances on track and establish a culture of accountability. No matter what developmental stage your business is in, it’s important to keep measuring your progress and stay true to your mission, even as you’re tweaking your plan. In the end, persistence is what will get you across the finish line.”
A new chapter for Quebec entrepreneurs
Beyond sharing their own stories, each of the speakers underscored the importance of an innovation-friendly environment. Access to funds, mentors and business networks are all critical in turning promising ventures into scalable, sustainable businesses.
“Helping large diversity-led organizations flourish will inevitably contribute to a more economically diverse Quebec and narrow wealth inequalities,” said Théagène.
This new certification program brings something new to the training table, but it does more than that: it is part of a broader movement to support up-and-coming entrepreneurs and transform the entire ecosystem.
“And we’re only getting started,” concluded Anglade. This initiative is poised to become a springboard for other Quebec entrepreneurs with dreams of building strong, innovative and responsible organizations.
➲ Learn moreabout the Certification in Strategic Management and Leadership.