As women continue to break barriers and shatter glass ceilings in the business world, it’s always inspiring to hear from those who have succeeded in male-dominated industries.  

Last week, we had the pleasure of speaking with a remarkable woman, Claire Munck, who has made a name for herself in the world of entrepreneurship and venture capital. She is the CEO of BeAngels, the largest private investor networks in Belgium and has been recognized as a trailblazer for women in finance. In this interview, we delve into her journey to the top, the challenges she has faced along the way, and her advice for aspiring entrepreneurs. 

Reading in not your cup of tea? Watch the interview here.

Claire Munck’s journey

Kingsley: Hello Claire! Can you tell us a bit about yourself? 

Claire Munck: Hi, my name is Claire Munck, I am a mother of two children, and in my professional life, I am the director of BeAngels.  

K: What is your educational and professional background? 

CM: I completed most of my education in Canada, at McGill University in Montreal. I then came to Belgium to study political communication at the European Communication School (ECS), formerly known as the School of Training for Press Attachés and Communication Professionals, to become a lobbyist in Brussels.

BeAngels, a powerful network

K: What is BeAngels?  

CM: BeAngels is an organization that connects private investors, who invest a portion of their own assets, with startups (in the early stages). Our role is to animate this community of investors and entrepreneurs. In addition to this, we have developed a series of investment formulas and products to meet the needs of different investor profiles, including investment funds or clubs where people learn to invest with a bit of theory and a lot of practice.

K: How do you choose the projects/companies you support with your Business Angels?

CM: Our selection of startups is based primarily on the innovative aspect of what they bring: is it a new product, a new service, a new way of working/producing? We also look at the growth potential of the company – what we call “scallable” in our jargon – because business angels become shareholders of companies. Another important point is the quality of the entrepreneurial team: we are looking for entrepreneurs with their head in the stars but their feet firmly on the ground; with a lot of vision but also a very strong ability to execute.

K: Can anyone become a Business Angel?

CM: Not really, as we’re looking for people who have the desire to invest in venture capital but also want to support entrepreneurs, by joining board of directors for example.

K: How did you come to lead the company?  

CM: I became familiar with BeAngels while leading the European Business Angels Network. BeAngels was one of my members, and subsequently, I joined the organization’s board in 2009. Then, when I left lobbying, I did consulting for several business angel networks, including BeAngels. That’s how in 2013, I was asked to take over as director. This year marks my 10th anniversary at this role!

K: Do you think the feminization of entrepreneurship is underway?

It’s happening, but the change is a bit slow… I believe the role of organizations like ours is to have specific actions to encourage more women to consider entrepreneurship as a possible career path. The ecosystem has evolved in the last decade, so they are increasingly aware of the existence of private investor networks. We see more female entrepeneurs coming to pitch their startups at BeAngels, and we do everything we can to make them comfortable, both in the way we communicate and in the pre-selection committee, which we try to make as diverse as possible.

In recent years, projets led by women represent 1/4 of the companies that were financed through our network. This is much more important than what is generally heard in market statistics, where unfortunately only 2 to 3% of venture capital goes to companies launched by women.

 K: Why did you launch the Women Business Angels Club?  

CM: Because all the business angel networks were suffering from having very few women investors. And like any minority in a larger group, when there are too few people, they don’t invest because there’s no sense of emulation. That’s why I launched the Women Business Angels Club with a dual objective: to raise awareness among women to consider business angel activity as one of the ways to invest their wealth, but also to be a member of a board of directors and help young entrepreneurs.

Women and leadership

K: Is it difficult to be a woman as the CEO of one of the largest private investor networks?  

CM: While being a woman doesn’t inherently make things more complicated, balancing a family and a demanding job can present challenges. As a mother of two, managing my work responsibilities alongside numerous events, operational tasks, and representation duties can be difficult on a daily basis.

K: Have you ever experienced gender discrimination in your career? 

CM: I had early responsibilities in my career while still quite young. I think that being a woman and young at the same time put me in situations where I was spoken to in a way that someone who was older, or a man would not be spoken to.
Now, I can also say that I probably benefited from more visibility in my career than others because I am a woman. I’ve been on panels because I am a woman and a CEO. It served me well.

K: What makes a good leader?  

CM: A good leader is someone who can effectively communicate the vision of what they wish to achieve and rally their team behind the company’s vision, while also establishing a culture of how things should be done.  

K: What is a woman entrepreneur in 2023?

CM: As a woman entrepreneur and leader, it’s our responsibility to share our story, our approach, and our passion for what we do.

K: Which women inspire you daily?

CM: I’m pretty much inspired by experiences of resilience and courage. When you realize how lucky you are to live freely, to be financially independent, to have a roof and a healthy family, it changes your outlook.

Claire teaches us that there is room for women in the finance world! Her story is an inspiration for female entrepreneurs and highlights the importance of supporting women in leadership positions.