By Émile Audet
October 27, 2023
What is the Innovation Program?
The Innovation Program is an Investissement Quebec initiative designed to support SMBs in carrying out innovative and mobilizing projects. The program encourages the development of new concepts, processes and products, helping to stimulate economic growth and innovation in Quebec. The Innovation Program also fosters collaboration between companies and research organizations, by offering financial incentives for joint research and innovation projects. Thanks to this two-part program, Quebec SMEs can turn their innovative ideas into reality and position themselves advantageously on national and international markets.
What is the aim of the Innovation Program?
The aim of the Innovation Program is to encourage innovation projects to improve products and processes. Thanks to this program, companies can accelerate their innovation projects and thus improve their competitiveness and productivity. The aim is also to integrate innovation into the solutions offered by companies, in order to meet the needs and expectations of consumers. The program also aims to encourage partnerships between companies, fostering exchanges and collaboration for the success of innovation projects. Finally, the program aims to enhance the value of companies' research results and know-how, by showcasing innovative products and services. This not only raises the profile of companies, but also stimulates the economy by encouraging the development of innovation. By providing financial support for innovation projects, the Innovation Program offers companies the resources they need to turn their innovative ideas into reality, and thus contribute to the creation of added value in various sectors.
The components of the Innovation Program
Component 1: Support for innovation projects
Part 1 of the Innovation Program is dedicated to supporting innovation projects aimed at developing new products or processes. To be eligible for this financial support, projects must demonstrate a necessary degree of innovation, i.e. they must propose innovative solutions and have a significant impact on their field of application. Selected projects may present a degree of risk or uncertainty, as innovation often involves thinking outside the box and exploring new avenues. However, the research and development effort must be clearly identified and justified, to ensure that the financial resources allocated are used effectively and appropriately. Under Component 1 of the Innovation Program, projects are supported in the form of grants, enabling project sponsors to receive funds to finance their innovation activities. This financial assistance is designed to support the development and implementation of selected projects, in order to encourage innovation and foster economic growth.
Component 2: Support for mobilizing projects
The second component of the Innovation Program, entitled "Support for mobilizing projects", aims to stimulate the development of an economic sector by supporting innovative and mobilizing projects. This component fosters the creation and development of businesses by encouraging alliances, partnerships, networks and networking between companies. Eligible projects must have a minimum expenditure of $4 million, reflecting the ambition of this program component. Assistance for mobilizing projects takes the form of a grant, which can cover up to 50% of the expenses incurred by the company. This financial assistance provides real support for companies wishing to innovate and develop value-added projects. Thanks to this assistance, companies can benefit from a significant financial boost, enabling them to bring their projects to fruition and accelerate their development.
Who is eligible for the program?
The admission program is open to different categories of companies. First of all, for-profit companies are eligible. There are no restrictions on the sector in which these companies operate; all industries are welcome. Secondly, social economy companies can also apply. Finally, the program is open not only to projects carried out in Quebec, but also to those carried out in collaboration with partners located abroad. This international outlook fosters exchanges and synergies between different players in the sector. Eligibility criteria are therefore broad, and include a wide variety of profiles and projects. Whether you're a long-established company or a young entrepreneur embarking on a new adventure, the program is open to all.
How to participate
To participate in the Innovation program, it's important to follow a few simple steps. First, we recommend that you carefully read the application guide, which contains all the information you need to complete the form. Next, complete and sign the Innovation Program: Component 1 form, and send it to Investissement Quebec at aidefinanciere@invest-quebec.com. It is important to respect the deadline for submitting a complete file, which is December 8, 2023. If you need more information or have any questions, please call 1 844 474-6367. Don't hesitate to contact Investissement Quebec for all the help and support you need to participate in the Innovation program.
Important elements of the Innovation Program
Investissement Quebec's Innovation Program is a crucial initiative for stimulating innovation and economic growth in Quebec. It encourages SMBs to develop innovative projects, collaborate with partners, and integrate innovation into their products and services. With its two streams of financial support, it provides companies with the means to turn their ideas into reality and contribute to the Quebec economy.
- Program objective: The Innovation Program aims to encourage innovation, improve products and processes, and strengthen the competitiveness of companies while meeting consumer needs.
- Collaboration: The program fosters collaboration between companies and research organizations, encouraging partnerships and exchanges for the success of innovation projects.
- Two streams of support: The program is divided into two streams. Stream 1 supports innovation projects focusing on new products and processes through grants. Stream 2 supports mobilizing projects aimed at stimulating an economic sector.
- Eligibility: The program is open to for-profit companies, social economy enterprises, and projects carried out in Quebec or in international collaboration, covering a variety of profiles and sectors.
- Participation Process: To participate, companies must complete the corresponding form, respect the submission deadlines, and contact Investissement Quebec for any assistance required.
Related Tags
Business aid
Grants
Government aid
About the author
Émile Audet
Canadian grants specialist
Working at helloDarwin for some time now, I'm in charge of providing you with the information you need on government aid. Dedicated to helping companies in Quebec and Canada reach their full potential, I write on the helloDarwin blog about the various programs, allowances and funding available to enable organizations to make their digital transformation through access to federal and provincial support.