First component of the Innovation Program: Support for innovation projects

The Innovation Program is a program offered by Investissement Quebec to support small and medium-sized enterprises (SMEs). Its main objective is to help these companies carry out mobilizing innovation projects. Thanks to this program, companies can benefit from financial and technical support for the development of new concepts, processes and products. In short, Investissement Quebec's two-part Innovation Program offers vital support to Quebec SMBs, helping them to bring their innovation projects to fruition, whether at the conceptualization or acceleration stage.

The first component of the program focuses on innovative projects with a high potential for benefits. It focuses on the development of new products, processes or improvements that create a competitive advantage in the marketplace. These projects can be diverse, encompassing different sectors of activity. However, one criterion common to all these projects is that they involve a certain level of risk or uncertainty. Indeed, to be eligible for this part of the program, it is important that the project presents challenges and obstacles to be overcome. This ensures that the projects selected will receive appropriate support to overcome these difficulties and reach their full potential. By fostering innovation and supporting high-potential projects, this first part of the program aims to encourage the creation of a dynamic and prosperous competitive environment.

The program is open to all types of companies, whether for-profit or social economy, in all sectors of activity. It covers both projects taking place in Quebec and those in partnership with a company based outside the province. For-profit companies wishing to develop an innovative project can benefit from this program. So, whatever the sector or type of business, this component can provide an opportunity for growth and development.

The program provides assistance in the form of a non-repayable contribution. Projects can receive up to $350,000. This assistance represents 30% to 50% of total project expenses. This means that the program provides financial support to companies or organizations by covering a significant portion of their project expenses. This non-refundable financial support enables beneficiaries to significantly reduce the costs associated with their activities. Thanks to this program, many companies are able to bring their projects to fruition more easily and achieve significant savings. The assistance offered by the program is therefore of great value, and represents a real opportunity for companies and organizations wishing to bring their projects to fruition.

To participate in the Innovation Program, Component 1, it is essential to follow a few steps. First, we recommend that you carefully read the application guide. This guide contains all the information you need to understand the eligibility criteria and the steps to follow to submit an application. Next, you'll need to fill out and sign the Innovation Program, Component 1 form, which is available online from the Investissement Quebec website. It is important to complete it accurately and include all required information. Once the form has been completed, the application must be sent to Investissement Quebec. The address to send the application to is aidefinanciere@invest-quebec.com. Finally, to be eligible, it is imperative to submit the complete application before the deadline, which is December 8, 2023. We recommend that you don't wait until the last minute to do this, to avoid any delays or transmission problems. By following these steps, you can take part in the Innovation program, part 1, and benefit from the financial support offered by Investissement Quebec.

In conclusion, Investissement Quebec's Innovation Program is a valuable support for small and medium-sized businesses in Quebec, designed to encourage innovation and growth. The first component of the program targets high-potential innovative projects in all sectors, offering substantial financial assistance in the form of a non-repayable contribution. To participate, it's essential to follow the key steps, including carefully reading the application guide, filling in the form accurately, and submitting the complete file by the deadline.