By Émile Audet
February 07, 2024

First component of the Innovation Program: Support for innovation projects

What is the Innovation Program?

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.

Which projects are eligible for the first stage of the program?

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.

Who is this program for?

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.

What help does the program offer?

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.

How to participate

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.

What to remember about the first component

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.
  1. Investissement Quebec's Innovation Program supports Quebec SMBs in carrying out innovative projects.
  2. The first component of the program focuses on projects with high potential for spin-offs and competitive advantage.
  3. It is open to all types of businesses in all sectors, including social economy enterprises.
  4. Financial assistance of up to $350,000 is available in the form of a non-repayable contribution.
  5. To participate, follow the steps outlined in the application guide and submit your complete file by the deadline.
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About the author

Émile Audet - Canadian grants specialist

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.

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