By helloDarwin
November 24, 2023
Second component of the Innovation Program: Support for mobilizing projects
What is the Innovation Program?
The Innovation Program is administered by Investissement Quebec and is designed to support SMEs in their innovation projects. It encourages the development of new concepts, processes and products. The program is divided into two components. In short, the Innovation Program offers financial support for research and development, as well as for bringing innovation to market.
What types of projects are covered by the second component?
The second component covers different types of projects linked to the development of new products or processes, as well as the improvement of existing products or processes. It also supports the development of an economic sector through alliances, links and networks between companies, organizations and research establishments. To be eligible, projects must have a minimum duration of one year. In addition, eligible expenses must reach a minimum of $4 million, in order to guarantee a real impact and breakthrough for innovation and competitiveness in the sector concerned. The aim of this program is to encourage large-scale projects with high development potential, thereby fostering economic growth and the emergence of new technological solutions. It provides substantial financial support for the implementation and realization of these ambitious projects, helping to boost the competitiveness of companies and the province's economy.
Who is eligible for the program?
The program is open to different types of companies. First of all, for-profit companies in all sectors can participate. This means that regardless of the economic activity carried out by the company, if it is for-profit, it can be eligible for the program. Secondly, social economy companies are also eligible. Finally, to be eligible for the program, you must have a group of at least two entities. This means that there must be an association or partnership between several businesses or organizations. The aim of this condition is to encourage collaboration between entities in order to create synergies and maximize the project's chances of success. As a result, the eligibility program is open to a wide range of companies, whether for-profit, social economy or operating in partnership with other entities.
What form of help is offered?
The assistance offered is in the form of a non-repayable contribution. This means that recipients are not required to return the money. What's more, this assistance covers up to 50% of eligible expenses. This enables beneficiaries to receive significant financial support to realize their projects or overcome difficulties. However, it is important to note that the total amount of government assistance cannot exceed 70% of total expenses.
How do I get involved?
To participate in a project, it's important to first find a project that matches your interests and skills. Once you've found a project that interests you, you need to join forces with another entity. Then, in order to officially participate in the project, you need to make an application, which will be submitted by a non-profit organization (NPO) responsible for managing and monitoring the project. If you have any further questions about participating in the second phase, you can contact the following telephone number: 1 844 474-6367. This number will provide more information on the steps to follow, eligibility criteria and any other relevant information.
Start your project now
In conclusion, Investissement Quebec's Innovation Program offers essential support to SMBs by encouraging innovation through two components. The second component, in particular, targets large-scale projects designed to strengthen economic competitiveness and promote advanced technological solutions. Here are five key points to bear in mind:
- Objective: The Innovation Program aims to support Quebec SMEs in carrying out mobilizing innovation projects to foster the development of new concepts, processes and products.
- Two components: The program is divided into two components, the second of which focuses on large-scale projects with high development potential, requiring substantial investments and alliances.
- Eligibility: For-profit companies in all sectors, social economy enterprises and groups of at least two entities are eligible for the program.
- Financial assistance: Assistance is provided in the form of a non-repayable contribution covering up to 50% of eligible expenses, with a limit of 70% when combined with other government assistance.
- Participation process: To participate in the second component, you need to find a project that matches your interests, join forces with other entities, and submit an application through a non-profit organization (NPO) responsible for managing the project.
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