Call for investments VRQ

• Maximum investment of $150,000 per company, provided as a convertible debenture or a similar investment instrument if required by another investor.
• Convertible debenture terms: 25% discount, 8% annual interest, 36-month maturity.
• Conversion upon maturity or after cumulative qualified equity or quasi-equity financing of CA$1,000,000 or more.

• The company must be a spin-off from technology transfer activities of one of the following institutions: CCSMTL, CHUM, CIUSSS EMTL, CIUSSS NIM, HEC Montréal, CHU Sainte-Justine, IRCM, Polytechnique Montréal, or Université de Montréal.
• The company must be incorporated with its head office located in Quebec.
• The company must currently hold, or be in negotiation for, an option or license for intellectual property originating from one of the eligible institutions.
• The company must be in the pre-seed phase, having not made significant sales and having raised less than $500,000 in dilutive funding beyond friends and family.
• Control of the company (over 50%) must reside with the university/affiliated center, principal researcher, or founding team, and not with an already established company or unrelated external investor.

Who is eligible?

• Startups and scientific companies deriving from the commercialization of research from the following public institutions: CCSMTL, CHUM, CIUSSS EMTL, CIUSSS NIM, HEC Montréal, CHU Sainte-Justine, IRCM, Polytechnique Montréal, or Université de Montréal

Who is not eligible

• Companies not incorporated or without their head office in Quebec.
• Businesses not derived from the commercialization activities of the specified academic and research institutions (CCSMTL, CHUM, CIUSSS EMTL, CIUSSS NIM, HEC Montréal, CHU Sainte-Justine, IRCM, Polytechnique Montréal, Université de Montréal).
• Companies where more than 50% ownership is held by an established business or outside investors who are not founders, the principal researcher, or affiliated institutions.

Eligible expenses

• Any company development expenses, except those specifically excluded (see non-eligible expenses).

Eligible geographic areas

• Province of Quebec

• Innovation (25 points): The degree to which the innovation addresses a critical problem, disrupts a market, demonstrates traction or external validation, overcomes technological challenges, and has a strong intellectual property strategy.
• Team (25 points): The dedication and capability of the founding team to reach the next key milestone, their entrepreneurial potential, ability to attract talent and resources, and engagement with external advisors or organizations.
• Market (25 points): The company’s differentiation from competitors, understanding of the addressable market size and dynamics, and identification and management of commercialization barriers.
• Execution (25 points): The strength of the business model and commercialization plan, clarity and realism in achieving key milestones with the funds, a sound financial plan, and clear use of funds to enable subsequent financing.

• The application can be submitted in either French or English.
• If a question in the application does not apply to your situation, you may leave it blank.
• Supplementary documents such as financial projections, competitor comparison tables, and technology development plans should be attached as annexes if needed.
• Unsuccessful applicants may reapply in future calls for investments.