PMEIT: growing impact after 3 years

from 2018 to 2020, 177 companies were supported as part of the PMEit support service for innovative and technological SMEs (now called momentum).

Since then, these companies have been monitored by annual indicators to assess their growth and the long-term impact of the program. Three years after the end of the service, the impact is even greater than anticipated.

when the PMEit project was submitted in 2018, our objective was to evaluate the success of the program up to three years after its end, to ensure its long-term impact. at the end of these three years of observation, the progress made by the companies since their support in 2018-2020 reveals exceptional spin-offs and a trajectory that looks even more promising in the coming years. we can't wait to see what happens next!

consult the summary report with key results on the progress of PMEit companies.

the year 2022 was marked in the innovation sector by the end of the main measures linked to covid-19, but also by a marked slowdown in the investment sector. in this context, the results achieved in 2022 by the companies supported by the PMEit support service are even more exceptional.

overall, companies have increased their payroll (+71%), revenue (+42%) and financing (+9%) significantly in 2022 compared to 2021 results.

while payroll and revenues saw the strongest growth since the project began, in terms of financing, the consequences of the market slowdown were felt. the portion of financing coming from venture capital and angel investors declined for the first time, and companies had to significantly increase their debt financing.

the year 2022 also marks the end of the five-year tracking of performance indicators for the 2018-2020 PMEit coaching service. across the board, results far exceed the targets set at the start of the project, demonstrating beyond any doubt the success of the PMEit formula.

since 2018, these companies have employed more than 2,200 people, generated over $469m in revenues, and also secured over $779m in financing and investments to continue accelerating their growth. what's more, the majority of them are already generating revenues from international activities.

these results are based on responses from 139 of the 177 startups that completed a coaching path between 2018 and 2020 and submitted a report with key data on the number of employees, their revenues and their sources of funding.

the success of PMEit is attributable to its innovative model, unique in canada, based on collaboration and the pooling of resources. the 177 companies supported also represented regional diversity in québec, with half of them from outside montréal, spread across 15 administrative regions.

This model, designed by and for the Quebec gas pedal network, enhances the support offered to startups in the commercialization phase without creating a new service window for entrepreneurs. By working as a network, gas pedals can draw on all available expertise, contacts and resources to offer support that is perfectly tailored to the needs of each startup.

nine Quebec business gas pedals have made this support possible:

• adopte inc.
• centech
• cts
• district 3
• espace-inc.
• esplanade
• founderfuel
• the pool
• the camp

some thirty organizations from all over québec helped target companies with high growth potential. PMEit also enabled the assembly of a network of over 300 advisors and experts, selected for their ability to support startups in the commercialization phase and give entrepreneurs the tools and skills to propel their businesses towards growth.

This project was also made possible thanks to a financial contribution from the ministère de l'économie, de l'innovation et de l'énergie (MEIE).acceleration 's mainservice, worth a total of $17.3m, has received $8m in financial support from the government of québec to support companies between 2018 and 2020.