An Active Spring for Public Funding of Quebec’s Startup Ecosystem

MEIE ANNOUNCEMENTS SINCE THE BEGINNING OF 2023

AS PART OF THE QUEBEC STRATEGY FOR RESEARCH AND INVESTMENT IN INNOVATION (SQRI2)

Creation of Espace Ax-C for innovative entrepreneurship: financial assistance totalling $38.5 million to École de technologie supérieure (ÉTS) to support the creation, in Montreal, of Espace Ax-C, an innovative entrepreneurship centre of international scope. Additional financial assistance from the Government of Canada and the City of Montreal brings the total public support to $48 million.
Support for innovative technological entrepreneurship: financial assistance totalling over $14.3 million to support ten business incubators and accelerators over the next three years.

• NATIONAL CAPITAL: The CAMP($1.5 million)
• ESTRIE: ACET($1.5 million)
• MONTÉRÉGIE: Continuums ($1.07 million)
• MONTREAL:
  • Montreal Business and Innovation Center (CEIM) ($1.5 million)
  • District 3 Innovation Center ($1.5 million)
  • Esplanade Montréal ($1.5 million)
  • Group 3737 ($1.5 million)
  • The Entrepreneurial Fund : $1.49 million
  • MT Lab $1.25 million
  • $1 .5 million

Creation and growth of innovative companies in the life sciences: financial assistance of up to $7,197,992 will be awarded to five Quebec incubators and accelerators to stimulate the creation and growth of innovative companies in the life sciences sector. Each organization will receive a grant of up to $500,000 per year:

• AdMare BioInnovations
• Health Technology Catalyst (CTS)
• McGill University’s Dobson Centre for Entrepreneurship
• Quebec Center for Biotechnology Innovation
• Quantino

Artificial Intelligence: A $21 million funding commitment over three years to Mila—the Quebec Institute for Artificial Intelligence—to help it continue developing a network of academic excellence in responsible artificial intelligence (AI) research, as well as training and attracting AI talent in Quebec.

Seed-stage business financing: a loan of up to $3 million was granted to Front Row Ventures (FRV) to enable it to ensure the continuity and growth of its venture capital training program while increasing financing for seed-stage companies. The financial contribution comes from the Economic Development Fund, managed by Investissement Québec.

Strategic Research Platforms and Facilities Services: $6,698,132 to support the implementation of 14 projects aimed at developing unique research platforms or facilities in innovative fields and promoting access for Quebec businesses and other user communities to state-of-the-art infrastructure, notably the École de technologie supérieure’s LACIME technology platform for Quebec startups.

Impulsion PME to Support Innovative Start-ups: A $120 million investment by 2027 in the Impulsion PME program, administered by Investissement Québec, to continue supporting the launch and development of innovative start-ups with high growth potential throughout Quebec, with the addition of a biopharmaceutical component.

AS PART OF THE QUEBEC ENTREPRENEURSHIP PLAN

Promoting Entrepreneurship in Quebec: $6.5 million for Espace-Inc to provide long-term support—particularly in collaboration with regionalacceleration growth hubs (ERACs)—to entrepreneurs across Quebec as they build and strengthen innovative businesses with sustainable growth.

Promoting Quebec’s entrepreneurial initiatives: $2.19 million for the Défi OSEntreprendre, a national entrepreneurship competition that showcases the achievements of participants of all ages each year. Additional funding of $1.7 million from the Secretariat for Youth and $250,000 from the Ministry of Education brings the total public funding to $4.1 million.

Support for entrepreneurial projects in the growth phase: a grant of up to $6.56 million to La Ruche to create a matching fund to support entrepreneurial projects in the growth phase by March 31, 2025.

ADDITIONAL FUNDS TO SUPPORT QUEBEC'S ECONOMY

Fostering Innovation in Business: $64.6 million for Mitacs to support innovation internships through 2027, with the goal of promoting international networking and collaboration among businesses, students, and research teams to address innovation challenges.

Digital Transformation Initiative (OTN): continuation of this initiative with financial assistance totaling nearly $37 million to support 14 projects that will raise awareness among approximately 65,000 businesses about the importance of embracing digital transformation.

Accelerating the tourism industry’s digital transformation: an additional $4 million in funding from the Ministry of Tourism and the MEIE to Événements Attractions Québec (EAQ) to continue supporting the entire sector of tourism activities, events, and attractions in accelerating its digital transformation. This support is in addition to the $3 million provided to EAQ as part of the Digital Transformation Initiative (OTN).
Innovation Program (Health Component): Financial assistance totaling $1,173,198 to support, by 2024, the implementation of six initiatives selected following a call for projects launched as part of the Innovation Program.

CURRENT MEIE AND INVESTISSEMENT QUÉBEC PROGRAMS
In addition to announcements of financial support, several standardized financial assistance programs and tax measures are designed to help businesses and research organizations continue or expand their activities.

Local Investment Fund (FLI): New regulations took effect on April 1, 2023, and are designed to facilitate access to capital and accelerate the implementation of projects. The management of Local Investment Funds (FLI) falls under the jurisdiction of the regional county municipalities (MRCs).

2022–2023 Call for International Research and Innovation Projects: The call for proposals is open to universities, public research institutions, public research centers, and RSRI. The projects aim to establish international research consortia. Next deadline: October 13, 2023.