From 2018 to 2020, 177 companies received support through the support service for Innovative and Technology-Driven SMEs (PMEit) (now called "momentum").
Since then, these companies have been tracked using annual metrics that measure their growth and the program’s long-term impact. Three years after the end of the service, the impact has been even greater than anticipated.
When the PMEit project was launched in 2018, our goal was to evaluate the program’s success up to three years after its conclusion to ensure its long-term impact. At the end of these three years of observation, the progress made by the companies since they received support in 2018–2020 reveals exceptional results and a trajectory that looks even more promising in the coming years. We can’t wait to see what happens next!
View the summary report highlighting key findings on the journey of companies in the PMEit program.
2022 RESULTS
In the innovation sector, 2022 was marked by the end of the main COVID-19-related measures, as well as by a sharp slowdown in the investment sector. Given this context, the results achieved in 2022 by the companies supported through the PMEit support service are even more exceptional.
Overall, companies significantly increased their payroll (+71%), revenue (+42%), and funding (+9%) in 2022 compared to 2021.
While payroll and revenue saw their sharpest increase since the project began, the market slowdown had a noticeable impact on funding. The portion of funding coming from venture capital and angel investors declined for the first time, and companies had to significantly increase their debt financing.
SUMMARY OF RESULTS SINCE 2018
The year 2022 also marks the end of the five-year monitoring period for performance indicators related to the 2018–2020 PMEit support program. Across the board, the results far exceed the targets set at the start of the project, demonstrating beyond a doubt the success of the PMEit model.
Since 2018, these companies have employed more than 2,200 people, generated more than $469 million in revenue, and also obtained more than $779 million at Funding and Investments to continue accelerating their growth. In addition, most of them already generate revenue from international operations.
These results are based on responses from 139 of the 177 startups who participated in a support program between 2018 et 2020 and who submitted a report containing key data on the number of employees, their revenue, and their sources of funding.
THE SUCCESS OF A COLLABORATIVE MODEL
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, as half were from outside Montreal, spread across 15 administrative regions.
This model, designed by and for the Quebec network accelerators, increases the support offered to startups during the commercialization phase without creating a new service desk for entrepreneurs. By working as a network, the accelerators can draw on all available expertise, contacts, and resources to offer support that is perfectly tailored to the needs of each startup.
Nine Quebec companies—accelerators—made this support possible:
About thirty organizations from across Québec helped identify companies with high growth potential. PMEit has also helped build a network of more than 300 advisors and experts, selected for their ability to support startups during the commercialization phase and provide entrepreneurs with the tools and skills to propel their businesses toward growth.
This project was also made possible thanks to financial support from the Ministry of Economy, Innovation, and Energy (MEIE). The acceleration service of MAIN, with a total value of $17.3 million, received financial support from the government of Québec totaling $8 million to assist businesses between 2018 et 2020.