active spring in public funding for Quebec's startup ecosystem

MEIE ANNOUNCEMENTS SINCE THE BEGINNING OF 2023

AS PART OF QUEBEC'S 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.

• CAPITALE-NATIONALE: 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 Montreal ($1.5 million)
  • Group 3737 ($1.5 million)
  • The entrepreneurial base $1.49 million
  • MT Lab $1.25 million
  • Zú $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 (HTC)
• Dobson Centre for Entrepreneurship at McGill University
• Quebec Biotechnology Innovation Center
• Quantino

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

Financing for seed-stage companies: Granting of a loan of up to $3 million 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 completion of 14 projects to develop unique research platforms or facilities in innovative fields and promote access to cutting-edge infrastructure for businesses and other Quebec stakeholders, including the LACIME technology platform at the École de technologie supérieure for Quebec startups.

SME Impulse to support innovative start-ups: $120 million investment by 2027 in the SME Impulse program, administered by Investissement Québec, to continue supporting the launch and development of innovative start-ups with high growth potential across Quebec, with the addition of a biopharmaceutical component.

AS PART OF THE QUEBEC ENTREPRENEURSHIP PLAN

Development of entrepreneurship in Quebec: $6.5 million for Espace-Inc to provide long-term support, particularly in collaboration with regionalacceleration growth centers (ERACs), to entrepreneurs across Quebec in building and consolidating innovative businesses with sustainable growth.

Promoting Quebec entrepreneurship initiatives: $2.19 million for the OSEntreprendre Challenge, a national entrepreneurship competition that showcases the achievements of participants of all ages each year. Additional financial assistance of $1.7 million from the Secrétariat à la jeunesse and $250,000 from the Ministry of Education brings the total public assistance to $4.1 million.

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

OTHER FUNDS TO SUPPORT QUEBEC'S ECONOMY

Developing innovation in business: $64.6 million to Mitacs to support innovation internships until 2027 with the goal of promoting international networking and collaboration between businesses, students, and research teams to address innovation challenges.

Digital Transformation Offensive (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 going digital.

Accelerating the digital shift in the tourism industry: Additional $4 million in support from the Ministry of Tourism and the MEIE to Événements Attractions Québec (EAQ) to continue supporting the entire tourism activities, events, and attractions sector in accelerating its digital transformation. This support is in addition to the $3 million paid to EAQ as part of the Digital Transformation Offensive (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 the financial support announcements, several standardized financial assistance programs and tax measures are designed to support businesses and research organizations in continuing or expanding their activities.

Local Investment Fund (LIF): New rules came into effect on April 1, 2023, aimed at facilitating access to capital and accelerating project completion. Local Investment Funds (LIFs) are managed by regional county municipalities (RCMs).

Call for international research and innovation projects 2022-2023: The call for projects is open to universities, CCTTs, public research centers, and RSRI. The projects aim to establish international research consortia. Next deadline: October 13, 2023.