The latest grant program for innovation is finally here!
In a globalized context ruled by technological revolutions and intense innovation, companies are constantly seeking new ways to improve their offer, services, communication, organizations, and internal processes.
Innovation is not an invention, it has always been here. But in the last decade, we saw the growing influence it had on our economic world and brought a change of dogma where innovation is at the heart of everything. Our society is more informed than ever and consequently, audiences are more demanding.
Every day, companies are facing new challenges from which rise new opportunities. Innovation enables businesses to differentiate from the competition and build a sustainable growth model.
Innovation is usually paired with economic development and this is why the government has released a new strategic funding program that will help Quebec businesses finance their innovative projects.
Who is eligible?
The good news is almost every company can apply for the program!
With the strong belief that economic development comes from every angle, the government included in the program small, medium businesses and non-profits with an economic focus.
To benefit from the program, businesses need to present a project focused on developing or enhancing a product or process in a significant way. The program also considers innovative projects in marketing or commercialization.
How much funding can I get?
According to your project’s scope and objectives, multiple funding programs are available.
For companies needing reinforcement in their innovation capabilities, for business partnerships, to protect their assets or to promote research in the field, a new grant has been created.
This grant gives applying businesses the opportunity to fund up to 50% of their eligible expenses linked to the innovative project, knowing that the culmination of its expenses coupled with other programs is also possible. This way, the funding obtained can reach 75% of the total investment made. The maximum return amount for these funding programs is between CAD 50 000 and CAD 350 000 depending on the project scope and characteristics.
For companies willing to market a product or innovative process in Quebec or abroad, new funding has been released. This grant enables businesses to claim up to 50% of their marketing expenses with a maximum amount reaching $2 000 000.
Our consultant point of view:
This program represents a boon not to be missed for companies wishing to develop and adapt to today’s economic environment. This program must also be seen as an opportunity for development in Quebec and internationally.
It is important that the project has a fair share of technological risks and demonstrates research and development efforts carried out by the company. Presenting the project in the right way can be tricky and it is important to allocate the time and resources needed for claiming the grant.
For the follow-up and the support of your project, do not hesitate to call on a consultant specialized in subsidies of the innovation