Funding Alert: Prompt Innovation Cybersecurity Program in Quebec (PICQ) - Component One

The PICQ - Component one aims to help companies in Quebec pursing to develop innovation in cybersecurity. The ultimate goal of this component is to facilitate the commercialization of technologies and the reaching of new markets.

Prompt Innovation Cybersecurity Program in Quebec (PICQ) – Component one aims to help companies in Quebec pursing to develop innovation in cybersecurity. The ultimate goal of this component is to facilitate the commercialization of technologies and the reaching of new markets.

Program Funding

The financial assistance granted is a non-repayable and non-recurring financial contribution of $350,000 per project (maximum), up to 25% of eligible expenses, with a minimum private contribution of 50%, for a maximum project duration of two years.

Eligibility

To be eligible for the PICQ- Component one, the recipient company must:

Be a for-profit company with an active establishment in Quebec, be legally incorporated under Quebec federal law, and be registered with the Quebec Enterprise Registrar
Have its head office in Quebec and have its employees or subcontractors also in Quebec
Aim to have products, solutions and processes already developed and certified for the first time to facilitate commercialization and reach new markets

Eligible Projects

This component aims to support companies in their new innovation development projects to strengthen their cyber resilience, and the commercialization of cybersecurity technologies and reaching new markets.

Eligible Expenses

Eligible expenses relate only to activities carried out within the framework of the QCIP – Component two project, such as

Salaries of Quebec-resident and Ontario-resident workers, working in Quebec, plus 43% (to cover benefits and general administration costs)
Professional fees for specialized services, which must be provided by Quebec companies and professionals whenever possible. This expense is limited to 20% of the total value of the project
Travel and living expenses for the project, up to 5% of the total value of the project
Costs related to a study including the evaluation of various aspects such as the market, processes, technology, etc., up to 5% of the total value of the project
Costs of foreign experts coming to Quebec, up to 5% of the total value of the project
Acquisition of equipment from non-affiliated companies, up to 25% of the total value of the project
Equipment rental and transportation costs
Costs for the preparation of a strategy and acquisition of intellectual property protection
License fee costs that are required by an unaffiliated company or organization
External costs of registration testing, leading to certification required for commercialization
Costs of auditing sub-projects for compliance with standards by an external auditor

Program Requirement

Projects will be evaluated according to the following criteria:

Supporting Quebec companies in their new innovation development projects aimed at strengthening their cyber resilience
Facilitating the commercialization of cybersecurity technologies and reaching new markets
Commercialization potential (commercialization strategy, added value of the product solution or process in relation to the current context and competitive landscape, size of the potential market, relevance of the certification)
Overall quality of the project (expertise and ability of the team to complete the project)
Economic and social benefits for Quebec (job creation and maintenance, export of Quebec services, products and know-how, impact on the development of a strong industry in Quebec)

All applications must include the grant application form (signed by the company’s CEO), letters of commitment or offers of services from the partners, the latest financial statements, as well as financial forecasts (including cash flow) over two years, and a Gantt chart defining the timetable for completing the stages of the project.

Thinking of applying for financing? Don’t wait! These funds are highly competitive. Contact us today to get started!

Why Ayming?

Our team of experts will take the time to understand your current and future planned projects. We will then align these initiatives to the program in order to provide you with the highest ROI and the highest chance of approval.

We have extensive experience working with Canadian SMEs and have the expertise to properly position and maximize your application to secure your business funding.
We are the first Canadian company to establish a national grants practice.
Our proprietary artificial intelligence (AI) driven database of grants provides live access to thousands of programs, including a custom snapshot of all federal and provincial grants currently available to each company specifically.
Our highly experienced delivery teams boast over 50 + years of combined grants experience and over 200+ years of combined SR&ED experience, meaning you partner with true subject matter experts who are invested in your success.
No risk success-fee remuneration.