Government of Canada invests in development of innovative start‍-‍ups with support for Quebec's incubators and accelerators

Thirteen non-profit organizations (NPOs) receive a total of $16M in financial assistance from CED for the next four years (2024‍‑‍2028).

MONTRÉAL, Nov. 12, 2024 /CNW/ - Canada Economic Development for Quebec Regions (CED)

Supporting organizations, including business incubators and accelerators, play a key role in creating and developing innovative start-ups in Quebec. They assist these businesses through all stages of their development and act as drivers of innovation enabling them to generate concrete economic impacts across Quebec.

That is why the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED, today announced $16M in non‍-‍repayable contributions for 13 organizations selected following a call for proposals.

CED is thereby renewing its funding approach to ensure the success of start‍-‍ups in Quebec's different regions, whether they be in technology or the result of efforts to innovate, including impact businesses. To better meet the needs of these Quebec start-ups, 2 Degrés, ACET (Accélérateur de création d'entreprises technologiques), CEIM (Centre d'entreprises et d'innovation de Montréal), Centech, CQIB (Quebec Biotechnology Innovation Centre), CTS – Catalyseur technologie santé, Cycle Momentum, Espace‍-‍Inc, Esplanade Québec, LE CAMP, MT Lab, Québec Tech and Zú will receive funding from CED.

By boosting these Quebec organizations offering incubation and acceleration services, CED aims to maximize the scope of its support by fostering concrete impacts in all regions, including by strengthening networking in the ecosystem and by improving access to services for innovative businesses starting up across Quebec. The chosen organizations have also committed to working with other regional players to meet local needs.

Further details on the financial support are available in the related backgrounder.

The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec's economic growth relies on organizations with strong roots in the regional economy; they are key assets in building a sustainable, inclusive economy.

Quotes

"Our government has always been committed to boosting regional economic development through innovation. That is why I am delighted with this new support from CED for 13 Quebec organizations offering incubation and acceleration services. Initiatives such as this one generate major economic spin-offs in the different regions and have a direct impact on communities, while also focusing on a greener economy. Emerging businesses are key assets in building an economy that is stronger, more resilient, more sustainable and more inclusive. By mobilizing together, we will enable them to reach their full potential."

The Honourable Soraya Martinez Ferrada, Member of Parliament for Hochelaga, Minister of Tourism and Minister responsible for CED

Quick facts

• The funds have been provided under CED's Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
• Quebec's business incubator and accelerator ecosystem is thriving; it is essential for businesses in all regions to have access to the expertise they need to succeed in order to maximize regional economic spin-offs.
• CED supports Quebec's business incubators and accelerators through its regular programs. To maximize the regional impact of its actions, CED launched a call for proposals to select organizations offering business incubation and acceleration services that would attain the targeted results with regard to regional accessibility. The chosen organizations will be able to receive the funding announced over the next four years (2024-2028).
• The funding announced today is conditional on the signing of a contribution agreement between the organizations and CED.
• CED is the key federal partner in Quebec's regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow's economy.

Associated links

• Call for proposals launched for Quebec's business incubators and accelerators – Canada.ca
• CED funding initiatives and programs

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SOURCE Canada Economic Development for Quebec Regions

Information: Media Relations, Canada Economic Development for Quebec Regions, [email protected]; Jean-Christophe Armstrong, Press SecretaryOffice of the Minister of Tourism and Minister responsible for Canada Economic Development for Quebec Regions, Cell: 343-543-7313, [email protected]