In this new series of monthly videos, our consultant team will help you discover specific government grants available in Canada, and share key details that you need to know.
For this episode, our Government Grants Consultant, Sara Barzizoui, will go through the Innovation Volet-01 and explain how this program can help businesses of all sizes carry out their innovation projects through every stage, from production to commercialization.
Examples of topics covered:
- What is the Innovation Volet-01?
- Purpose of the Innovation Volet-01
- Eligibility for the Program
- And more!
What solutions are funded by Investissement Quebec?
One of the interesting solutions funded by IQ is the innovation program. This program was created to assist companies, especially small and medium businesses, in carrying out their innovation projects and commercializing their innovations, whether those activities are carried out in Quebec or with partners in other countries.
More specifically, the program aims to support companies at every phase of their product or innovation process, for instance: planning, development, demonstration, and commercialization. It also aims to accelerate product and process innovations and last but not least to help improve business productivity and competitiveness, particularly for SMBs. That said, the program includes two separate components: if offers support for innovation projects and support for the commercialization of innovations. The first component is, as laid out in the introduction, the subject of today’s episode, Innovation Volet-01.
What Does the Innovation Volet-01 Progam Entail?
The guiding principle of this 1st component of the program is for companies to develop a new product or process or to bring significant improvements to an existing product or process. Furthermore, the innovation suggested must present significant advantages in comparison to other solutions already existing in the market. That said, you as a company must bring in radically new technologies or methods of doing things, or take advantage of the existing technologies to develop new solutions or applications that fill a certain gap in the market.
Who is Eligible for the Innovation Volet-01 Program?
Eligible applicants are companies or groups of companies, but also the companies and/or groups of companies working in a collaboration with a member of QuebeInnove. QuebecInnove is a government-recognized network that brings together organizations active in the field of research and innovation. The companies, regardless of their sectors of activity, which are legally incorporated under the laws of Quebec or Canada and having an establishment in Quebec, are eligible to submit their application for this financial aid.
What Does the Innovation Volet-01 Program Fund?
There are 7 principal activities that are eligible :
– The preliminary activities and studies necessary for planning and carrying out a project
– The development or improvement of a product or process
– Proof of concept
– The testing and validation of a product or process
– The elaboration of a commercialization plan for a product or process
– The demonstration of the use of the innovation in real life.
– And finally, “Vitrine technological”, which is sort of a showcase, where a demo of the innovation is presented in real life in front of potential customers for example, or a partner.
Now the expenses that are eligible under these activities include but aren’t limited to subcontracting fees, the cost associated with the location of equipment, salaries of the employees assigned to the project, and expenses related to the participation in tradeshows.
How is the Financial Aid Received?
For each project, the financial aid takes the form of a non-refundable contribution. The maximum rate of financial assistance ranges between 30% and 50% of the total budget, depending on the activity carried out, but the maximum amount a company may receive ranges between 50,000 and 350,000 per project.
Summary of Key Points:
To conclude, the Innovation Volet-01 program will remain open until 31 March 2022, which is the deadline for submitting applications.
These applications are rigorously analyzed, given that they should answer to a set of specific criteria, for instance, the character of innovation of the project, its realism, the quantity of financial and human resources that the company requires, and also the socio-economic benefits of the project for the company itself, and for all of Quebec.
If you wish to learn more information about this grant and how we can help you apply for it, contact one of our experts today!
About our Government Grants Consultant, Sara Barzizoui
Sara Barzizoui holds a master’s degree in Financial and Fiscal Management. She is passionate about finance and consulting. Her professional experience, which includes accounting and auditing, allows her to identify eligible expenditures under the CanExport program.
