Québec Tech Secures $9M to Directly Fund Startups in Their International Expansion
The ministère de l’Économie, de l’Innovation et de l’Énergie announced on Thursday, December 12, 2024, a $9 million funding package for Québec Tech to accelerate the international expansion of innovative, high-growth-potential technology companies. With this government funding, high-potential companies will benefit from direct financial support and a range of international business development services in collaboration with key partners, including Investissement Québec International.
Direct Financial Support for Startups
This initiative aligns with the goals of the Québec Research and Innovation Investment Strategy (SQRI2), which allocates $22.5 million over five years to accelerate SME growth. It also corresponds to the objectives of the Québec Life Sciences Strategy (SQSV).
Thanks to this funding, Québec Tech will be able to support more than 120 startups in their efforts to enter international markets. The funds will be directly allocated to support and provide targeted services to startups, addressing concrete needs such as financing trade missions or accessing high-level expertise. The financial aid will cover part of the costs incurred by startups, including services offered by Stage V.
Implementation in Collaboration with Key Stakeholders
Québec Tech will implement this initiative in partnership with Investissement Québec International and other key players, including Québec's general delegations abroad, incubators and accelerators in Québec, and Québec investment funds. These partners will assist in selecting companies, identifying their needs, and facilitating access to capital.
Three Levels of Direct Support
The funding will be deployed through three distinct streams:
- Participation in trade missions, in partnership with Investissement Québec International.
- Financing flat-rate service contracts for activities such as market intelligence, professional fees, or training costs.
- Support for hiring specialized human resources within companies.
This announcement is timely, as it is more critical than ever to accelerate the growth of innovative companies in an increasingly competitive environment. There is a pressing need to internationalize high-potential companies more rapidly, encouraging them to adopt a global vision from their inception.