Open Innovation Subsidy Program for start-up companies
At a glance
- Max. $50,000
- 50% of project cost
- Open Date : April 22, 2024
- All industries
- City of Montreal
Overview
Eligibility criteria
The eligibility criteria for this grant program are as follows:
- The start-up company must be located in one of Montréal's boroughs or neighbouring municipalities, be in the start-up phase or operating for fewer than five years, have a team of at least two full-time staff, and post annual sales equal to or lower than $2 million.
- The partner organization must be established within the Montréal agglomeration, be a legal entity with more than 50 employees or independent workers, and be a non-profit corporation such as a cooperative or industrial cluster.
- The project must focus on commercializing a new solution or product in specific activity sectors, and not have received a separate subsidy from the city.
Who is eligible
Start-up companies and social economy businesses in Montréal and its neighbouring municipalities are eligible for this grant. They must meet specific criteria related to their location, operational phase, annual sales, ownership structure, and industry sector.
- Start-up company:
- Head office or principal place of business in Montréal borough or neighbouring municipalities
- In start-up phase or operational for fewer than five years
- Annual sales equal to or lower than $2 million
- Ownership structure requirements for joint-stock companies
- Partner organization:
- Established within the Montréal agglomeration
- Legal entity with more than 50 employees or independent workers
- Non-profit corporation such as a cooperative or industrial cluster
Eligible expenses
There are eligible expenses for this grant. Eligible expenses include:
- Remuneration of temporary or permanent staff
- Professional fees for legal assistance, research, accounting services, etc.
- Purchase of equipment and supplies
- Equipment rental fees
- Licensing or certification fees
Eligible projects & activities
There are eligible projects for this grant. Companies can participate in projects aimed at addressing urban issues, ecological transition, or labor shortages. Eligible activities include:
- Proving a concept or demonstrating feasibility through product tests
- Validating technology
- Offering pre-commercial demonstrations
- Making initial sales
Eligible geographic areas
There are specific geographic areas specified for this grant.
- The company’s head office or principal place of business must be located in one of Montréal’s borough or neighbouring municipalities.
Evaluation & selection criteria
There are evaluation and selection criteria for this grant. The projects will be evaluated based on the growth potential of the start-up, the quality of the project collaboration between the start-up company and the partner organization, and the scope and financial benefits of the project.
- Growth potential of the start-up and capacity to successfully complete the open innovation project
- Quality of the project and of the collaboration between the start-up company and the partner organization
- Scope and financial benefits of the project
How to apply
Step 1:
- Complete the application form in French.
- Provide a board of directors' resolution or power of attorney document if applicable.
- Submit the curriculum vitae of each management member.
- Include financial statements or a report with earnings statement and bank statements.
Step 2:
- Estimate the innovative product's sales potential in the target market.
- Prepare a business plan or summarize the business model and commercialization strategy.
Step 3:
- Submit the application and necessary documents.
- Wait for confirmation of project eligibility and maximum subsidy within 30 working days.
Grant Summary
This subsidy program aims to support emerging companies in Montréal by partnering with established organizations to test innovative solutions that address urban issues, ecological transition, and labor shortages.
Exploring the Open Innovation Subsidy Program for Emerging Businesses in Montréal
The Open Innovation Subsidy Program for Emerging Businesses in Montréal is a unique opportunity for start-up companies to collaborate with recognized organizations in the Montréal area. This initiative focuses on promoting the commercialization of innovative solutions that tackle urban challenges, advance ecological transitions, and address labor shortages.
Entrepreneurial ventures seeking to participate in this program must meet specific eligibility criteria. The start-up company should be based in Montréal or its neighboring municipalities, operating for less than five years with limited annual sales. Additionally, the partnership with a Montréal-based organization is vital to qualify for financial assistance, emphasizing the importance of local collaboration.
The financial support provided through this subsidy program can cover up to 50% of the project costs, with a maximum limit of $50,000. To receive funding, projects must demonstrate their potential to commercialize new products or solutions within specific sectors such as biofood, entertainment, logistics, medical technologies, clean energy, or neighborhood revitalization.
Furthermore, the evaluation process focuses on the growth prospects of the start-up, the quality of the collaborative project, and the financial benefits it can generate. By fostering innovation and collaboration, the program aims to drive sustainable transformation and economic development in Montréal while supporting emerging businesses in their growth journey.
