Open Innovation Subsidy Program
$50,000.00
Subsidy
Description:
Open Innovation Subsidy Program helps emerging companies test innovative solutions in a business context by partnering with stable organizations. It aims to support projects that will have an impact on the sustainable transformation of Montréal.
Comments on Funding:
The maximum amount of the subsidy is equal to 50 per cent of the actual cost of the project and cannot exceed $50,000.
–The financing package must include a contribution from the partner organization representing a minimum cash amount of 10 percent of the costs.
–The financing package can, for example, be completed by loans, other public contributions, private investments or service contributions.
–The start-up must remain the owner of all rights associated with adaptations, changes or developments made to the innovative product during the project implementation period.
Continuous Intake
Eligibility:
Applicants must:
1. Be the companyâs head office or principal place of business must be located in one of MontrĂ©alâs borough or neighbouring municipalities
2. Be in the start-up phase or in operation for fewer than five years
3. Have a team of at least two people working full-time
5. Post annual sales equal to or lower than $2 million
6. If the company is a joint-stock company, its capital stock must primarily be held by Canadian citizens, permanent residents or holders of a Certificat de sélection au Québec. The company cannot be more than 50 per cent owned by another legal person. Social economy companies (co-ops or non-profits) are also eligible.
7. Social economy businesses (cooperative or non-profit) that meet the aforementioned criteria are also eligible.
Application Steps:
Applicants must submit their application through this form: https://sdemtl.formstack.com/forms/subvention_l_innovation_ouverte_pour_les_entreprises_mergentes
Documentation Needed:
Completed application form (in French)
Board of directorsâ resolution authorizing the submission of the application, or document establishing power of attorney held by any person acting on its behalf, if applicable
Curriculum vitae of each member of the management or their online link
Financial statements from the last fiscal year (if the company has no financial statements, present a report and earnings statement prepared internally, along with bank account statements for the six month period preceding the date of your application).
Estimate of the innovative productâs sales potential in the target market over three financial years
Business plan or any other document summarizing the business model and commercialization strategy
Other Things to Note:
The program is offered until funding is exhausted.
About the author
Maurice
