Innovation is what drives the economic and social growth of our communities. In this vein, various governmental bodies have implemented measures to support research and stimulate innovation in companies and organizations.
Whether companies or organizations strive for technological or social innovation, public and private funding is essential to helping them see their projects through.
The type of financial support a company receives can differ depending on the phase their project is in. For instance, grants are available for R&D projects in their initial stages, which represent a large risk for the company, while loans are available when the project is nearing its completion.
That’s why it’s important to thoroughly consider your innovation strategy and to use every resource available at each developmental phase of your project.
Phase 1 Support for innovation projects
The Innovation program’s phase 1 aims to support companies in the various steps of their project to help them strengthen their innovation capabilities.
By collaborating with a member of QuébecInnove, companies can get the most out of its Innovation program.
Financing and technological maturity
The following table demonstrates what type of funding is the most common depending on the technological maturity of projects.
- Investissement Québec
- MEI + autres ministères (subventions sectorielles)
- Fonds de recherche du Québec (FRQ)
- Regroupements sectoriels de recherche industrielle (RSRI)
- Innovation Canada (FSI)
- Fondation canadienne de l’innovation (FCI)
- IRSC + CRSH
Financial support from public innovation partners
There are myriad public organizations whose mission is to provide financial support to companies and organizations with programs adapted to their realities and projects. Here is a short list of these funding agencies:
- Financial assistance for research and innovation with the ministère de l’Économie et de l’Innovation (MÉI)
- The Québec Research Funds: Health (FRQS) , Nature and technology (FRQNT), Society and culture (FRQSC)
- Federal bodies include: NSERC, SSHRC and the CIHR
- Investissement Québec
- Business Development Bank of Canada (BDC)
- Innovation, Science and Economic Development Canada (ISED)
- Export Development Canada (EDC)
- Canada Foundation For Innovation (CFI)
- Sectoral industrial research coalition (RSRI)