Laval organization receives over $2.2M in financial assistance from CED.
LAVAL, QC, Nov. 21, 2022 /CNW Telbec/ – Canada Economic Development for Quebec Regions (CED)
Supporting innovation contributes to economic development in Quebec’s regions. That is why the Honourable Pascale St‑Onge, Minister of Sport and Minister responsible for CED, today announced two non‑repayable contributions totalling $2,214,600 for the Quebec Biotechnology Innovation Centre (CQIB). This CED assistance will make it possible to offer state‑of-the‑art technological services and equipment to boost the launch of innovative life sciences businesses.
The CQIB is a non-profit organization specializing in mentoring businesses in the pre‑start‑up and start‑up phases in the area of life sciences and health technologies. It also provides consulting services regarding business development, financing, and technical support. Founded in 1995 by the Institut national de la recherche scientifique (INRS) and the Ville de Laval, it is the only incubator specializing in biotechnology in Quebec and the first life sciences incubator in Canada.
A $1,425,000 contribution will enable the CQIB to cover its operating costs between 2021 and 2024, including employee salaries, rent, and overhead costs. The second contribution, worth $789,600, will enable the organization to purchase highly specialized equipment such as a gas chromatography apparatus; a high‑performance liquid chromatography apparatus; a polymerase chain reaction apparatus; imaging, microscope, and plate reader equipment; a biofermentor; and a 3D bioprinter that will be shared by start‑ups supported by the organization. This major assistance from CED helps to boost research and development, innovation marketing, and the digitization of start‑ups and incubated businesses in this specialized sector.
The Government of Canada recognizes and supports innovative businesses and organizations that are a source of pride in their communities. Quebec’s economic recovery relies on organizations with strong roots in the regional economy. Innovation is a major contributor to growth, as well as a key asset in rebuilding a stronger, more resilient, greener, and more just economy for all.
“We are helping businesses equip themselves with what they need to remain competitive, prosper, and create good jobs. Thanks to our government’s financial assistance, the Quebec Biotechnology Innovation Centre will be able to continue to innovate in a cutting‑edge field and strengthen its position in the industry and on the markets, which will also help stimulate the regional economy. This support, which is part of our economic recovery plan, will thus benefit the Laval region and enable the Canadian economy to bounce back even stronger.”
The Honourable Pascale St‑Onge, Member of Parliament for Brome–Missisquoi, Minister of Sport and Minister responsible for CED
“Our government is here to support workers and Quebec and Canadian SMEs. The Quebec Biotechnology Innovation Centre (CQIB) supports life sciences entrepreneurs, researchers, and investors. The assistance provided to the CQIB will directly help the businesses the organization works with to equip themselves with what they need so that, together, we can rebuild a stronger, more resilient, and more sustainable economy.”
Annie Koutrakis, Member of Parliament for Vimy and Parliamentary Secretary to the Minister of Transport
“This financial contribution makes it possible to support businesses at the crucial step of developing new medical technologies and, over the last three years, has enabled us to generate over $90 million in investments in our businesses.”
Perry Niro, Executive Director, CQIB
- The funds have been granted under CED’s Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
- In Quebec, SMEs account for 99.7% of the province’s businesses and 50% of its GDP.
- CED is a key federal partner in Quebec’s regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow’s economy.
SOURCE Canada Economic Development for Quebec Regions