MAIN Quebec to Roll Out $29 Million Coaching Program for Over 300 Quebec Startups
The organization Mouvement des accélérateurs d’innovation du Québec is rolling out a new iteration of their PMEit program. The program is set to provide coaching and mentoring for 375 startups across Quebec. The announcement of the move came during their Sommet des accélérateurs, a conference that MAIN Quebec holds on innovation and growth in Quebec enterprises.
Province Backs Effort to Spur Innovation
The coaching program is being undertaken with the support of the Quebec provincial government.
The Ministry of Economy and Innovation is putting forward a $12.5 million subsidy over the three years that the program has been renewed. Coaching will start in early 2021 and run through 2023. The remaining funding for the program comes from various sources, including MAIN Quebec’s wide network of partners.
Pierre Fitzgibbon, Minister of Economy and Innovation for Quebec, says this of the program. “We need the inventiveness and audacity of our new entrepreneurs to accelerate innovation and increase our collective wealth.” In his statement, he went on to emphasize the importance of this project and others like it to speeding economic recovery.
Experts from Many Organizations to Provide Coaching and Mentorship
Each startup is set to receive up to $75,000 worth of professional business coaching from industry experts.
This coaching is intended to facilitate the transition of startups from the commercialization phase to the growth phase. It establishes trust and relationships between the startups and the broader economic landscapes of Quebec, Canada, and the world.
The program is already receiving attention from businesses and organizations that want to provide coaching or other resources. Over 40 such organizations have expressed interest to MAIN Quebec. These partners will provide coaching and expertise and play a role in identifying and selecting startups to benefit from the program. The organization’s existing network of over 500 coaches and experts will also serve to help the startups.
Previous Version of Program Met Great Success
The upcoming iteration of the program comes after MAIN Quebec achieved outstanding results through their previous coaching program. The program’s initial instalment ran from 2018 to 2020 and provided coaching for 171 startups in Quebec. In total, the program supplied over 53,000 hours of coaching to participating startups.
It is clear that the program had marked results, with participating startups creating nearly 500 new Quebec jobs. On top of this, the companies that received coaching showed a median increase of income of 59% over the course of the program. Startups involved in the program also raised over $165 million in investments and financing towards their continued growth.
More about MAIN Quebec
The organization was initially founded in 2016 with the mission of supporting startups by developing a network of organizations to share resources and knowledge. Their projects seek to synergize economic actors to produce more effective and efficient growth for small businesses while fostering innovation. Their work has become all the more acutely needed now that the COVID-19 pandemic has shifted the economic landscape from seeking growth to seeking recovery.