Assistance for technology-based businesses in the Montérégie

Canada Economic Development grants an additional $720,074 in funding to the Centre incubateur d’entreprises de la Montérégie

Brossard, Quebec, November 24, 2005 — The Honourable Jacques Saada, Minister of Canada Economic Development, Minister responsible for the Francophonie and Member of Parliament for Brossard–La Prairie, today announced that the Centre incubateur d’entreprises de la Montérégie (CIDEM-Techno) will receive an additional $720,074 in government funding to pursue its activities over the next two years and add two new specialists to its team. This latest contribution brings to $1,152,119 the total amount of non-repayable financial assistance awarded to the organization in the past year.

CIDEM-Techno is the only virtual and multi-sectoral incubator in the Montérégie operating in the field of technology. This funding from Canada Economic Development will be applied toward the operating costs of the Centre, thereby enabling the incubator to continue providing guidance to entrepreneurs and fostering the development of technology-based companies with strong commercial and export potential. 

"Beyond the technical support, these young entrepreneurs appreciate the personal guidance provided by CIDEM-Techno's team of professionals, whose exceptional attentiveness, care and professionalism are key ingredients for the successful and efficient startup of an enterprise. The Government of Canada is proud to lend its support to CIDEM-Techno, an organization whose activities help promote cutting-edge technology and the marketing of innovations by focussing on the importance of building solid links between our universities and businesses," explained Minister Saada.

CIDEM-Techno's specialists provide support and guidance throughout an enterprise's  incubation, that is from the pre-startup stage to the beginning of the growth cycle, which can range anywhere from one to three years. The Centre's services primarily target those technological sectors in which the Montérégie enjoys a competitive advantage, such as in the areas of materials and processes, energy sciences, bio-food, environmental technology and aeronautics. By ensuring the Centre's continued operations over the next two years, this funding will enable the creation at CIDEM of two new jobs and the conversion of three part-time positions into full-time jobs. Moreover, it is expected that more than 50 jobs will be created within the incubated enterprises.

"The work CIDEM is doing is of considerable importance to the Montérégie, and to Quebec in general, on a great many levels. Not only does the incubator allow us to capitalize on technology transfer opportunities stemming from the strong presence of research institutes in the Montérégie, it also fosters the development of new high-performance enterprises, thus contributing to the economic vitality of the region. In this day and age, innovative enterprises not only create quality jobs, they also expand rapidly into new markets, generating new opportunities in their wake. That is why it is so important that they be able to count on the services of an incubator like CIDEM-Techno," the Minister concluded.

Canada Economic Development's mandate is to promote the economic development of the regions of Quebec. Primarily through financial assistance programs, the Agency elicits and supports the implementation of economic development projects. The two priorities the Agency has set itself are to foster innovation and the knowledge economy in each region of Quebec, and to help communities that are having difficulty adjusting to the new economy. In this way, the Agency contributes to the attainment of the Government of Canada's objective of building the 21st Century economy.

Funding for this initiative was provided for in the February 2005 federal budget and is therefore built into the existing fiscal framework.

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Sources:

Louis Potvin
Communications
Canada Economic Development
Tel.: (418) 668-3084
E-mail: louis.potvin@dec-ced.gc.ca

Daniel Dezainde
Director of Communications and Parliamentary Affairs
Office of the Honourable Jacques Saada
Canada Economic Development
Tel.: (514) 496-1282