(Quebec) Believing that Quebec is lagging behind, Minister Pierre Fitzgibbon wants to increase the number of start-ups in the life sciences on Quebec soil. It provides $7.2 million to five “incubator and accelerator” companies to stimulate the growth of start-ups.
The Minister of Economy, Innovation and Energy will confirm on Tuesday financial assistance of up to $7.2 million over three years to support five Quebec “incubators and accelerators” in the life sciences sector . These five organizations were selected following a call for projects as part of the Québec Life Sciences Strategy 2022-2025.
One of Quebec’s shortcomings, compared to other states, is the number of young companies, explains Minister Fitzgibbon in an interview. “We have a lot of public investment in research and development, but in the private sector, we are perhaps not as agile as we should be. »
According to the Minister, one of the solutions is precisely to provide more support to “incubator and accelerator” type companies, which have developed expertise “in supporting young innovative companies”.
PHOTO MARCO CAMPANOZZI, THE PRESS
Pierre Fitzgibbon, Minister of Economy, Innovation and Energy
Incubators-accelerators, we need to do more. I think that’s what will allow companies to really organize themselves.
Pierre Fitzgibbon, Minister of Economy, Innovation and Energy
The five companies selected will receive a grant of up to $500,000 per year for three years to cover a maximum of 60% of their operating expenses. “It’s money for operating costs, it’s not money that goes into businesses, what we want is to promote human support,” said Mr. Fitzgibbon.
For a more “efficient” health system
The Legault government has been focusing particularly on the field of life sciences since the pandemic, which has highlighted the flaws in the health system and the challenges of supplying drugs.
“In certain strategic niches such as life sciences, we do not want to depend on an aircraft that will not arrive from China one day,” said Mr. Fitzgibbon during the unveiling of the Quebec Life Sciences Strategy 2022. -2025, last May. Quebec has allocated $211 million in budget appropriations which should generate investments of nearly $2 billion.
“When I announced the strategy, I had a partner with me called Christian Dubé [le ministre de la Santé] “, recalls the superminister of the Legault government. “It was important because the health system has to endorse what we are doing. Innovation will be required to have an efficient public health system, […] you have to be more innovative to be more efficient”, he continues.
Furthermore, there needs to be a certain “connection” between the Ministry of Health and the life sciences innovation sector. “If you are a start-up in Quebec and you’re not able to sell your products and services in your jurisdiction, it’s very hard to export afterwards,” says Mr. Fitzgibbon.
The five “incubators and accelerators” selected by Québec
- AdMare BioInnovations
- The Health Technology Catalyst (CST)
- The Dobson Center for Entrepreneurship at McGill University
- The Quebec Center for Biotechnology Innovation
- Quantino