The first group of Québec companies selected as high-potential exports to participate in Québec Tech’s growth and scale-up program were unveiled today.
Five companies were chosen for the first edition of Stage V, a tailored support program focused on boosting go-to-market efforts outside of Québec: industrial biotech company BioIntelligence Technologies, hardtech sports equipment company Ferreol Technologies, FinTech company flovver, AI design company Maket, and healthtech software-as-a-service company Lime Santé.
“The goal is to fast-track the best of the best,” Richard Chénier, general manager of Québec Tech, told BetaKit.
“We have to step up here in Québec. One of the challenges is we don’t have enough involvement from the private sector.”
The program is part of the non-profit organization Québec Tech’s new mission to bring Québec innovation to the international market by creating more “hyper-growth scaleups.” The mandate was unveiled in July at Startupfest, along with a name change from the organization’s former brand, Startup Montréal. Its focus on early-stage Montréal startups shifted to the scaleup pipeline in Québec more broadly.
The selected companies are in for a customized support program through Stage V, where Québec Tech will leverage its international connections to help the five startups with sales, marketing, and scaling (the program bears an uncanny but coincidental resemblance to Investissement Québec’s new funding program, Grand V, Chénier said).
As part of the program, each company will receive a dedicated budget for their growth, but Chénier declined to say how much. However, he clarified that it would not take the form of equity financing.
Québec’s Ministry of Economy, Innovation and Energy committed $7 million CAD in funding over three years through to Québec Tech through the Stratégie québécoise de recherche et d’investissement en innovation (SQRI2) program. The federal government and the City of Montréal also provide financial support.
“We have to step up here in Québec,” Chénier said, echoing a common refrain from other key players in the Québec ecosystem. “One of the challenges is we don’t have enough involvement from the private sector.”
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Chénier explained that Stage V is meant to provide tools, networking, and resources to help companies reach the goal of $10 million ARR within 36 to 50 months. He noted Québec Tech chose that revenue milestone because it is a common benchmark for companies applying for certain support programs through Investissement Québec or Export Development Canada.
Though the program is focused on go-to-market efforts and scaling revenue through sales, Chénier said that once growth is there, then investment will follow.
Joel Sirois, the president and CEO of BioIntelligence Technologies, is looking forward to accelerating sales in the US and Europe while landing new clients and partnerships through Québec Tech’s network.
Sirois told BetaKit that he’s looking forward to connecting with entrepreneurs who have been in his shoes before, “who will be able to tell us where the trees are and where the trails are.”
Québec Tech will pick a new crop of startups three times per year, but Chénier emphasized that it would be a quality-over-quantity approach. “People sometimes don’t like to hear it, but it’s an elite program,” he said, noting that 37 judges were involved in the selection process.
Chénier’s team is also planning to roll out V0, for early-stage startups supported by an incubator or accelerator and VMAX, for young scaleups ready for an accelerated international growth phase. These phases will likely launch in 2025.
Feature image courtesy Québec Tech.