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Quebec City, January 19, 2021 – On December 17, the CRIBIQ Board of Directors authorized the creation of the CRIBIQ-Propulsion funding program, a new private investment fund. In the form of repayable assistance of up to $150,000, this new program has been set up to support SME members of the consortium whose innovation projects have already benefited from previous assistance from the CRIBIQ under the various public programs of the Quebec government managed by the CRIBIQ and have reached the commercialization stage.
This program will support the companies concerned in carrying out various phases of their projects, such as implementing marketing strategies, demonstrating an innovation in a real-life context, validating the target markets, certifying the products developed, consolidating the intellectual property portfolio and/or making the first sales.
CRIBIQ-Propulsion will offer support in the economic sectors already served by the organization, namely bioenergies, biobased chemicals and materials, the environment, food processing, agricultural production, active bioingredients and health foods.
The main terms and conditions of the CRIBIQ-Propulsion program will be presented on the CRIBIQ website (www.cribiq.qc.ca) from March 8, 2021.
"By adding CRIBIQ-Propulsion to its range of programs, CRIBIQ is responding to a need expressed by its members and materializing its desire to directly support businesses at a pivotal stage in their innovation process."
Élise Gosselin, Chair of the CRIBIQ Board of Directors
"We know that times are difficult, which is why we are working with our members to give a boost to the implementation of their innovation strategy, from design to marketing, in the various industrial sectors of Quebec's biobased economy. A program with private funds like this one is intended to complement the public programs already administered by the CRIBIQ and will thus help accelerate the commercialization of SME members' innovations and position their business model in relation to other financing capital."
Mohammed Benyagoub, President and CEO of the CRIBIQ
The Consortium de recherche et innovations en bioprocédés industriels au Québec (CRIBIQ) is a non-profit organization created in 2008 with financial support from the Quebec government and the private sector. Its mission is to promote and support innovative projects in the industrial sectors of Quebec's biobased economy. CRIBIQ focuses on three (3) industrial sectors: industrial bioproducts (bioenergy, biosourced chemistry, biosourced materials), the environment and the agri-food sector. CRIBIQ currently has 215+ members, including 179 private organizations and 35 public research institutes, and serves 25,000+ businesses in Quebec.