Support for technology-based companies in the Montérégie Brossard, Quebec, January 19, 2005 -- The Honourable Jacques Saada, Minister of Canada Economic Development and Minister responsible for the Francophonie, accompanied by Mr. François Nadeau, Chairman of the Board of Directors of the Centre incubateur d'entreprises de la Montérégie (CIDEM-Techno), today announced the renewal of Canada Economic Development's agreement with CIDEM-Techno, the region's only virtual and multi-sectoral incubator for technology-based enterprises. The $432,045 non-repayable contribution from Canada Economic Development will enable CIDEM-Techno to pursue its activities, which involve supporting the startup and development of the technological potential of new high-tech enterprises in the Montérégie region. 'We are pleased to renew our support to CIDEM-Techno. This Centre has already proven its ability to provide support to startup companies, foster the emergence of daring entrepreneurs and help them achieve success,' stated Minister Saada. 'CIDEM's mission mirrors many of the objectives and priorities of the Government of Canada on a number of levels, particularly as concerns the creation of strategic enterprises. The Centre plays an important role in the diversification and development of the greater Montérégie region and of Quebec as a whole.' The Centre incubateur d'entreprises de la Montérégie provides business management support to enterprises. Its specialists assist and guide businesses through the critical two- to three-year incubation phase, which covers the period from pre-startup to the beginning of the growth cycle. 'The services CIDEM offers - from business plans to outside consulting services - are pure value added for the Montérégie's innovative companies. A little over a year ago, we had the pleasure of officially launching CIDEM's operations. Since then, we've covered a lot of ground, forging numerous partnerships and initiating a great many projects to stimulate technological entrepreneurship in the region,' explained Mr. Nadeau. Canada Economic Development awarded an initial contribution of $286,570 for the establishment of the Centre incubateur d'entreprises de la Montérégie, which was created in September 2003. After one year of operation, CIDEM-Techno has met its initial objectives, among them to promote technology transfer from the networks of expertise. By November 2006, CIDEM-Techno's activities are expected to generate significant spinoffs for the region, including the creation of 50 skilled jobs, the establishment of seven new export companies and projected sales of more than $4 million on export markets. Targeted sectors include manufacturing equipment and processes, environmental technologies, aeronautics and aerospace, bio-food and agri-food and energy sciences, all of which are major technology hubs in the Montérégie. 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 March 2004 federal budget. - 30 - Sources: Suzanne Thébarge Communications Canada Economic Development Tel.: (514) 283-8012 Rita LefebvreAdministrative Assistant CIDEM-Techno Tel.: (450) 676-1034 ext. 221 Daniel Dezainde Press Secretary Office of the Honourable Jacques Saada Canada Economic Development Tel.: (514) 496-1282
