The Honourable Mélanie Joly, Minister of Industry and Minister responsible for CED, today announced a non-repayable contribution of $700,000 for La Ruche Solution de Financement. This CED support will enable the organization to launch a matching crowdfund to boost innovative projects led by start-ups.
La Ruche is a non-profit organization (NPO) that offers a solution to Quebec entrepreneurs and organizations to fund their projects with support from the public, called crowdfunding. The NPO thus enables projects to develop that are promising for the economy, profile and vitality of Quebec's regions. The project supported by CED will enable innovative businesses, including those with a digital, technological or ecological component, to receive assistance through the crowdfunding La Ruche offers and Government of Canada funding.
Thanks to CED's assistance, the matching fund will provide a contribution equal to the full value of the target set for the crowdfunding campaign led by a project's organizers on La Ruche's platform, up to $50,000 per project. For example, an innovative business that reaches its campaign target of $20,000 from the public would receive an additional $20,000 under the matching fund supported by CED.
The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec's economic growth relies on organizations with strong roots in the regional economy; they are key assets in building a sustainable, inclusive economy.
Quotes
"Guiding organizations and regions as they transition into a more innovative, sustainable, inclusive economy is at the core of our government's mission. By supporting La Ruche, we are helping to implement a project that will facilitate access to funding among innovative businesses in the start-up phase across Quebec. This initiative directly aligns with one of CED's priorities, which is to invest strategically in community growth and development. La Ruche's expertise and dynamism strengthen the province's economic vitality, and I am confident that the spin-offs of this promising project will be felt well beyond Quebec's borders."
The Honourable Mélanie Joly, Member of Parliament for Ahuntsic-Cartierville, Minister of Industry and Minister responsible for CED
"For several years now, there has been much talk about the need to build a more resilient, more independent economy, by leveraging our own people with their ideas and know-how. But we have to give them the means to act. This is exactly what CED's support does: It offers a veritable lever for innovative businesses in Quebec to transform an idea into a concrete project, with the public's backing. At La Ruche, we profoundly believe that innovation takes on its full force when it is carried together. This matching fund will help us to propel even more promising projects forward, right here at home."
Frédéric Auger, CEO, La Ruche
Quick facts
- Funding has been granted under CED's Quebec Economic Development Program. This program aims to help communities seize economic development and diversification opportunities that are promising for the future.
- In Quebec, SMEs account for 99.7% of the province's businesses and 50% of its GDP.
- CED is a key federal partner in Quebec's regional economic development. With its 12 business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow's economy.
