Now more than ever, companies have an opportunity to redefine themselves and stand out from the crowd in Quebec’s climate of uncertainty. Innovating in partnership is one way of combining several assets to weather the storm. Here’s an overview of the benefits of collaborative technological innovation, and the programs offered by Prompt to help you make the most of them.
Reduce risk and financial investment
For 20 years, Prompt has been funding digital technology innovation projects for Quebec-based companies. Subsidies, provided by the Ministère de l’Économie, de l’Innovation et de l’Énergie, enable companies to reduce their financial and technological risk by covering 40% of project value, and sometimes up to 80% with additional support from the federal government.
Maximize spinoffs by fostering local collaborations
While Prompt programs are available to companies of all sizes, they are particularly aimed at SMEs, of which there are many in Quebec, and for which R&D investment can prove more difficult. The partnership formula is a particularly attractive option for the latter.
Linking up with other companies or with researchers who have the expertise they’re looking for even changes the game completely. Through joint innovation projects, companies develop solid links with local partners who share a portion of the risk and contribute to the development of the expertise they are looking for.
The choice of partners can be strategic, involving players from the same industry, or from another sector. In the former case, alliances can enhance the complementarity of offerings or improve supply chain processes. In the latter case, we see companies taking advantage of alliances to develop new local markets.
“Developing technological solutions in collaboration with other players is a way of strengthening innovation capacity while pooling resources. But it’s also a way of strengthening companies’ position in the local market. As an example, we supported an inspiring project aimed at the digital transformation of Quebec’s construction sector, which brought together a dozen companies representing its supply chain alongside Ivanka Lordova, a researcher at the École de Technologie Supérieure. The collaborative model is a powerful development vector for companies throughout Quebec,” says Liette Lamonde, Prompt’s General Manager.
Success factors
A number of best practices will help you get off to a good start. Prompt encourages companies to define the objectives of the collaboration in advance, as well as the expected results. Starting with a small project allows the different partners to get to know each other and better grasp the advantages and challenges of an innovative approach. It’s essential that partners allocate time to the project, remain available for follow-up during its duration, and realign when necessary. As in any relationship, communication is key. This is all the more true when the parties involved in the relationship come from different backgrounds: academic, industrial, small or large company, sector of activity, etc.
Overview of programs
Prompt’s funds are managed through programs that evolve with needs and are updated regularly. Since its inception, Prompt has offered the Collaborative Innovation program, for companies developing technological projects in partnership with college, university or public research center research teams, and currently has several calls for projects underway in artificial intelligence, quantum and GHG reduction.
The text was published in the March 8 print edition of Le Devoir.
