Montreal Inc‘s Grant+ program has changed its entry requirements and will now allow entrepreneurs of any age to apply for up to $20,000 in equity.
Previously, the program had an age cap on it. Now, Grant+ is now open to all entrepreneurs aged 18 and over.
Grant+ is a competition that offers innovative young companies in Montréal up to $20,000 in non-equity funding. Forty projects will be awarded a $10,000 grant, with the possibility of another $10,000 in a second phase. Entrepreneurs also have access to a network of more than 450 mentors providing support in commercialization and internationalization. The projects are evaluated after an eight-week selection process.
In order to apply, startups need to have already validated their market with a minimum viable product. They must be ready to commercialize their product in the short term or have been selling it for less than 12 months.
The application period is on now (September 15 – October 29, 2020), while an expert panel will begin evaluating submissions in November and December, 2020.
“In last few months, with the invaluable cooperation of the Montréal start-up ecosystem, we have revised the Grant+ formula. With our network of coaches, experts and other support organizations, we thought about how we could make Grant+ more flexible, with the removal of the age criterion, and make it more responsive to the current needs of entrepreneurs, with the addition of an international component and access to panels of multi-sector experts. Throughout the process, we were guided by our desire to contribute to Montréal’s economic recovery by stimulating local entrepreneurship,” said Liette Lamonde, Executive Director of Montréal inc.
Montreal Inc. says over 500 companies have received grants from the program, launched nearly 25 years ago.
The new version of Grant+ is available only once a year, and Laureates can get up to $20,000.
Those looking to apply must be working full time on the project. They must reside in Greater Montréal (Montréal metropolitan community) and the head office must be on the island of Montréal. More entry requirements can be found here.