MONTRÉAL, Dec. 7, 2018 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)
The City of Montréal and the Government of Canada announced today their financial support for the NEOMED Institute for the implementation of a new innovation and commercialization complex (ICC), specializing in life sciences and health technology (LSHT). This complex will provide SMEs with customized labs, shared equipment and commercialization coaching.
The NEOMED Institute is a non-profit organization located in the Saint-Laurent borough. One component of its mission involves developing a business ecosystem and innovation networks in the Greater Montréal area to boost the development and growth of LSHT businesses.
Phase 1 of the innovation and commercialization complex project
The first phase of the project involves the construction of a new building—to be connected to the organization's existing building—on the NEOMED Institute's land. This new building will allow NEOMED to bridge a gap in the commercialization of products stemming from university research, and also to meet the high demand of SMEs for coaching services, labs, offices and collaborative spaces. Scheduled for delivery in 2020, Phase 1 of the ICC will provide 50,000 square feet of space for various facilities. The project is valued at $23.6 million and relies on the financial participation of a number of public and private partners.
The creation of the new innovation and commercialization complex will help strengthen Montréal's life sciences and health technology ecosystem. The ICC's activities and the completion of Phase 1 will solve the issue of the missing link in the growth path of businesses by providing "entrepreneurs/researchers" with customized labs, shared equipment and commercialization coaching. Furthermore, attracting new businesses would help consolidate the North-American positioning of this Montréal-based LSHT innovation hub.
Contribution from the City of Montréal
The City of Montréal will provide the NEOMED Institute with $1.5 million in funding over four years for the rollout of Phase 1 of the life sciences and health technology ICC. The money will allow the organization to ensure the startup of the project, and will partially cover implementation and operational costs.
Contribution from the Government of Canada
In order to pursue its growth, the NEOMED Institute will also receive a $1.5 million non-repayable contribution from Canada Economic Development for Quebec Regions (CED).This funding will allow the organization to go ahead with a project that seeks to build the innovative capacity of SMEs in the LSHT sector, notably through the purchase of lab equipment.
"Setting up an ICC in the Greater Montréal region is a growth-generating and mobilizing project that is directly in line with the directions of the City of Montréal's 2018–2022 economic development plan. This municipal funding will help develop and consolidate a Montréal-based innovation hub in the LSHT sector. By leveraging knowledge and talent, boosting entrepreneurship, and supporting a high-performance network, this project will make a tangible contribution to talent retention within a context of global competition, and will help raise Montréal's international profile," stated Robert Beaudry, City of Montréal Executive Committee member responsible for economic and commercial development and government relations.
"We are proud of the confidence that the City of Montréal and Canada Economic Development for Quebec Regions have shown in us for the implementation of the life sciences and health technology innovation and commercialization complex. Among other things, these contributions will allow us to meet the needs of businesses in a critical period of their existence, as they transition from startups to growing businesses. The Complex will also reinforce NEOMED's position as a leader in innovation, and will foster the development and commercialization of discoveries," noted Donald Olds, President and CEO of the NEOMED Institute.
"I am proud to see the breadth of knowledge and expertise developed here and showcased around the world. The NEOMED Institute is a leader in one of the fastest-growing sectors in Greater Montréal: the life sciences sector. We need to support entrepreneurship, especially when ingenuity and know-how lead directly to the development of health technologies. This project will increase SMEs' technological intensity and level of innovation, which in turn will foster their competitiveness and open doors for them to new markets," added Emmanuella Lambropoulos, Member of Parliament for Saint-Laurent.
"By supporting the NEOMED Institute, the Government of Canada is helping the organization set up world-class research infrastructure for the development of innovative technologies and processes that will benefit Canadian businesses in the life sciences sector. By capitalizing on innovation, businesses are generating growth that will benefit communities," concluded the Honourable Navdeep Bains, Minister responsible for CED.
Montréal Reflex agreement
In keeping with the official status of "metropolis of Quebec" conferred upon the City in 2017, the goal of the Montréal Reflex agreement is to allow Montréal to develop to its full economic, social and cultural potential. With its designation as a metropolis, Montréal now has greater autonomy and flexibility when making decisions that affect the quality of life of its citizens. The Government of Quebec also takes this special status as a metropolis into account when drafting legislation, regulations, programs, policies and directives that relate to Montréal.
SOURCE Canada Economic Development for Quebec Regions
For further information: Sources, Laurence Houde-Roy, Press Secretary, Office of the Mayor and the Executive Committee, 438-925-0884; Information, Gonzalo Nunez, Public Relations Officer, Communications division, City of Montréal, 514-868-1127; Media Relations, Canada Economic Development for Quebec Regions, 514-283-7443, email@example.com; Shirley Robinet, Communications Coordinator, NEOMED Institute, 514-375-3334, extension 111, firstname.lastname@example.org