Over a million people showing backing for Montreal businesses
Montreal is taking significant steps to support its local businesses, particularly Small and Medium Enterprises (SMEs), with an investment of 1.35 million dollars. The designated project leader, Luc Rabouin, announced this initiative aimed at fostering innovation, market expansion, and collaboration among local companies.
Key aspects of this investment include:
- International Exposure: Montreal businesses will have the opportunity to participate in international business conferences and trade shows, providing them with exposure to new markets, industry trends, and valuable networking opportunities.
- Collaboration within Global Innovation Clusters: The investment will facilitate collaboration within global innovation clusters, networks of companies, universities, and partners working on technology and innovation projects. This collaboration will help SMEs in sectors like technology and fashion access intellectual property support, funding, and commercialization opportunities, boosting their competitiveness and innovation.
- Local Purchasing Promotion: The investment will encourage local purchasing by promoting awareness and partnerships among Montreal-based companies, creating synergies especially in emerging industries and sectors such as fashion tech.
- SME Support Programs: The investment will provide targeted support and financing programs for SMEs to help them expand their product lines and enter new markets, leveraging public and private investment tools modeled on federal initiatives for diversification and investment attraction.
- Consumer Awareness Campaigns: A portion of the funds will be used to develop training, marketing campaigns, and digital resources that encourage consumers and businesses to choose local goods and services, fostering a more resilient local economy.
This investment is expected to amplify local companies' ability to diversify and thrive in competitive sectors like technology and fashion. The funds can be specifically channeled to innovation cluster engagement, business development events, local procurement incentives, and SME support programs to effectively drive market diversification and local purchasing in Montreal.
The investment comes in response to the trade war led by the United States, with the aim of supporting businesses in diversifying their markets and encouraging local purchasing. Currently, the city's purchases from the United States represent about 1% of its supplies, with the rest coming from the rest of Canada and Europe.
As a result of these measures, local purchasing has increased by 37% to reach 750 million. More than half of the 1.35 million (550,000) will go to the Montreal Exporters Club, while the remaining 275,000 will be divided between Mmode and PME MTL Centre-Ouest to help local businesses.
However, the opposition party, Ensemble Montreal, led by Soraya Martinez-Ferrada, has criticized the "excessive regulation" of the Plante-Rabouin administration. Despite this, the investment is expected to have a positive impact on Montreal's business landscape, with Quebec Tech, directed by Richard Chenier, receiving 175,000 to help 18 growing businesses shine on the international stage, positioning certain businesses in Europe and Asia.
The initiative in Montreal includes collaboration within global innovation clusters, fostering opportunities for local businesses, particularly those in technology and fashion, to access intellectual property support, funding, and commercialization opportunities. The investment also funds Quebec Tech, aiming to help 18 growing businesses showcase their potential on an international stage, broadening their presence in Europe and Asia.
