Published by Press release
MONTRÉAL, Feb. 14, 2022 /CNW Telbec/ – Anchored by the explosive growth and success of technology businesses in Québec, Hypercroissance Québec is launched as a program to support the highest potential late-stage startups, or scaleups, to accelerate their global growth towards creating more billion-dollar IPOs and exits.
Created by Startup Montréal in collaboration with Apexe Global, Hypercroissance Québec will select 25 scaleups for the first cohort and develop their executive teams through individualized mentorship and coaching with successful tech executives based in top global markets. At its core, the initiative is focused on accelerating global commercialization. Startup Montréal aims at supporting up to 80 businesses for the first two years of operation.
“We have worked with scaleups over the last months to better understand how they can grow to global leadership rather than sell to American companies or move out of Québec,” says Liette Lamonde, managing director of Startup Montréal. “It is a challenge for startups to find the appropriate executives, coaches, and mentors that can help them achieve hypergrowth. Our collaboration with Apexe Global allows us to rapidly gain access to the international expertise that our scaleups critically need.”
“Québec and Montréal have long produced world-class technology and entrepreneurs, and Lightspeed, Nuvei, and Dialogue are only the most recent examples of big success,” says Silicon Valley-based JF Gauthier, founder and CEO of Apexe Global. “Now is the time to accelerate Québec’s international commercialization capabilities so the province will produce more global leaders and large IPOs.”
Lucie Lecours, Québec Minister for the Economy, Nadine Girault, Québec Minister of International Relations and La Francophonie, and MarieChantal Chassé, Parliamentary Assistant to the Minister of Economy and Innovation (Innovation and Entrepreneurship) today announce the funding of $6.5 million for the project. With this funding, the government of Québec is committing to support its best entrepreneurs and making Québec one of the top places in the world to scale a technology business.
Meanwhile, Desjardins Group has confirmed a $1 million commitment over 5 years for Startup Montréal, most of which will be earmarked for Hypercroissance Québec. Desjardins’s contribution will support this new program as it helps Québec’s best startups achieve hypergrowth without having to leave the province and provides targeted mentoring opportunities. Hypercroissance Québec also receives funding from BDC Capital.
“For startups to make their mark on the international scene, they need the support of the business community. Desjardins and Startup Montréal’s shared history makes this partnership a natural fit. With this contribution, we want to show these startups our support and be partners in their success. This initiative is going to get Québec businesses developing faster and using more and more innovative technology,” explains Jean-Yves Bourgeois, Executive Vice-President of Business Services at Desjardins Group.
“BDC is proud to support Hypercroissance Québec as a new flagship program in Québec,” states Jérôme Nycz, executive vice-president at BDC Capital. “As a founding partner, BDC is committed to support initiatives helping Quebec’s startups expand their international footprint and developing new markets. This partnership is part of our strategy to have an impact in the entrepreneurial ecosystem and we are happy to sponsor Startup Montréal.”
The program counts on the support of Investissement Québec International and world-class partners such as the Global Entrepreneurship Network (GEN). The first cohort will be launching in May 2022. For more details about Hypercroissance Québec, visit Startup Montréal’s website:
www.startupmontreal.com/en/hypercroissance
About Startup Montréal
We are Startup Montréal, a not-for-profit organization created through the merger of Bonjour Startup Montréal with Montréal inc. Our mission is to increase the potential already offered by Montréal’s startup ecosystem, in two ways: by extending its outreach and by multiplying its positive impact. We pilot collective and collaborative projects – including Grant+, the FoundHers pre-accelerator, and the Conciergerie – which benefits individual entrepreneurs and the entire innovation community. To achieve our mission, we receive financial support from the Government of Québec, the City of Montréal, and other key partners and corporate donors. www.startupmontreal.com
About Apexe Global
Based in Silicon Valley, Apexe Global is the premier hypergrowth mentorship and global commercialization program for late-stage startups. We build the skills and global business network of local executives so they can achieve hypergrowth towards our shared goal of multi-billion-dollar IPOs and exits. Apexe Global leverages the experience, success and network of four globally-trusted organizations to support a government’s effort to drive economic impact, exports, and job creation. www.apexeglobal.com
SOURCE Startup Montréal
Photo by Vlada Karpovich from Pexels