Updated August 2026 · Verified against Investissement Québec guidelines
Equity Est. 2025
Program Provincial Active

IQ Fonds Impulsion (formerly Impulsion PME)

Investissement Québec
Maximum Funding
$250,000-$2,000,000 per company (equity co-investment,...
Ongoing — successor to Impulsion PME, launched October 2025
Visit Official Program →
Difficulty
Hard
Payment
Equity
Trend
Stable
First-Timers
—
Co-Funding
50%
IQ Fonds Impulsion (formerly Impulsion PME) provides up to $250,000-$2,000,000 per company (equity co-investment, early-stage rounds). Investissement Québec's Fonds Impulsion (successor to Impulsion PME) is a quasi-equity fund co-investing alongside private investors in early-stage Quebec companies that show strong growth potential and an innovative dimension — regardless of their sector of activity — using convertible debt instruments such as SAFE and KISS notes, ranging from $250,000 to $2,000,000 per company. The program covers up to 50% of eligible costs. Applications are accepted on an ongoing basis. Approval odds: ~15–25% (GrantCompass analysis)
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Eligibility & Details

What this program funds and who can apply

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Program Description

Investissement Québec's Fonds Impulsion (successor to Impulsion PME) is a quasi-equity fund co-investing alongside private investors in early-stage Quebec companies that show strong growth potential and an innovative dimension — regardless of their sector of activity — using convertible debt instruments such as SAFE and KISS notes, ranging from $250,000 to $2,000,000 per company. To be admissible a company must be located in Québec, be at the pre-seed or seed phase, have identified a lead investor for the current round, and be referred by one of IQ's partners; direct applications are not accepted.

Eligibility Requirements

  • Must be located in Québec
  • Must be at the pre-seed or seed phase
  • Must present strong growth potential and an innovative dimension — regardless of sector of activity
  • Must have identified a lead investor for the current financing round
  • Must be referred by one of Investissement Québec's partners (direct applications are not accepted)
  • IQ investment cannot exceed 50% of the total financing round
  • Financing provided as convertible debt (SAFE/KISS notes), ranging $250,000–$2,000,000
Provinces
Quebec
Industries
All
Business Stage
Startup Growth

Quick Assessment

Difficulty
Hard
Competition
High
First-Timer
Not rated

Funding Details

Amount
$250,000-$2,000,000 per company (equity co-investment, early-stage rounds)
Type
Program
Level
Provincial
Co-Funding
Up to 50% of eligible costs
Deadline
Ongoing — successor to Impulsion PME, launched October 2025

Program Scorecard

Competition, effort, and approval at a glance

Competition
High
Deadline
Ongoing
Approval
Moderate
Approval Rate
~15–25%
Accessibility
--/5
Competition
--/5
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What's in this Playbook

Everything you need to win IQ Fonds Impulsion (formerly Impulsion PME)

Not a marketing summary. The actual checklist, intel, and stack strategy reviewers look for.

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How to Win

Insider tips, common pitfalls, and what successful applicants look like

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Insider Tip

Access is doubly gated: you cannot apply to IQ Fonds Impulsion directly — you must be referred by one of IQ's partners (a recognized incubator, accelerator or sectoral research cluster such as Centech, FounderFuel, District 3, Anges Québec) — AND you must already have identified a lead investor for the current round before you are admissible.

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Rejection Pitfalls 11

  • Not referred by a recognized IQ partner — no direct application path exists
+10 more pitfalls
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Success Profile

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Evaluation Criteria

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Application Playbook

Step-by-step process, required documents, and expenses

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Application Steps

1 Gain admission to a recognized IQ ecosystem partner Apply to and be accepted by a recognized Quebec incubator, accelerator, or sectoral research cluster (e.g., Centech, FounderFuel, District 3, Anges Québec). Each has its own application process. This is the prerequisite gate — direct applications to IQ are not accepted.

Required Documents 9

✓ Investment request (prepared by referring support entity)
✓ Support plan completed and approved by recognized incubator/accelerator/cluster

Eligible Expenses 1

Ineligible Expenses 1

Intake Periods

Deadline Notes

Ineligible Organizations

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Funding Stack Strategy

Compatible programs, clawback risk, and combined funding potential

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Compatible Programs

SR&ED federal tax credit Quebec R&D provincial tax credit / CRIC NRC-IRAP (wage subsidies for R&D staff CanExport SMEs (export support, different expense lines BDC Venture Capital / BDC seed funds CED Quebec Life Sciences Strategy 2025-2028 funds (for biopharmaceutical applicants Fonds Écoleader
Combined Funding Potential See your total funding potential

Clawback Risk

Low Risk
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How IQ Fonds Impulsion (formerly Impulsion PME) Compares

Side-by-side with similar programs

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Program Amount Difficulty Payment Deadline
IQ Fonds Impulsion (formerly Impulsio... $250,000-$2,000,000 Hard Equity Ongoing — successor to...
CanExport SMEs Up to $50,000 Moderate Mixed (Advance + Reimb.) Applications accepted...
CED Quebec — REGI Business Scale-up a... CED publishes no dollar range.... Moderate Reimbursement Ongoing
Fonds Écoleader — Business Stream (Qu... Up to $30,000 Easy Reimbursement Between intakes — the...
Quebec R&D Tax Credit (CRIC — Researc... 20-30% tax credit (CRIC) Hard Tax Credit Offset Ongoing

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Frequently Asked Questions

Quick answers to the questions founders most often ask about IQ Fonds Impulsion (formerly Impulsion PME)

Free
Can I apply directly to IQ Fonds Impulsion?
No — you must be referred by one of Investissement Québec's partners (a recognized incubator, accelerator, or sectoral research cluster such as Centech, FounderFuel, Anges Québec). Direct applications are not accepted.
Does my sector qualify?
IQ states the fund is open to companies in any sector of activity — what it requires is strong growth potential and an innovative dimension, a Québec location, pre-seed or seed stage, a lead investor identified for the current round, and a partner referral.
Why do most applications get rejected?
Most fail on the two access conditions: no referral from a recognized IQ partner, or no lead investor identified for the current round. Weak co-investor letters and friends-and-family rounds are also common causes.
Do I need matching funds?
Yes — IQ cannot exceed 50% of total financing, and you must have identified a lead investor for the current round before you are admissible. Secure at least equal co-investment from private investors (angels, seed VCs) first.
Can I stack this with SR&ED?
Yes — R&D-active companies commonly stack IQ with SR&ED, Quebec R&D tax credits, and NRC-IRAP wage subsidies for non-dilutive support.

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