IQ Fonds Impulsion (formerly Impulsion PME)

Insider Tip

Access is gated: you cannot apply to IQ Fonds Impulsion directly — you must be referred by a recognized incubator, accelerator, or sectoral research cluster (e.g., Centech, FounderFuel, District 3, Anges Québec, sectoral pôles). Joining a recognized ecosystem partner is the prerequisite. Once referred, co-investor quality matters as much as the amount — IQ favors co-investments alongside experienced angel networks or seed VCs over friends-and-family rounds. This is also patient capital with no monthly repayments (convertible notes convert at exit), but founders will give up a 5–20% equity stake.

Rejection Pitfalls 9

• Not referred by a recognized ecosystem partner — no direct application path exists
• Co-investors are not recognized (friends-and-family only; no formal investor letters of intent)
• Revenues exceed $2,000,000 cumulative over three years (over the stage threshold)

Success Profile

Innovative Quebec-based technology company (software, hardware, biotech, cleantech, AI) at pre-seed or seed stage with: (1) minimum 2 full-time employees, (2) first customer or market validation agreement, (3) revenues under $2M cumulative, (4) previous VC fundraising under $250K, (5) enrollment in a recognized incubator or accelerator, and (6) identified co-investors willing to invest on identical terms. Regional (outside Montreal CMA) startups have a higher funding ceiling. Biopharmaceutical companies with pre-revenue R&D are specifically exempted from the 'first customer' requirement. Companies with experienced founding teams, proprietary technology, and clear defensibility tend to succeed.

Evaluation Criteria

Team quality (expertise, commitment, coachability); market size ($500M+ TAM typically expected); technology differentiation and defensibility; market traction (customers, pilots, LOIs); co-investor quality and track record; growth plan credibility and financial projections

Application Steps

Required Documents 9

Eligible Expenses 1

• Any business purpose consistent with the company's growth plan (product development, hiring, sales, marketing, working capital, IP protection) — this is an equity investment, not a grant with prescribed eligible expenses

Ineligible Expenses 1

• No prescribed ineligible expenses — IQ holds standard investor rights as a noteholder, not a grant administrator. Companies outside program scope (non-innovative sectors, over revenue/VC thresholds) are ineligible for the fund itself.

Intake Periods

Ongoing rolling basis through recognized ecosystem partners. No annual intake calendar — files are referred and reviewed continuously. Selection committee meets on a rolling schedule.

Deadline Notes

Fonds Impulsion (successor to Impulsion PME) accepts applications on a rolling basis through recognized ecosystem partners. The original Impulsion PME program was suspended November 12, 2024, and replaced by Fonds Impulsion in October 2025. No annual intake deadline — continuous, competitive review by selection committee.

Open Application Portal →

Ineligible Organizations

• Companies outside Quebec or with majority operations outside Quebec
• Non-innovative businesses (retail, personal services, real estate, restaurants)
• Companies with cumulative revenues over $2,000,000
• Companies with prior VC financing over $250,000
• Companies that have already completed an initial commercialization cycle
• Non-referred companies (no direct application path exists)

Compatible Programs

Clawback Risk

Low Risk