Development of innovative projects
What is an innovative project?
An innovative project is a structuring initiative capable of transforming an organization or ecosystem. It could be to develop a new springboard for growth, a research center, an acceleration space or any other type of project that creates value in a community.
Within an organization, an innovative project has the potential to push it further and open new doors. Within an economic ecosystem, structuring initiatives will have a long-term impact on their community or sector of intervention.
Our services can take many forms, including project development, analysis of the business and competitive environment, research into existing concepts, putting you in touch with experts in the field or key players in the ecosystem, and drafting a funding application or proposal for a call for projects.
How long does it take to develop an innovative project?
Our services can take the form of a few hours’ strategic advisory per month, or be more intensive, depending on the objectives set by the client.
Ideally, you should plan for a completion time that can vary from 4 to 10 weeks, depending on the required deadlines. However, when applying for funding or submitting a proposal, you will need to take the deadline into account and adapt your planning accordingly.
It is often necessary to proceed in stages to develop a project:
- The feasibility or pre-feasibility study, which validates the “Go” or “No Go” decision for the project. This study includes:
- Commercial feasibility (analysis of competitive environment, positioning and value proposition)
- Operational feasibility (real estate, specialized equipment and human resources)
- Financial feasibility (elaboration of financial scenarios, financial package, pricing grid, development of a partnership strategy and search for funding)
- The business plan
- The project implementation elements (partnership strategy, governance, funding structure).
What are the elements and deliverables involved in developing an innovative project?
The deliverable can take several forms. It includes one, or more, of the following elements, depending on the needs associated with the project:
- A research report based on the studies and analyses collected, including an annotated bibliography
- A feasibility study
- A business plan
- Drafting project application forms
- Relevant studies and analyses
The process generally includes project follow-up meetings and workshops. These meetings provide an opportunity to present the project progress, gather feedback and orient the project in line with the objectives pursued. A successful approach is generally based on a participatory process, where work is carried out in consultation with the client throughout the process, so that the project evolves and remains representative of the client’s vision.
Who can design and develop an innovative project?
Innovative project development is for any organization with an idea or concept and that needs support to develop the opportunity. This approach applies equally to companies, non-profits, economic development organizations, educational and research institutions as well as municipalities and regional county municipalities (RCMs).
The Espace Stratégies approach
Espace Stratégies is an independent firm able to bring an outside view and fresh perspective to your organization’s challenges. Our position as an external player allows us to bring in new ideas and challenge certain status quo issues that may be problematic. We work with public and municipal organizations as well as businesses, non-profits, investors and government. This knowledge of the different players and their needs enables us to create the most appropriate networks.
The Centre d’Expertise Industrielle de Montréal (CEI-Montréal) is a cutting-edge facility designed to train, support and guide manufacturing companies as they make the transition to industry 4.0. Espace Stratégies assisted Développement Économique Saint-Laurent in drafting the CEI’s business plan and submitting it to public funding agencies in order to complete its financing.
The MRC Les Moulins, which includes the municipalities of Terrebonne and Mascouche, called on the services of Espace Stratégies to organize a series of consultations with their stakeholders and to draft the business plan that was used to create and finance their InnoHub La Centrale business incubator.
Support for the creation (submission of the project to the government) and implementation of the PRIL. It was one of the first projects announced by the government and secured $1.6 million in funding in June 2018.