How to apply for an impact investment from the MGH Foundation for your medtech startup

In partnership with the Clinical Innovation Platform.

Supported by National Bank, John Dobson Foundation & Birks Family Foundation.

CLIP is a unique startup incubator focused on clinical validation and prototype development at the heart of the Montreal General Hospital and the Research Institute of the McGill University Health Centre. The investments offered by this program are convertible loans for startups wanting to scale their healthcare innovations to the benefit of patients in Quebec and Canada, thus enabling the MGH Foundation to achieve its charitable purpose and mission.

Startups that receive a convertible loan from the MGHF should be able to leverage this investment multiple times with various government grants and funding programs, all while benefiting from the unique collection of resources and services available through the CLIP and its hospital-based ecosystem.

Before you apply below, please read our FAQ.

Founders / employees of medtech startups (or other healthcare-related startups) who are seeking funds to grow the impact of their innovations.

Incorporation: Funding is not available to individuals or groups is only available for companies incorporated in either Quebec or Canada.

Intellectual property (IP): Your startup must own its IP or demonstrate it has a license to exploit the existing IP of others for commercial purposes. If you are in the process of protecting your IP, funding may still be possible.

Healthcare focus: Funding is only available to companies working in the following areas: Medical, Biomedical, Health and Wellness.

CLIP membership: Funding is only available to CLIP members. If your startup is not a member of the CLIP yet, you can still apply but please note that you will need to be a CLIP member in order to receive MGH Foundation funds if your application is successful. CLIP membership ranges from the physical occupation of a rented space to a drop-in membership. For more details see: https://clinicalinnovation.ca/membership/

Start-ups submit an on-line application for review by the CLIP Funding Oversight Committee.

The MGH Foundation undertakes comprehensive due diligence of selected start-ups, makes the decision whether to invest or not and determines the size of the investment.

Once the convertible loan agreement is signed, the investment amount is transferred. Start-ups are required to send formal updates every six months and to respect the terms of the agreement.

This depends on the maturity and perceived impact of the startup company but typically would be in the range of $25,000 – $100,000.

The CLIP is eligible to apply for or to assist you to apply for provincial and federal funding schemes that could offer similar levels of financing. There are many potential opportunities to leverage this funding.

Applications must be completed before 11:59 pm on November 13, 2024.

In each round of applications, up to five investments could be made.

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