Quebecor and Université de Montréal give Quebec entrepreneurship a boost

A $40-million donation to support entrepreneurship in Quebec has opened a new chapter in the history of giving to Université de Montréal.

Announced today by UdeM rector Daniel Jutras and Quebecor president and CEO Pierre Karl Péladeau, the major gift reflects Péladeau's desire to actively contribute to the development of the next generation of Quebec entrepreneurs.

The money will come in equal parts from Quebecor and the Fondation Chopin-Péladeau. It will be used to fund Millénium Québecor, a comprehensive entrepreneurship awareness, training and support program, and to construct the Pavillon Pierre-Péladeau, a state-of-the-art building named in honour of Quebecor’s founder.

“My father dreamed of becoming an entrepreneur in order to contribute to Quebec’s economic development,” said Péladeau, a prominent media baron and UdeM alumnus (Law, 1987) like his father before him (Philosophy, 1947).

“Our partnership with Université de Montréal is our way of continuing his legacy and helping to build the Quebec of tomorrow. By backing the creation of a place for people to connect and the establishment of a new entrepreneurship program, we are doing all we can to support and advance members of the next generation. All of Quebec society will benefit—socially, economically and environmentally.”

The Millénium Québecor program will capitalize on the excellence and diversity of education and research at Université de Montréal to give students early exposure to entrepreneurship and help foster the emergence of a new generation of entrepreneurs. In addition to advanced training in entrepreneurship, students and researchers will be able to draw on the support of a team of experts to help turn their business ideas into reality.

The program will embrace all forms of entrepreneurship, including non-profit organizations and social entrepreneurship. A start-up assistance fund will also be established, with financial support from Quebecor, to stimulate business development in Quebec and promote the growth of the province's innovation ecosystem.

A 2019 survey of UdeM students by the university found that nearly 30 per cent of respondents had a desire to become entrepreneurs. The Millénium Québecor program will therefore meet a real need.

“More than ever, Quebec needs entrepreneurial spirit and scientific innovation to face the challenges of the present and future, to create wealth, and especially to ensure its financial, material and social autonomy,” said Jutras. “I sincerely thank Pierre Karl Péladeau and Quebecor for demonstrating their confidence in the next generation with this historic donation. This gift will enable us to concretely support our young people’s entrepreneurial success.”

Over the past decade, Université de Montréal has established itself as a major player in innovation in several fields, including artificial intelligence. UdeM now wants to build on its strengths to become a nerve centre for next-generation enterprise in Quebec. The goal is to accompany young entrepreneurs on their journey and make entrepreneurship and innovation a core component of education at the university.

The future Pavillon Pierre-Péladeau building on the MIL Campus will be a space to connect, an innovation hub with state-of-the-art technology and an approach that is comprehensive and socially responsible.

The building will house the Millénium Québecor program and the future Centre d’innovation de l’Université de Montréal dedicated to accelerating the development of new ideas, the growth of entrepreneurial activity, and the realization of the economic and social benefits of innovation. It will be a place where the know-how of business builders, the expertise of researchers and innovation specialists, and the enthusiasm of UdeM student-entrepreneurs will come together in a concerted and responsible way.

The Pavillon Pierre-Péladeau will contribute to the development of MIL Montréal, a neighbourhood where students, researchers, workers, artists and residents interact. Construction of the new building will begin when all government approvals have been received. In the meantime, the community of aspiring entrepreneurs, mentors and support services will be accommodated in rented space near the MIL campus set to open in spring 2022.