Québec, Nov. 8, 2016 /CNW Telbec/ - The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, represented by the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Member of the House of Commons for Québec, as well as Mrs. Dominique Anglade, Minister of Economy, Science and Innovation and Member of the National Assembly for Saint-Henri—Sainte-Anne, and Mr. François Blais, Minister of Employment and Social Solidarity and Minister responsible for the Capitale-Nationale region have jointly announced that the governments will contribute core funding to the National Optics Institute (INO) during the 2016‑2021 period as follows:
- $50 million from Canada Economic Development for Québec Regions; and
- $32 million from the Québec Government.
The Québec Government could also contribute an additional $19.5 million to purchase state-of-the-art scientific equipment.
Innovation, a Driving Force for Economic Growth and Employment
INO is a centre for applied research in optics/photonics, and its capacity to innovate and bring innovation to the market through its clients makes it a driving force for economic growth and employment. A study on economic impacts conducted by Deloitte in 2014 states that INO contributes an amount of $344 million per year to Canada's GDP, while also creating and consolidating 4,013 full-time jobs per year in Canada. These results are explained by the extremely powerful economic leverage of the cutting-edge technologies that are developed by INO.
"One dollar invested in INO generates $10 in the Canadian economy" says Jean-Yves Roy, INO's President and Chief Executive Officer. "We are thrilled with the economic development strategies adopted by both levels of government because they embrace innovation and its commercialization. With this financial support, INO will be able to continue helping businesses in Canada and in Québec to improve their competitiveness through innovative activities, bringing economic growth and job creation."
A leading technology designer and developer, INO is the largest centre of expertise in industrial optics/photonics in Canada. World leader in its field, it has created more than 6,000 made-to-order solutions for businesses in Quebec and in Canada operating in various sectors of activity. INO's contributions also include 64 technology transfers, and the creation of 30 new companies generating more than 2,000 jobs. Around 200 people work at INO, 80% of whom are scientists involved in research.
SOURCE INO (National Optics Institute)
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