QUEBEC, March 22, 2016 /CNW Telbec/ - The National Optics Institute is very pleased with the federal government's decision to renew its core funding with a financial contribution of $50 million over the next five years. The announcement was made on March 22, 2016, during the federal budget presentation in Ottawa.
A rewarding economic strategy
INO is a high technology research centre as well as a driver for economic growth. 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, basing this affirmation on Deloitte's study. He adds, "By supporting INO's plan, the federal government is sending a strong signal: stimulate economic growth by investing in innovation, infrastructure and diversification of the Canadian economy. We are delighted with this decision."
With 30 spinoff companies to its credit, INO intends to increase its capacity to serve more clients across Canada and to help them become leading players in their field.
INO wishes to commend the strategic vision of Ministers Bains and Duclos, supporting innovation by Canadian businesses and thereby creating greater wealth.
About INO's strategic plan
INO's 2016-2021 plan revolves around three main focus areas:
- Accelerate the development of technological innovations of strategic importance for the future, such as printable photonics and silicon photonics;
- Strengthen its capacity to offer innovative solutions to Canadian industries in order to significantly improve their productivity;
- Expand resources in Ontario for commercialization and for integration of technology solutions, particularly in the manufacturing and biomedical sectors. In Western Canada, transportation and solutions related to environmental issues are targeted.
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 63 technology transfers, and the creation of 30 new companies generating more than 1,500 jobs. Around 200 people work at INO, 80% of whom are scientists involved in research. www.ino.ca
SOURCE INO (National Optics Institute)
Image with caption: "Logo: INO (National Optics Institute) (CNW Group/INO (National Optics Institute))". Image available at: https://photos.newswire.ca/images/download/20160322_C4506_PHOTO_EN_648248.jpg
For further information: INO, 418-657-7006, email@example.com