March 24, 2016
The National Optics Institute (INO) says it is 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 Tuesday during the federal budget presentation in Ottawa.
A study on economic impacts conducted by Deloitte in 2014 states that the high technology research centre contributed $344 million per year to Canada’s GDP, while also creating and consolidating 4,013 full-time jobs annually.
“One dollar invested in INO generates $10 in the Canadian economy” says Jean-Yves Roy, INO’s president and CEO. “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 said it “intends to increase its capacity to serve more clients across Canada and to help them become leading players in their field.”
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.