Québec, Quebec, June 30, 2021 - Canada Economic Development for Quebec Regions (CED)
The Québec region counts several dynamic businesses and organizations with innovative ideas helping to create a strong local economic fabric. During the pandemic, some organizations have succeeded in adapting and are prospering, while others have had to reduce their operations. Today, as we put in place our plan for a robust economic recovery, they need our support now more than ever. The Government of Canada has committed to assisting them as they pursue their activities and to fostering their growth and success; this is therefore precisely what it intends to do in the coming months.
With this in mind, the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for CED, accompanied by the Honourable Jean-Yves Duclos, Member of Parliament for Québec and President of the Treasury Board, and Joël Lightbound, Member of Parliament for Louis-Hébert and Parliamentary Secretary to the Minister of Public Safety and Emergency Preparedness, today announced $57.25M in financial support for INO. This support translates into two non-repayable contributions: $50M over five years, from 2021 to 2026, to implement the Programme d'innovations technologiques (PIT), and $5M to acquire strategic equipment. The PIT fosters the development of optics- and photonics-based innovations, especially among SMEs, including the commercialization of know-how stemming from applied research.
A $2.25M contribution has also been granted to INO for a related project to acquire and install scientific equipment for use in developing technologies and applications for various industries and development platforms centred around terahertz technology, among other things.
INO conducts applied or pre-competitive research on optical components, imagery and instrumentation in several industrial sectors such as biomedical technology, security, aerospace, agri-food and manufacturing. The organization also offers a full range of services including consulting, design, product development and even production in short series.
The Government of Canada recognizes and supports innovative businesses and organizations that are a source of pride in their communities. Quebec's economic recovery relies, among other things, on organizations that are well grounded in the regional economy. Innovation is a major contributor to growth, as well as a key asset in rebuilding a stronger, more resilient, and more just economy for all.
Quotes
"By investing in improved processes at INO, the Government of Canada is following through on its commitments, helping businesses to expand, innovate and export their products so they can create quality jobs and thereby ensure a prosperous Canadian economy."
Joël Lightbound, Member of Parliament for Louis-Hébert and Parliamentary Secretary to the Minister of Public Safety and Emergency Preparedness
"We are helping businesses equip themselves with what they need to remain competitive, prosper and create good jobs. Thanks to Government of Canada financial assistance, INO will be able to continue to innovate in a cutting-edge field and strengthen its position in the industry and on the markets, which will also help stimulate the regional economy. This support will thus benefit the entire Québec region and enable the Canadian economy to come back even stronger."
The Honourable Jean-Yves Duclos, Member of Parliament for Québec and President of the Treasury Board
"Helping businesses grow and innovate so they can enhance their competitiveness and create good‑quality jobs is at the core of our plan for a successful economic recovery. That is why we are providing our support to INO, an organization whose success is raising the profile not just of the Québec region but of the entire Canadian economy. We have been here to assist workers and Quebec and Canadian SMEs in these difficult times, and we will continue to help them equip themselves with what they need so that, together, we can rebuild a stronger, more resilient, and more sustainable economy."
The Honourable Mélanie Joly, Member of Parliament for Ahuntsic-Cartierville, Minister of Economic Development and Official Languages and Minister responsible for CED
"Investing in a centre like INO that specializes in industrial innovation and serves as a bridge between academic communities and manufacturers quickly generates significant spinoffs for the Canadian economy and enhances the competitiveness of homegrown businesses. Thanks to today's investment, INO is in a good position to play a major role in the recovery and generate even greater socio-economic value."
Alain Chandonnet, President and CEO, INO
Quick facts
- Funds have been granted under CED's Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
- CED financing is conditional on the signing of the contribution agreement.
