Annual General Meeting | Another Excellent Year for INO
This morning, INO held its annual general meeting for the fiscal year 2022-2023. And the results, which seem to confirm that innovation has regained its rightful place in the priorities of businesses, lived up to expectations.
To that effect, for a second consecutive year, the organization achieved a record number of orders. After crossing the $20 M mark for the first time in 2021-2022, orders jumped more than 20% to reach $25.4 M.
For their part, operations revenues increased by 18% to reach $50.2 M, a record in INO’s first 35 years of existence. Meanwhile, the number of members has doubled thanks to a renewed membership formula. In particular, this close collaboration with industrial environments therefore allows INO to orient its technological development work even better according to the needs of the industry.
Even more significantly, INO’s contribution to the Canadian gross domestic product, supported by independent studies, now reaches nearly $640 M per year.
For its part, Quantino, the incubator propelled by INO, welcomed eight new young technology companies operating in a wide variety of fields. Efforts to expand or create a satellite space dedicated to medical technologies are also underway.
For Alain Chandonnet, chief executive officer of INO, “the results prove it: INO has been able to develop a culture of innovation oriented toward clients and markets, which, more than ever, makes it a force for economic development whose purpose is not R&D in itself, although that is its driving force, but rather the commercial and societal value created for its clients and partners.”