Revenues in Newfoundland's Ocean Technology Cluster Growing at 31% Annually
Andrew Safer
January 19, 2011
Sales revenues in the 50 companies within Oceans Advance, Newfoundland and Labrador’s ocean technology cluster, have increased by 126 per cent since 2006--31 per cent annually--from $225 million to $509 million. Related sales revenues increased from $129 million to $433 million during that time. Exports increased by 300 per cent. Dennis Hogan, Assistant Deputy Minister of the Province’s Department of Innovation, Trade and Rural Development, reported on the growth of the cluster at the National Research Council’s Institute of Ocean Technology on January 13th. Hogan, who recently completed an MBA in Innovation at the Massachusetts Institute of Technology (MIT)…