About NBIF

NBIF is a private, not-for-profit corporation that invests in startup companies and R&D. With over $70 million invested, plus $380 million more leveraged from other sources, NBIF has helped to create over 90 companies and fund 400 applied research projects since its inception in 2003, with a current portfolio of 47 companies. All of NBIF’s investment returns go back into the Foundation to be re-invested in other new startup companies and research initiatives.

With a team approach, our highly qualified personnel together use their areas of expertise to help its company and researchers develop strategies for securing and syndicating investments with other venture capital providers and financial institutions, assist researchers get their innovations into the hands of industry or startup companies, and provide creative, market and communication strategies and design. After all, our success depends on their success. 

To view our Annual Reports from 2011 through 2016 click here

Innovation is our business

Our investment strategy focuses on five activities:

  • Creating new ventures by offering equity capital, professional support, and networking opportunities.
  • Helping our startups become scale-ups through follow-on investing and strategic advice
  • Investing in R&D that shows potential for commercialization.
  • Attracting investments by other capital and industrial partners.
  • Recruiting and developing outstanding R&D talent.

Quick Facts

  • Invested by NBIF, all funds $73 million
  • Leveraged Capital $380 million
  • Active Portfolio of Companies 47
  • Research Projects Supported 464
  • Researchers Recruited 61
  • Technicians and Assistants Supported 1,308
  • Largest Exit [Radian6] $9.25 million (28:1)
Board of Directors

Calvin Milbury

President & CEO

Calvin Milbury - President & CEO

As President and CEO, Calvin manages NBIF’s operations, leads its investment activities and actively manages its growing portfolio of venture capital and research investments. Calvin established the NBIF’s venture capital fund and has been instrumental in the creation and development of over 50 start-up companies.

Calvin joined NBIF in its inaugural year (2003) and was appointed to his current position in April 2009. Under his leadership, NBIF’s capital has grown from $40M to $120M under management, having secured capital from several sources including returns from successful investments in local companies like Radian6 Technologies and UserEvents.

Prior to joining NBIF, Calvin worked for Foragen Technologies Management, a national venture capital firm operating out of Montreal, and BioAtlantech, a biotechnology incubator located in Fredericton, where he carried out business development activities for two early-stage biotechnology companies.

Calvin is a University of New Brunswick graduate with a Master of Business Administration degree and a Bachelor of Science degree in Biology-Chemistry.

As a native New Brunswicker, Calvin is pleased to be assisting New Brunswick entrepreneurs and innovators turn their innovative ideas into reality. 

Contact Calvin by e-mail, view his LinkedIn profile, or follow him on Twitter.

Chet Wesley

Director of Marketing

Chet Wesley - Director of Marketing

Chet Wesley is the Director of Marketing at the New Brunswick Innovation Foundation. At NBIF, he develops creative and market strategy for the Foundation and provides strategic advice for a selection of its portfolio companies and researchers.

Before joining NBIF in 2007, he worked as a producer and writer for Atlantic Mediaworks, CBC News and BNN, and has published numerous articles on innovation and creativity in Canadian Business, Investment Executive, Progress and Venture Beat, to name a few. Chet was co-producer of a 2006 CPRS National Award of Excellence winning documentary on the worldwide history of McCain Foods.

Chet received his undergraduate degree in commerce at the University of Toronto, his MBA at the University of New Brunswick, and conducted post-graduate research on champions of innovation at the Richard Ivey School of Business. He has given many keynotes on the topics of innovation and design thinking, most recently at the Copenhagen Business School in Denmark. As a volunteer, he has served as Secretary-Treasurer of artsnb, the province's primary arts granting council, and sits on the advisory council of the New Brunswick College of Craft & Design.

Lindsay Bowman

Director of Research

Lindsay Bowman - Director of Research

As our Director of Research, Lindsay oversees our research investment activities and manages our ongoing research portfolio. Responsible for NBIF's Research Innovation Fund (RIF), Research Assistantship Initiative (RAI) and Research Technicians Initiative (RTI), she is our primary liaison with the province’s research institutions, universities, and community colleges.

Before joining NBIF, Lindsay was the Director of Business Development at Mitacs, the Knowledge Transfer and Partnership Officer at Mount Allison University, and Executive Advisor to the VP External Relations at SAIT Polytechnic in Calgary. A lawyer by training, she started her career as a solicitor at Warren Sinclair LLP.

Lindsay received her BA in political science from St. Thomas University, and her LLB at the University of Alberta. She is a member of the New Brunswick Law Society, the Law Society of Alberta and the Canadian Bar Association.

Contact Lindsay by e-mail.

Joe Allen

Director of Investments

Joe Allen - Director of Investments

As our Director of Investments, Joe is responsible for the day-to-day management of NBIF’s venture capital investment portfolio, oversees the development of new investment clients, and participates in final negotiations. 

Before joining NBIF in 2015, Joe progressed through three positions of responsibility with the Government of New Brunswick from a project executive at Business New Brunswick, to a senior advisor for the Regional Development Corporation, and Director of Operations, Local Development Division, for the Department of Economic Development. Joe also served as Chief Financial Officer of HJ Crabbe & Sons Ltd.

Joe received his Bachelor of Business Administration with a concentration in accounting from the University of New Brunswick, where he served as student union vice president of university affairs. He received his Chartered Accountant designation in 2004.

In his private time, Joe has for ten years served his community as a volunteer firefighter (Upper Kingsclear Fire Department) and designs and builds custom furniture.

Contact Joe by e-mail, or follow him on Twitter.

Joanne Johnson

Executive Assistant

Joanne Johnson - Executive Assistant

As our Executive Assistant, Ms. Johnson manages the day-to-day operations of NBIF's offices, in addition to her duties as Corporate Secretary of our Board of Directors. She is responsible for the coordination of all board-related activities, corporate documentation and correspondence. Joanne also plays a critical role in the logistical aspects of our events, especially Breakthru and R3 Gala. Before joining the Foundation in 2003, Joanne was a project manager for BioAtlantech, where she also acted as Corporate Secretary of that organization’s Board of Directors. Joanne developed her talents in corporate administration over thirteen years in progressive roles at McCain Foods in Florenceville, New Brunswick.

Born and raised in Montreal, Joanne is proud to call New Brunswick her home.

Contact Joanne by e-mail.

Craig McLaughlin


Craig McLaughlin - Controller

As our Controller, Craig is responsible for NBIF's accounting processes and controls, reports and budgets. Prior to NBIF, Craig worked as a senior accountant at Grant Thornton LLP where he performed audit, review and compliance engagements both here and abroad. 

Craig completed his Uniform Evaluation (UFE) examination in 2010, and was placed on the prestigious David Hope Honour Roll. He received his charter from the Canadian Institute of Chartered Accountants in 2012. He holds a BBA from the University of New Brunswick (accounting and finance) where he actively participated in the university's approximate $2.5M Student Investment Fund.

Originally from Pictou, Nova Scotia, Craig servers as treasurer on the board of directors of Meals On Wheels Fredericton, and in his spare time enjoys snowboarding, ultimate frisbee, travel, and good comedy.

Contact Craig by e-mail, view his LinkedIn profile, or follow him on Twitter.

André Pelletier

Research Development Officer

André Pelletier - Research Development Officer

As our Research Development Officer, André intakes and completes the initial evaluation of research funding applications and assists in the management of our research portfolio including the Research Innovation Fund, Talent Recruitment Fund and our graduate scholarship program.

Before joining NBIF, André worked as a Research Assistant at the University of New Brunswick, a Laboratory Technician for Xtrata Zinc, and Chemical Control Technician for NB Power. Now in the final stages of his PhD degree, André has authored or co-authored eleven scholarly articles and has two patents pending relating to the enzymatic treatment of wood pulp and wood chips.

André is a graduate of the Université de Moncton (BSc Chem, MSc Chem) and is a PhD candidate in Chemical Engineering at the University of New Brunswick. He has served as a voluteer for Let's Talk Science, Habitat for Humanity and the Dr. Everett Chalmers Regional Hospital in Fredericton.

Contact André by e-mail.

Raymond Fitzpatrick

Investment Manager

Raymond Fitzpatrick - Investment Manager

As our Investment Manager, Raymond takes the lead on the initial evaluation of business plan submissions and conducts the financial due diligence on our start-up capital, innovation voucher and venture capital investments. He also assists in the management and monitoring of the NBIF's investment portfolio.

Prior to joining the team at NBIF, Raymond worked as an accountant and then financial analyst at Irving Oil Limited in Saint John.

Raymond is a graduate of the University of New Brunswick (BBA), and a Certified Management Accountant. When not at work, Raymond plays hockey in a local league throughout the winter and with a co-ed softball league in summer.

Raymond is spreading his knowledge of Venture Capital at the University of New Brunswick by instructing a course called “Venture Capital Assessment: MBA-6188”.

Contact Ray by e-mail.


Hilary Lenihan

Administrative Assistant

Hilary Lenihan - Administrative Assistant

As our administrative assistant, Hilary is responsible for front line communications, general administration, contract management and participates in the execution of NBIF’s marketing and communications strategy. Born and raised in Woodstock, N.B., Hilary is an honours graduate of NBCC’s Bilingual Office Administration program, where she received the President’s Award for academic and extracurricular achievement. Before joining NBIF, Hilary worked in the insurance industry, where she completed the Life License Qualification Program. 

Hilary volunteers as a member of the NBCC Alumni Steering Committee and on the selection committee of the NBCC Alumni Awards. Passionate about outdoor adventures, Hilary and her family are avid travellers, boaters and swimmers.

Contact Hilary by e-mail, view her LinkedIn profile, or follow her on Twitter.

  • Calvin Milbury - President & CEO
    Calvin Milbury President & CEO
  • Chet Wesley - Director of Marketing
    Chet Wesley Director of Marketing
  • Lindsay Bowman - Director of Research
    Lindsay Bowman Director of Research
  • Joe Allen - Director of Investments
    Joe Allen Director of Investments
  • Joanne Johnson - Executive Assistant
    Joanne Johnson Executive Assistant
  • Craig McLaughlin - Controller
    Craig McLaughlin Controller
  • André Pelletier - Research Development Officer
    André Pelletier Research Development Officer
  • Raymond Fitzpatrick - Investment Manager
    Raymond Fitzpatrick Investment Manager
  • Hilary Lenihan - Administrative Assistant
    Hilary Lenihan Administrative Assistant
  • Chair Cathy Simpson - VP
    Cathy Simpson VP T4G
  • Vice-Chair Eric Cook - Executive Director
    Eric Cook Executive Director RPC
  • Treasurer Bill Levesque - President
    Bill Levesque President RDC
  • Secretary Gerry Verner - VP Bus. Dev.
    Gerry Verner VP Bus. Dev. Innovatia
  • David Burns, PhD - VP, Research
    David Burns, PhD VP, Research UNB
  • Jill Green - CEO
    Jill Green CEO Green Imaging Technologies
  • Jacques Pinet - CEO
    Jacques Pinet CEO Jobs Board Secretariat
  • Rob Miller - President
    Rob Miller President Central Group of Companies
  • Jean-Marc Dupuis  - Deputy Minister
    Jean-Marc Dupuis Deputy Minister PETL