About NBIF

NBIF is a private, not-for-profit corporation that invests in startup companies and R&D. With over $85 million invested, plus $425 million more leveraged from other sources, NBIF has helped to create over 106 companies and fund 470 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 2017 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 $85 million
  • Leveraged Capital $425 million
  • Active Portfolio of Companies 45
  • Research Projects Supported 470
  • Researchers Recruited 63
  • 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.

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 Executive Assistant, Ms. Johnson reports directly to and supports the President and CEO and acts as the 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 the Stan Cassidy Foundation, and in his spare time enjoys ultimate frisbee, travel, and good comedy.

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

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.


Heidi Erdle

Investment Analyst

Heidi Erdle - Investment Analyst

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 husband 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
  • 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
  • Raymond Fitzpatrick - Investment Manager
    Raymond Fitzpatrick Investment Manager
  • Heidi Erdle - Investment Analyst
    Heidi Erdle Investment Analyst
  • Hilary Lenihan - Administrative Assistant
    Hilary Lenihan Administrative Assistant
  • Chair Cathy Simpson - VP
    Cathy Simpson VP T4G
  • Vice-Chair Eric Cook - Executive Director & CEO
    Eric Cook Executive Director & CEO RPC
  • Treasurer Bill Levesque - President
    Bill Levesque President RDC
  • Secretary Gerry Verner - VP Sales & Marketing
    Gerry Verner VP Sales & Marketing Innovatia
  • 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
  • Liane Roy - President
    Liane Roy President CCNB