NB Government Announces $160 Million in Innovation Funding
The provincial government is renewing its commitment to innovation and research by investing $63.6 million in the New Brunswick Innovation Foundation and the New Brunswick Health Research Foundation over four years.
“Both foundations foster innovation and research in New Brunswick,” said Premier Brian Gallant, who is also the minister responsible for innovation. “This is important, as encouraging innovation will help our businesses and industries compete on the international stage. We must also innovate to strengthen education for our children and improve health care for our families.”
The provincial government is investing $160 million in innovation over the next four years. From this investment, the New Brunswick Innovation Foundation will receive $11.4 million each year. Further enhancements to innovation funding will be considered going forward.
The New Brunswick Innovation Foundation will invest the funds through its Venture Capital Fund, Startup Investment Fund, and Innovation Voucher Fund in support of business, and through its Research Innovation Fund, Graduate Scholarship Program, and Research Assistantships and Technicians Initiatives in support of publicly funded universities and colleges in the province.
“Innovation paves the way for economic success, and this investment will enable our foundation to continue to fuel more innovation in our province by providing researchers and entrepreneurs with access to capital,” said Calvin Milbury, president and CEO of the New Brunswick Innovation Foundation. “A steady supply of capital is essential to enable our innovators to turn their ideas into enterprises that impact our economy.”
This announcement supports the activities of Innovation Week, May 4-12. This week is dedicated to celebrating innovation in New Brunswick and providing companies the opportunity to meet with government officials and pitch their ideas.