About NBIF (OLD)

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.

Craig McLaughlin

Director of Finance

Craig McLaughlin - Director of Finance

As our Director of Finance, 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.

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 now call New Brunswick her home.

Contact Joanne by e-mail.

Raymond Fitzpatrick

Director of Investments

Raymond Fitzpatrick - Director of Investments

As our Director of Investments, Raymond 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. He recently completed the Venture Capital Executive Program at the University of California - Berkeley, Haas School of Business.

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 to MBA students at the University of New Brunswick as an instructor of Venture Assessment, and Entrepreneurial Finance.

Contact Ray by e-mail, follow him on Twitter, or view his LinkedIn page


Vanessa Matthews

Marketing Manager

Vanessa Matthews - Marketing Manager

As our Marketing Manager, Vanessa is responsible for the idea generation and the development of our marketing, communications, and public relations plans. She is our brand champion, working to build the strategies and tactics that articulate our mission and values.

Before joining NBIF, Vanessa was a Loyalty Specialist with Atlantic Lottery Corporation, focusing on brand loyalty, relationship management, and customer experience. Prior to that, Vanessa was a Strategic Marketing Consultant with Medavie Blue Cross. Vanessa began her career working in the Book Publishing as a literary agent in Toronto.

Vanessa received her BA in English Literature from Mount Allison University, as well as a post-graduate certificate from Humber College in Creative Book Publishing.

Contact Vanessa by email. 

Thomas Bird

Investment Analyst

Thomas Bird - Investment Analyst

As our Investment Analyst, Thomas is working with our Investment Team to administer our Venture Capital, Startup Investment, and Innovation Voucher funding programs.

Thomas is a recent graduate of the Masters in Technology, Management & Entrepreneurship program at the University of New Brunswick, and has an undergraduate degree in Civil Engineering. In his spare time, he likes to spend time with family, and compete in various sporting activities, such as rowing and swimming.

Hilary Lenihan

Program Support Officer

Hilary Lenihan - Program Support Officer

As our Program Support Officer, Hilary is responsible for supporting our various funding programs, investment activities, and business development for both the Research and Investment teams.

Hilary’s focus includes reviewing proposals and investment recommendations, as well as assisting with events and investment closings. Hilary plays the critical role of connecting both the Research and Investment teams. With a client-first approach, she ensures an exceptional level of service is delivered to all existing and potential clients.

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.

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
  • Craig McLaughlin - Director of Finance
    Craig McLaughlin Director of Finance
  • Joanne Johnson - Executive Assistant
    Joanne Johnson Executive Assistant
  • Raymond Fitzpatrick - Director of Investments
    Raymond Fitzpatrick Director of Investments
  • Vanessa Matthews - Marketing Manager
    Vanessa Matthews Marketing Manager
  • Thomas Bird - Investment Analyst
    Thomas Bird Investment Analyst
  • Hilary Lenihan - Program Support Officer
    Hilary Lenihan Program Support Officer
  • Chair Cathy Simpson - VP
    Cathy Simpson VP T4G
  • Vice-Chair Eric Cook - Executive Director & CEO
    Eric Cook Executive Director & CEO RPC
  • 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 Nova Capital Inc.
  • Jean-Marc Dupuis  - Deputy Minister
    Jean-Marc Dupuis Deputy Minister PETL
  • Liane Roy - President
    Liane Roy President CCNB