New NBIF fund helps companies develop new products
The New Brunswick Innovation Foundation (NBIF) today announced the launch of its new Innovation Voucher Fund. Open to all New Brunswick-based small to medium companies it provides up to $80,000 to fund a project that leads to revenue growth or cost savings. To obtain a voucher, companies must collaborate with a New Brunswick applied researcher or research organization, and contribute a minimum of 20% of the total cost of the project.
Initial funding for the $7.25 million fund comes in the form of an investment by the Government of New Brunswick.
"As part of our government's $80 million investment in innovation and research and development, we are creating a new tool that will enhance the productivity and competitiveness of local businesses and leverage the talent, capacity, and facilities of our research organizations," said Premier David Alward, "Investing in smart partnerships between New Brunswick researchers and small and medium size businesses is an important part of our plan to rebuild New Brunswick's economy and create jobs."
The Innovation Voucher Fund came to life after the success of NBIF’s 2012 R3 Innovation Challenge, a province-wide competition that saw two companies receive a $50,000 voucher to fund new product development: Breviro Caviar and Soricimed Biopharma. The award was announced at NBIF’s bi-annual R3 Gala.
“After running the competition, we discovered there’s a number of SMEs in the province that have great ideas on the shelf because they don’t have access to the scientific equipment and research personnel they need to turn them into innovations,” says NBIF Chair Robert Hatheway, “the Innovation Voucher Fund is another way for NBIF to continue its work to uncover innovation champions and add value by providing the resources they need to take action.”
Innovation vouchers can be used to cover the costs of a number of different research and development activities including bench testing and concept validation, prototype development, regulatory certification requirements, and consultative services. Once approved, and certain milestones are established, funding flows to directly to the research institution until the project is complete. Companies that receive a voucher will own all intellectual property develop during the term of the collaboration.
For more information about the NBIF Innovation Voucher Fund, including guidelines and application procedures, visit this page on the NBIF website: