NBIF Invests $1.3M in SME R&D

GRAND FALLS, N.B. (02/04/2016)—The New Brunswick Innovation Foundation (NBIF) today announced a $1.3 million investment to help fund research and development activities at 23 small-to-medium enterprises (SME) across the province. Through its Innovation Voucher Fund, NBIF provides up to $80,000 to SMEs to access the scientific and engineering expertise they need to take the first step in developing a new or better product or technology.

“In today’s economy, finding new and better ways to do business is how the most successful companies keep their competitive edge,” says Calvin Milbury, president and CEO of NBIF, “our innovation vouchers have opened up a whole new world of opportunities for SMEs in New Brunswick, and in the three years since we started the fund, 41 companies from every corner of the province have collaborated with applied researchers to turn their ideas into enterprise.”

One example is Confection 4e Dimension in St. Léonard, New Brunswick. The company makes hundreds of thousands of pairs of uniform pants for companies like Tim Horton’s. Sewing elastic waistbands is very difficult for machines, and before engaging with NBIF, it had to be done manually, slowing down production.

“Using NBIF’s innovation voucher, we hired CCNB in Bathurst to develop an automated robotic solution that reduced costs by 95%,” says company CEO Michel St-Amand, “it’s been so effective, we’re working on a new spin-off company to license the technology to other industries facing the same problem.”

To be eligible, applicants are required to make a minimum cash investment equal to 20% of the project’s cost. Intellectual property developed during the project remains the property of company.

Since the fund’s inception in 2014, NBIF has invested $2.8 million, and companies more than $700,000 to increase the productivity and profitability of SMEs in the province.

Click here for a chart of all innovation vouchers from 2015-2016