Province of N.B. will invest $11.4 million to support NBIF research and development programs
May 1st, 2018
FREDERICTON (GNB) – The provincial government announced today it is investing $11.4 million this year to support research and graduate students through New Brunswick Innovation Foundation (NBIF) funding. This represents a $5 million per year increase in the budget of the NBIF over the previous fiscal year.
“This boost in investment is incredibly welcomed and promising,” says the NBIF President and CEO Calvin Milbury. “Research does the often-unseen legwork required before any innovative product or service can launch. These funds are critical for the recruitment and retention of the brightest minds in Canada and help us build the capacity to do world-class research.”
The $5 million per year increase to the NBIF will boost funding for the FREDERICTON (GNB) – The provincial government announced today it is investing $11.4 million this year to support research and graduate students through New Brunswick Innovation Foundation (NBIF) funding. This represents a $5 million per year increase in the budget of the NBIF over the previous fiscal year.
“RAI funding afforded me the opportunity to stay in New Brunswick to pursue a Masters degree in electrical engineering,” says Katie Wilson, a former student of the University of New Brunswick. “Because of that, I got a job here as a project officer at the Institute of Biomedical Engineering. The funding allowed me to do research in an area I’m passionate about – myoelectric prostheses – and I was able to see the real-life impacts that my research was having on the amputees that came into the clinic.”
Innovation Week takes place in New Brunswick from April 29 to May 5, with events and activities to celebrate the culture of innovation in the province. For more information, visit www.innovationweeknb.ca.
About the New Brunswick Innovation Foundation (NBIF)
The NBIF is an independent non-profit corporation that specializes in venture capital and research investments. Dedicated to building innovation in our province, the NBIF delivers the resources and expertise required to achieve new opportunities, growth, and advancements that positively impact New Brunswick.
With over $85 million invested, plus $425 million more leveraged from other sources, the NBIF has helped to create over 106 companies and fund 470 applied research projects since its inception in 2003. All of the NBIF’s investment returns go back into the Foundation to be re-invested in other startups and research initiatives.