Why Venture Capital–Backed Companies Matter to New Brunswick’s Economy

By Jeff White, FCPA, CA, ICDD
President & CEO, New Brunswick Innovation Foundation

When we talk about building a stronger, more resilient economy in New Brunswick, venture capital–backed companies play a critical, and sometimes misunderstood role. These companies are not just startups. They are high-growth, export-focused businesses that create skilled jobs, attract outside investment, and generate long-term returns for the province, as both an economic partner, and an investor. At NBIF, our role is to partner with ambitious founders to build companies capable of competing globally while growing right here in New Brunswick. The results of that approach are increasingly visible across key sectors, such as advanced manufacturing, health technology, cybersecurity, and applied artificial intelligence.

Driving growth by selling to the world

Venture-backed companies are built to scale. Unlike businesses that primarily serve local markets, these firms sell into national and international markets, bringing new revenue and new wealth back into the province.

SmartSkin Technologies, for example, combines advanced sensors and data analytics to help pharmaceutical and beverage manufacturers improve quality and efficiency around the world. Picketa Systems applies deep engineering expertise and advanced fabrication to deliver complex industrial systems for global customers in energy and industrial markets. In the digital economy, companies like TrojAI, Beauceron Security, and Sonrai Security show how New Brunswick firms can lead on the global stage in cybersecurity and cloud security sectors, which are both fast-growing and critical to modern economies. These companies export sophisticated software, solve high-value problems for large organizations, and anchor globally relevant expertise from right here at home.

Creating meaningful, future-focused careers

One of the most tangible benefits of venture-backed growth is people. These companies create high-skilled, well-paid jobs for software developers, engineers, data scientists, cybersecurity specialists, and business professionals. They also provide opportunities for people to build internationally competitive careers without having to leave New Brunswick.

Delivering value for New Brunswick

As an investor on behalf of New Brunswick, the province benefits in two important ways.

First, venture investments into New Brunswick tech startups attract and leverage private capital. Every dollar invested by NBIF is typicall matched at a rate of four to one from local, national, and international investors – bringing critical capital and expertise that accelerates the growth of startups, while sharing the risk.

Second, as companies grow and succeed, they generate long-term financial returns that can be reinvested to support the next generation of New Brunswick companies.

Along the way, those growing businesses contribute through employment, taxes, and increased GDP economic activity for the province.

Momentum is returning

As we closed our fiscal year on March 31, we’re encouraged by the renewed momentum in New Brunswick’s modern economy. Over the past year, more than $30 million in investment capital flowed into eight New Brunswick-based companies, which is 100% growth from the $15 million in 2025. Each company is positioned for growth and global expansion. This is a strong sign that confidence is returning, and New Brunswick companies are building businesses that investors believe in.  Most importantly, this capital is being put to work in New Brunswick – supporting new jobs, growing teams, advancing products, and helping locally grown companies reach customers around the world.

MedReddie, operating at the intersection of healthcare and artificial intelligence, is a strong example. By helping healthcare organizations make smarter, faster procurement decisions, the company is addressing a real global need, while building a team and platform from New Brunswick with international reach.

Venture capital is not about quick wins. It is a disciplined, long-term strategy to build companies that strengthen our economy, create opportunities, and deliver lasting value for New Brunswick.