TechImpact, the New Brunswick-based IT advocacy group, has laid out a 10-year plan to increase the province’s tech revenues to $1.7 billion from under $1 billion today.  

Working with economist David Campbell of Jupia Consultants, the organization last week released a report titled Building NB’s Future: How a Thriving Tech Sector Can Lead the Way. It called for government and the private sector to work together to ensure this growth sector increases its contribution to the New Brunswick economy.

As well as proposing for a more detailed strategy, the report calls for increased investment in IT startups, an artificial intelligence adoption plan for public and private sectors, and for the government to become an early adopter of technology developed in the province.

“We have had tremendous success in the past 20 years at growing our tech sector and demonstrating the economic impact that comes when you are building and scaling companies from New Brunswick.” said TechImpact CEO Cathy Simpson in a press release announcing the report. “There is much more potential and a 10-year tech industry plan, more public and private sector collaboration and investments in technology are critical steps for New Brunswick to achieve its economic potential.”

The report outlines a goal to increase tech sector revenues by 5 percent annually, which would increase them from $931 million in 2023 to about $1.7 billion in 2035. If successful, the report says it would increase the tech workforce in the province to 15,375 fulltime-equivalent positions from the current 8,990. It would also boost provincial government revenue from the sector from $273 million in 2024 to over $466 million in 2035.

New Brunswick now has about 275 IT companies, with about 9,000 people working in IT roles across all sectors, said the report. However, the province has suffered “a decline in new startups, slower scaling, and increased failures due to economic uncertainty.”

To rebuild momentum, TechImpact is calling for a detailed 10-year growth plan involving the public and private sectors. As well as boosting technology adoption across the economy, it would focus on generating exports, leveraging existing assets and incentivising innovation.

A cornerstone of this strategy would be increasing investment in new technology, startups and R&D. “We must set a long-term goal to increase investment in research, innovation, and new company formation from under 2 percent to 4–5 percent of GDP over the next decade,” says the report.

TechImpact also called for greater adoption of AI, data, and cybersecurity solutions across sectors, and for the provincial government to “lead by example” by establishing a structure that would make it an early adopter of New Brunswick-built technology.

“This is just the beginning of a larger conversation on the role of tech in shaping New Brunswick’s economic future,” added Simpson. “We invite business leaders, policymakers, and community partners to review the findings and join us in building the next decade of growth.”