The government of New Brunswick announced today that it is investing a fresh $5 million this year to support research and graduate students with its New Brunswick Innovation Foundation (NBIF) funding

The statement released today announced a $11.4 million investment. A government official said that $6.4M had been announced last year.

“This boost in investment is incredibly welcomed and promising,” said NBIF President and CEO Calvin Milbury in the statement.

“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.”

Today’s announcement means that NBIF gets a $5 million per year increase in the budget from the previous fiscal year.

“RIA funding afforded me the opportunity to stay in New Brunswick to pursue a Masters degree in electrical engineering,” said Katie Wilson, a UNB alumni in today's release.

“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.”

Today’s release follows a string of funding announcements from New Brunswick. Last week, it announced it will spend $53.5 million to boost innovation, research and development in the province.  

Disclosure: NBIF is a client of Entrevestor.