The Government of New Brunswick announced on Wednesday it’s spending $53.5 million to foster innovation and boost research and development in the province.
“This investment is a big boost for innovation and will enable NBIF to support and nurture even more research and startup ventures in New Brunswick”. said Calvin Milbury, President and CEO of the New Brunswick Innovation Foundation in a statement.
“Continued investment like this is essential to enable our innovators to turn their ideas into enterprises that impact and grow our economy.”
In December, Premier Brian Gallant announced New Brunswick would up its funding to the NBIF by $10 million over the next five years, which represented about a 20 percent increase in funding.
NBIF is a private, not-for-profit corporation that supports startups in New Brunswick and fosters research and development. In the previous year, NBIF spent close to $14 million to help boost the province’s innovators.
This week’s announcement was paired with the release of the New Brunswick’s Innovation Agenda and kicked off Innovation Week, a celebration of New Brunswick innovation, which starts this Sunday.
The agenda identifies six main points that need attention in order to grow innovation and research and development. The six goals are: grow innovators, boost R&D capacity, commercialize, start and scale enterprises, foster innovation spaces, lead the cybersecurity agenda in Canada and to become a smart province.
Disclosure: NBIF is a client of Entrevestor.
