FREDERICTON (GNB) – The provincial government is investing $10 million over five years in the New Brunswick Innovation Foundation. The investment will be used to expand the foundation’s role in supporting research and development and ventures investments.

“To grow our economy we must foster innovation so New Brunswick businesses can compete on an international stage,” said Premier Brian Gallant, who is also the minister responsible for innovation. “To strengthen education and health care in New Brunswick, we must also foster innovation so we can deliver these vital services and opportunities to New Brunswickers.”

The foundation will invest the funds through its Venture Capital Fund and Startup Investment Fund in support of business, and through its Research Innovation Fund in support of publicly funded universities and colleges in the province.

“This additional investment enables the New Brunswick Innovation Foundation to continue to help even more startups, entrepreneurs and researchers deliver meaningful impact on New Brunswick,” said Calvin Milbury, president and CEO of the foundation. “Continued investment in innovation is essential to supporting the province’s economic growth and well-being.”

Innovation is a key focus of the New Brunswick Economic Growth Plan, the government’s strategy to grow the economy and create job opportunities.

The New Brunswick Innovation Foundation is a private, not-for-profit corporation that supports start-up businesses in New Brunswick and fosters research and development.

With over $85 million invested, plus $425 million more leveraged from other sources, the foundation has helped to create over 106 businesses and fund 470 applied research projects since its inception in 2003, with a current portfolio of 47 businesses. All of the foundation’s investment returns go back into the foundation to be re-invested in other start-up businesses and research initiatives.