NBIF Boss Bullish on Province’s Tech Sector
FREDERICTON–The New Brunswick Innovation Foundation, which invests in growth-oriented companies and applied research activities in New Brunswick, invested a total of $12.4 million in 2014-2015 according to its recently released annual report.
That amount was split between applied research ($3.8 million), startups and growth companies ($5.2 million) and talent and recruitment ($3.3 million).
NBIF CEO Calvin Milbury is bullish on New Brunswick’s growing technology sector, saying the future is ripe with opportunity.
“We at NBIF have witnessed tremendous growth in the province’s startup ecosystem, especially over the past five years,” he told Huddle. “There is increased interest in entrepreneurship across the province, and as a result more ventures are being launched in New Brunswick than ever before.”
NBIF invested $4.3 million in 21 high-growth potential New Brunswick companies last year. That aggressive investment approach led to NBIF being recognized by the Canadian Venture Capital Association as one of the top three most active venture capital funds in Canada.
Milbury calls NBIF a “catalyst for innovation,” with its investments allowing New Brunswick innovators and entrepreneurs to capture an additional $32 million in capital from other sources.
But startups are only the start, not the finish. “We can’t be content with launching startups,” cautions Milbury. “We need startups that scale up, that grow globally and bring new wealth to New Brunswick. So NBIF is really focusing in on providing startups with not only capital but also the support and the connections they require to grow.”
Nurturing startups takes a village, and as East Valley Ventures’ Gerry Pond argues, the East Coast must take a regional approach. Milbury echoes this: “We cannot do this alone and NBIF relies on our partners and the startup ecosystem in New Brunswick and across the region to develop and grow our companies.”