A $ 20 million investment over five years to support research and innovation in New Brunswick was announced today by Post-Secondary Education, Training and Labour Minister Danny Soucy as part of the government’s $80 million innovation strategy.
“Research and innovation is of paramount importance to help us accelerate economic growth as we rebuild New Brunswick,” said Soucy. “Today’s investment brings us a step closer to our goal of accelerating innovation-based entrepreneurship and creating the conditions for the commercialization of current and future research in public universities, colleges and research centres.”
Of the $20 million, $14 million will be allocated to the foundation’s Research Innovation Fund. The fund invests in projects that expand the innovation capacity of the province and that demonstrate potential for commercialization. It enables provincial researchers to gain access to additional research dollars from a number of national agencies and industry. This investment will allow the foundation to support more than 140 applied research projects and provide incentive for the hiring of up to 20 researchers in the province over the next five years.
As of March 31, 2013, the foundation has funded 339 research projects within the province’s universities, community colleges and research organizations and completed investments in 66 private sector companies.
“Our researchers are recognized on a national, and even an international, level,” said Robert MacKinnon, vice-president of the University of New Brunswick – Saint John. “This type of investment showcases the support our researchers have earned and will allow them to continue the fantastic work they are doing.”