Innovation Voucher Fund

Overview of the Innovation Voucher Fund program:

The Innovation Voucher Fund encourages collaboration and partnerships between small and medium-sized enterprises (SMEs) and research organizations. The Fund aims to accelerate innovation within SMEs by using the talent, capacity, and facilities of New Brunswick’s research organizations. The ultimate goal is to apply innovation to improve SMEs' profitability and competitiveness in New Brunswick. Administered by the New Brunswick Innovation Foundation (NBIF), the Fund provides SMEs with a unique opportunity to access the scientific talent and facilities they need to develop and commercialize new innovations. The ideal applicant is an existing SME operating within NB that aims to expand its business through innovation.

Benefits of the Innovation Voucher Fund program:

• Projects may range in size from $10,000 to $100,000. NBIF will fund 80% of the total project costs, up to a maximum of $80,000.

Eligibility criteria of the Innovation Voucher Fund program:

• To be eligible, the project proposal must demonstrate the following:
  • Be innovative (i.e., a new product, service, technology, or process).
  • A solid business case
  • Strong market potential
  • Commercial and financial feasibility
  • Ability to generate a sustained competitive advantage for the company
  • The potential for economic impact on the province of New Brunswick.
• The company must meet each of the following criteria to be eligible for funding:
  • Be provincially or federally incorporated and registered to carry on business in New Brunswick
  • Have fewer than 500 employees
  • Have 24 months of operating history
• While the Fund is open to eligible companies operating in all industries within New Brunswick, a priority will be given to those companies operating within one of NBIFs strategic industries, namely information and communication technology, industrial fabrication, biosciences, value-added wood, value-added food, aerospace and defense, and energy