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 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 NBIF’s strategic industries, namely information and communication technology, industrial fabrication, biosciences, value-added wood, value-added food, aerospace and defense, and energy.

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. The company will be required to fund the remaining 20%. A company is eligible to receive 2 vouchers at this level of support. A company may apply for additional vouchers after receiving 2 vouchers- in these cases, NBIF will fund up to 50% of the project costs to a maximum of $50,000, with the company funding the remaining 50%.

Funds will be provided directly to the collaborating research organization under a contract agreement. The funds are to be used by the researcher to offset the eligible expenses that are incurred in relation to the project, and are thus non-repayable. Funds are to cover research and development services such as the following:

• applied research

• proof of concept

• prototyping

• product testing

• product demonstrations

• product evaluations and certifications

• industrial/process engineering services • scientific/technology related advice and support

Companies do not need to identify or secure a researcher before applying for funding. While naming a preferred researcher or research organisation can be helpful, it will not affect the approval process. If your project is selected for funding, NBIF will help match your company with an appropriate research partner.

Approved projects must begin as soon as possible and no later than six months after the award date. As a funding condition, the company and its research partner must submit a joint project work plan and budget to NBIF. The work plan should outline the project’s objectives, expected outcomes, and detailed costs. Once the plan and budget are approved, NBIF will fund the project through a contract agreement between all parties. Projects are expected to be completed within twelve months, unless otherwise pre-approved by NBIF.

Any intellectual property (IP) created during the project will belong to the company receiving the voucher, for the purpose for which it was developed, unless another arrangement is agreed upon in advance.

Companies must complete their current Innovation Voucher project before submitting a new proposal. Only one active voucher may be held at a time.

NBIF requires the completion of a written report to be submitted 2 months after the completion of the project. A final report will be required one year following the completion of the project and will focus impacts of the project on the voucher company’s business. 

• Submissions may be in either French or English.

• The funding awarded through the Innovation Voucher Fund cannot be transferred or assigned to any other business, entity or individual.

• The funding awarded through the Innovation Voucher Fund may only be used to cover eligible expenses as described above unless otherwise approved in writing by NBIF at its sole discretion.

To apply for funding under the Fund, companies must electronically submit a project proposal via the NBIF web portal.

NBIF Web Portal →

The project proposal should provide an in-depth description of the proposed innovation and serve to convince NBIF of the merit of the project. In addition to a non-confidential executive summary, the project proposal must describe the following items:

• company history

• proposed innovation, describing its merit

• problem/need/opportunity that the innovation proposes to address

• the current state of development of the proposed innovation

• team and/or advisors who will contribute to the project

• expected benefits to the company, including the impact expected on the business in terms of sales, profitability, cost savings, productivity, etc.

• competitive landscape

• project goals, timelines, milestones and anticipated costs

• facilities and resources currently available to the company to support the development and implementation of project proposal

• talent, expertise, and facilities that are believed to be required by the company

• potential economic benefits to the Province of New Brunswick.