New Brunswick Innovation Foundation Launches Artificial Intelligence Fund

(US and Canada) Artificial intelligence (AI) is fast becoming one of the most impactful technologies in the world, with great potential for generating growth, creating well-paying jobs and supporting innovation for years to come. By strategically investing in AI, the federal government is taking steps to engage Canadians on how to capitalize on its potential while helping solve some of today's biggest challenges.

New AI fund launched

The Honourable Ginette Petitpas Taylor, Minister of Official Languages and Minister responsible for Atlantic Canada Opportunities Agency (ACOA), along with Jenica Atwin, Member of Parliament for Fredericton; and Jeff White, CEO of the New Brunswick Innovation Foundation (NBIF), officially launched the NBIF's new AI Fund.

The AI Fund features a suite of programs designed to accelerate AI applied research capacity in New Brunswick and will focus on building a strong AI talent pool, engaging industry, and supporting technology adoption of AI by companies.

Today's announcement further demonstrates the Government of Canada's commitment to helping businesses use technology and digital platforms as a way to innovate and grow their businesses in a rapidly changing economy.

"We are committed to advancing opportunities like the NBIF AI Fund, which has the potential to strengthen the Canadian AI ecosystem and unlock unprecedented social and economic benefits. This fund will help keep our workers and our industries competitive in the long term, to the benefit of all Canadians,” said Petitpas Taylor.

"The Government of Canada, through ACOA, is pleased to support NBIF's efforts to build research capacity, provide exciting career opportunities for New Brunswickers, and help the industry understand and apply AI to strengthen the economy of tomorrow,” said Atwin.

"This fund will accelerate the creation and adoption of artificial intelligence solutions for companies through strategic partnerships with New Brunswick research experts in our academic and research institutions. Additionally, it will support the training and development of experts who will be critical to delivering these solutions to industry. Adopting AI technologies will increase the resiliency and competitiveness of New Brunswick companies facing ever-changing market conditions,” said White.

Quick facts

• ACOA is providing a contribution of C$996,523 (non-repayable) through the Regional Economic Growth through Innovation (REGI) program to support NBIF's AI Fund and programs.

• NBIF is investing C$1,363,050 in this project, while also leveraging an additional C$850,000 from industry and research partners.

• Atlantic Canadian companies interested in implementing AI are invited to consider NBIF's Artificial Intelligence Fund to help increase their productivity and competitiveness in the short and long term.

• ACOA's REGI program supports projects that promote sustainable community economic development, enhance business development and growth, and facilitate innovation.