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FREDERICTON - When Calvin Milbury learned about the New Brunswick Innovation Foundation, he knew he had to be part of it.

"I'm passionate about New Brunswick. I'm also very passionate about venture capital. When all of a sudden out of the blue the New Brunswick Innovation Foundation was created, part of its mandate was to focus on venture capital and growing venture capital in the province. I said 'what a great fit'," said Milbury, the foundation's vice-president of business development.

"A lot of people said 'You're crazy to give up an opportunity in Montreal because you can go to Montreal, work there, gain a whole bunch of knowledge, new contacts and always come back to New Brunswick'," the 30-year-old executive said. "I can always go to Montreal and Toronto, but to be able to do venture capital in New Brunswick and make a difference, that doesn't come around often'."

Milbury grew up in New Maryland and studied at the University of New Brunswick, where he earned a bachelor's degree in biochemistry and a master's of business administration.

He left New Brunswick in 2002 to work for Montreal-based venture capital firm Foragen Technologies Management.

Returning to New Brunswick to work for the foundation was a "rare opportunity" Milbury said.

"And for me, it paid off. I love what I do."

The foundation was formed by the provincial government in 2002 and given $35 million in seed capital. It began operations in March 2003. The independent, non-profit organization manages the New Brunswick Innovation Fund on behalf of the provincial government.

The foundation has made 25 investments worth over $7 million over the past four and a half years. Investments range from $25,000 to $1 million.

The foundation has supported e-health, life sciences and information communications technology firms, among others, says Milbury.

"Generally our goal is to get the company to the marketplace and securing its first customers. Our goal is to achieve revenue. From there, if they've got revenue we help build the business to the point where we can get it to profitability."

Once a company is profitable, the foundation helps firms attract outside venture capital investments so that they can continue to grow.

Milbury frequently gestures with his hands as he explains the role the foundation plays in the birth and fostering of new firms.

The foundation, he says, has made the province a better place to be for entrepreneurs and start-up companies.

"We like to believe we've played a large role in kind of increasing venture capital investments in New Brunswick," he says.

"Last year was a banner year for us in terms of attracting venture capital investments from abroad. Atlantic Hydrogen and Radian6 and AnyWare Group all received funding from venture capitalists out in central Canada, and that hasn't happened in a long time."w

New Brunswick is an ideal place for entrepreneurs, he says.

"The culture is right in New Brunswick. People here have a history of innovating and taking new products to market. Contrary to popular belief, I do believe there is quite a lot of capital available (here) and if you can build a good team of people that have a track record of executing and developing businesses, that capital will come in."