Federal Budget 2017- Recognizing the Importance of Intellectual Property to Innovation in Canada

Federal Budget 2017- Recognizing the Importance of Intellectual Property to Innovation in Canada

In the new Federal Budget for 2017, the Government of Canada has introduced its Innovation and Skills Plan, signaling a shift in thinking around Canada’s Intellectual Property (IP) system and its importance in supporting innovation. Importantly, this Budget is projected to implement new initiatives as part of the government’s innovation agenda.

In the Budget, the government recognizes the importance of a modern and robust IP system in providing the framework that supports innovation across all sectors of the economy, stating:

“Intellectual property rights incentivize creativity and the development of new ideas and technologies by helping companies, academics and inventors recoup their investment once new products reach the marketplace.”

While the Budget does not provide full details, the Government has stated that it is looking to develop a new IP strategy over the next year and more specifically:

 “[t]o create a new $1.26 billion five-year Strategic Innovation Fund to consolidate and simplify existing business innovation programming, in particular the Strategic Aerospace and Defense Initiative, Technology Demonstration Program, Automotive Innovation Fund and Automotive Supplier Innovation Program. With a single, streamlined Fund, businesses will have access to a simpler application process, more timely processing, and assistance that is more responsive and focused on results. The Strategic Innovation Fund will attract and support new high-quality business investments—and will continue to be available to aerospace and automotive firms, while also expanding its support to other dynamic and emerging sectors, such as clean technology and agri-food.”

More information regarding the Strategic Innovation Fund will most likely be released by the Government when legislation to implement the Budget legislation is drafted.

For more information, please contact Andrew Hicks at andrew.hicks@hicksip.com.