On April 19th, 2021, the Canadian Federal government tabled its first budget since the last federal election. The 2021 Liberal budget provides for substantial investments in the Canadian innovation sector, including significant commitments towards intellectual property initiatives.
The 2021 budget proposes $90 million, over two years, to create ElevateIP, "a program to help accelerators and incubators provide start-ups with access to expert intellectual property services." Additionally, $75 million over three years has been pledged for the National Research Council's Industrial Research Assistance Program, "to provide high-growth client firms with access to expert intellectual property services."
These investments are to be complemented by a Strategic Intellectual Property Program Review. The review will provide "a broad assessment of intellectual property provisions in Canada's innovation and science programming".
Details are limited at this time regarding the exact structure of the proposed ElevateIP program. Nevertheless, this increased federal investment in intellectual property for Canadian innovation is a welcome development.
In addition to direct investments in intellectual property programs, the 2021 budget also allocates significant funding towards Canada's technological and scientific industries. This includes $2.2 billion towards strengthening Canada's life sciences sector, $7.2 billion towards Canada's Strategic Innovation Fund, $450 million towards a renewed Venture Capital Catalyst Initiative and more.
We will monitor and update on future developments as they come to light. Further details may be found in the full budget, available on the Government of Canada website
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
