In a move it says is meant to help Canadian entrepreneurs better understand and protect intellectual property (IP) and also get better access to shared IP, the federal government announced the launch of Canada’s Intellectual Property (IP) Strategy this week.
The announcement was made by federal Innovation Minister Navdeep Bains in Ottawa on Thursday.
“I can tell you from my own personal experience, that intellectual property is often forgotten and or misunderstood,” Bains told the crowd during the announcement. “But you’re here today because you know IP is a business asset. In fact, it’s the most valuable asset in the knowledge economy.”
Bains said that much like patents, trademarks, and copyrights, IP rights are “key enablers” of innovation.
“They incentivize the development of new ideas and technologies and help those who take risks to recoup their investment once new products reach the marketplace,” he added.
“As a country – while we excel at research and innovation – we have room to improve when it comes to leveraging IP into commercial success.”
As such, part of the new strategy will see the Canadian Intellectual Property Office will launch a suite of programs which are meant to help improve IP literacy among Canadians.
The strategy includes support for “domestic and international engagement” between Indigenous people and decision makers as well as for research activities and capacity building, the government said.
There will also be new support training for federal employees who deal with IP governance.
The new strategy, Bains said, will “clarify” what acceptable business practices are.
“It will make the system more transparent and predictable for businesses and let them really focus on innovation, while preventing abuse of the IP system by people or organizations,” he concluded.