Pilot project will help Canadian companies reap the full benefits of IP to grow their business
OTTAWA, Feb. 13, 2019 /CNW/ - When Canadian companies put intellectual property (IP) at the core of their business strategy, they are better positioned to grow and succeed. This is why the Government of Canada is making sure that our small and medium-sized enterprises (SME) have the tools and supports they need to expand their business and become more competitive.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, launched the Patent Collective pilot program to assist SMEs with their patent and other IP needs. Canadian entities that can gather a team with experience in delivering high-quality patent advice are invited to apply. The chosen applicant will receive $30 million in funding over four years to create a non-profit organization that will work with companies in a selected sector to help them use their IP more strategically.
Announced as part of the five-year Intellectual Property Strategy, the pilot project will provide the Government with valuable insight into the IP issues faced by SMEs. The new collective will have an opportunity to shape how the program will support member businesses, customize services to suit clients' needs, and identify how best to support the strategic use of IP in scaling companies.
"Intellectual property is at the core of innovative businesses. For Canada's economy to succeed, we need to ensure that companies of all sizes have the tools to grow, expand and become competitive global players. With this new patent initiative, we are providing small and medium-sized enterprises with the IP support they can use to build their business, boost economic growth and compete and win on the world stage."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
- The Intellectual Property Strategy was announced in Budget 2018.
- Interested applicants can visit Canada.ca/patent-collective.
- Small and medium-sized businesses that hold formal IP are three times more likely to engage in product innovation than those without IP. They are also two times more likely to engage in other types of innovation, four times more likely to export, and 64% more likely to be high growth.
- IP-intensive businesses pay 16% more, on average, than businesses with little or no IP.
- Businesses using IP in patent-intensive industries have about 8 to 10 times more revenues than those not using IP.
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SOURCE Innovation, Science and Economic Development Canada
For further information: Dani Keenan, Press Secretary, Minister of Innovation, Science and Economic Development, 343-291-1710; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]