On March 22, 2017, the Government of Canada released the 2017 federal budget (the Budget). The Budget includes some important developments for Canada’s intellectual property sector.

The Budget creates a new $1.26-billion five-year “Strategic Innovation Fund”, designed to attract and support new high-quality business investments in Canada. The Strategic Innovation Fund will consolidate existing business innovation programming from aerospace and defence, technology and automotive sectors, and it will increase funding to other emerging sectors, such as clean technology and agri-food.

The Budget also reveals plans to develop a new intellectual property strategy over the coming year, though the specific details of the plans are not described.  Referring to the new intellectual property strategy of 2017 in Part 2 of Chapter 1, the Budget provides:

Canada’s intellectual property regime provides a framework that supports innovation across all sectors of the economy. 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.

In recognition of the importance of a well-functioning intellectual property regime, Budget 2017 announces the Government will develop a new intellectual property strategy over the coming year. The strategy will help ensure that Canada’s intellectual property regime is modern and robust and supports Canadian innovations in the 21st century.

The Budget calls for the following innovation and technology spending:

  • Up to $950-million over five years to be provided on a competitive basis in support of a small number of business-led innovation “superclusters”;
  • $400-million to be made available through the Business Development Bank of Canada,  on a cash basis over three years for a new Venture Capital Catalyst Initiative designed to increase late-stage venture capital available to Canadian entrepreneurs;
  • $50-million to be provided over two years to support teaching initiatives that help children learn to code; and
  • Providing Futurpreneur Canada, a not-for-profit organization that helps young entrepreneurs, with $14-million over two years to support the next generation of entrepreneurs.

Details of these new funds will likely be released by the Government as budget legislation is developed.

Summary by: Jennifer Davidson

 

 

E-TIPS® ISSUE

17 04 05

Disclaimer: This Newsletter is intended to provide readers with general information on legal developments in the areas of e-commerce, information technology and intellectual property. It is not intended to be a complete statement of the law, nor is it intended to provide legal advice. No person should act or rely upon the information contained in this newsletter without seeking legal advice.

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