OTTAWA (CelebrityAccess) — In a move described as a bid to support innovation and middle-class jobs, Canada announced the launch of the nation’s new Intellectual Property (IP) Strategy.
The announcement was made by federal Innovation Minister Navdeep Bains during the launch of the strategy at the Innovation Centre at Bayview Yards in Ottawa on Thursday.
Bains promised an investment of promising $85.3 million (Canadian) over the next five years to improve the nation’s approach to intellectual property.
“I can tell you from my own personal experience, that intellectual property is often forgotten and or misunderstood,” Bains told the crowd while announcing the plan. “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.”
Canada’s new IP strategy will seek to make curb misuses of laws related to IP, and raise awareness of IP issues by making changes in three key areas:
- The IP Strategy will amend key IP laws to ensure the removal barriers to innovation, particularly any loopholes that allow those seeking to use IP in bad faith to stall innovation for their own gain, IE patent trolls.
- The IP Strategy will create an independent body to oversee patent and trademark agents, which will ensure that professional and ethical standards are maintained, and will support the provision of quality advice from IP professionals.
LITERACY AND ADVICE
- As part of the IP Strategy, the Canadian Intellectual Property Office will launch a suite of programs to help improve IP literacy among Canadians.
- The IP Strategy includes support for domestic and international engagement between Indigenous people and decision makers as well as for research activities and capacity building.
The IP Strategy will also support training for federal employees who deal with IP governance.
- The IP Strategy will provide tools to support Canadian businesses as they learn about IP and pursue their own IP strategies.
- The government is creating a patent collective to bring together businesses to facilitate better IP outcomes for members. The patent collective is the coming together of firms to share in IP expertise and strategy, including gaining access to a larger collection of patents and IP.
“We know IP is a critical ingredient in helping Canadian businesses reach commercial success. Canada’s IP Strategy will make sure Canadians know the value of their intellectual property and how to leverage it to innovate, increase profits and create middle-class jobs,” Bains said in a press statement
“With proposed reforms to all of Canada’s main IP statutes, the government is taking the lead in combating the dark side of intellectual property protection. Since abuse of intellectual property rights may inhibit companies from innovating or discourage Canadians from taking advantage of the digital market, crafting rules that address misuse can be as important as providing effective protection,” Michael Geist, Canada Research Chair in Internet and E-commerce Law at the University of Ottawa, Faculty of Law, wrote in an editorial in the Post-Gazette.