On March 22, 2017, the Canadian Federal Government announced its Budget Plan for 2017. Chapter 1, Part 2 of the plan, entitled, “A Nation of Innovators,” focuses on bringing a number of positive changes to the Canadian intellectual property regime.
Specifically addressing Canada’s Intellectual Property Strategy for 2017, the plan states:
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.
Additionally, some of the specific, positive budget actions starting in 2017–18 include:
- 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,”
- Making available through the Business Development Bank of Canada, $400 million on a cash basis over three years for a new Venture Capital Catalyst Initiative that will increase late-stage venture capital available to Canadian entrepreneurs,
- Providing an additional $395.5 million over three years for the Youth Employment Strategy,
- Investing $279.8 million over five years and $49.8 million per year thereafter, to support the continued delivery of the Temporary Foreign Worker Program and the International Mobility Program,
- Providing $50 million over two years to support teaching initiatives that help children learn to code, and
- Providing Futurpreneur Canada with $14 million over two years to continue its important work of supporting the next generation of entrepreneurs. [Source]