New Government of Canada Funding Initiative Offers Intellectual Property Support for Canadian Startups

Vancouver, B.C., Jan. 05, 2023 (GLOBE NEWSWIRE) — Startups from across British Columbia, Yukon, the Northwest Territories, and Nunavut will soon benefit from vital intellectual property (IP) supports. New Ventures BC is one of the Recipients of the ElevateIP program, an initiative from Innovation, Science and Economic Development Canada (ISED) to provide the tools Canadian startups need to better protect, strategically manage and leverage their IP.

In Budget 2021, the government of Canada announced $90 million over 4 years starting in 2022-2023 to create ElevateIP. New Ventures will receive a portion of this $90 million to lead this initiative, with Innovate BC as the primary delivery partner, to provide supports to startups in British Columbia, Yukon, the Northwest Territories, and Nunavut. This project will bring together a collaborative network of over 20 business accelerators and incubators (BAIs), business and tech organizations, and IP leaders across all regions to develop and deliver an integrated three-stream IP capacity-building program aimed at achieving one overall goal: breaking the cycle of IP scarcity by investing in the talent and capital necessary to strengthen Canada’s innovation ecosystem.

“Having a well-developed IP strategy is a competitive advantage,” says Angie Schick, Executive Director, New Ventures BC. “ElevateIP will offer IP training, mentorship and funding to companies, with programming being delivered alongside our network of partners across these regions. We’re excited to deliver this program and work with ISED to support Canadian innovators.”

The New Ventures led project is expected to support over 500 tech startups over four years.

“We need to protect our tech and innovation ecosystem,” said Brenda Bailey, BC Minister of Jobs, Economic Development and Innovation. “ElevateIP will help local companies and entrepreneurs compete globally, while keeping opportunities locally. I look forward to working with partners to create a stronger, more resilient economy.” 

“Innovate BC is proud to be the primary delivery partner of ElevateIP and to have played a key role in bringing together an impressive network of partners,” says Raghwa Gopal, President + CEO, Innovate BC. “Intellectual property is such a key element of starting and growing a business, but it’s often overlooked. We are thrilled to help innovators across B.C. and beyond navigate the world of IP.”

New Ventures BC and partners have assembled a plan to support IP-worthy ventures to establish more formal IP value, earlier in the startup process. Core components include:

  1. An IP awareness and education program
  2. Strategic IP guidance and access to funds for IP strategy support
  3. Funding for startups to execute on IP strategy implementation

Full program details and delivery partners will be announced in early 2023.

About New Ventures BC 

The New Ventures BC (NVBC) Society’s mandate is to recognize, encourage, and develop entrepreneurship and innovation in B.C.’s start-up technology sector. Since 2001, NVBC has supported this mandate by offering education, mentorship, networking, cash prizes, grant funding, and recognition. Outcomes have included thousands of new jobs, enhanced entrepreneurial skills, increased investment, technology commercialization, and above all, economic growth for B.C.

About Innovate BC 

Innovate BC helps foster innovation in B.C. so that British Columbians in all regions of the province can benefit from a thriving, sustainable, and inclusive innovation economy. A Crown Agency of British Columbia, Innovate BC funds and delivers programs that support the growth of the B.C. economy by helping companies start and scale, train talent that meets labour market needs, and encourage technology development, commercialization, and adoption. 

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