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Although Ontarians are known for being at the forefront of developing IP in critical spaces such as blockchain, artificial intelligence and machine learning, the next step to ensuring that we derive value from these creations is to learn how to protect them. On the upside, there are plenty of resources and organizations prepared to guide entrepreneurs through these concepts.
The harsh reality remains that right now, only 2 per cent of SMEs in Canada hold at least one patent, and only 59 per cent of SMEs are at least slightly aware of patents.
According to the Canadian Intellectual Property Office (CIPO), though, IP bolsters the valuation of our companies as those that hold at least one IP right can be valued up to four times higher than companies without.
“They’re not the silver bullet, but they are one component that forces companies to consider what their competitive edge is. Look at your competitors and ask yourself, ‘What are they doing? What are they patenting? What are they protecting? What’s their strategy?’” said Raffoul.
Throughout this Masterclass, Raffoul unveiled some of the key components required to start building a comprehensive and effective IP strategy, including debunking myths about innovation and IP ownership, highlighting best practices for founders and delivering honest realities of closing deals with IP considerations upfront.
As we look towards collective recovery, we must understand that the way we respond to Canada’s IP challenges will have a direct impact on our recovery, and it is in the best interests of any participant in the new economy to understand just how rapidly the terrain is evolving. As stakeholders in the economic prosperity of our province, TechAlliance remains committed to fostering, harnessing and protecting world-changing ideas as well as empowering entrepreneurs with the knowledge they require to make an impact.
Equip your venture with a foundation to develop a robust IP strategy — find the full recording of Masterclass: IP Considerations for Entrepreneurs in the New Economyon YouTube.
For strategic guidance specific to protecting your innovative venture, start a conversation with a Venture Growth & Corporate Innovation advisor attechalliance.ca.