AccelerateIP Launches New $12.5 Million IP Program for Startups

Intellectual Property | Dec 4, 2023

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AccelerateIP launches with $12.5 million funding to help over 600 startups understand and secure their intellectual property

• The launch of AccelerateIP, as reported by Techcouver, is expected to help over 600 startups across British Columbia, Yukon, Nunavut, and the Northwest Territories with the $12.5 million funding received.
• The program's collaboration with the Province of British Columbia on their Intellectual Property Strategy initiatives further amplifies its impact. Led by New Ventures BC and supported by Innovate BC, along with a network of accelerator partners.

ElevateIP Program Background

• ElevateIP, a program initiated by the Government of Canada a year ago, is designed to help Business Accelerators and Incubators (BAIs) provide Canadian startups with the necessary tools to understand, strategically manage, and leverage their IP. This initiative is part of the broader National Intellectual Property Strategy launched in 2018.
• The program was announced in the 2021 Budget, with an allocation of $90 million over four years starting from 2022-2023.
• Key activities include:
  1. Facilitating IP support by BAIs to startups across Canada;
  2. Increasing IP capacity in the BAI ecosystem through IP education for BAIs and their client startups; and
  3. Enabling BAIs to provide targeted supports customized to the unique requirements of each startup, helping them secure and maintain IP rights.

See:  Landmark Legal NFT Decision Favours Intellectual Property Owners

• ElevateIP focuses on three main areas for startups:  IP education and awareness, development, and implementation of IP strategies
• The program selected several recipients (delivery agents) through a nation-wide competitive call for proposals to provide startups across Canada with access to IP supports including:
  • Springboard Atlantic Inc.: Supporting startups in Newfoundland and Labrador, Nova Scotia, New Brunswick, and Prince Edward Island.
  • Mouvement des accélérateurs d’innovation du Québec (MAIN): Supporting startups in Québec.
  • Communitech Corporation: Supporting startups in Ontario, Manitoba, and Saskatchewan.
  • University of Calgary with Innovate Calgary & Economic Development Lethbridge: Supporting startups in Alberta.
  • New Ventures BC Society: Supporting startups in British Columbia, Yukon, Nunavut, and the Northwest Territories.
• For any queries about the program, startups can contact Innovation Canada at ic.icspnpelevateip-icspepeleverpi.ic@ised-isde.gc.ca or call 1-800-328-6189.

IP as a Competitive Edge

For fintech startups, IP is not just about legal protection; it's a strategic asset. It enables companies to secure funding, forge partnerships, and enter new markets with confidence. Programs like ElevateIP and AccelerateIP equip startups with the knowledge to develop and implement effective IP strategies, ensuring that their innovations are safeguarded and monetized effectively.

See:  Canada’s Ranks 15th on WIPO 2023 Innovation Index

Many fintech startups face challenges in IP management, including limited resources and expertise. Understanding the evolving IP landscape, especially in areas like generative AI, blockchain and digital payments, is crucial for fintech companies to stay ahead and drive innovation and competitive advantage.

The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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