IAC’s Response to the 2022 Federal Budget
April 8, 2022
On April 7, 2022, Canada’s Deputy Prime Minister and Finance Minister Chrystia Freeland tabled the federal government’s 2022 budget. In response to this announcement, Mike McLean, CEO of the Innovation Asset Collective, issued the following statement:
I want to congratulate the Government of Canada on today’s budget. They have prioritized the importance of investing in the clean-energy market and building a world-class intellectual property regime.
Building on previous investments, the Government will provide $96.6M over five years and $22.9M ongoing to further improve Canada’s intellectual property performance.
Today’s budget also identified a green transition as one its three key pillars and allocated $12.4B in funding over the next five years to support measures including incentives to increase the use of hydrogen and renewable fuels, get Canadians and businesses to shift to zero-emission vehicles and tax credits for investments in clean technology.
Canada has some of the best talent and expertise in the cleantech sector and the direction provided in today’s budget will present an enormous opportunity to advance this country’s economic growth and a green transition in key sectors including transportation and agriculture.
A key pillar of the Government’s first IP strategy, IAC is a centralized and cost-effective steward of the Government’s investment, with a focus on the long-term sustainability and growth of Canada’s innovation economy.
As an independent patent collective, we are focused on providing companies in the data-driven cleantech sector with better access to IP resources to take control of their innovations. This includes developing IP sophistication, building IP assets and growing the economy to fulfill Canada’s clean-tech innovation potential.
The results of IAC’s work are helping to cement Canada’s reputation as a world-class IP commercializing nation, now and for generations to come. Today’s budget supports the work of IAC and confirms this Government’s commitment to building capacity in Canada’s innovation economy.
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