{"id":37198,"date":"2021-04-30T09:00:22","date_gmt":"2021-04-30T13:00:22","guid":{"rendered":"https:\/\/www.iposgoode.ca\/?p=37198"},"modified":"2021-04-30T09:00:22","modified_gmt":"2021-04-30T13:00:22","slug":"the-government-of-canadas-2021-budget-proposes-building-an-innovation-economy-of-the-future","status":"publish","type":"post","link":"https:\/\/www.yorku.ca\/osgoode\/iposgoode\/2021\/04\/30\/the-government-of-canadas-2021-budget-proposes-building-an-innovation-economy-of-the-future\/","title":{"rendered":"The Government Of Canada\u2019s 2021 Budget Proposes Building An Innovation Economy Of The Future"},"content":{"rendered":"\n<p><em>This article was originally posted on <a href=\"https:\/\/www.dww.com\/articles\/government-of-canada%E2%80%99s-2021-budget-proposes-building-an-innovation-economy-of-future\">E-TIPS\u2122 For Deeth Williams Wall LLP on April 28, 2021.<\/a><\/em><\/p>\n<p>On April 19, 2021, the Government of Canada announced its\u00a0<a href=\"https:\/\/www.budget.gc.ca\/2021\/home-accueil-en.html\">2021 budget<\/a>\u00a0(Budget 2021) with goals to finish the fight against COVID-19, ensure a strong economic recovery, and position Canada for a prosperous future. To accomplish its objectives, the government has\u00a0<a href=\"https:\/\/www.canada.ca\/en\/department-finance\/news\/2021\/04\/budget-2021-building-an-innovation-economy-of-the-future.html\">set aside funding<\/a>\u00a0for proposed expenditures in the areas of intellectual property (IP) and technology.<\/p>\n<p>Budget 2021 will build on the National Intellectual Property Strategy of Budget 2018 by funding Canadian innovators, start-ups, and technology-intensive businesses. This includes providing $75 million for the National Research Council\u2019s Industrial Research Assistance Program to assist high-growth client firms with obtaining access to IP services.<\/p>\n<p>Budget 2021 also proposes to use $90 million to establish the ElevateIP program, which will help accelerators and incubators provide IP services to start-up companies. These direct investments are complemented by the launching of a Strategic Intellectual Property Program Review to conduct a broad assessment of IP provisions in Canada\u2019s innovation and science programming, including both basic research and near-commercial projects.<\/p>\n<p>Alongside its general IP investment plan, the Government of Canada has allocated funding to various technology initiatives in Budget 2021, such as proposing:<\/p>\n<ul>\n<li>$5 billion over seven years towards the adoption of clean technology through the Net Zero Accelerator program;<\/li>\n<li>$500 million over five years, starting in 2021-2022, and $100 million per year ongoing, to expand the National Research Council\u2019s Industrial Research Assistance Program, which is poised to give up to 2,500 innovative small and medium-sized firms expertise and capital to scale up their businesses;<\/li>\n<li>$443.8 million over ten years for the Pan-Canadian Artificial Intelligence Strategy to support research and innovation in the artificial intelligence sector;<\/li>\n<li>$360 million over seven years to launch a National Quantum Strategy that will assist researchers studying quantum technology and establish a secretariat at the Department of Innovation, Science and Economic Development to coordinate efforts in this space;<\/li>\n<li>$90 million over five years for the National Research Council to modernize the Canadian Photonics Fabrication Centre;<\/li>\n<li>$400 million over six years to launch a Pan-Canadian Genomics Strategy to develop therapeutics and create jobs in the field, including allocating $136.7 million for Genome Canada to deliver mission-driven programming directed at starting the initiative; and<\/li>\n<li>$2.2 billion over seven years towards Canada\u2019s life science sector, including allocating resources to support Canadian firms through the Strategic Innovation Fund and creating a Clinical Trials Fund to assist in the research and development of treatments in the health field, including the pharmaceutical sector.<\/li>\n<\/ul>\n<p><em>Written by M. Imtiaz Karamat, Osgoode Alumni and Student-at-Law at Deeth Williams Wall LLP.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":2140,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","footnotes":""},"categories":[3,1106,280,669],"tags":[3705,3706,20,3707],"class_list":["post-37198","post","type-post","status-publish","format-standard","hentry","category-blogs","category-canada","category-innovation","category-osgoode-alumnus","tag-budget-2021","tag-government-of-canada","tag-imtiaz-karamat","tag-innovation-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Government Of Canada\u2019s 2021 Budget Proposes Building An Innovation Economy Of The Future - 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