How B.C.’s 2024 Budget Can Empower Innovators for Success

By Abu Kamat, CCI's Director of Strategic Initiatives

Next week, British Columbia’s Finance Minister Katrine Conroy will unveil her government’s 2024 budget. At the Council of Canadian Innovators (CCI), we're eager to see how the government aims to support local innovators scaling their businesses globally from B.C.

During pre-budget consultations for this year’s budget, CCI emphasized the need for the government to:

1. Modernize their Approach to Procurement
2. Develop a Provincial Data Strategy
3. Ensure BC’s Intellectual Property (IP) Strategy Equips Innovators for Success

While the first two recommendations are still awaiting more definitive action, a significant leap occurred in 2023 when BC’s IP strategy was finally unveiled. This initiative underscores the government’s forward-thinking approach to innovation, recognizing the crucial role that IP protection and commercialization play in the province’s economic future.

Key Components of the IP Strategy

The strategy unfolds in two phases, with Phase One focusing on establishing a robust foundation for strong IP literacy in both the tech ecosystem and government. Some notable features include:

1. The development of a centralized virtual IP hub to streamline the process for businesses to access crucial IP-related information and resources.
2. A commitment to making the government "IP Smart," involving a robust integration of IP considerations in the design and delivery of provincially funded programs.
3. Collaboration with Innovate BC, the province's Crown corporation, to deliver new training modules and resources to enhance IP literacy in the ecosystem.

For B.C. innovators, the emphasis on education and capacity-building is crucial, as many companies face challenges in navigating and understanding the IP landscape.

As the government advances these initiatives and shapes the next phase of the strategy, it's imperative that the policies formulated encompass the entire spectrum of the IP lifecycle. This involves not only educating domestic firms about IP but also providing them with the resources and structures to protect and capitalize on their innovations.

CCI envisions several avenues to achieve this:

1. Establishing an IP support & education agency to unlock the full potential of the virtual hub. This agency could serve as the central hub for IP education, advisory services, and rights initiation. It could also craft an IP curriculum tailored for innovators and ensure they have the financial pathways to access key IP protection and commercialization resources. Fortunately for British Columbia, Peter Cowan, the newly appointed head of the province’s innovation agency InnovateBC, brings valuable experience as the former CEO of IPON and a founder of the Innovation Asset Collective, the federal government’s patent collective. With Mr. Cowan's expertise, B.C. is well-positioned to leverage his knowledge and establish a new resource for innovators across the province.

2. Creating an IP Secretariat as a transformative measure. To complement the IP Smart initiative, the Secretariat could offer authoritative advice to the public sector, from government-backed start-ups to universities, providing valuable insights on IP portfolio evaluations, policy reforms, and strengthening the synergy between academic research and IP creation.

3. Considering innovative policy instruments such as patent boxes or patent collectives to drive investments in intangibles. When judiciously designed, these can act as powerful levers for fostering innovation, attracting more companies, boosting IP investments, and reducing the allure of lower-tax locales.

In summary, with the introduction of an IP Strategy, the BC government has taken commendable strides in fostering a better ecosystem for domestic innovators.

The 2024 budget presents an ideal opportunity for the government to lay out a clear roadmap for the strategy in the years ahead and allocate resources to ensure its full potential is realized. At CCI, we look forward to collaborating with the government to further harness this potential and shape a promising economic future.

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CCI’s 2024 Pre-Budget Submission for B.C. can be viewed here. To learn more about CCI’s work in B.C. or to receive a copy of our media statement following the release of the budget, contact Abu Kamat at akamat@canadianinnovators.org. 

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