Secure IP Rights in non-Canadian markets
One of the problems that may arise over the long term is the lack of leverage that a company could face if they haven’t secured IP rights in non-Canadian markets. If they haven’t secured IP rights outside of Canada, not only do they risk shortchanging the value of their IP in a funding or financing negotiation, they also risk losing control of IP rights to non-Canadian entities and potentially being disqualified from future government funding (such as from NRC-IRAP).
Companies that export tend to be more successful, and from a larger economic viewpoint, they create more jobs and attract more investment. As the Task Force Report notes:
“As a relatively small jurisdiction representing less than 1% of North America’s population and GDP, British Columbia exported $104 billion worth of goods and services in 2018 to other countries and provinces combined (equal to 39% of B.C.’s GDP).”
Securing IP rights in non-Canadian markets gives BC companies the flexibility to exploit those markets themselves and to license the right to exploit those markets to third parties, both of which can result in direct revenue and increased corporate valuation.
“The World is Being Transformed by Intangible Assets”
The Innovation Commissioner Report notes that “the world is being transformed by intangible assets”. It is, and so is the cleantech industry along with it. Big data, AI, robotics, machine learning, sensors, orchestration, smart grids (smart everything) – they are transforming how business is conducted, and represent the new wealth building opportunities for Canada and Canadian companies.
Understanding how IP works and taking important steps early are crucial for your long term success as Canadian cleantech company.