Free IP Hub helps entrepreneurs protect their innovations

Hours of blood, sweat, and tears — and a lot of passion — go into building a startup. So imagine how you’d feel if after all those sleepless nights, just as you’re ready to launch, you learn that you’ve accidentally infringed on someone else’s intellectual property (IP). Or equally bad, another company has already registered a trademark or patent on your creation. It’s not a pretty picture. 

To avoid the downfalls of poor IP management and help entrepreneurs understand how to protect their work, Innovate BC has launched its new IP Hub, a digital platform designed to support innovators in building and implementing an effective IP strategy to help grow their businesses.

“Having a clear and proactive intellectual property strategy isn’t just a competitive advantage — it’s a necessity,” said Peter Cowan, president and CEO of Innovate BC. “For innovators and tech companies, IP is often their most valuable asset, protecting innovation, attracting investment, and enabling growth. By bolstering IP capacities here in British Columbia, we’re empowering our startups and scale-ups to thrive, strengthening our innovation ecosystem, and unlocking long-term economic prosperity for communities and industries across the province.”

Developed as part of the Province of British Columbia’s Intellectual Property Strategy, the free-to-use IP Hub offers a tailored experience that promises to connect users with information and resources based on an assessment of their current IP competency.

Once assessed, users will have access to a wide range of supports that are available within B.C. and across Canada, aligned to their business stage, sector, size, and other characteristics that inform IP strategy. Resources include access to localized IP programming, a calendar of relevant and upcoming IP-focussed events, education materials, and more.

“B.C.’s Intellectual Property Strategy is about supporting our local businesses by giving them the tools they need to protect, grow and profit from what they create,” said Diana Gibson, Minister of Jobs, Economic Development and Innovation. “The launch of the IP Hub is a key part of that—helping entrepreneurs, researchers, startups and our high potential businesses fully understand their IP, scale their businesses, and keep their talent right here at home in British Columbia.”

Prioritizing intellectual property in B.C.

Last month, InBC, the province’s $500 million strategic investment fund, signed a memorandum of understanding with the Innovation Asset Collective (IAC), a non-profit funded by the Government of Canada, to help equip the companies in InBC’s investment portfolio with intellectual property knowledge and strategy. Doing so, InBC says, will provide those companies with IP upskilling and ways to mitigate risk. In a statement, it declared that the move will help the companies “increase their freedom to operate, retain ownership of their innovations, and compete in global markets.”

IP plays a central role in securing a business’ competitive advantage. According to government statistics, only one-fifth of companies reported that they owned at least one type of IP in 2019. Over a third of those said that owned IP brought increased value to their business — such as market advantages, reputation, and goodwill — and 31 percent said it led to increased revenues. 

Significantly, a hefty percentage of local companies fail to retain their intellectual property after securing it. Over half of Canadian IP is currently foreign-owned.