Communitech has received $38 million in federal funding to provide startups across Ontario, Manitoba and Saskatchewan with access to professional intellectual property supports.
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January 4th, 2024
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Waterloo Region’s Communitech Receives $38M of Federal Funding from the ElevateIP Program
CBC | | Dec 19, 2022
Communitech has received $38 million in federal funding to provide startups across Ontario, Manitoba and Saskatchewan with access to professional intellectual property supports.
- The funding comes from the federal government's new $90 million investment into business accelerators and incubators like Communitech. It's a part of the government's ElevateIP program, which was created to help "provide the tools Canadian startups need to understand, strategically manage and leverage their IP [intellectual property]."
- Funding filling a gap with an IP focus: "Venture capitalists and banks don't understand the value of intellectual property and so governments have to step in to help companies because IP is such a critical piece," he said. "You own them because you need freedom to operate, you need to create licensing opportunities so you can build an asset."
See: Communitech reduces headcount after receiving less provincial funding than expected
Chris Albinson, CEO of Communitech:
We're solving big problems like supply chain, national security, like what's going on in health care and we're building that IP here so we can solve those problems [in Canada] and then grow those companies globally.
Jim Hinton, Founder of Own Innovation:
[Without protection], IP is going to flow out of the country. Then the value from that IP being commercialized is lost forever and then we're going to have to pay to use that technology, even though we built it.
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