More than 30 local business owners and founders heard from intellectual property (IP) experts on October 27 about the importance of an IP strategy, a critical component for any business and often a subject that entrepreneurs feel unfamiliar with. The event, hosted by Durham College (DC), featured an industry expert panel, a Q&A session, as well as networking to help foster collaborative relationships between the college and local talent in Durham Region.

“Education is the cornerstone of success for any business, and in today’s competitive landscape, IP knowledge is a critical asset, which is why events like this are so important,” said Joshua Cohen, commercialization specialist at DC. “At Durham College, we believe that by fostering a deeper understanding of intellectual property, we are not only safeguarding businesses but also nurturing innovation and growth in the market.”

The event comes a month after DC’s Office of Research Services, Innovation and Entrepreneurship (ORSIE) announced a $300,000 grant from Intellectual Property Ontario (IPON), to help small businesses and start-ups take the next steps to bring their products and services to market. By enhancing its services and providing commercialization expertise, DC is better equipped to educate its clients and student entrepreneurs on developing an IP strategy and increase their understanding of the commercialization process – steps that are crucial to the long-term success of their businesses.

The Tech Talk expert panelists discussed industry challenges, inside perspectives and personal testimonies, and included Dr. Chris Webb, Strategic Advisor at IPON; Tony Orsi, Patent Agent and Partner at Bereskin & Parr; and Michael Stanfield, Founder and COO at Inventing Future Technology Inc. (IFTech). One commonality between the panellist’s advice was the significance of having a strong IP strategy, which plays a pivotal role in the protection and growth of a business, especially when it attracts potential investors.

“In my 15 years in Silicon Valley, I saw investors seek to understand how the idea for a given business was protected, so that their investment was also protected,” observed Webb. “Before they are willing to provide large sums of money backing an idea, they want to make sure no other companies can easily pursue the same market.”

In collaboration with IPON, ORSIE will continue to serve as a hub for innovation, fostering economic growth and creating opportunities for its clients, students and faculty to succeed by offering free IP consultancy services, market research analyses, and investment opportunities. A recording of the Tech Talk is available for those who missed the event. You can also learn more about DC’s ORSIE and IP services online.