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As governments transition away from containment policies aimed at minimising the economic impact of the COVID pandemic and toward recovery, the World Intellectual Property Organisation is encouraging innovation-focused stimulus to underpin long term growth.
Policies that stimulate investment in research and development, or into high-growth, high-value startups should be considered as part of post-COVID recovery packages, WIPO says in its Global Innovation Index 2020 report.
It says these kinds of counter-cyclical stimulus packages were essential in stimulating R&D effectively in the aftermath of the Global Financial Crisis in 2009 to overcome shortages in innovation finance and could be as effective today.
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“To recall, in reaction to the 2009 financial crisis, governments put surprisingly forward-looking pro-growth policies in place,” the report said.
“To emerge stronger from that crisis, governments created post-2009 stimulus packages that contained integral innovation related measures, including investments in infrastructure, research, green innovation, education, and support to innovation and innovative firms,” it said.
“The same logic applies today. A crisis-induced decline in innovation expenditure will reduce opportunities for future long-term growth.
“After the worst scenarios of the lockdown have been averted, thanks to existing emergency measures, it will be …
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