Methods for Estimating the Market Value of Indigenous Knowledge
IP Australia is pleased to publish Methods for Estimating the Market Value of Indigenous Knowledge, a report by the Centre for Aboriginal Economic Policy Research (CAEPR) at the Australian National University. This report is ground-breaking in identifying possible approaches to measuring the economic value of Indigenous Knowledge.
The report is an independent exploration of the literature and evidence base around approaches to market valuation of aspects of Indigenous Knowledge. IP Australia commissioned this report from CAEPR to better understand the potential economic value of Indigenous Knowledge to Australian industry. While the cultural and heritage value of Indigenous Knowledge is often noted, there is an information gap regarding its value to the economy.
Attributing value to intangible things like knowledge is difficult but this study provides a conceptual framework for further research to better estimate the value of Indigenous Knowledge to the Australian economy. The report is also a useful reference as it sets out the current mechanisms available to support the legal enforcement of Indigenous Knowledge and its usage.
This work ties in with the Indigenous Knowledge consultation conducted by IP Australia which ran from September 2018 to February 2019 to identify ways that can help to promote the cultural integrity and economic potential of Indigenous Knowledge. A need for greater understanding of the economic value was identified by Terri Janke and Company in the Indigenous Knowledge: Issues for protection and management discussion paper published in 2018.
IP Australia will share further information about the key findings of the report in a series of fact sheets in the coming months. IP Australia hopes the findings in this report provide a foundation for continuing research, discussion and increased understandings about the value of Indigenous Knowledge.
Further information about our Indigenous Knowledge work can be found on our Indigenous Knowledge Consultations page.