Market valuation of Indigenous Knowledge
Intellectual Property (IP) Australia is interested in providing better protection of Indigenous knowledge and products associated with that knowledge for which there is currently no copyright protection. IP Australia’s objective is to identify opportunities to promote the cultural integrity and economic potential of Indigenous Knowledge for Indigenous people. Within that objective, the market potential of Indigenous Knowledge has been identified as an information gap. Indigenous Knowledge in this project focuses on Traditional Knowledge – the practices, know-how and skills developed by Indigenous communities (e.g., knowledge about the properties and uses of native genetic resources) and Traditional Cultural Expressions – traditional artworks, designs, and stories not covered by copyright law. CAEPR will use its economic expertise to analyse the literature and evidence base around approaches to market valuation of aspects of Indigenous Knowledge, with a view to undertaking a quantitative valuation of the current and potential market value of Traditional Knowledge in the future.