[en] The reactions γp→K⁺Λ and γp→K⁺Σ⁰ have been measured with the multiparticle detector system SAPHIR at ELSA in Bonn. Besides the differential cross sections the Λ polarization and, for the first time, the Σ⁰ polarization have been determined in a photon induced reaction. All data are presented as functions of the photon energy (from threshold up to 2.1 GeV) and of the Kaon production angle (0⁰-180⁰). The polarization of both Λ and Σ₀ is substantial at all energies and varies strongly with the production angle. copyright 1995 American Institute of Physics