The Illinois General Assembly established the Innovation Voucher Program (20 ILCS 605/605-1060), which Governor Pritzker signed into law incentivizing R&D engagements between small and midsize enterprises (SME) and institutions of higher education to help capitalize on Illinois’ R&D assets, and boost the competitiveness of Illinois companies. The Illinois Innovation Voucher program allows small and medium-sized companies (SMEs) to apply for a voucher up to $75,000. The voucher can be used to receive academic research support from one of the state of Illinois qualifying Institutions of higher education. If you are awarded an innovation voucher, you can use it to procure leading-edge academic expertise to meet your innovation project requirements. 

The Illinois Department of Commerce and Economic Opportunity (DCEO), in partnership with the Illinois Science and Technology Coalition (ISTC) 

Research and Development (R&D) drives the creation of new products and services and is a critical factor for economic growth. Despite being home to world-class universities, national research centers, federal labs, and some of the most innovative companies, Illinois’ R&D activity has lagged many peer states and the country. The Illinois General Assembly established the Innovation Voucher Program (20 ILCS 605/605-1060), which Governor Pritzker signed into law incentivizing R&D engagements to help reverse these trends, capitalize on Illinois’ R&D assets, and boost the competitiveness of Illinois companies.

Innovation Vouchers will provide grants for companies to engage in research projects in partnership with a qualifying Illinois institution of higher education. This will facilitate the sharing of technologies, knowledge, facilities, and equipment and ultimately lead to the production of more Illinois-based goods and services and spur economic growth in the state.