The Illinois Innovation Voucher Program is here to supercharge your business! Backed by the Illinois General Assembly and Governor Pritzker, this initiative fuels collaboration between small and medium-sized enterprises (SMEs) and Illinois' top higher education institutions.
Whether you’re developing cutting-edge products or need access to advanced labs and expert research, the Innovation Voucher empowers SMEs to innovate and compete. This isn’t just funding—it’s a game-changer for turning bold ideas into market-ready solutions.
- Access Expertise: Partner with leading researchers and state-of-the-art facilities.
- Fuel Growth: Drive innovation and create market-ready products.
- Boost Competitiveness: Stay ahead in the fast-paced business world.
Do you qualify for the program?
Innovation Vouchers will be available to small and mid-sized businesses across diverse geographic and economic areas.
- The business must be a for-profit Illinois-based business, meaning a business that has its principal place of business in Illinois OR if not located in Illinois, employs at least 100 full-time employees located in Illinois, as defined under Section 5-5 of the Economic Development for a Growing Economy Tax Credit Act.
- The business must remain in Illinois for the duration of research engagement
- The partnering institution of higher education must be a qualified Illinois-based non-profit institution of higher education
What do IIV funds cover?
Innovation vouchers cover up to 75% of the cost of the research engagement (not to exceed $75,000). The following list is not exhaustive and includes:
- Sharing of technologies, knowledge, facilities, equipment
- Salaries for research and scientific expertise
- New product/process development
- Software purchases and / or equipment up to 50% of requested funds
- Commercialization of new or enhanced products
- Prototyping, piloting, testing, and product validation
- New business model development
- New service development
- Innovation/technology audit
- Implementation of new technology
- Acquire metrology and standardization
What is not covered by IIV funds?
This list is not exhaustive but includes:
- Travel, rent, entertainment or hospitality costs
- Internal salary costs
- Standard training courses
- Third party subcontractors
- Software purchases
- Website or mobile application development
- Internships
- Design and production of advertising material
- Branding and sales activities
- Costs associated with applying for grants or programs
- General business plans or business strategies
- Advice or assistance with general legal, commercial law, patents, taxation, business consulting, and marketing activities