The Illinois Department of Commerce and Economic Opportunity (DCEO) awards the vouchers following a review of both the eligibility and viability of the proposed project. During this pilot year of the program, we anticipate funding at least 60% of qualified applicants. The main reasons for turning down applications are non-eligibility of the applicant, insufficient information, ineligible activity, and insufficient level of innovation. 

Vouchers will be issued after approval, and the voucher will be used for the company’s outlined project with its qualifying Institution of higher education partner. The partners will provide regular programmatic reporting to the Innovation Program Manager, including program milestones, issues, outcomes, and successes. ISTC will be the intermediary for project issues, collecting data, and distributing funds at the beginning of the project. 

Vouchers are taxable in almost all instances, but we recommend consulting with a qualified tax professional.

Yes. If you were unsuccessful in your first submission, you will receive feedback about the issues with your application. Please take this feedback into account before applying again.

The company can initiate the process by contacting their contact at a qualified Illinois university or college and receive permission to move forward with the application process, OR an ISTC program manager can meet with you to discuss your company the project, and help identify possible partners.

The company submits its joint application via the submission portal. The applications are reviewed, scored, and approved. A voucher is then released. This process usually takes 60 days. Delays may occur in this process, including secondary sector reviews if needed and other circumstances within ISTC or DCEO. You will be kept up to date through the entire process

The SME and the qualifying Institution of Higher Education partner must agree on the proposed project work, schedule, and budget. It is advised that the academic partner assist in drafting the project and assist in the voucher application process. Things to consider are: scope of work, timelines, deliverables, and costs. The company must make the decision if the academic research partner is correct for the project. When an agreement has been reached by both the company and the academic partner, both parties will sign a Voucher Agreement.

The voucher program issues awards of up to 75% of project costs not to exceed $75,000, which is used to offset the final costs of the project as agreed between the company and the Illinois institution of higher education. In the event that the final costs are more significant than the award received,  the company will pay the balance. It is therefore highly recommended that the company works together with its partner and agrees upon the project and cost structure prior to beginning the project.

Yes and No. Projects usually run from 3-12 months. These are academic research projects, and a finished commercial product may or may not be a deliverable. Examples of the type of deliverables you could expect are reports, drawings, technical specifications, technology roadmaps, rough product or process prototypes, or the results of specific analyses. This particularly applies to projects in the software and engineering sectors. 

No. A company can only receive one voucher per twelve (12) month period.

All vouchers will be assigned an issue date and must be used within the agreed timeline of the project scope; no more than twelve (12) consecutive months.

Possibly; ISTC will monitor the project and request updates from the company and institution of higher education on a regular basis. Under most circumstances, all projects will need to follow the submitted and approved timeline. If an extension is required. There will be a procedure for the institution of higher education (not the company) to request an extension and the extension will only be issued once and for not more than six (6) months.

The monies will be sent via ACH. Prior to payment, an ACH form will need to be completed by the company.

Innovation Vouchers can be used for the sharing of technologies, knowledge, facilities, and equipment- leading to the production of Illinois-based innovation goods and services and may include access to research or scientific expertise, new product/process development, 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, metrology, and standardization, etc. This list is not exhaustive.

The Innovation Voucher may not be used to cover the costs of internal salary costs, travel, rent, entertainment or hospitality costs, standard training courses, software purchases, internships, design and production of advertising material, branding, sales activities, costs associated with applying for grants or programs, business plans, business strategies, advice or assistance with general legal, commercial law, patents, taxation, business consulting, and marketing activities. This list is not exhaustive.

 Illinois Science and Technology Coalition is DCEO’s partner in this program. Please contact Jacob Barry at Jacob@istcoalition.org