Invest NI: Innovation Vouchers

Overview

How can it help your business?

£5K Innovation Vouchers allow businesses or potential entrepreneurs to get expertise from a public sector knowledge provider, such as a University or College (NI and ROI) for your innovation project.

** Please note that this programme does not involve the payment of any funds directly to participating businesses.**

Typical projects they support include:

• Expertise to help create or improve products, services, business models or processes
• Access to specialist expertise in new materials
• Tapping into research and scientific expertise

VAT of £1,000 is payable on a £5,000 Innovation Voucher.

Eligibility

An Innovation Voucher is worth up to £5,000 (or euro equivalent) and allows small and medium sized enterprises (SMEs) or early stage entrepreneurs to access academic skills and expertise from one of the registered Knowledge Providers throughout Northern Ireland and the Republic of Ireland.

Innovation Vouchers are open to Northern Ireland based SMEs, social enterprises and third sector organisations. This includes sole traders, partnerships, limited companies, new startups and pre-trading entities including individuals/potential entrepreneurs with a project that could be commercialised. You can apply for an Innovation Voucher if:

• You are a small enterprise, social enterprise or third sector organisation with less than 50 employees and either an annual turnover and/or annual balance sheet not exceeding €10 million.
• You are a medium enterprise, social enterprise or third sector organisation with more than 50 employees but less than 250 employees, and either an annual turnover not exceeding €50 million or an annual balance sheet not exceeding €43 million. You must not have received assistance through Invest NI’s Grant for R&D programme in the past five years.

View the EU definition of a SME: https://ec.europa.eu/growth/smes/sme-definition_en

Pooled Projects

Up to five businesses can apply separately and come together to ‘pool’ their Innovation Vouchers to solve a common issue. This is referred to as a Pooled Project.

Each applicant should complete a standard application form and explain in the background section that it is a pooled application. If successful, each applicant will receive an innovation voucher worth up to £5000 and these vouchers can be combined to allow a larger piece of work to be carried out.

If you have any questions about the pooled application process, please contact their Business Support Team on 0800 181 4422 or via http://www.investni.com/contact-us.html