Innovation Voucher Program

Your browser is not supported for this experience. We recommend using Safari. Skip navigation Share Innovation Voucher Program The Innovation Voucher program is part of Rhode Island Commerce’s Innovation Initiatives Portfolio created to support Rhode Island’s small businesses and entrepreneurs. The Innovation Voucher funds strategic investments in local businesses that catalyze growth through research and development (R&D) innovation. Businesses can apply for funding up to $75,000. Types of Vouchers Knowledge Provider Voucher The Knowledge Provider Voucher helps small businesses tap the expertise and resources of local research institutions such as colleges, universities and hospitals (“knowledge providers”) to advance innovation and business growth. With a Knowledge Provider Voucher, the R&D needed by a small business is executed by the knowledge provider. Manufacturing Voucher Rhode Island manufacturers can access funding for internal research and development through the Manufacturing Voucher. This voucher supports specific R&D projects that Rhode Island manufacturers need to advance or reinvent their product offerings and remain competitive within their industry. Key Fact Rhode Island's Innovation Voucher program has invested $8.1 million since inception, leading to $56.2 million in new private and federal investments—a 6.94x return on investment of funds for the companies served. What We Look For Impact - Ability of your innovation to make a positive contribution to society; bonus if it has the potential to increase full-time jobs in Rhode Island Technological Innovation - Well-designed research and development projects that create new products, services and/or other scalable solutions Market Demand - Evidence that your innovation voucher project could meet an important, unmet need for your customers or industry Commercialization - Potential for the project to catalyze business growth, bring in new revenue streams or make a large impact on your target market What The Voucher Can Be Used For The commercialization of a new product, process or service Access to design expertise that fits an innovation need Technological development and exploration to make an innovation come to life; and/or Scale-to-market development of an innovative idea Targeted Industries The Innovation Voucher prioritizes support for the State’s Targeted Industries, which include: Advanced Materials Ocean Economy Defense Energy and Environment Food Systems Life Sciences Eligibility Must be a small business (500 employees or less) Must be registered to do business in Rhode Island Must have 51% of employees in Rhode Island If you are seeking a Knowledge Provider Voucher, you must partner with a Institute, Research Laboratory or Hospital If you are seeking a Manufacturing Voucher you must have a manufacturing NAICS code For more information about the Innovation Voucher program, please review: Rule & Regulations Innovation Initiatives Act Apply for an Innovation Voucher We are accepting applications for the next Innovation Voucher funding round from March 31 – April 28 at 5 EST. Please join the Innovation Initiatives mailing list to be notified of the next round of funding. STEP 1: Download the Innovation Voucher Budget Template Innovation Voucher Application Portal Examples of Knowledge Providers Brown University University of Rhode Island RIH Orthopaedic Foundation New England Institute of Technology Lifespan Research Foundation RI State Health Lab Roger Williams University Veterans Affairs Providence Health Care Brown University Health (Lifespan Research Office) Rhode Island School of Design Ocean State Research Institute Bradley Hospital Pediatric Anxiety Research Center (PARC) IYRS School of Technology and Trades Join the Innovation Initiatives mailing list