Photo Credit: Beau Jones

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. 

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 $6.4 million since inception, leading to $43.7 million in new private and federal investments—a 6.8x 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 scientific, engineering, and 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 College, University, Research 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:

Examples of Knowledge Providers

For updates on the Innovation Voucher program, join the Innovation Initiatives mailing list.

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