The Innovation Voucher Grant (IVG) program assists start-ups, scale-ups, and small businesses when developing products and services. IVGs provide up to $50,000 in 1:1 matching funds to cover the cost of services from approved Indiana research providers. These services help with product development, research, simulations, etc. – with the goal of helping businesses innovate faster and bring new ideas to market. Innovation Vouchers can help Hoosier small businesses innovate faster and grow strategically by utilizing the talent and expertise in Indiana’s academic and research ecosystem.
What is an Innovation Voucher Grant (IVG)?
An innovation voucher is an Indiana Economic Development Corporation program designed to support and encourage small business conducting research with Indiana universities or non-profit research centers. These partners will provide “Research services” to the small business which means research and development, technology exploration, technical development, product development, and commercialization intended to foster innovation in an eligible small business. Conducting research is expensive and small businesses may not have the capital to fund these services on their own or be far enough along in their projects to be able to propose the product to investors. These critical resources or capabilities are expensive and can be difficult to create a proof of concept, a prototype, or access to researchers who have the capabilities to finalize the needed research to further establish their company.
An innovation voucher is an Indiana Economic Development Corporation program designed to support and encourage small businesses conducting research with Indiana universities or approved non-profit research centers. These partners will provide “Research Services” to the small business which includes research and development, technology exploration, technical development, product development, and commercialization intended to foster innovation in an eligible small business. Conducting research is expensive and small businesses may not have the capital to fund these services on their own, or not be far enough along in their projects to be able to propose the product to investors. These critical resources and/or capabilities are expensive and can be difficult to create a proof of concept, a prototype, or access to researchers who have the capabilities to finalize the needed research to further establish their company and product.
The research organization, whether this is a university or additional approved research institution, will be the performer for the project. Innovation Voucher Grants provide financial assistance to small businesses that need a specific service from an Indiana based University or Non-Profit Research Institution. The role of the University is to provide a research service, and must not just be a administrative pass through or oversight for the project.
Frequently Asked Questions
Yes, the application is always open! However, the applications are evaluated three times a year. Dates for 2026 reviews will be released in January 2026.
No, you cannot apply for Innovation Voucher Grant funds for a project that is already underway. Additionally, no work should begin on a proposed project until a fully executed agreement has been signed. Any work started before the agreement term may not be reimbursed by the IEDC.
A project period should ideally be no longer than 12 months.
Yes, the maximum lifetime Innovation Voucher Grant award amount per company, including affiliates, shall not exceed $100,000. The number of awards varies, but the lifetime awarded amount cannot exceed $100,000.
No, when you submit your application it is critical to have the scope of work defined ahead of time with your research partner to ensure the success of the project if it gets approved. We encourage the small businesses to connect with their research entities to find what faculty member could be the most beneficial for the project, but ARI is always here to help make connections where we have them!
The award funds are paid directly to the research organization, not the small business. This award is not to be used as a pass through of funds or administration with the university/researcher, the research organization will be providing research services to the small business with services paid for by award funds on a reimbursement basis.
