Innovation Vouchers Program
Innovation Vouchers Program supports early-stage Illinois companies through R&D partnerships with higher education institutions to develop new products and services and strengthen competitiveness.
Funder: Illinois Department of Commerce and Economic Opportunity
Due Dates: October 7, 2026 (Application opening) | October 27, 2026, at 1:30 PM (Optional technical assistance session) | November 6, 2026, at 5:00 PM (Application deadline)
Funding Amounts: $3,000,000 in total state funding; 1 anticipated award; no matching requirement
Summary: Supports R&D collaborations between Illinois companies and Illinois nonprofit higher education institutions to develop new products and services.
Key Information: Entities applying to the FY27-1 funding opportunity must be pre-qualified for their applications to be considered.
Description
The Innovation Vouchers Program incentivizes research and development collaborations between early-stage companies and higher education institutions. Established by the Illinois General Assembly, it provides grants for companies to undertake research projects with Illinois institutions of higher education. These partnerships facilitate access to technologies, knowledge, facilities, and equipment, with the goal of increasing companies’ competitiveness, producing more Illinois-based goods and services, and spurring economic growth.
The Illinois Science & Technology Coalition launched the program in partnership with the Illinois Department of Commerce and Economic Opportunity (DCEO) on March 11, 2024. The program encompasses Illinois businesses in key industries and projects across urban, suburban, and rural areas. DCEO’s FY27-1 funding opportunity provides state-funded grant assistance, with one anticipated award and a separate application package.
