IMEC has launched a voucher program named ‘Illinois Manufacturing Innovation Voucher Program’ to helping small businesses in bringing innovation and technology into their processes. It is a match funding program that will award $25000 to the small businesses. The small companies will utilize the vouchers in the field of innovation, growth, and improvement.
The funded projects must be conducted in Illinois by the existing Illinois manufacturers having the number of employees between 5 and 500. It is the eligibility criteria for the Illinois Manufacturing Innovation Voucher Program. IMEC also mentioned the financial requirements for the program. The recipients will provide a cash match of 50% of the total project cost.
According to the press release of IMEC, the funding assistance must be approved before the starting of a project by a company. There are several types of projects that are eligible for this voucher program including: –
- Legal Consultation projects
- Research Assessment projects
- Developmental projects
- Technological implementation projects
- Product commercialization projects
- Testing projects
- Experimental projects
- Feasibility study projects
The companies can use the voucher to resolve technological issues. The main aim of the program is to bring innovation and market growth. There are three main areas of focus in this program including: –
- Acceleration of technology adaptation
- Identification and implementation of productivity improvements
- Overcoming organizational growth barriers