Innovation Vouchers: Knowledge Transfer

Background

The commercial exploitation of new ideas is vital to the survival and prosperity of British firms. If they can get new products to the market faster than their rivals, UK industry becomes more competitive. Often new ideas arise from - or are enhanced by - academic research. Innovation Vouchers are a Solutions for Business product which enable small and medium-sized businesses in England to buy specialist support from knowledge-based institutions to help in the development of new products, services and processes

Aims and targets

Innovation Vouchers are aimed at making it easier for more small businesses to engage with the knowledge base and, in particular, with universities.

Strategy and actions

Innovation Vouchers are a Solutions for Business product which enable small and medium-sized businesses in England to buy specialist support from knowledge-based institutions to help in the development of new products, services and processes.

Priority is given to projects where there is the potential to access significant new markets in technologies, or applications of national or regional importance - as defined nationally by organisations such as the Technology Strategy Body, or regionally by Regional Development Agencies.

Monitoring and evaluation

Funding/Cost effectiveness

The Innovation Vouchers scheme throughout the English Regions is part funded by the ERDF. Vouchers have a value up to £3,000.

Sustainability/Transferability

Outcomes/impacts

Achievements

The new implementation of this project is to begin in April 2010. In the West Midlands Region, for instance, applicant SMEs will be able to make  a choice from 13 HEIs. Vouchers will support broader innovation where businesses engage with knowledge base institutions in addition to the traditional engineering, physical and life sciences.

Success factors

Unintended impacts

Strengths and weaknesses