ARI Innovation Vouchers is a grant program from the Applied Research Institute (ARI) in Indiana that provides up to $50,000 in matching funds to help high-potential startups, small businesses, and entrepreneurs develop innovative products and services.

Funding supports engagements with eligible research providers including Indiana universities and nonprofit research centers for services such as product development, simulations, and feasibility studies. Eligible applicants are Indiana-based entrepreneurs and small businesses. The program is administered through the Indiana Economic Development Corporation and aims to accelerate commercialization of new technologies and innovations.

Skip main navigation (Press Enter). The Innovation Voucher Program is set up to assist in finding funding for high potential start-ups, small businesses, and entrepreneurs in the state of Indiana when developing products and services and conducting research. This program provides small businesses with up to $50,000 to cover the cost of services from eligible research providers.

These services can help with product development, simulations, studies, and more—all with the goal of helping your business develop innovative new products or services. 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 Are applications accepted year-round?

Yes, the application is always open! However, your applications are evaluated three times a year. The 2025 application deadlines have closed for the year, but you can start working on your 2026 application.

The 2026 deadlines are January 16th, May 15, and September TBD. Can I apply for an Innovation Voucher on a current project? No, we are so excited that you already have a research project underway, but an Innovation Voucher goal is to fund projects that have not begun yet.

Additionally, no work should be completed until a fully executed agreement has been signed. How long should my period of performance be for my project? This is flexible but the IEDC recommends projects that are approximately 6 months to 1 year.

Is there a limit on the number of projects submitted? Yes, the maximum lifetime Innovation Voucher Grant award amount per company, including affiliates, shall not exceed $100,000. What qualifies as an approved Research Organization?

There are two segments that could qualify. 1) an Indiana higher education institution willing to waive all overhead charges related to the Voucher Program participation, and 2) other Indiana-based nonprofit research organization that can provide research services, as approved, on the per project basis.

We have had companies work with Purdue University, Rose Hulman Ventures, Trine University, Indiana University, NotreDame, BIC, EMC2, 5G Lab, SportsTechHQ, and IBRI. This list is not all inclusive list, but a good place to start!. Can a proposal be submitted without an identified research partner?

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!

What would count as "match" and what would not? The match from the company should come in a form of cash from the company. This cash match can be sourced from private or publicly funded investment programs like SBIR/STTR funding or other grants your company may have been awarded.

Please note this does not include other IEDC awards you may have received. Which party receives the grant's award? The grant funds will go direct to the research organization, not the small business.

This grant is not to be used as a pass through of funds or administration with the university/researcher, they will be the performers of the collaboration and should be providing research services to you, the small business. Applied Research Institute, Inc User Tags may not contain the following characters: @ # $ & :