Funding supports research and development projects with universities

CHICAGO - On February 14, 2025, Governor JB Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) announced 35 awards totaling $2.3 million through the Innovation Voucher Program to promote small business growth and fuel transformative collaborations across Illinois. Additionally, the Governor announced $2.6 million available in grant funding for the second round of the Innovation Voucher Program. Grantees will be selected through a competitive application process.

"Through this grant program, we're strengthening Illinois' global status as an innovation hub and driving small business growth statewide," said Governor JB Pritzker. "By partnering with our higher education institutions, these small businesses will transform groundbreaking ideas into tangible products and services. As we continue to support innovative research and development projects statewide, I encourage all eligible entities to apply for the second round of funding."

The Innovation Voucher awards will provide support for companies to engage in research projects in partnership with a qualified Illinois institute of higher education, ultimately leading to the commercialization of new Illinois-based products and stimulating economic growth in the state.

"The Innovation Voucher Grant program is bringing the best of Illinois together: our innovative small businesses and our higher education institutions," said Lieutenant Governor Juliana Stratton. "These projects will propel ideas into reality, from medical devices to farm technology to clean energy solutions. Fostering innovation is an investment in the workforce of the future."

In its inaugural year, this program is supporting 35 transformative projects spanning sectors including biotechnology, advanced manufacturing, renewable energy, and information technology. These collaborations are supporting the development of innovative platforms, medical devices, long-term battery storage solutions, advanced agricultural technologies, and groundbreaking medical solutions. The success of these projects not only underscores the program's value in fostering innovation but also highlights its potential to address pressing challenges in key industries while driving economic growth across Illinois.

"Illinois' spirit of innovation will continue to grow with new partnerships among some of our state's top university systems and small businesses throughout Illinois," said DCEO Director Kristin Richards. "The transformative projects supported by the Innovation Voucher Program will bolster economic growth by supporting research and development in key growth industries."

Recognizing the success of the first year of the program, DCEO has enlisted Illinois Science and Technology Coalition (ISTC) to continue serving as the program administrator responsible for marketing, outreach, application review, technical portal support for applicants, application portal development, and efficient processing of payments.

"Research and development activity is an important indicator of a state's overall economic health," said Interim CEO of the Illinois Science and Technology Coalition Kate Calabra. "This program has been a major value-add to Illinois by providing fast, actionable capital to advance emerging innovations and prove that strategic partnerships are a crucial element to economic development."

The second round of the Innovation Voucher Program will build upon the State's efforts to support innovative research and development projects. 

"Illinois' research and development ecosystem is world-renowned and moving on an upward trajectory," said Senator Paul Faraci (D - Champaign). "The State of Illinois' Innovation Voucher Program will open the door to economic opportunity for dozens of grantees across the state, and I encourage qualified entities to apply for the second round of this innovative program."

This program aims to promote research and development partnerships between small- and mid-sized businesses and Illinois' world-class higher education institutions, leveraging research capabilities, facilities, and expertise to drive innovation that propels business forward. From cutting-edge labs, equipment, and valuable access to leading researchers, higher education institutions across the state are primed to help companies create innovative new products and services to boost competitiveness.

"Through the Innovation Voucher Program, many of the brightest minds from Illinois' universities and small businesses will collaborate on major research projects," said Senator Laura Fine (D - Glenview). "The State of Illinois continues to invest in its people by supporting new collaborations that will increase Illinois' competitiveness."

Innovation Vouchers are designed to support with research engagement costs, including the sharing of technologies, knowledge, facilities, equipment necessary for project needs, and more.

Eligible entities include businesses with fewer than 500 employees that are Illinois-based or have at least 100 full-time employees in Illinois that operate in key industries, including agribusiness and agriculture technology, energy, information technology, life sciences and health care, manufacturing, and transportation and logistics. Eligible research and development projects will lead to the creation of new products and services throughout Illinois.

Qualified entities can apply for competitive grants, with awards up to $75,000, to cover up to 75% of research engagement costs. Applications will be accepted on a rolling basis until funds are exhausted. To view application information and apply for the grant, please visit the program website.