Scheme at a glance
- The purpose of a Standard Innovation Voucher is to encourage new first time partnerships between a company and a university or further education college.
- The value of a Standard Innovation Voucher is between £1,000 and £5,000, which covers the academic project costs and is paid directly to the university or college.
- The company contributes an equal value in cash or in kind (such as staff time, materials or equipment) or a combination of both.
- All SMEs, social enterprises and third sector organisations with main company operations in Scotland can apply for a voucher if they are partnering with a Scottish University or Further Education College.
- Businesses are eligible to apply for one Standard Innovation Voucher with student placement and follow on innovation vouchers available to continue the relationship.
- Projects must be innovative (a novel/pioneering idea) and lead to new products, services or processes that will benefit the company, the academic institution and the Scottish economy.
- Businesses can also apply together to pool their vouchers to solve a common issue. (The Scottish Funding Council have set a maximum limit of 4 companies per Pooled Standard Innovation Voucher Application.)
Stages of application
- SME and academic partner meet to discuss idea / scope / eligibility / contracts / risk.
- SME and academic partner fill out the application form and sends to Interface. For any queries related to eligibility the academic partner will complete the pre-submission form and send to Interface.
- Interface reviews and may ask for further information before sending to the Scottish Funding Council.
- Scottish Funding Council assesses the application and communicates a decision.
- Collaborative project between academic partner and business commences and a final report is produced on completion of the close out meeting.
- On receipt of the final report to Interface the Scottish Funding Council makes payment to the academic partner.