Innovation Voucher Scheme

The Innovation Voucher scheme gives small and medium enterprises the opportunity to apply for a £3,000 Innovation Voucher to purchase academic support and research from any of the 13 Universities in the West Midlands.

Over the last 4 years the scheme has awarded 660 £3,000 Innovation Vouchers to companies across the West Midlands. The schemes aim is to increase the transfer of knowledge between universities and businesses, and boost innovation in SMEs. Innovation is not just about technology, but also the management of the innovation process. It is about doing things differently to improve effectiveness and efficiency.

In the recent December 2010 evaluation of Round 5 of the scheme for 104 vouchers conducted by Ecorys UK highlights included:

• Demand for the vouchers has exceeded supply by a factor of 3
  
  
• 46% of SME had no previous experience of working with a University
  
  
• 56% continue to work with the same or different University in the West Midlands
  
  
• Total net additional economic impacts are predicted to be 85 jobs and £5.9 million in GVA
  
  
• Round 5 generated a return on investment of £11.89 for each £1 of public sector funding, higher than the national average for science , R & D, innovation interventions of £8.30.

The Innovation Voucher scheme has been funded through Advantage West Midlands (AWM), Economic and Social Research Council (ESRC), Engineering and Physical Sciences Research Council (EPSRC), the European Regional Development Fund (ERDF) and the Higher Education Funding Council for England (HEFCE).

The scheme is currently closed to applicants until further funding is found. For more details visit the Innovation Voucher scheme website or contact their Advice Centre team on 0121 204 3883 or email enquiries@innovationvouchers-wm.com

The EREBUS Scheme

A small number of vouchers are available to West Midlands SMEs working in or with the energy, health technologies or finance sectors. For more information on the EREBUS scheme visit the EREBUS website or contact: Jill Forrest on 0121 204 3249.