Launch of Innovation Voucher Scheme to Scotland’s Colleges

The Scottish Funding Council (SFC) has recently increased the funds available through its Innovation Voucher Scheme to encourage innovation in Scottish SMEs through collaboration between colleges and the business community.

The Innovation Voucher scheme, initially launched through the university sector, has now been extended to include the college sector Scotland wide.

What can the funds be used for?
The funds can be used to offset the costs of a broad range of activities to support SMEs in the development of:

• New products and services
• New processes
• Improving production processes
• Experimental testing and measuring

Existing projects supported through the scheme have covered a breadth of areas such as energy and sustainability, culture and tourism, construction and engineering, digital media, textiles and manufacturing. In many cases, this has established a new contact between an SME and an education provider and may lead to a longer term collaboration e.g. Knowledge Transfer Partnerships (KTPs).

How do I know if my company is eligible?

Applications are welcome from business and 'third sector' organisations who meet the following criteria:

• Scottish based SME, those with a registration commencing SC
•  Annual turnover of less than £35 million
• Develop a new partnership project which has not jointly received funding previously from another source

How is it funded?
The SFC will make an award for individual projects (minimum £500/maximum £3,500).  A company contribution is expected to match the grant contribution from the scheme either through cash or an in kind contribution (staff, time, access to facilities, etc.).