A small enterprise can only have one ‘live’ voucher at a time. Once a project has been completed and the voucher redeemed, a company may apply for a subsequent voucher to a maximum of 3 vouchers. Each voucher must be for a different project. The level of funding for each voucher is as follows:
1st voucher
£4000
The company pays the VAT associated with the project and any project costs which exceed the voucher value (of £4000).
A first voucher is intended to stimulate a new collaboration with the knowledge base and therefore a 1st voucher cannot be awarded if the business has worked with a specific department of any Knowledge Provider before on a formal knowledge transfer project.
2nd voucher
£4000
The company pays the VAT associated with the project and any project costs which exceed the voucher value (of £4000).
Note: If the company uses the same individual Knowledge Provider as used for the 1st voucher then the voucher is worth 90% up to a maximum of £4000 of the project cost and the company must contribute 10% of the cost and the VAT.
3rd voucher
£4000
The voucher is worth 80% up to a maximum of £4000 of the project cost and the company must contribute 20% of the cost and all of the VAT.
Example
A project costing £5000
80% up to a maximum of £4000 of the cost of the project is covered by the innovation voucher .
Company contributes £1000 ie 20% of the project cost and pays all of the the VAT.
