Innovation Voucher Program — Frequently Asked Questions
Answers to the questions founders most often ask about Innovation Voucher Program — who qualifies, the funding amount, required documents and how the application works.
Frequently asked questions
What is the Innovation Voucher Program?
The Innovation Voucher Program (IVP) is an initiative by the Tamil Nadu Technology Hub (iTNT Hub) and EDII-TN to provide grant support to startups and MSMEs in Tamil Nadu. Its goal is to help innovative hardware-based ventures move from initial ideas to functional prototypes and ultimately to commercialized products.
Who is eligible to apply for this program?
Startups and MSMEs that are officially registered and operating within Tamil Nadu are eligible. Applicants must also be focused on hardware-based technology sectors and be prepared to co-finance a portion of the investment as per the program's guidelines.
What kind of financial support does the IVP offer?
The program provides financial grants to support various stages of product development and commercialization. This includes funding for research and development, procurement of specialized equipment, patenting costs, market research activities, and implementation of pilot projects.
Does the program provide any non-financial support?
Yes, beyond financial grants, the iTNT Hub offers expert guidance and mentorship. This support helps applicants refine their proposals, develop stronger business models, and enhance their overall readiness, improving their chances of securing funding for their innovative projects.
Are there any fees associated with applying or receiving the grant?
There are no upfront charges to apply for the grant. However, a success fee of 10% is applicable, which is only charged upon the successful disbursal of the grant funds by EDII-TN.
What is the typical funding amount offered through the Innovation Voucher Program?
The specific grant amount provided through the Innovation Voucher Program varies depending on the project's requirements and assessment. The program's aim is to provide crucial support tailored to the needs of each selected startup or MSME.
What is the application deadline for the Innovation Voucher Program?
The Innovation Voucher Program operates on a rolling application basis, meaning applications are accepted continuously throughout the year. There is no fixed deadline, allowing eligible entities to apply at any time.
Which sectors and stages of startups does this program target?
The program specifically targets startups and MSMEs in hardware-based technology sectors. It supports ventures across various stages, from idea and product development to those generating revenue, focusing on helping them commercialize their innovations.
Is DPIIT or MSME registration mandatory to apply?
The provided information does not explicitly state whether DPIIT or MSME registration is a mandatory requirement for this program. However, applicants must be officially registered startups or MSMEs operating in Tamil Nadu.
Does the Innovation Voucher Program take equity from participating startups?
No, the Innovation Voucher Program provides grant funding, which is non-dilutive. This means the program does not take any equity stake in the recipient startups or MSMEs.
Who offers Innovation Voucher Program?
Innovation Voucher Program is offered by Tamil Nadu Technology Hub (iTNT Hub), a government body. It is provided as non-dilutive funding.
How do I apply for Innovation Voucher Program?
Apply directly through the official application link on this page. Review the eligibility criteria and prepare your startup documents before you begin.