The following sections are required parts of this application. Sections should be in the order outlined below and combined into one document to upload in the "File Upload" box below.
Attachment must be in Microsoft Word or Adobe PDF format.
Section 1: Project Description
Provide a detailed description of the project not to exceed 5 pages in length. The summary should include the following elements, with each element introduced by the corresponding heading:
1a) Project Pitch. Briefly describe what your product does and why it matters, what innovation you are seeking to make with your proposed R&D project, value proposition of the outcome of your project, and milestone reached with the proposed scope of work (250 - 500 words).
1b) Proposed Project. A detailed description of the proposed R&D project, including the innovative idea driving it, expertise sought to move innovation forward, the project’s approach/methodology, and the deliverables expected. Include details on stage of development and addressable markets.
1c) Project Impact. A description of how the proposed R&D innovation will impact the applicant’s business and sector, and/or have a broader impact on the growth of the applicant’s business, or impact to Rhode Island's economy.
1d) Future Steps. A description of the strategy for further developing the innovative product or process. Include any goals for commercialization.
1e) Public Summary. A 2-3 sentence summary of the project easily understood by a lay person for use in public documents.
Section 2: Business Plan
Provide a two-page summary of the overall business plan, including:
2a) Company information. A short summary of your business type, when your business was formed, number of employees and business location.
2b) Personnel. List the names and roles of the founders, the project lead, and each member of the core project team including any Knowledge Provider external to the business. Include qualifications relevant to the proposed project and their experience in the development and commercialization of innovative products or processes.
2c) Products and services. Describe the existing need or market challenge, the product or service you are developing to meet this need, how this product or service is superior to existing alternatives, market potential, distribution strategy and potential customers/end users.
2d) Financial information. List any required follow-on financing and anticipated sources, how the funds will be used and plans for future investment (facilities, employees, etc.). Describe any in-kind resources and/or funds that will be dedicated to support the project.
Section 3: Knowledge Provider or Partner Letters of Support – (if applicable)
Include a signed letter from the knowledge provider institution demonstrating that the institution is capable and willing to provide the services that will be supported by the voucher sought. If the knowledge partner primarily engages in sponsored research (colleges, universities, etc.), the letter of support should be provided by the administrator responsible for sponsored projects.
Section 4: Other Incentives
List all federal, state, and local incentives, grants, tax credits or other aid that will or may be received or requested for the project, and the status of the application for each.
If you have received an Innovation Voucher in the past, please summarize the outcome of your previous voucher, how that work relates or does not relate to this request, in Section 4 (150 words or less).
Section 5: Knowledge Provider Conflicts of Interest – (if applicable)
State whether the institution designated as the knowledge provider holds an interest in an applicant or the applicant’s project either directly or through another entity or series of entities (interests in an applicant or an applicant’s project by virtue solely of ownership in a publicly-traded corporation need not be identified). State whether any person employed by or affiliated with the knowledge provider is (1) employed by or affiliated with the applicant or (2) holds an interest in an applicant or the applicant’s project either directly or through another entity or series of entities (interests in an applicant or an applicant’s project by virtue solely of ownership in a publicly-traded corporation need not be identified). Describe the nature and extent of any such interest, employment relationships, or affiliations.
Section 6: Disclosures
Provide (1) the full name and address of each individual who is an owner, partner or investor or otherwise holds an interest in an applicant either individually or through one or more other entities (except that individuals having an interest in an applicant by virtue solely of ownership in a publicly-traded corporation need not be listed); (2) a complete list of each entity holding an interest in the applicant; and (3) a complete list of each officer, director or manager of the applicant.
Section 7: Budget
Download the template from the Innovation Voucher webpage and upload in the file upload section below.
The project budget should reflect all costs associated with executing the proposed scope of work and the percentage/amount that is being attributed to the voucher request (max. $75,000). Please note that equipment expenses cannot exceed $5,000. The voucher is intended to cover personnel and material expenses related to your specific R&D proposal.