Would a €5,000 Enterprise Ireland Grant help your business?
Enterprise Ireland Vouchers, worth €5,000 are an excellent way for companies to explore a business opportunity or problem using the research expertise of experienced RIKON consultants (knowledge providers). Some of the services that can be explored using the Innovation Vouchers include:
new product/process development
new business model development
new service delivery and customer interface
new service development
tailored training in innovation management
Am I eligible?
The Innovation Voucher initiative is open to all small and medium-sized limited companies registered in Ireland. This means a company with less than 250 full-time employees and either an annual turnover of less than €50 million or an annual balance sheet of less than €43 million.
How do I apply?
All applications for a standard €5,000 Voucher must be made during one of Enterprise Ireland’s open calls. For information on upcoming call dates, or assistance with the application contact RIKON and we will guide you through the process. As of September 2018, of the 38 knowledge providers on the island of Ireland participating in the Enterprise Ireland Innovation scheme South East Technological University is ranked 1st – having redeemed 905 vouchers.
Step by Step Innovation Voucher Process
Step 1: Application Process
Client (i.e. the business) applies for their Innovation Voucher to Enterprise Ireland. Very frequently, this application is done in collaboration with the researcher, RIKON.
Step 2: Voucher Award
The client is awarded the voucher by Enterprise Ireland. The client should then advise the researcher that the voucher has been granted. A voucher has a lifespan of 12 months from the date of issue and must be used in this timeframe.
Step 3: Deposit
The researcher advises the client that a 23% deposit of the voucher's value must be paid before work can commence. This is the amount of VAT payable on the voucher as part of the Enterprise Ireland terms and conditions.
Step 4: Researcher's First Voucher?
Researchers who are undertaking their first Innovation Voucher will need to obtain an internal project account code 'P Code' by completing the sub-account setup form. The completed form must be submitted to RIKON.
Step 5: Scope of Work
The scope of work to be carried out is then agreed between the researcher and the client. Work must be completed and reported to Enterprise Ireland before the end date of the Innovation Voucher.
Step 6: Research Contract
A contract outlining the terms and conditions of the project for both WIT and the client is required. WIT's standard Innovation Voucher Research Contract Agreement is prepared by the researcher, inserting the client's name, address, Innovation Voucher number, end date of the Innovation Voucher, and the workplan.
Step 7: Research Contract Signed
Two copies of the Research Contract Agreement are to be signed by the client and returned to RIKON for institutional signature. One signed copy is returned to the company and the other is retained in the Researcher's department.
Step 8: Request Invoice
In advance of work commencing, the client must pay a deposit. The Researcher requests an invoice to be issued by the Finance Department using the Invoice Request Form. The Finance Department sends this invoice to the Researcher.
Step 9: File Contract
The researcher sends the original invoice to the client (with 2 copies of the research contract). A copy of the invoice is also kept in the researcher's department.
Step 10: Deposit Paid
Once the client has paid the deposit and Finance confirm receipt of same, work can then commence on the project.
Step 11: Timesheet
Researchers working on the project must maintain a timesheet of hours worked on the voucher.
Step 12: Communications
The researcher should conduct regular communications with the client throughout the duration of the project. The client should be updated on the project's progress, using the most appropriate mechanism, e.g. e-mail, phone, face-to-face meetings.
Step 13: Final Report
Upon completion of the project, the researcher prepares and presents a final report to the client.
Step 14: Client Happy
On completion of the project, the client advises the researcher, in writing, of their satisfaction with the work done. It is essential that this is done before the end date of the Innovation Voucher project.
Step 15: Voucher Handover
The client provides the original voucher to the researcher, for final claim to Enterprise Ireland.
Step 16: Financial Claim Form
The researcher must complete a financial claim form to be sent to the Finance Department for sign-off.
Step 17: Signed Claim Form
The Finance Department returns the signed claim form to RIKON.
Step 18: Presentation Pack
The researcher prepares a pack for Enterprise Ireland to close out the project. The pack comprises: