What is the Innovation Voucher Program (IVP)?

The Innovation Voucher Program (IVP) is a grant support initiative, facilitated by iTNT Hub and supported by EDII-TN, designed to help startups and MSMEs move their innovations from idea to prototype and then to commercialization.

Who is eligible to apply for the IVP?

Startups and MSMEs registered in Tamil Nadu are eligible, provided they are hardware-based and willing to co-finance the investment according to the program's norms.

What kind of support does the IVP offer?

The program offers grant support to aid in product development and commercialization. Additionally, iTNT Hub provides expert guidance to help applicants strengthen their proposals and improve their chances of securing funding.

Are there any fees associated with the program?

There is no upfront application fee. However, a 10% success fee applies, payable only upon the successful disbursal of the grant by EDII-TN.

Which sectors are prioritized under this program?

The program focuses on hardware-based innovations in sectors such as Automobile, Auto-components & EV, Electronics & Semiconductors, Biotech & Healthcare, Clean Energy & Sustainability, Aerospace & Defence (including Space Tech), and Enterprise Applications (AI and Advanced Computing).

Innovation Voucher Program

By Tamil Nadu Technology Hub (iTNT Hub)

Quick Answer

Grant for Tamil Nadu hardware-based startups/MSMEs to develop prototypes and commercialize products.

Funding amount: Varies
Funding type: Subsidy
Provider: Tamil Nadu Technology Hub (iTNT Hub)
Location: Tamil Nadu

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Tamil Nadu Technology Hub (iTNT Hub)

Chennai · Tamil Nadu · India

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About this subsidy

The Innovation Voucher Programme (IVP), supported by EDII-TN and facilitated by iTNT Hub, offers crucial grant support aimed at assisting startups and MSMEs in Tamil Nadu.

The iTNT Hub, also known as the Tamil Nadu Technology Hub, is a key state-backed entity driving technological advancement and innovation within Tamil Nadu. EDII-TN, the Entrepreneurship Development and Innovation Institute of Tamil Nadu, plays an instrumental role in promoting entrepreneurship and building a robust innovation ecosystem across the state. Both organizations are committed to fostering economic growth and technological self-reliance through targeted initiatives like the IVP. This program is structured to provide financial grants that enable early-stage ventures to progress from conceptual ideas to tangible prototypes, and subsequently, from prototypes into commercially viable products. This comprehensive support aims to de-risk early-stage development and accelerate market entry for innovative hardware solutions. A co-financing requirement is integral to the program, where applicants must be willing to match a portion of the investment as per IVP norms. This collaborative funding model fosters greater commitment from applicants. A 10% success fee is applicable, but only upon the successful disbursal of the grant by EDII-TN, ensuring no upfront charges are incurred for the grant itself, aligning the program's success with that of its grantees. Grant funds can be utilized for activities essential to product development, rigorous testing, and effective market entry. This includes R&D expenses, specialized equipment procurement, patenting costs, market research, and pilot project implementation, supporting the transition across various development stages. Beyond monetary aid, the iTNT Hub extends invaluable expert guidance and mentorship. This support helps applicants strengthen their proposals, refine business models, and enhance their overall readiness, significantly improving their prospects of securing funding for innovative projects within the specified hardware-based focus sectors.

Innovation Voucher Program

Innovation Voucher Program

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