Small and Medium Enterprises collaborations with knowledge intensive services: an explorative analysis of the impact of innovation vouchers

This study analyses the effects and dynamics behind a new type of innovation policy for Small and Medium Enterprises (SMEs): innovation vouchers. This policy is aimed at encouraging SMEs to collaborate with universities and with organisations offering Knowledge Intensive Services. Despite its innovativeness and growing diffusion, the innovation voucher has received only limited attention in the literature. After reviewing the literature on R&D collaborations and innovation vouchers, the article conducts in-depth analysis on two innovation voucher programs in the Lombardy region (Italy). The analysis is based on seven case studies of SMEs that have benefitted from this policy. The results highlight how innovation vouchers have influenced the development of innovation projects and technological collaboration in SMEs. The article concludes with discussion on the effectiveness of the voucher policy, its limitations and policy implications.