Regarding SMEs’ relationship with R&D and technology, university technology transfer (UTT) programs have evolved in recent years toward approaches that are more focused on a systemic and continuous exchange between firms, university departments, and R&D centers. Financial support such as innovation vouchers and open initiatives has been applied for a few years, and only recently have research works analyzed the impacts of these programs on the innovative capabilities of SMEs. Existing studies are based on short-term analysis, but there are no studies on the medium- or long-term influence of innovation vouchers on firms’ innovation capabilities. This chapter aims to contribute to this topic through a longitudinal exploratory study of two SMEs in eastern France. It puts forward an original modular program proposed by an engineering school at the University of Lorraine, where groups of students participate throughout the academic year in innovation-related projects. Empirical evidence shows that this type of project has positive impacts on firms’ innovative capabilities, but also fosters the analytical skills and self-directed learning capabilities of students.