Spring Singapore ICV Grant

Innovation & Capability Voucher Expanded to become able to support SMEs within Company and
Productivity Improvements as well as Solutions
Additional S$10 million set aside to invest in your enhanced scheme
1. Coming From 1 March 2014, small, and medium enterprises (SMEs) can easily look forward to
become able to more support throughout putting their business improvement plans in to action with
the enhanced Innovation and Capability Voucher (ICV) scheme. The Actual government will possibly
be expanding the actual scope of ICV beyond consultancy services to support implementation
associated with options within the 4 capability areas of innovation, productivity, human resources
development, as well as economic management. Your enhanced ICV has been announced these days
through the Minister involving State pertaining to Trade as well as industry Teo Ser Luck after
getting a walkabout session at the Alexandra Village. This is part of the outreach efforts beneath the
SME Workgroup.

2. The Particular enhancement is a new result of feedback to the Government by means of your SME
Workgroup in which SMEs may not necessarily call for consultancy solutions for you to diagnose a
problem or even propose solutions. The Actual enhanced ICV would allow SMEs who want for you to
implement solutions to fulfill their particular company challenges nevertheless confront source
constraints, to take their initial step in the direction of capability upgrading.
3. Minister regarding State with regard to Trade and Sector Teo Ser Luck said, We happen
to be actively engaging the particular SMEs through various platforms, including your SME
Workgroup outreach sessions. Expanding the actual scope in the ICV can become a reaction to their
feedback and can help SMEs, especially heartland businesses, further their particular productivity
improvements. SMEs tend to be encouraged to leverage this enhanced ICV in order to continue to
enhance along with transform their particular businesses.
4. In Order To encourage more SMEs to adopt their very first key to upgrade, your enhanced ICV
will cover your implementation associated with suggestions from enterprise consultations, also as
immediate procurement of remedies in the four capability areas. This kind of way, they're able to
much better manage costs, raise productivity along with efficiency, and strengthen their particular
enterprise operations for you to accomplish sustainable growth.
5. Beneath your current ICV, SMEs could submit an application for vouchers each priced at $5,000
for redemption of consultancy services given by pre-approved services providers below the 4
capability areas. with the particular enhanced ICV, SMEs can implement remedies in the categories

regarding (i) equipment & hardware; (ii) technical solutions; (iii) professional services along with (iv)
style & renovation. Each and Every SME could use for any maximum involving a couple of vouchers
for you to implement solutions out of the eight vouchers which it really is currently eligible for below
the present ICV. The Particular maximum cap of 2 vouchers per capability places with regard to
consultancy services remains the particular same.
6. Skylace Language school can end up being a SME which has taken its first step towards
improving its enterprise productivity simply by utilising ICV. the school employs 14 teachers and
also operates five enrichment centres which in turn supply Chinese enrichment classes for children.
Furthermore, it provides coaching service regarding teachers. through an ICV (Productivity) project,
Skylace conducted an general enterprise diagnosis upon its management and key enterprise
operations and also identified areas for improvement. These areas include improving its retention
strategy, streamlining its processes as well as much better management of data with regard to
greater competitiveness inside the market. Together With the actual enhanced ICV, Skylace might
implement solutions such as software programmes for streamlining its current processes along with
making a centralised database regarding ease of knowledge management as well as advertising
purposes.
7. to offer the enhancement as well as encourage a lot more SMEs to always be able to upgrade, the
government is planning to be putting aside yet another S$10 million to spend in ICV. This may
deliver the total amount set aside regarding ICV in order to S$42 million. to date, about 3,000
vouchers are already issued since your ICV was published in June 2012.