Spring Singapore ICV Grant

Innovation & Capability Voucher Expanded for you to Assistance SMEs in business and also
Productivity Improvements and Solutions
Additional S$10 million reserve to invest in your enhanced scheme
1. Through one March 2014, small, and medium enterprises (SMEs) could appear forward to become
able to much more assistance within putting their own company improvement plans straight into
action with the enhanced Innovation and Capability Voucher (ICV) scheme. The Actual government
will be expanding the scope associated with ICV beyond consultancy services to aid implementation
involving options in the four capability areas of innovation, productivity, recruiting development,
along with economic management. The Actual enhanced ICV has been announced these days from
the Minister associated with State with regard to Trade as well as Market Teo Ser Luck following a
walkabout session in the Alexandra Village. This really is part of the particular outreach efforts
beneath the actual SME Workgroup.
2. Your enhancement results from feedback to the Government through the actual SME Workgroup
that SMEs might not always call for consultancy solutions to diagnose a problem as well as propose
solutions. Your enhanced ICV would allow SMEs who would like in order to implement solutions to
fulfill their particular business challenges nevertheless face resource constraints, to adopt his or her
starting point in direction of capability upgrading.
3. Minister involving State for Trade along with industry Teo Ser Luck said, We have been
actively engaging the SMEs by means of distinct platforms, such as the SME Workgroup outreach
sessions. Expanding the scope with the ICV is really a response for their feedback along with will
help SMEs, especially heartland businesses, further their productivity improvements. SMEs are
generally encouraged to leverage this enhanced ICV for you to continue to enhance and transform
their businesses.
4. to encourage much more SMEs to adopt their 1st key to upgrade, the enhanced ICV will take care
of the implementation associated with suggestions from company consultations, too as direct
procurement involving solutions within the 4 capability areas. This way, they tend to be able to much
better manage costs, raise productivity as well as efficiency, as well as strengthen his or her
business operations for you to achieve sustainable growth.
5. Beneath the existing ICV, SMEs may submit an application for vouchers each as well as every
worth $5,000 regarding redemption associated with consultancy solutions provided by pre-approved
service providers under the particular four capability areas. Along With the enhanced ICV, SMEs
may implement remedies in the classes associated with (i) equipment & hardware; (ii) technical
solutions; (iii) skilled services and also (iv) style & renovation. each SME could use to obtain a
maximum regarding a couple of vouchers to implement options out of the eight vouchers which
usually it is at present entitled to under your current ICV. The Particular maximum cap involving a
pair of vouchers for each capability areas regarding consultancy solutions remains your same.
6. Skylace Language University is really a SME which usually has had its first step towards
improving its enterprise productivity through utilising ICV. The Particular school employs 14
teachers and operates five enrichment centres that offer Chinese enrichment courses pertaining to
children. Additionally, it provides coaching support pertaining to teachers. through an ICV
(Productivity) project, Skylace conducted an general company diagnosis in its management and also
key enterprise operations as well as identified places pertaining to improvement. These kinds of
locations consist of improving its retention strategy, streamlining its processes and much better
management of data for greater competitiveness within the market. Using the particular enhanced
ICV, Skylace could implement solutions similar to computer software programmes pertaining to
streamlining its active processes and developing a centralised database regarding ease of data
management and also advertising purposes.
7. To Become Able To keep the enhancement as well as encourage more SMEs in order to upgrade,
the us government will possibly be putting away yet another S$10 million to fund ICV. This may
carry the quantity set aside pertaining to ICV for you to S$42 million. In Order To date, with regards
to 3,000 vouchers are already issued since your ICV was published within June 2012.