Spring Singapore ICV Grant

Innovation & Capability Voucher Expanded in order to Assistance SMEs within Enterprise and also
Productivity Improvements and also Solutions
Additional S$10 million set aside to fund the enhanced scheme
1. Via one March 2014, small, and medium enterprises (SMEs) can appear forward for you to much
more assistance in putting their particular business improvement plans into action using the
enhanced Innovation along with Capability Voucher (ICV) scheme. The Particular government is
likely to be expanding your scope regarding ICV beyond consultancy solutions to aid implementation
associated with options inside the 4 capability locations involving innovation, productivity, hr
development, as well as economic management. Your enhanced ICV had been announced these days
through the Minister involving State with regard to Trade and also Market Teo Ser Luck after having
a walkabout session in the Alexandra Village. This is section of your outreach efforts below the
actual SME Workgroup.
2. The Particular enhancement results from feedback towards the Government by means of your
SME Workgroup in which SMEs might not essentially require consultancy solutions to diagnose a
problem or propose solutions. The Particular enhanced ICV would allow SMEs who want in order to
implement remedies to fulfill their company challenges nevertheless encounter useful resource
constraints, to adopt their initial step in direction of capability upgrading.

3. Minister regarding State regarding Trade

along with Business Teo Ser Luck said,
We are already actively engaging
your SMEs by means of different platforms,
such as the actual SME Workgroup
outreach sessions. Expanding the scope
with the ICV is a reaction with their
feedback and may help SMEs, especially
heartland businesses, further their
particular productivity improvements.
SMEs are generally asked to leverage this
enhanced ICV to become able to still
enhance and transform his or her businesses.
4. For You To encourage much more SMEs to take their own 1st step to upgrade, your enhanced ICV
covers the actual implementation associated with recommendations via business consultations, also
as immediate procurement of remedies inside the four capability areas. This kind of way, they are
usually able to far better manage costs, raise productivity as well as efficiency, as well as strengthen
their own company operations in order to attain sustainable growth.
5. Beneath the present ICV, SMEs can make an application for vouchers every priced at $5,000 for
redemption regarding consultancy solutions provided by pre-approved support providers below your
four capability areas. with the actual enhanced ICV, SMEs can easily implement options in the
classes involving (i) equipment & hardware; (ii) technical solutions; (iii) professional solutions as

well as (iv) style & renovation. Each As Well As Every SME could apply to find a maximum involving
a pair of vouchers for you to implement options out in the eight vouchers which it is currently
eligible for under your current ICV. The Particular maximum cap associated with a pair of vouchers
per capability areas for consultancy solutions remains the particular same.

6. Skylace Language University is really a SME which

has had its initial step towards improving its enterprise
productivity by simply utilising ICV. The Particular
school employs 14 teachers and operates 5 enrichment
centres that provide Chinese enrichment lessons for
children. Additionally, it provides coaching support
pertaining to teachers. Via an ICV (Productivity) project, Skylace conducted an overall company
diagnosis about its management and also important company operations and identified locations
regarding improvement. These kind of places contain improving its retention strategy, streamlining
its processes and better management of knowledge with regard to greater competitiveness inside
the market. with the actual enhanced ICV, Skylace could implement solutions similar to software
programmes for streamlining its active processes and also making a centralised database pertaining
to ease of knowledge management and also marketing purposes.
7. To be Able To offer the enhancement and also encourage a lot more SMEs to upgrade, the us
government will possibly be setting aside yet another S$10 million to finance ICV. This may deliver
just how much put aside regarding ICV for you to S$42 million. In Order To date, regarding 3,000
vouchers are already issued since the ICV was launched throughout June 2012.