Spring Singapore ICV Grant

Innovation & Capability Voucher Expanded to support SMEs within Enterprise along with
Productivity Improvements as well as Solutions
Additional S$10 million set aside to finance the particular enhanced scheme
1. Via one March 2014, small , medium enterprises (SMEs) could look forward for you to a lot more
assistance throughout putting their company improvement plans directly into motion with the
enhanced Innovation along with Capability Voucher (ICV) scheme. The Particular government is
planning to be expanding your scope regarding ICV beyond consultancy services to guide
implementation regarding options inside the four capability areas associated with innovation,
productivity, human resources development, along with economic management. the enhanced ICV
was announced nowadays by the Minister involving State regarding Trade and industry Teo Ser
Luck after having a walkabout session at the Alexandra Village. This can easily be a portion of your
outreach efforts under your SME Workgroup.
2. Your enhancement comes from feedback towards the Government via the actual SME Workgroup
that will SMEs might not essentially require consultancy solutions to diagnose an issue or perhaps
propose solutions. the enhanced ICV would allow SMEs who would like to implement remedies to
satisfy his or her enterprise challenges however confront useful resource constraints, to adopt his or
her first step in direction of capability upgrading.
3. Minister of State regarding Trade and also Market Teo Ser Luck said, We happen for you
to be actively engaging your SMEs by means of various platforms, which includes the particular
SME Workgroup outreach sessions. Expanding the particular scope of the ICV can become a
reaction with their feedback as well as will help SMEs, specifically heartland businesses, further
their productivity improvements. SMEs are usually asked to leverage this enhanced ICV in order to
still enhance and transform their businesses.
4. to encourage a lot more SMEs to adopt their particular first step to upgrade, your enhanced ICV
covers the actual implementation of suggestions coming from enterprise consultations, as well as
direct procurement involving remedies within the 4 capability areas. This specific way, they can
much better manage costs, raise productivity along with efficiency, and strengthen their own
company operations in order to achieve sustainable growth.
5. Beneath the actual active ICV, SMEs can easily
submit an application for vouchers each and every
worth $5,000 pertaining to redemption involving
consultancy solutions provided by pre-approved
services providers below your four capability areas.
Along With the enhanced ICV, SMEs may implement
options from your classes associated with (i)
equipment & hardware; (ii) technical solutions; (iii)
expert solutions and also (iv) style & renovation. Every
SME may utilize to obtain a maximum associated with
a pair of vouchers to become able to implement
remedies out with the eight vouchers which usually it's
at present qualified for you to receive under the actual
active ICV. The Particular maximum cap involving a
couple of vouchers for each capability areas for consultancy services remains your same.
6. Skylace Language Institution is a SME which in turn has brought its starting point in direction of
improving its company productivity by simply utilising ICV. The Actual college employs 14 teachers
as well as operates five enrichment centres which in turn offer Chinese enrichment classes
pertaining to children. Furthermore, it provides training services pertaining to teachers. through an
ICV (Productivity) project, Skylace conducted an overall company diagnosis about its management
as well as crucial enterprise operations as well as identified locations with regard to improvement.
These kinds of places consist of improving its retention strategy, streamlining its processes as well
as far better management of knowledge pertaining to greater competitiveness within the market.
Along With the particular enhanced ICV, Skylace could implement options just like software
programmes regarding streamlining its current processes along with creating a centralised database
pertaining to ease of data management as well as advertising purposes.
7. In Order To support the enhancement along with encourage much more SMEs in order to
upgrade, the government is likely to be putting aside one more S$10 million to finance ICV. This can
carry the total amount reserve with regard to ICV for you to S$42 million. to date, with regards to
3,000 vouchers happen to be issued since the particular ICV was launched in June 2012.