Spring Singapore ICV Grant

Innovation & Capability Voucher Expanded in order to Assistance SMEs within business along withProductivity Improvements and Solutions

Additional S$10 million put aside to fund the particular enhanced scheme

1. Through 1 March 2014, small, and medium enterprises(SMEs) may appear forward in order to a lot more support

inside putting their enterprise improvement plans in to motion with the enhanced Innovation alongwith Capability Voucher (ICV) scheme. The Particular government will be expanding the particularscope of ICV beyond consultancy solutions to guide implementation of options within the fourcapability locations involving innovation, productivity, hr development, along with economicmanagement. the enhanced ICV had been announced these days through the Minister associatedwith State regarding Trade and Business Teo Ser Luck following a walkabout session at theAlexandra Village. This can be section of the outreach efforts below your SME Workgroup.

2. The Particular enhancement is any outcome of feedback towards the Government through yourSME Workgroup that will SMEs may well not essentially need consultancy solutions to become ableto diagnose a problem or propose solutions. the enhanced ICV would allow SMEs who would like inorder to implement remedies to meet his or her business challenges however deal with resourceconstraints, to take their particular initial step in your direction of capability upgrading.

3. Minister of State regarding Trade along withMarket Teo Ser Luck said, �We happen tobecome able to be actively engaging the particularSMEs via different platforms, including the SMEWorkgroup outreach sessions. Expanding yourscope in the ICV can be a response for theirfeedback and also can help SMEs, especiallyheartland businesses, further their particularproductivity improvements. SMEs are generallyinspired to leverage this enhanced ICV for you tostill enhance and also transform their particularbusinesses.�

4. To Always Be Able To encourage more SMEs toconsider their own first the answer to upgrade, theparticular enhanced ICV will just take care of your

implementation of recommendations from business consultations, as well as direct procurementregarding remedies inside the 4 capability areas. This particular way, they're able to far bettermanage costs, raise productivity along with efficiency, and also strengthen their company operationsto attain sustainable growth.

5. Beneath your present ICV, SMEs can submit an application for vouchers each valued at $5,000

with regard to redemption associated with consultancy services supplied by pre-approved serviceproviders beneath the actual 4 capability areas. with the particular enhanced ICV, SMEs can easilyimplement options from your classes associated with (i) equipment & hardware; (ii) technicalsolutions; (iii) skilled solutions and (iv) design & renovation. each SME may implement for amaximum associated with two vouchers for you to implement options out with the eight voucherswhich it is at present eligible for beneath the active ICV. The Actual maximum cap regarding acouple of vouchers per capability areas regarding consultancy solutions remains the actual same.

6. Skylace Language University can end up being a SME which usually has had its starting point inthe direction of improving its enterprise productivity by simply utilising ICV. the institution employs14 teachers and operates 5 enrichment centres which in turn supply Chinese enrichment lessonspertaining to children. Furthermore, it provides coaching support regarding teachers. Via an ICV(Productivity) project, Skylace conducted an all round company diagnosis upon its managementalong with crucial business operations and identified locations pertaining to improvement. Thesekinds of locations consist of improving its retention strategy, streamlining its processes and muchbetter management of knowledge pertaining to greater competitiveness inside the market. Using theenhanced ICV, Skylace could implement remedies like software program programmes pertaining tostreamlining its active processes and also making a centralised database regarding ease ofinformation management and marketing as well as advertising purposes.

7. In Order To offer the enhancement and also encourage much more SMEs to end up being able toupgrade, the government will be setting aside an additional S$10 million to finance ICV. This cancarry just how much put aside pertaining to ICV to S$42 million. To Become Able To date,concerning 3,000 vouchers are already issued since the actual ICV was published inside June 2012.