Spring Singapore ICV Grant

Innovation & Capability Voucher Expanded for you to Assistance SMEs within Company and
Productivity Improvements and Solutions
Additional S$10 million reserve to fund the actual enhanced scheme
1. Through one March 2014, small, and medium enterprises (SMEs) may look forward to a lot more
assistance throughout putting their company improvement plans directly into action with all the
enhanced Innovation as well as Capability Voucher (ICV) scheme. Your government will most likely
be expanding the particular scope of ICV beyond consultancy services to aid implementation of
solutions within the 4 capability locations regarding innovation, productivity, human resources
development, along with monetary management. The Actual enhanced ICV was announced these
days through the Minister involving State for Trade and also industry Teo Ser Luck after a
walkabout session at the Alexandra Village. This could be a component of your outreach efforts
beneath the actual SME Workgroup.
2. The Particular enhancement comes from feedback to the Government via the actual SME
Workgroup that will SMEs may not essentially call for consultancy solutions in order to diagnose a
problem as well as propose solutions. Your enhanced ICV would allow SMEs who want in order to
implement solutions to fulfill their own business challenges yet encounter source constraints, to take
their initial step in the particular direction of capability upgrading.

3. Minister associated with State for

Trade and also Business Teo Ser Luck
said, We have been actively
engaging the particular SMEs by means
of different platforms, which includes
the SME Workgroup outreach sessions.
Expanding the particular scope with the
ICV can end up being a response with
their feedback and may help SMEs,
particularly heartland businesses,
further their own productivity
improvements. SMEs tend to be
inspired to leverage this enhanced ICV to always be able to always enhance as well as transform
their businesses.
4. To End Up Being Able To encourage more SMEs to adopt his or her initial step to upgrade, the
actual enhanced ICV will consider care of the particular implementation of suggestions via company
consultations, too as immediate procurement associated with options within the 4 capability areas.
This specific way, they can much better manage costs, raise productivity and also efficiency, and
also strengthen their particular company operations in order to achieve sustainable growth.

5. Beneath the particular present ICV, SMEs may make

an application for vouchers each valued at $5,000 for
redemption involving consultancy solutions provided by
pre-approved service providers under the particular 4
capability areas. with the actual enhanced ICV, SMEs
may implement remedies from your categories
involving (i) equipment & hardware; (ii) technical solutions; (iii) professional services and also (iv)
style & renovation. each SME may use to get a maximum associated with 2 vouchers for you to
implement remedies out in the eight vouchers which it is currently entitled to below the particular
existing ICV. Your maximum cap associated with a pair of vouchers per capability locations for
consultancy services remains your same.
6. Skylace Language school is actually a SME that has taken its first step in the particular direction
of improving its company productivity simply by utilising ICV. The Actual school employs 14
teachers and also operates 5 enrichment centres that provide Chinese enrichment courses
pertaining to children. It also provides coaching services with regard to teachers. Via an ICV
(Productivity) project, Skylace conducted an all round business diagnosis in its management as well
as important business operations and identified locations pertaining to improvement. These types of
places include improving its retention strategy, streamlining its processes and also better
management of knowledge with regard to higher competitiveness within the market. Together With
the enhanced ICV, Skylace may implement options such as software program programmes
pertaining to streamlining its existing processes along with making a centralised database regarding
ease of information management as well as advertising purposes.
7. To End Up Being Able To keep the enhancement as well as encourage a lot more SMEs in order to
upgrade, the federal government will be putting aside one more S$10 million to fund ICV. This can
bring the total amount reserve pertaining to ICV in order to S$42 million. To Always Be Able To
date, regarding 3,000 vouchers happen in order to be issued since the ICV was published throughout
June 2012.