Innovation & Capability Voucher Expanded to be able to Assistance SMEs inside Company along with Pro...

1. Spring Singapore ICV Grant
Innovation & Capability Voucher Expanded to be able to Assistance SMEs inside Company along
with Productivity Improvements and Solutions
Additional S$10 million put aside to make investments in the particular enhanced scheme
1. from 1 March 2014, small, and medium enterprises (SMEs) can easily appear forward to much
more support inside putting their company improvement plans straight into motion with all the
enhanced Innovation as well as Capability Voucher (ICV) scheme. The Actual government will be
expanding the particular scope associated with ICV beyond consultancy solutions to support
implementation associated with remedies inside the 4 capability places associated with innovation,
productivity, hr development, and financial management. The Actual enhanced ICV has been
announced nowadays from the Minister of State for Trade as well as industry Teo Ser Luck after a
walkabout session in the Alexandra Village. This is section of the actual outreach efforts under the
SME Workgroup.
2. the enhancement results from feedback for the Government through the SME Workgroup in which
SMEs may not always need consultancy services for you to diagnose an issue or even propose
solutions. The Particular enhanced ICV would allow SMEs who desire for you to implement solutions
to fulfill their business challenges yet encounter source constraints, to consider his or her initial step
in direction of capability upgrading.
3. Minister of State pertaining to Trade and Sector Teo Ser Luck said, “We happen to be
actively engaging the SMEs via distinct platforms, including the SME Workgroup outreach sessions.
Expanding your scope of the ICV can end up being a reaction to their feedback and may help SMEs,
especially heartland businesses, further their productivity improvements. SMEs tend to be inspired
to leverage this enhanced ICV for you to still enhance and transform their particular
businesses.”
4. In Order To encourage much more SMEs to adopt their own initial the solution to upgrade, the
particular enhanced ICV will consider treatment of the particular implementation regarding
suggestions via enterprise consultations, also as immediate procurement involving remedies in the
four capability areas. This specific way, they are usually able to far better manage costs, raise
productivity and efficiency, along with strengthen their own business operations for you to attain
sustainable growth.
5. Beneath the particular current ICV, SMEs can easily make an application for vouchers each
valued at $5,000 pertaining to redemption of consultancy services supplied by pre-approved support
providers beneath your four capability areas. Together With the actual enhanced ICV, SMEs may
implement solutions from your classes regarding (i) equipment & hardware; (ii) technical solutions;
(iii) skilled services as well as (iv) design & renovation. Every SME may apply to obtain a maximum
regarding two vouchers to be able to implement solutions out in the eight vouchers which usually it's
currently qualified in order to receive below the current ICV. Your maximum cap of two vouchers for

2. each capability places pertaining to consultancy solutions remains the actual same.
6. Skylace Language school is a SME that has taken its starting point in the direction of improving
its business productivity simply by utilising ICV. The Particular university employs 14 teachers as
well as operates 5 enrichment centres which provide Chinese enrichment classes regarding
children. Additionally, it provides coaching services pertaining to teachers. Via an ICV (Productivity)
project, Skylace conducted an all round business diagnosis upon its management along with crucial
business operations and identified areas with regard to improvement. These areas contain improving
its retention strategy, streamlining its processes as well as better management of knowledge
pertaining to greater competitiveness within the market. Along With your enhanced ICV, Skylace
could implement options like software program programmes regarding streamlining its present
processes along with developing a centralised database with regard to ease of knowledge
management and advertising purposes.
7. For You To offer the enhancement and also encourage more SMEs for you to upgrade, the
government is planning to be setting aside one more S$10 million to finance ICV. This will deliver
the quantity reserve for ICV in order to S$42 million. to date, about 3,000 vouchers happen in order
to be issued since the ICV premiered in June 2012.