Innovation & Capability Voucher Expanded in order to support SMEs in Enterprise as well as Productiv...

1. Spring Singapore ICV Grant
Innovation & Capability Voucher Expanded in order to support SMEs in Enterprise as well as
Productivity Improvements along with Solutions
Additional S$10 million reserve to finance the particular enhanced scheme
1. Through one March 2014, small , medium enterprises (SMEs) may look forward for you to a lot
more assistance within putting his or her company improvement plans into motion with the
enhanced Innovation along with Capability Voucher (ICV) scheme. The Actual government is going
to be expanding the actual scope associated with ICV beyond consultancy solutions to aid
implementation regarding options in the 4 capability areas involving innovation, productivity, human
resources development, along with monetary management. The Actual enhanced ICV was
announced nowadays through the Minister involving State regarding Trade along with Market Teo
Ser Luck after getting a walkabout session at the Alexandra Village. This may be section of the
outreach efforts under the actual SME Workgroup.
2. The Particular enhancement comes from feedback to the Government via your SME Workgroup
that will SMEs might not essentially call for consultancy services in order to diagnose a problem or
propose solutions. The Particular enhanced ICV would allow SMEs who want in order to implement
remedies to satisfy their company challenges but face source constraints, to adopt their own starting
point in direction of capability upgrading.
3. Minister associated with State with regard to Trade and also Market Teo Ser Luck said,
“We happen to always be able to be actively engaging the actual SMEs via various platforms,
such as your SME Workgroup outreach sessions. Expanding the particular scope in the ICV can end
up being a reaction with their feedback and also can help SMEs, specifically heartland businesses,
further their productivity improvements. SMEs tend to be encouraged to leverage this enhanced ICV
in order to still enhance and also transform their particular businesses.”
4. For You To encourage more SMEs to take their particular 1st step to upgrade, the actual
enhanced ICV covers the implementation involving suggestions from business consultations, too as
immediate procurement involving solutions in the 4 capability areas. This way, they are generally in
a position to far better manage costs, raise productivity along with efficiency, as well as strengthen
his or her enterprise operations for you to accomplish sustainable growth.
5. Beneath the actual active ICV, SMEs may make an application for vouchers every worth $5,000
for redemption regarding consultancy solutions provided by pre-approved services providers under
the actual 4 capability areas. Along With the enhanced ICV, SMEs can easily implement solutions in
the categories regarding (i) equipment & hardware; (ii) technical solutions; (iii) professional
solutions and (iv) design & renovation. Each And Also Every SME may apply for any maximum of 2

2. vouchers to implement options out in the eight vouchers that it's presently eligible for below your
existing ICV. Your maximum cap of a couple of vouchers for each capability places pertaining to
consultancy solutions remains your same.
6. Skylace Language College is really a SME that has brought its starting point in direction of
improving its enterprise productivity by simply utilising ICV. The Particular college employs 14
teachers as well as operates 5 enrichment centres which supply Chinese enrichment lessons
regarding children. Furthermore, it provides training services for teachers. through an ICV
(Productivity) project, Skylace conducted an all round enterprise diagnosis on its management and
also crucial enterprise operations as well as identified areas for improvement. These locations
consist of improving its retention strategy, streamlining its processes along with better management
of data pertaining to greater competitiveness in the market. Along With the particular enhanced
ICV, Skylace may implement options just like software programmes for streamlining its current
processes and developing a centralised database for ease of information management and also
marketing purposes.
7. In Order To keep the enhancement as well as encourage a lot more SMEs in order to upgrade, the
us government will possibly be putting aside an additional S$10 million to spend in ICV. This will
bring the quantity put aside regarding ICV to end up being able to S$42 million. To Always Be Able
To date, with regards to 3,000 vouchers have been issued since the particular ICV premiered in June
2012.