Innovation & Capability Voucher Expanded in order to support SMEs within business along with Product...

1. Spring Singapore ICV Grant
Innovation & Capability Voucher Expanded in order to support SMEs within business along with
Productivity Improvements as well as Solutions
Additional S$10 million set aside to fund the particular enhanced scheme
1. Via 1 March 2014, small, and medium enterprises (SMEs) could look forward for you to much
more assistance inside putting their own company improvement plans straight into motion using the
enhanced Innovation and Capability Voucher (ICV) scheme. Your government will most likely be
expanding the actual scope regarding ICV beyond consultancy services to aid implementation
regarding remedies inside the 4 capability areas associated with innovation, productivity, hr
development, and monetary management. The Particular enhanced ICV has been announced these
days through the Minister of State for Trade and Market Teo Ser Luck after getting a walkabout
session at the Alexandra Village. This really is section of the particular outreach efforts under your
SME Workgroup.
2. the enhancement comes from feedback towards
the Government through the actual SME
Workgroup which SMEs may not essentially
require consultancy services to be able to
diagnose an issue or perhaps propose solutions.
the enhanced ICV would allow SMEs who want to
implement remedies to meet their business
challenges however deal with useful resource
constraints, to take their own first step in the
direction of capability upgrading.
3. Minister of State with regard to Trade and Market Teo
Ser Luck said, “We have been actively engaging
your SMEs via different platforms, which includes your
SME Workgroup outreach sessions. Expanding your
scope in the ICV is truly a response with their feedback
as well as can help SMEs, specifically heartland
businesses, further their particular productivity
improvements. SMEs are usually asked to leverage this
enhanced ICV for you to always enhance and also
transform their businesses.”
4. To End Up Being Able To encourage much more SMEs
to consider their own very first key to upgrade, the
enhanced ICV covers the actual implementation associated with suggestions via business
consultations, too as direct procurement involving remedies within the 4 capability areas. This kind
of way, they're able to much better manage costs, raise productivity as well as efficiency, and also
strengthen his or her enterprise operations to achieve sustainable growth.

2. 5. Below the actual active ICV, SMEs could submit an application for vouchers each priced at $5,000
for redemption associated with consultancy services provided by pre-approved service providers
under your four capability areas. Together With the enhanced ICV, SMEs may implement remedies
from the classes regarding (i) equipment & hardware; (ii) technical solutions; (iii) skilled solutions as
well as (iv) style & renovation. Every SME could apply for a maximum involving a couple of vouchers
to implement solutions out in the eight vouchers that it truly is presently eligible for beneath the
actual current ICV. the maximum cap of a couple of vouchers for each capability places with regard
to consultancy solutions remains the same.
6. Skylace Language Institution is truly a SME which usually has taken its starting point towards
improving its company productivity simply by utilising ICV. the college employs 14 teachers along
with operates five enrichment centres which provide Chinese enrichment classes pertaining to
children. Furthermore, it provides coaching service for teachers. By Means Of an ICV (Productivity)
project, Skylace conducted an general enterprise diagnosis about its management as well as key
business operations as well as identified places regarding improvement. These kind of locations
consist of improving its retention strategy, streamlining its processes as well as better management
of knowledge with regard to higher competitiveness inside the market. Along With the enhanced
ICV, Skylace might implement remedies like software programmes pertaining to streamlining its
existing processes and also developing a centralised database for ease of data management and also
advertising purposes.
7. For You To offer the enhancement and encourage much more SMEs for you to upgrade, the
government is planning to be setting aside an additional S$10 million to fund ICV. This can deliver
the quantity put aside for ICV to become able to S$42 million. To be Able To date, regarding 3,000
vouchers have been issued since the ICV premiered inside June 2012.