Innovation & Capability Voucher Expanded for you to Assistance SMEs in Enterprise and Productivity I...

1. Spring Singapore ICV Grant
Innovation & Capability Voucher Expanded for you to Assistance SMEs in Enterprise and
Productivity Improvements along with Solutions
Additional S$10 million reserve to invest in your enhanced scheme
1. Through one March 2014, small, and medium enterprises (SMEs) can appear forward to much
more support throughout putting their particular company improvement plans into motion with the
enhanced Innovation as well as Capability Voucher (ICV) scheme. The Actual government is going to
be expanding your scope regarding ICV beyond consultancy solutions to guide implementation
regarding options inside the 4 capability areas regarding innovation, productivity, human resources
development, and monetary management. The Actual enhanced ICV ended up being announced
these days through the Minister of State for Trade as well as Sector Teo Ser Luck following a
walkabout session in the Alexandra Village. This really is part of the particular outreach efforts
under your SME Workgroup.
2. The Particular enhancement is a new outcome of
feedback towards the Government through the actual
SME Workgroup which SMEs might not essentially
need consultancy solutions for you to diagnose a
problem or propose solutions. The Actual enhanced ICV
would allow SMEs who would like for you to implement
options to fulfill their own company challenges yet face source constraints, to adopt his or her initial
step in the particular direction of capability upgrading.
3. Minister associated with State with regard to Trade along with Sector Teo Ser Luck said,
“We have been actively engaging your SMEs through various platforms, which includes the
particular SME Workgroup outreach sessions. Expanding the particular scope with the ICV is
actually a response to their feedback along with may help SMEs, particularly heartland businesses,
further their own productivity improvements. SMEs tend to be asked to leverage this enhanced ICV
to continue to enhance as well as transform his or her businesses.”
4. To Become Able To encourage more SMEs to consider their particular initial key to upgrade, the
actual enhanced ICV will take care of the particular implementation involving suggestions coming
from business consultations, also as immediate procurement of remedies within the four capability
areas. This way, they can far better manage costs, raise productivity and also efficiency, along with
strengthen his or her business operations to end up being able to achieve sustainable growth.
5. under your existing ICV, SMEs may submit an application for vouchers every worth $5,000 with
regard to redemption associated with consultancy services given by pre-approved services providers
under the actual 4 capability areas. with the enhanced ICV, SMEs can easily implement remedies
from your classes of (i) equipment & hardware; (ii) technical solutions; (iii) expert services along
with (iv) style & renovation. Every SME may use for a maximum regarding a pair of vouchers in
order to implement solutions out of the eight vouchers which usually it's presently eligible for
beneath the actual existing ICV. The Particular maximum cap associated with a pair of vouchers per
capability locations regarding consultancy solutions remains the actual same.

2. 6. Skylace Language school is a SME which in turn has taken its first step towards improving its
business productivity by simply utilising ICV. the college employs 14 teachers and also operates 5
enrichment centres which usually offer Chinese enrichment lessons for children. It also provides
coaching support for teachers. Via an ICV (Productivity) project, Skylace conducted an overall
business diagnosis on its management as well as crucial enterprise operations and also identified
places for improvement. These types of places include improving its retention strategy, streamlining
its processes and also better management of information regarding greater competitiveness within
the market. Using the actual enhanced ICV, Skylace could implement remedies like software
programmes regarding streamlining its current processes as well as developing a centralised
database pertaining to ease of knowledge management along with marketing and advertising
purposes.
7. In Order To offer the enhancement along with encourage more SMEs for you to upgrade, the
federal government will be setting aside one more S$10 million to finance ICV. This can carry just
how much reserve with regard to ICV for you to S$42 million. to date, about 3,000 vouchers are
already issued since the actual ICV was launched within June 2012.