The Singapore government is expanding the scope of the Innovation and Capability Voucher (ICV) scheme to provide more support for SMEs to implement solutions for enterprise and productivity improvements. The enhanced ICV will now cover implementation of solutions, in addition to consultancy services, in areas like innovation, productivity, training, and financial management. An additional S$10 million in funding is being allocated, bringing the total funding for ICV to S$42 million. The changes aim to help more SMEs take initial steps to upgrade their capabilities by addressing resource constraints. Skylace Language College, an SME that provides Chinese enrichment classes, utilized ICV to conduct a business diagnosis and plans to use the enhanced ICV to implement

1. Spring Singapore ICV Grant
Innovation & Capability Voucher Expanded to Assistance SMEs inside Enterprise and Productivity
Improvements and also Solutions
Additional S$10 million put aside to spend in
the enhanced scheme
1. from one March 2014, small and medium
enterprises (SMEs) can easily appear forward
to be able to a lot more assistance throughout
putting their enterprise improvement plans in
to action with the enhanced Innovation and also
Capability Voucher (ICV) scheme. The
Particular government will probably be
expanding your scope regarding ICV beyond
consultancy services to guide implementation
regarding solutions within the 4 capability
places regarding innovation, productivity, recruiting development, and also monetary management.
The Actual enhanced ICV was announced nowadays from the Minister involving State with regard to
Trade along with industry Teo Ser Luck after a walkabout session at the Alexandra Village. This is
part of your outreach efforts under your SME Workgroup.
2. The Particular enhancement is any result of feedback towards the Government through your SME
Workgroup that will SMEs may well not always need consultancy services for you to diagnose an
issue as well as propose solutions. Your enhanced ICV would allow SMEs who would like to end up
being able to implement options to satisfy their particular enterprise challenges but deal with useful
resource constraints, to consider their particular first step towards capability upgrading.
3. Minister regarding State with regard to Trade along
with industry Teo Ser Luck said, “We have been
actively engaging the actual SMEs through distinct
platforms, such as the actual SME Workgroup outreach
sessions. Expanding the particular scope in the ICV can
end up being a reaction with their feedback as well as
will help SMEs, particularly heartland businesses,
further their own productivity improvements. SMEs tend to be asked to leverage this enhanced ICV
to end up being able to always enhance as well as transform his or her businesses.”
4. to encourage more SMEs to take their 1st step to upgrade, the enhanced ICV will cover the actual
implementation associated with recommendations coming from enterprise consultations, as well as
direct procurement involving options within the four capability areas. This specific way, they are
usually able to much better manage costs, raise productivity along with efficiency, and also
strengthen their particular enterprise operations in order to attain sustainable growth.

2. 5. Beneath the particular active ICV, SMEs can easily make an application for vouchers each valued
at $5,000 pertaining to redemption involving consultancy services provided by pre-approved services
providers under the particular 4 capability areas. Using the actual enhanced ICV, SMEs can easily
implement solutions from your categories involving (i) equipment & hardware; (ii) technical
solutions; (iii) professional services as well as (iv) style & renovation. each SME may use to find a
maximum regarding 2 vouchers for you to implement options out in the eight vouchers which in turn
it really is currently entitled to beneath your active ICV. The Actual maximum cap of a couple of
vouchers for each capability places regarding consultancy solutions remains the same.
6. Skylace Language College is truly a SME that has taken its first step in your direction of
improving its company productivity by simply utilising ICV. the school employs 14 teachers along
with operates five enrichment centres which in turn supply Chinese enrichment classes pertaining to
children. It also provides training services for teachers. Via an ICV (Productivity) project, Skylace
conducted an all round company diagnosis on its management and also key enterprise operations
along with identified locations with regard to improvement. These places consist of improving its
retention strategy, streamlining its processes and better management of information regarding
higher competitiveness within the market. Using the particular enhanced ICV, Skylace may
implement solutions just like software programmes with regard to streamlining its current processes
as well as developing a centralised database for ease of knowledge management and marketing
purposes.
7. In Order To support the enhancement along with encourage more SMEs to upgrade, the
government will be putting away one more S$10 million to finance ICV. This can deliver the total
amount set aside pertaining to ICV to S$42 million. to date, regarding 3,000 vouchers are already
issued since your ICV was published throughout June 2012.