Innovation & Capability Voucher Expanded to Assistance SMEs throughout Company and also Productivity...

1. Spring Singapore ICV Grant
Innovation & Capability Voucher Expanded to Assistance SMEs throughout Company and also
Productivity Improvements along with Solutions
Additional S$10 million set aside to finance the enhanced scheme
1. from one March 2014, small and medium enterprises (SMEs) can easily look forward for you to a
lot more support within putting their own enterprise improvement plans directly into motion with
almost 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 of remedies within the four capability areas associated with
innovation, productivity, recruiting development, along with monetary management. the enhanced
ICV was announced today from the Minister involving State with regard to Trade as well as industry
Teo Ser Luck after a walkabout session at the Alexandra Village. This can be a component of the
particular outreach efforts beneath the particular SME Workgroup.
2. The Actual enhancement is the outcome of feedback towards the Government via the SME
Workgroup that will SMEs may well not always need consultancy solutions to be able to diagnose an
issue or propose solutions. The Particular enhanced ICV would allow SMEs who desire to implement
remedies to fulfill their enterprise challenges nevertheless face resource constraints, to consider his
or her first step towards capability upgrading.
3. Minister regarding State regarding Trade and
also industry Teo Ser Luck said, “We are
already actively engaging the SMEs through
different platforms, such as the SME Workgroup
outreach sessions. Expanding your scope in the ICV
is really a reaction with their feedback as well as
may help SMEs, specifically heartland businesses,
further their productivity improvements. SMEs are
usually encouraged to leverage this enhanced ICV
to always enhance along with transform their
businesses.”
4. In Order To encourage a lot more SMEs to adopt their own first step to upgrade, the actual
enhanced ICV will cover your implementation regarding suggestions from business consultations, as
well as direct procurement involving options inside the 4 capability areas. This kind of way, they're
in a new position to far better manage costs, raise productivity along with efficiency, and strengthen
his or her company operations to achieve sustainable growth.

2. 5. Beneath the actual present ICV, SMEs may make an application for vouchers each and also every
valued at $5,000 pertaining to redemption involving consultancy services given by pre-approved
support providers below the particular four capability areas. with the enhanced ICV, SMEs may
implement solutions from your categories involving (i) equipment & hardware; (ii) technical
solutions; (iii) skilled services and (iv) style & renovation. Each And Also Every SME may use for any
maximum associated with a pair of vouchers for you to implement remedies out with the eight
vouchers which usually it is presently eligible for beneath the particular current ICV. The Actual
maximum cap involving 2 vouchers per capability places with regard to consultancy services
remains your same.
6. Skylace Language school is a SME which usually has taken its starting point in direction of
improving its company productivity by simply utilising ICV. The Particular university employs 14
teachers as well as operates five enrichment centres which usually supply Chinese enrichment
lessons with regard to children. Furthermore, it provides coaching service for teachers. By Means Of
an ICV (Productivity) project, Skylace conducted an all round company diagnosis upon its
management and also important enterprise operations as well as identified places pertaining to
improvement. These areas consist of improving its retention strategy, streamlining its processes and
far better management of information for greater competitiveness in the market. Using your
enhanced ICV, Skylace might implement solutions just like software programmes pertaining to
streamlining its active processes and developing a centralised database pertaining to ease of
information management as well as advertising purposes.
7. In Order To support the enhancement and also encourage a lot more SMEs in order to upgrade,
the us government will possibly be putting away an additional S$10 million to fund ICV. This may
carry the total amount set aside pertaining to ICV in order to S$42 million. In Order To date,
regarding 3,000 vouchers are already issued since your ICV was published within June 2012.