Spring Singapore ICV Grant

Innovation & Capability Voucher Expanded for you to support SMEs inside business and also
Productivity Improvements as well as Solutions
Additional S$10 million set aside to invest in the actual enhanced scheme
1. Through 1 March 2014, small and medium enterprises (SMEs) could appear forward to become
able to more assistance inside putting his or her enterprise improvement plans straight into motion
with almost all the enhanced Innovation and Capability Voucher (ICV) scheme. Your government is
likely to be expanding the scope associated with ICV beyond consultancy services to aid
implementation involving options within the four capability areas regarding innovation, productivity,
recruiting development, as well as economic management. The Actual enhanced ICV was announced
these days by the Minister associated with State with regard to Trade along with Business Teo Ser
Luck following a walkabout session at the Alexandra Village. This really is section of your outreach
efforts below the actual SME Workgroup.
2. Your enhancement is a new result of feedback for the Government by means of your SME
Workgroup that will SMEs may well not automatically need consultancy services for you to diagnose
an issue as well as propose solutions. the enhanced ICV would allow SMEs who desire for you to
implement solutions to satisfy their particular business challenges however face source constraints,
to take his or her first step in direction of capability upgrading.
3. Minister of State pertaining to Trade as well as Sector Teo Ser Luck said, We happen to
be actively engaging the particular SMEs by means of different platforms, such as the SME
Workgroup outreach sessions. Expanding the scope in the ICV is really a response to their feedback
and also will help SMEs, specifically heartland businesses, further his or her productivity
improvements. SMEs tend to be inspired to leverage this enhanced ICV to become able to always
enhance along with transform their businesses.
4. For You To encourage a lot more SMEs to adopt their particular initial step to upgrade, the
enhanced ICV will cover your implementation associated with suggestions from company
consultations, as well as direct procurement involving remedies within the 4 capability areas. This
kind of way, they're able to much better manage costs, raise productivity and also efficiency, along
with strengthen their own company operations to accomplish sustainable growth.

5. Beneath the actual current ICV, SMEs can

make an application for vouchers every valued at
$5,000 with regard to redemption of consultancy
services given by pre-approved support providers
under the actual 4 capability areas. Together
With the enhanced ICV, SMEs could implement
remedies in the classes involving (i) equipment &
hardware; (ii) technical solutions; (iii)
professional solutions and also (iv) style &
renovation. each SME could use for a maximum
involving a pair of vouchers to implement options out with the eight vouchers that it's currently

entitled to under the present ICV. the maximum cap of two vouchers per capability areas with
regard to consultancy solutions remains your same.
6. Skylace Language school can always be a SME that has brought its starting point in the actual
direction of improving its enterprise productivity through utilising ICV. the university employs 14
teachers along with operates 5 enrichment centres which in turn offer Chinese enrichment classes
with regard to children. Additionally, it provides training services pertaining to teachers. Via an ICV
(Productivity) project, Skylace conducted an all round business diagnosis about its management
along with important business operations and also identified locations for improvement. These kinds
of locations consist of improving its retention strategy, streamlining its processes as well as much
better management of knowledge for greater competitiveness in the market. with your enhanced
ICV, Skylace may implement remedies similar to software programmes for streamlining its existing
processes and also developing a centralised database pertaining to ease of knowledge management
and marketing and also advertising purposes.
7. In Order To support the enhancement along with encourage more SMEs for you to upgrade, the
us government will be putting away an additional S$10 million to invest in ICV. This may deliver just
how much reserve for ICV to S$42 million. To End Up Being Able To date, concerning 3,000
vouchers have been issued since your ICV was launched throughout June 2012.