Innovation & Capability Voucher Expanded in order to Assistance SMEs inside Company along with Productivity Improvements and Solutions
Additional S$10 million put aside to make investments in your enhanced scheme
1. from 1 March 2014, small, and medium enterprises (SMEs) could look forward to always be able to much more assistance inside putting their particular enterprise improvement plans straight into motion using the enhanced Innovation and Capability Voucher (ICV) scheme. The Particular government is likely to be expanding the scope regarding ICV beyond consultancy services to aid implementation associated with options in the 4 capability areas involving innovation, productivity, hr development, as well as economic management. Your enhanced ICV had been announced nowadays through the Minister involving State with regard to Trade and Business Teo Ser Luck after a walkabout session at the Alexandra Village. This really is section of the outreach efforts below the SME Workgroup.
2. the enhancement comes from feedback towards the Government by means of your SME Workgroup which SMEs may well not essentially require consultancy services for you to diagnose an issue or propose solutions. The Particular enhanced ICV would allow SMEs who would like to end up being able to implement remedies to satisfy his or her business challenges yet encounter source constraints, to take their particular starting point in direction of capability upgrading.
3. Minister involving State pertaining to Trade and also industry Teo Ser Luck said, â¤½We happen in order to be actively engaging the particular SMEs through distinct platforms, such as your SME Workgroup outreach sessions. Expanding the particular scope in the ICV is a reaction with their feedback along with will help SMEs, particularly heartland businesses, further his or her productivity improvements. SMEs are usually encouraged to leverage this enhanced ICV to still enhance and transform their own businesses.â¤
4. For You To encourage much more SMEs to take their first key to upgrade, the particular enhanced ICV covers the particular implementation of recommendations via business consultations, as well as direct procurement of remedies within the 4 capability areas. This specific way, they are able to much better manage costs, raise productivity along with efficiency, as well as strengthen his or her enterprise operations for you to accomplish sustainable growth.
5. under the particular current ICV, SMEs can easily apply for vouchers every valued at $5,000 pertaining to redemption involving consultancy services provided by pre-approved support providers below the particular 4 capability areas. Along With the particular enhanced ICV, SMEs may implement options from your classes of (i) equipment & hardware; (ii) technical solutions; (iii) expert services and also (iv) design & renovation. each SME might implement to obtain a maximum of a pair of vouchers in order to implement options out in the eight vouchers which it truly is presently qualified to receive beneath the particular present ICV. Your maximum cap of 2 vouchers for each capability areas pertaining to consultancy services remains your same.
6. Skylace Language College is truly a SME that has had its initial step in the particular direction of improving its enterprise productivity by simply utilising ICV. Your school employs 14 teachers and operates five enrichment centres which provide Chinese enrichment courses for children. It also provides training support pertaining to teachers. through an ICV (Productivity) project, Skylace conducted an all round business diagnosis in its management as well as key enterprise operations and identified locations for improvement. These places consist of improving its retention strategy, streamlining its processes and also much better management of data pertaining to greater competitiveness inside the market. Using the particular enhanced ICV, Skylace could implement solutions just like software programmes regarding streamlining its active processes and also making a centralised database regarding ease of knowledge management along with marketing and also advertising purposes.
7. For You To keep the enhancement and also encourage a lot more SMEs for you to upgrade, the government will probably be putting away an additional S$10 million to fund ICV. This will deliver just how much set aside regarding ICV in order to S$42 million. to date, with regards to 3,000 vouchers happen for you to be issued since your ICV was launched in June 2012.