Innovation & Capability Voucher Expanded to Assistance SMEs in Enterprise and also Productivity Improvements along with Solutions
Additional S$10 million reserve to fund the enhanced scheme
1. Via one March 2014, small and medium enterprises (SMEs) could look forward in order to a lot more support in putting their particular business improvement plans directly into action using the enhanced Innovation as well as Capability Voucher (ICV) scheme. The Actual government will be expanding the particular scope of ICV beyond consultancy services to aid implementation regarding solutions in the four capability areas associated with innovation, productivity, human resources development, and also monetary management. the enhanced ICV ended up being announced these days through the Minister involving State regarding Trade as well as Market Teo Ser Luck after a walkabout session in the Alexandra Village. This really is a part of your outreach efforts beneath the particular SME Workgroup.
2. The Actual enhancement results from feedback towards the Government by means of the SME Workgroup that will SMEs may well not automatically call for consultancy solutions to diagnose a problem as well as propose solutions. The Particular enhanced ICV would allow SMEs who would like to implement remedies to meet their enterprise challenges however deal with useful resource constraints, to adopt their own initial step in direction of capability upgrading.
3. Minister associated with State for Trade along with Sector Teo Ser Luck said, â¤½We happen to be actively engaging the particular SMEs by means of various platforms, including the SME Workgroup outreach sessions. Expanding the particular scope with the ICV is a response for their feedback and can help SMEs, particularly heartland businesses, further his or her productivity improvements. SMEs are inspired to leverage this enhanced ICV for you to still enhance as well as transform their businesses.â¤
4. For You To encourage more SMEs to take their particular first step to upgrade, your enhanced ICV will take treatment of the implementation regarding suggestions from enterprise consultations, also as direct procurement of remedies in the 4 capability areas. This kind of way, they're in a new position to better manage costs, raise productivity and efficiency, and also strengthen their own business operations in order to accomplish sustainable growth.
5. Below the actual present ICV, SMEs may apply for vouchers each priced at $5,000 pertaining to redemption involving consultancy solutions supplied by pre-approved service providers below the actual 4 capability areas. with the particular enhanced ICV, SMEs can easily implement options in the categories of (i) equipment & hardware; (ii) technical solutions; (iii) expert solutions along with (iv) design & renovation. each SME might use to acquire a maximum of two vouchers for you to implement solutions out with the eight vouchers which in turn it's currently entitled to under your existing ICV. Your maximum cap associated with a couple of vouchers per capability locations with regard to consultancy services remains the same.
6. Skylace Language College is a SME which usually has brought its starting point towards improving its enterprise productivity simply by utilising ICV. the institution employs 14 teachers as well as operates five enrichment centres which provide Chinese enrichment lessons for children. It also provides training service with regard to teachers. By Means Of an ICV (Productivity) project, Skylace conducted an overall business diagnosis upon its management and also important business operations along with identified places with regard to improvement. These areas contain improving its retention strategy, streamlining its processes and far better management of information for higher competitiveness inside the market. Along With the actual enhanced ICV, Skylace may implement remedies just like computer software programmes regarding streamlining its active processes along with making a centralised database pertaining to ease of knowledge management and also advertising purposes.
7. For You To keep the enhancement as well as encourage a lot more SMEs to always be able to upgrade, the us government will be putting away yet another S$10 million to finance ICV. This can deliver the total amount set aside with regard to ICV for you to S$42 million. To Always Be Able To date, with regards to 3,000 vouchers have been issued since the actual ICV premiered inside June 2012.