INNOVATION & CAPABILITY VOUCHER (ICV) by SPRING Singapore
Overview
| The Innovation & Capability Voucher (ICV) is a simple to apply, easy-to-use voucher valued at $5,000, to encourage SMEs to take their first step towards capability development. SMEs can use the voucher to upgrade and strengthen their core business operations through consultancy in the areas of innovation, productivity, human resources and financial management. Apart from consultancy, ICV also supports SMEs in the adoption and implementation of simple solutions to improve business efficiency and productivity. SMEs can use the ICV to implement solutions under the supportable cost categories of (i) equipment & hardware, (ii) technical solutions, (iii) professional services, and (iv) design & renovation. Each SME is entitled to a maximum of eight vouchers. Each ICV project must be completed before the submission of a new application. The duration for each project should not exceed six months. |
Criteria
All local SMEs can apply for ICV if they meet the following criteria:
- Registered and operating in Singapore
- Have a minimum of 30% local shareholding
- Have group annual turnover of not more than $100 million OR group employment size of not more than 200 employees
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Consultancy Projects
For consultancy projects, each voucher worth $5,000 may be redeemed for services from the participating service providers. An SME may apply for a maximum of two vouchers per capability area for supported services. SMEs which wish to further upgrade their capabilities in any of the areas may tap on the Capability Development Grant.
Consultancy - Innovation
- Technology Development – Technical Feasibility Study
- Technology Development – Technical Support
- IP Business Diagnostic – Phase A
- IP Legal Diagnostic – Phase B
- Customer Insights
Consultancy Productivity
- Quality Management - ISO 9001
- Quality Management - HACCP
- SME Management Action for Results - SMART
- Productivity Management - Productivity Diagnosis & Measurement
- Productivity Management - Productivity Improvement Projects
- Productivity Management - Benchmarking
- Service Excellence - Service Diagnosis
- Service Excellence - Mystery Audits
- Service Excellence - Service Improvement
- Energy Efficiency Audit
Consultancy - Human Resources
- Manpower Planning
- Recruitment & Selection
- Compensation & Benefits
- Performance Management
- Career Management
- Learning & Development
Consultancy - Financial Management
- Planning & Budgeting
- Cash-flow & Working Capital Management
- Financial Controls for SMEs
- Financial Assessment and Planning for Growth
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Solutions
For implementation of simple solutions, each SME can apply up to a maximum of two vouchers to implement solutions out of the available eight vouchers for each SME. For this, SMEs may apply directly with SPRING to support the solutions, on a reimbursement basis. The reimbursement will be made directly to the SME. All purchases must be made only after the indicated solutions/ items have been approved in the application.
The supportable cost categories include:
- Equipment & hardware
- Technical solutions
- Professional services
- Design & renovation
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How to Apply?
Related Links & Resources
For more information, click here for Press Release on the enhanced ICV.
Download the FAQs on Innovation & Capability Voucher. (Updated:15 Apr 2014)
Download the GIRO form to submit your claim for Solutions. For more information on the submission of GIRO form and mailing address, please click here.
For information on Consultancy Projects pertaining to the areas of expertise and services, please contact the participating service providers directly. Please click on the following areas for the contact information of all service providers in the capability areas of innovation, productivity, human resources and financial management. |
Approach a Business Advisor at SME Centre@SMF for more information at 6826 3020 or email: query@smecentre-smf.sg.
About the expert: SME Centre @ Singapore Manufacturing Federation (SME Centre@SMF) was established in May 2005 as a subsidiary of SMF. Supported by SPRING Singapore, SME Centre@SMF provides small and medium enterprises (SMEs) with easy access to business advisory to help them start, sustain and grow their businesses. The one-stop SME Centres provide services including business diagnosis, information on government schemes and capability workshops.