Singapore has always been a nurturing ground for small, medium enterprises (SMEs). The government takes substantial measures to support SMEs and ensure that they’re on the right path of productivity growth.
One of the initiatives to promote that is the Innovation and Capability voucher (ICV). Each ICV is valued at $5000 and seeks to encourage SMEs to develop their business capabilities. ICV grant strives to help businesses improve their core operation through consultancy projects in the areas of innovation, productivity, human resource and financial management. Every company is allowed to apply for up to 8 vouchers.
Here’s a quick guide on how you too can benefit from ICV and upgrade your business.
First: check if you are eligible for the ICV grant.
All local SMEs can apply for ICV if they meet the following criteria:
Vouchers are redeemable for two different types of activities: 1. Consultancy Projects and 2. Integrated solution. Check to see which one is relevant for you.
Vouchers for consultancy projects may be redeemed for services from the participating Service Providers. A list of all the participating service providers can be found here:
- List of financial management service providers
- List of human resource service providers
- List of Innovation Service providers
- List of productivity service providers
Created in collaboration with SMEs, industry partners and experts, Integrated Solutions are tried-and-tested, plug-and-play tools that help SMEs overcome common business challenges and achieve overall productivity gains. With Integrated Solutions, minimal effort is required from SMEs to design and test innovation and capability development solutions.
A maximum of two vouchers may be redeemed from participating Integrated Solutions Providers (ISP)
Now that you know how to claim the ICV grant, you can start carrying out projects to improve your company’s productivity! Look for professionals in the IT or design industry to help you with just that. For more information on the ICV grant, visit the SPRING website.
ThunderQuote is the “Gebiz for businesses” and most comprehensive business services portal in Singapore, Australia and ASEAN , where hundreds of thousands of dollars of procurement contracts are sourced every month by major companies like Singapore Press Holdings, National Trade Union Congress and more.