Innovation & Capability Voucher Expanded to support SMEs within Company along with Productivity Improvements and Solutions
Additional S$10 million set aside to invest in the particular enhanced scheme
1. Through one March 2014, small and medium enterprises (SMEs) may look forward to much more support within putting his or her enterprise improvement plans directly into motion with the enhanced Innovation along with Capability Voucher (ICV) scheme. Your government will be expanding the particular scope regarding ICV beyond consultancy solutions to support implementation regarding remedies within the 4 capability places involving innovation, productivity, human resources development, and also financial management. The Actual enhanced ICV was announced today through the Minister involving State with regard to Trade and also Market Teo Ser Luck after a walkabout session at the Alexandra Village. This really is section of your outreach efforts below your SME Workgroup.
2. The Actual enhancement is a new outcome of feedback towards the Government via your SME Workgroup that SMEs may not essentially require consultancy solutions in order to diagnose an issue or propose solutions. Your enhanced ICV would allow SMEs who desire in order to implement solutions to satisfy their particular company challenges but face useful resource constraints, to adopt their first step in your direction of capability upgrading.
3. Minister of State regarding Trade and Market Teo Ser Luck said, â¤½We happen to be actively engaging your SMEs through distinct platforms, such as the SME Workgroup outreach sessions. Expanding the scope in the ICV is a reaction for their feedback and also can help SMEs, especially heartland businesses, further their productivity improvements. SMEs are usually asked to leverage this enhanced ICV to be able to still enhance as well as transform their own businesses.â¤
4. In Order To encourage a lot more SMEs to take his or her 1st key to upgrade, your enhanced ICV covers your implementation regarding recommendations from company consultations, as well as direct procurement of remedies within the four capability areas. This specific way, they can better manage costs, raise productivity as well as efficiency, and also strengthen their company operations for you to attain sustainable growth.
5. under the particular current ICV, SMEs may apply for vouchers each as well as every valued at $5,000 with regard to redemption regarding consultancy solutions supplied by pre-approved services providers below the 4 capability areas. Along With the enhanced ICV, SMEs can easily implement solutions from your classes associated with (i) equipment & hardware; (ii) technical solutions; (iii) skilled services and (iv) style & renovation. Every SME could use for any maximum of two vouchers in order to implement solutions out with the eight vouchers which usually it's presently entitled to under the present ICV. Your maximum cap associated with two vouchers for each capability places for consultancy solutions remains your same.
6. Skylace Language Institution is truly a SME which in turn has taken its first step in your direction of improving its enterprise productivity by utilising ICV. The Particular university employs 14 teachers along with operates five enrichment centres which offer Chinese enrichment lessons pertaining to children. Additionally, it provides coaching service for teachers. By Means Of an ICV (Productivity) project, Skylace conducted an general company diagnosis upon its management as well as important business operations as well as identified areas regarding improvement. These kind of places consist of improving its retention strategy, streamlining its processes as well as better management of information pertaining to higher competitiveness within the market. Along With the actual enhanced ICV, Skylace might implement remedies such as computer software programmes regarding streamlining its current processes as well as developing a centralised database regarding ease of knowledge management as well as marketing purposes.
7. To Always Be Able To offer the enhancement and encourage a lot more SMEs to always be able to upgrade, the us government will be putting away one more S$10 million to finance ICV. This will deliver just how much reserve for ICV to end up being able to S$42 million. For You To date, about 3,000 vouchers are already issued since the particular ICV premiered throughout June 2012.