Innovation & Capability Voucher Expanded to Assistance SMEs within Company along with Productivity Improvements along with Solutions
Additional S$10 million set aside to finance the particular enhanced scheme
1. Through 1 March 2014, small, and medium enterprises (SMEs) can look forward in order to a lot more assistance in putting their own business improvement plans in to motion with the enhanced Innovation along with Capability Voucher (ICV) scheme. Your government will probably be expanding the actual scope regarding ICV beyond consultancy services to guide implementation regarding solutions inside the four capability locations regarding innovation, productivity, hr development, along with financial management. Your enhanced ICV had been announced nowadays through the Minister of State regarding Trade as well as Business Teo Ser Luck after getting a walkabout session at the Alexandra Village. This is part of the actual outreach efforts under your SME Workgroup.
2. The Particular enhancement is a new result of feedback towards the Government through the actual SME Workgroup that will SMEs may well not essentially need consultancy solutions to be able to diagnose an issue as well as propose solutions. Your enhanced ICV would allow SMEs who want in order to implement options to satisfy their enterprise challenges yet face useful resource constraints, to consider their particular starting point towards capability upgrading.
3. Minister involving State pertaining to Trade and also industry Teo Ser Luck said, â¤½We have been actively engaging your SMEs by means of various platforms, which includes your SME Workgroup outreach sessions. Expanding the scope in the ICV is actually a response to their feedback along with may help SMEs, particularly heartland businesses, further their particular productivity improvements. SMEs tend to be asked to leverage this enhanced ICV for you to continue to enhance as well as transform their own businesses.â¤
4. to encourage more SMEs to adopt their own first key to upgrade, your enhanced ICV covers the particular implementation of suggestions through business consultations, as well as immediate procurement associated with solutions within the 4 capability areas. This kind of way, they are usually able to better manage costs, raise productivity and efficiency, and also strengthen their own business operations to always be able to attain sustainable growth.
5. under the particular present ICV, SMEs can apply for vouchers every priced at $5,000 regarding redemption regarding consultancy services supplied by pre-approved support providers under your 4 capability areas. Using the particular enhanced ICV, SMEs may implement solutions from the categories regarding (i) equipment & hardware; (ii) technical solutions; (iii) professional services and (iv) style & renovation. Each As Well As Every SME may apply to get a maximum involving two vouchers to implement options out in the eight vouchers which usually it really is at present qualified for you to receive beneath your current ICV. The Actual maximum cap of 2 vouchers per capability locations regarding consultancy solutions remains the particular same.
6. Skylace Language school is a SME which has had its first step in direction of improving its enterprise productivity by simply utilising ICV. The Actual college employs 14 teachers and also operates five enrichment centres which provide Chinese enrichment courses for children. Additionally, it provides training service regarding teachers. By Means Of an ICV (Productivity) project, Skylace conducted an overall enterprise diagnosis on its management along with important enterprise operations and also identified places regarding improvement. These areas contain improving its retention strategy, streamlining its processes along with better management of knowledge regarding higher competitiveness inside the market. with the actual enhanced ICV, Skylace might implement options such as computer software programmes for streamlining its present processes as well as developing a centralised database regarding ease of data management as well as marketing along with advertising purposes.
7. To End Up Being Able To offer the enhancement as well as encourage more SMEs for you to upgrade, the federal government will be putting aside one more S$10 million to fund ICV. This may carry the quantity reserve with regard to ICV for you to S$42 million. To Become Able To date, about 3,000 vouchers have been issued since the actual ICV was launched in June 2012.