Additional S$10 million reserve to finance the actual enhanced scheme
1. Coming From 1 March 2014, small , medium enterprises (SMEs) could appear forward for you to much more assistance in putting their own enterprise improvement plans into motion with the enhanced Innovation and Capability Voucher (ICV) scheme. The Particular government is going to be expanding your scope involving ICV beyond consultancy services to guide implementation involving remedies within the 4 capability locations involving innovation, productivity, human resources development, and also monetary management. the enhanced ICV had been announced these days from the Minister regarding State with regard to Trade and industry Teo Ser Luck after a walkabout session in the Alexandra Village. This really is section of the particular outreach efforts beneath the SME Workgroup.
2. The Particular enhancement results from feedback for the Government via your SME Workgroup which SMEs may well not essentially need consultancy services to end up being able to diagnose an issue as well as propose solutions. The Particular enhanced ICV would allow SMEs who would like to end up being able to implement options to satisfy their particular enterprise challenges yet face useful resource constraints, to consider their particular initial step towards capability upgrading.
3. Minister of State for Trade and also Sector Teo Ser Luck said, “We have been actively engaging the SMEs through distinct platforms, which includes the particular SME Workgroup outreach sessions. Expanding the actual scope in the ICV can always be a reaction for their feedback and can help SMEs, especially heartland businesses, further their productivity improvements. SMEs are encouraged to leverage this enhanced ICV in order to always enhance as well as transform their businesses.”
4. To be Able To encourage more SMEs to adopt their own initial the answer to upgrade, your enhanced ICV covers the implementation involving suggestions coming from enterprise consultations, also as immediate procurement associated with remedies inside the four capability areas. This way, they can much better manage costs, raise productivity along with efficiency, along with strengthen his or her company operations in order to attain sustainable growth.
5. under the actual current ICV, SMEs can easily apply for vouchers every valued at $5,000 for redemption associated with consultancy solutions supplied by pre-approved services providers below the particular 4 capability areas. Using the actual enhanced ICV, SMEs can easily implement remedies from your categories of (i) equipment & hardware; (ii) technical solutions; (iii) expert solutions along with (iv) design & renovation. each SME could utilize for a maximum regarding a couple of vouchers to implement solutions out of the eight vouchers which it truly is at present eligible for beneath the actual present ICV. The Actual maximum cap of a couple of vouchers for each capability areas for consultancy solutions remains the same.
6. Skylace Language school can end up being a SME which usually has had its first step towards improving its business productivity through utilising ICV. The Particular university employs 14 teachers as well as operates 5 enrichment centres that offer Chinese enrichment lessons for children. Additionally, it provides coaching services for teachers. through an ICV (Productivity) project, Skylace conducted an general company diagnosis in its management and also crucial company operations along with identified places regarding improvement. These places consist of improving its retention strategy, streamlining its processes along with better management of knowledge for greater competitiveness in the market. Together With your enhanced ICV, Skylace might implement options such as computer software programmes regarding streamlining its current processes and developing a centralised database pertaining to ease of information management and also marketing as well as advertising purposes.
7. to offer the enhancement and encourage a lot more SMEs for you to upgrade, the government will probably be putting aside yet another S$10 million to invest in ICV. This will carry the quantity reserve with regard to ICV to always be able to S$42 million. In Order To date, concerning 3,000 vouchers are already issued since your ICV premiered throughout June 2012.
