Upgrade your business with SPRING Singapore's Innovation and ...

By the myBusiness techblog team

Having a strong infrastructure to support your business processes is vital for continued business growth. However, these costs are often high, and implementing them a challenge for most businesses. To address this problem, and to help local businesses upgrade themselves, SPRING Singapore has expanded the scope of the Innovation Voucher Scheme (IVS) to cover three more areas ? productivity, human resources development and financial management. The new scheme will be renamed the Innovation and Capability Voucher (ICV), and came into effect on June 1 2012.

Read the article below to see how you can tap into this new scheme for your business.

What is the ICV?

The Innovation & Capability Voucher (ICV) replaces the old Innovation Voucher Scheme (IVS), which previously only supported technology innovation services. The S$5,000 voucher now allows businesses to pay for services in three more areas ? Productivity, Human Resources Development and Financial Management. Businesses can use the funds to perform diagnostics, feasibility studies, process upgrading, customised training, product or services development, and adoption of quality and standards.

Things to remember

-????????? Technology innovation services under IVS are still supported under ICV. These include technical feasibility studies, support and knowledge development, which are categorised as Innovation under ICV.

-????????? A business may apply for two vouchers per area. The vouchers can be redeemed for supported services at any of the 120 service providers participating in the ICV scheme. Companies that wish to further upgrade their capabilities in any of the areas may tap other assistance programs.

-????????? To be eligible for ICV, your local business must be:

• Physically present and registered in Singapore
• Have at least 30% local shareholding, and;
• Have group annual sales of not more than $100 million or group employment size not exceeding 200 workers

-????????? Each ICV project must be completed before a new application will be considered. The duration for each project should not exceed six months.

Step 1

Download and fill in the application form. You are strongly encouraged to approach a participating service provider to discuss the project before making an application. This will prevent possible delays in project commencement and any changes in project in the future. You need to determine which of the four capability areas you are interested in and the service(s) you require:

Download and read the full list of supported services here.

Download and fill in the application form here.

Step 2

Send in the completed application form to SPRING for evaluation at the address below:
Attn : SPRING ? ICV application
1 Fusionopolis Way,
#20-01 Connexis South
Singapore 138632

Step 3

All applications will be processed within a week upon receipt of the application form. Successful applicants will receive a Letter of Offer and an ICV voucher from SPRING. Kindly ensure that you have signed on the back of the voucher before submitting it to the selected service provider for project commencement. Applicants will be informed on the status of their application five working days upon receipt of the application.

Upon project completion, both the SME and service provider are required to endorse the project report before submitting it to SPRING.

For more information, you can

-????????? Click here for a full list of FAQ questions and answers.

-????????? Contact the SPRING EnterpriseOne hotline at +65 6898 1800 during office hours.

Tagged as: Business, Small Medium Enterprises

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