Upgrade Your Business with SPRING Singapore’s Innovation and Capability Voucher Scheme in Singapore

The business world is constantly changing. Thanks to technology, like social networking for instance, has brought improvement to many companies around countries across the globe. These social networking sites reach larger audiences with the businesses’ products and services. Since applying for schemes and grants are done mostly online, the process is less tiresome. Without the extensive technological devices available, companies could very easily fail.

The Singapore Business Review has reported that SPRING Singapore raised SMEs (small and medium enterprises) growth in 2012. Despite that the year has been a challenging one for SMEs, SPRING managed to support over 5,600 businesses. Thanks to SPRING’s helpful schemes, these companies’ output and capacity have greatly improved. SPRING or Standards, Productivity and Innovation Board for long, helps Singapore enterprises develop and builds assurance in Singapore products and services. We discuss the importance of the Innovation and Capability Voucher (ICV). The ICV has a proven track record in the business industry and most often, it is the recipe for success (in a way, creating better business opportunities in Singapore).

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*Paul Hype & Co. is the appointed service provider of SPRING under Innovation and Capability Voucher. For more details, click here.

In order for the SMEs to grow and globalise, SPRING has set up five areas to clarify assistance for all clients. These five simple areas consist of toolkit, voucher, tax incentive, grant and loan. Toolkit consists of Customer Service Toolkit ,Financial Management Toolkit, Human Resource Capability Toolkit, Marketing Toolkit and Productivity Toolkit. Together with ICV, Productivity & Innovation Credit (PIC), Capability Development Grant (CDG), Local Enterprise Finance Scheme (LEFS) ,Loan Insurance Scheme (LIS)and Micro Loan Programme (MLP) makes up the rest of the sections. These handy schemes usually lead to better financial performances and companies developing into a global brand. These schemes are necessary for prosperity and advancement.

To achieve adaptable and competitive businesses, it is viable for all entrepreneurs to make use of the ICV to put them to the test. After all, the Innovation and Capability Voucher (ICV) gives clients a competitive advantage in their particular industry. Since the old Innovation Voucher Scheme (IVS) supported only technology innovation services, it was replaced. These technology innovation services make up of technical feasibility studies, technical support and knowledge development. These services mentioned are still supported under ICV. The ICV helps the growth of companies to smoothly flow because clients will have the financial capabilities to do so. With ICV, entrepreneurs can imagine the success that they want their company to possess.

The ICV is known to assist SMEs in four areas of upgrading. The four areas include productivity, innovation, human capital and financial management. ICV is a popular choice among entrepreneurs. Having said that, more than 1,500 SMEs chose to use the vouchers for their upgrading needs. The Singapore Business Review states that 95% were small and micro SMEs, while 50% were first-timers. According to SPRING official website, an SME is allowed to apply for two vouchers per area for supported services at service providers participating in the ICV scheme. For SMEs which wish to further upgrade their capabilities in any of the areas, may choose other assistance programmes. All clients should note that each ICV project must be finished before a new application will be considered. In addition, the duration for each project should not exceed six months.

In order to ensure that interested applicants are eligible for the ICV scheme, here are some things to take note: 30% -100% of shareholding is local; clients’ company has 0-200 employees; annual sales turnover is not more than SGD$100 million.

Experience the difference for ICV is the gateway to strategic and value priced business.