Innovation & Capability Voucher (ICV)
Redeem Voucher worth $5,000
The Innovation & Capability Voucher (ICV) is a simple to apply, easy-to-use voucher valued at $5,000, to encourage SMEs to take their first step towards capability development. SMEs can use the voucher to upgrade and strengthen their core business operations through consultancy in the areas of innovation, productivity, human resources and financial management. Apart from consultancy, ICV also supports SMEs in the adoption and implementation of simple solutions to improve business efficiency and productivity. SMEs can use the ICV to implement solutions under the supportable cost categories of (i) equipment & hardware, (ii) technical solutions, (iii) professional services, and (iv) design & renovation. Each SME is entitled to a maximum of eight vouchers. Each ICV project must be completed before the submission of a new application. The duration for each project should not exceed six months.
All local SMEs can apply for ICV if they meet the following criteria:
- Registered and operating in Singapore
- Have a minimum of 30% local shareholding
- Have group annual turnover of not more than $100 million OR group employment size of not more than 200 employees
How to apply?
Step 1: Review the full list of supported services and the project scope.
Step 2: Once you have selected a service, contact one of the participating service providers to discuss the project. The service provider must agree to undertake the project before you can submit your application online.
Step 3: Apply via the ICV Online Portal (Best viewed with Microsoft Internet Explorer 7.x, 8.x and 9.x). All applications will be processed within 6 weeks upon submission of all required documentations and successful applicants will be notified via email.
Step 4: Upon project completion, both the SME applicant and service provider must endorse the project report before submission to SPRING.
For consultancy projects, each voucher worth $5,000 may be redeemed for services from the participating service providers. An SME may apply for a maximum of two vouchers per capability area for supported services. SMEs which wish to further upgrade their capabilities in any of the areas may tap on the Capability Development Grant.
Consultancy – Financial Management
- Planning & Budgeting
- Cash-flow & Working Capital Management
- Financial Controls for SMEs
- Financial Assessment and Planning for Growth
Consultancy – Human Resources
- Manpower Planning
- Recruitment & Selection
- Compensation & Benefits
- Performance Management
- Learning & Development
- Talent Management
Consultancy – Innovation
- Technology Development – Technical Feasibility Study
- Technology Development – Technical Support
- IP Business Diagnostic – Phase A
- IP Legal Diagnostic – Phase B
- Customer Insights
Consultancy – Productivity
- Quality Management – ISO 9001
- Quality Management – ISO 14001
- Quality Management – OHSAS 18001
- Quality Management – HACCP (SS590)
- Quality Management – HALAL Whole Plant
- SME Management Action for Results – SMART
- Productivity Management – Productivity Diagnosis & Measurement
- Productivity Management – Productivity Improvement Projects
- Service Excellence – Service Diagnosis
- Service Excellence – Mystery Audits
- Service Excellence – Service Improvement
- Energy Efficiency Audit
For more information on ICV, please check the spring.gov.sg website.
Check out all the IT grants available for Deskera