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The past year has been a bad year economically for many countries with many being helped out by massive loans from the International Monetary Fund. In an effort to take care of Singapore’s small and medium business enterprises and to help them increase their productivity both locally as well as internationally, the Government of Singapore has come up with a program called SPRING Singapore.

Help for Singapore SMEs’

The Singapore Ministry of Trade and Industry has the responsibility of ensuring that Singapore’s enterprises providing services and products grow and succeed in the international market. To help these entrepreneurs, the Ministry has created the agency called SPRING Singapore to work with different SME’s to help in financing, developing marketing strategies, future development and innovation as well as gain access to newer international markets. To help these entrepreneurs of small and medium businesses to upgrade their business, they have come out with a voucher scheme called ICV SPRING which provides a $5,000 voucher to assist them for services in increased productivity, new innovations, improved ...
... human resources development and financial management. This voucher can be redeemed with companies like YTF Consultants who are participating in the scheme as service providers.

Meeting Set Criteria

As mentioned above, the Innovation & Capability Voucher or ICV was initiated to help SME’s and entrepreneurs pay for upgrading their capabilities in innovation, human resources, financial management, and productivity. They can also utilize the voucher money to conduct technical feasibility studies, improve technical support and increase their knowledge development which falls under the Innovation category. The criteria for application for the ICV is that the company should be present and registered in Singapore; have a minimum of 30% local shareholders; show annual sales of at least $100 million or have a minimum of at least 200 employees.

Aim, Vision, and Mission

Having met the above-mentioned criteria to participate in the Innovation & Capability Voucher program, you will have to contact one of the participating service providers to finalize the project. They have to agree to undertake the project before you are allowed to submit your application online. It should be brought to attention that any small or medium enterprise can apply for two vouchers for each area for supported services with their dedicated service providers who are participating in the ICV scheme. However, each ICV project that you have applied for has to be completed before applying for a new project; there is a time factor of not more than six months to complete each project satisfactorily. All these ideas and schemes that the Singapore Ministry of Trade and Industry have come up with it is to ensure that Singapore enterprises grow and prove themselves in the global economy.

Mr. Colin is an expert Business consulting author. Currently he is writing articles related to ICV SPRINGand Innovation & Capability Voucher