ICV | Innovation & Capability Voucher
Are you an SME (Small and Medium Enterprise) business owner who have heard of the Innovation & Capability Voucher (ICV) by Spring Singapore but are not exactly sure what it is?
Are you thinking of engaging a productivity consultant to conduct a current state business diagnosis for productivity improvement but are not sure whether the ICV grant can be used for such services?
Are you are ready to use the ICV grant but are worried that the application process may be too complicated or tedious?
Good news! SMEs can now apply for the Innovation & Capability Voucher (ICV), each valued at $5,000, to develop their business capabilities. The entire process is quick and easy, contrary to what many companies pre-conceive it to be.
What is Innovation & Capability Voucher (ICV)?
The Innovation & Capability Voucher (ICV) is a simple to apply, easy-to-use voucher valued at $5,000, to encourage SMEs to develop their business capabilities.
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 pre-scoped Integrated Solutions to improve business efficiency and productivity.
What are the ICV Supportable Consultancy Service Modules?
- Productivity (including Business Diagnosis)
- Financial Management
- Human Resources
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.
For consultancy projects, each voucher 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 (CDG).
KCG’s Experience In Productivity Improvement
Kaizen Consulting Group has a proven track record of assisting organisations in building their capabilities in the areas of Productivity Improvement through result-oriented training and consultancy services.
As a Spring ICV programme pre-qualified Service Provider, KCG is qualified under the Supportable Consultancy Service Modules – Productivity (Business Diagnosis) to provide the following services:
1) Assess company-level competencies using a business diagnosis framework such as SMART, IMPACT, and Service Scorecard, as well as KCG’s proprietary Business Diagnostic tools such as Lean Diagnosis, Lean Six Sigma Diagnosis and Kaizen Diagnosis.
2) Identify strengths and areas for improvements.
3) Prioritise gaps identified.
4) Develop actionable roadmap and identify key indications to track and monitor performance.
What is KCG Lean Diagnostic assessment?
The KCG Lean Diagnostic assessment provides a useful platform for an organisation to identify waste or non-value added activities, current strengths and weaknesses, and improvement opportunities. The assessment will also facilitate the development of a Lean implementation strategy and action plan to fully integrate Lean principles into the organisation.
The scope of the Lean Diagnostic assessment will be customised in accordance to the organisation’s needs. It could include the following:
– Review of the Current Status of Lean implementation
– Review of Lean Performance Metrics
– Review of existing Lean practices
– Recommendations on improvement opportunities
What is SMART (SME Management Action for Results)?
The SME Management Action for Results (SMART) is an Initiative managed by SPRING Singapore to help Singapore-based SMEs develop business management capabilities using the Business Excellence framework. SMART enables SMEs to review its management systems using the globally benchmarked Business Excellence framework.
Under the ICV Supportable Consultancy Service Modules, SMART is supportable under Business Diagnostic service. It can be used an effective assessment tool to help identify and adopt practical solutions to address key gaps or areas for improvement.
The scope of the SMART Business Diagnostics service is to work with SMEs to develop the business management roadmap by:
– Assessing their business management capabilities
– Identifying gaps using a simplified assessment tool based on the business excellence framework
– Prioritising gaps identified
– Drawing up a roadmap on solutions
What is IMPACT Assessment Tool?
IMPACT (Integrated Management of Productivity Activities) is an assessment tool that helps you to identify the strengths and weaknesses of your company’s productivity. It highlights the areas for improvement and recommends steps to take to improve productivity.
The IMPACT framework includes the key productivity levers to address when you embark on productivity improvement initiatives. It can be used by everyone involved in the productivity management process – senior management, productivity managers, and line managers in specific functions such as human resource development and quality control.
There are three parts to the IMPACT Assessment:
Part 1: Qualitative assessment of the organisation’s productivity management function and productivity levers.
Part 2: Quantitative assessment of the organisation’s productivity performance based on the key productivity indicators.
Part 3: Overall assessment and recommendations based on the findings from Parts 1 and 2.
The IMPACT framework is an effective first step to increase your organisation’s productivity performance.
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
1. For full details on The Innovation & Capability Voucher (ICV), please refer to Spring ICV site below to get the most up-to-date ICV information and details.