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).
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.