Increasing Sales and Increasing Productivity with the Innovation & Capability Voucher (ICV) Part 1
What is Innovation & Capability Voucher
Innovation & Capability Voucher at a Glance
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 productivity solutions under the supportable cost categories of (i) equipment & hardware, (ii) technical solutions & training, (iii) 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
Why use ICV?
Taking the first steps towards capability development? You can now defray the cost of consultancy projects in the areas of human resources, financial management, innovation and productivity and also implement simple solutions to raise productivity and improve your business efficiency with the Innovation & Capability Voucher (ICV).
However, there are 2 areas in which ICV can be used to enhance your business to increase sales and increase productivity. 1) Consultancy Projects, 2) Productivity Solutions. We will talk about this further in the next blog post so stay tuned!
So why not use the Innovation & Capability Voucher (ICV), a Singapore Government Grant that promotes the initiative to adopt new or current IT technologies that will help a business increase sales and increase productivity?
Visit The Colony Solutions to find out more about the claiming procedures of the Innovation & Capability Voucher (ICV)
* With effect from 1 December 2014, the scope of supportable productivity solutions under the Innovation & Capability Voucher (ICV) will be refined to help SMEs adopt solutions that bring out holistic and significant productivity improvements to their operations. The purchase of website and mobile application development will not be supported unless they are part of Integrated Solutions. More Integrated Solutions will be launched in 2015. SMEs are encouraged to take up Integrated Solutions which are easy-to-adopt packaged solutions that can enhance productivity holistically