What is ICV (Innovation Capability Voucher)?
The Innovation and Capability Voucher helps Singapore businesses to improve and upgrade their operations and processes.
This can be in the form of hiring a consultant or purchasing a pre-existing integrated solution.
In both cases, the service or integrated solutions provider must be pre-qualified by SPRING Singapore and hence listed on their website, and after making their purchase, they can apply for the voucher and get their grant reimbursement back.
Step 1: Is My Company eligible for ICV?
In order for a company can be eligible for the ICV Grant, it needs to meet the following criteria:
- It must be registered and operating in Singapore
- Have at least 30% of its shares owned by Singaporeans or Permanent Residents
- Have group annual revenue of less than $100 million or less than 200 employees
Step 2: Understand what can be claimed for ICV
Each SME is entitled to a maximum of eight (8) vouchers, each worth $5000. These vouchers can be claimed in the form of (1) Consultancy Projects and (2) Integrated Solutions.
(1) Consultancy Projects (Up to 2 vouchers can be claimed per capability area)
- Financial Management
- Human Resources
When hiring a consultant under this scheme, they can be reassured of the quality of the service as SPRING Singapore pre-qualifies service vendors, and they can have an idea on the deliverables from the vendors as SPRING Singapore lists the project scopes on their website.
(2) Integrated Solutions (max 2 vouchers)
An SME can also make use of the ICV Voucher by purchasing a pre-existing “Integrated Solution” and implementing it in their company’s workflow. SPRING Singapore also has a list of Integrated Solutions as well as a list of provider companies on their site.
Step 3 Know Your Business, Your Goals, and Your Needs
In order to plan for the best use of these ICV Vouchers, it is important to consider the following questions:
- Out of the four key areas (Financial Management, Human Resources, Innovation and Productivity), which is placed at highest priority?
- What are your company’s strengths and weaknesses?
- What is your company’s source of income?
- How is its financial situation?
- What is this company’s plan for expansion?
Use these questions as a starting point to brainstorm and shortlist which service providers you want to engage. And look through the Project Scope and Deliverables on Spring Singapore’s website to determine if what they have is a fit for your company.
For instance, if your company’s main source of income is designing and manufacturing new technology and products, it should focus on the capability area of Innovation.
If your company is looking to expand and hire more people while still maintaining healthy cashflow, it should put its priority on the areas of Financial Management and Human Resources.
Step 4: Determine how and where to spend the ICV Vouchers
Do your research on vendors for Consultancy Projects and the Integrated Solutions.
Shop around before determining which is the best fit for your company. Service Providers for consultancy projects must agree to conduct the project for your company before you can apply for ICV. In some instances, the service provider or Integrated solutions provider can assist you in applying for the ICV Grant.
ICV applications will then be processed within 6 weeks and companies who have succeeded in their application will be notified by email.
These are the 4 simple steps in making the most out of the ICV Grant from Spring Singapore. Remember that no two companies are exactly alike and thus the types of services or solutions that would be the most effective for each situation will differ.
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