Innovation Capability Vouchers
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
- Equipment & hardware
- Technical solutions & training
- 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
ICV Application Process
For consultancy projects, each voucher worth $5,000 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.
Technology Development – Technical Feasibility Study
- Assessment of new technology
- Early stage R&D and prototyping
- Adoption and development of new products/ processing technology/ applications/ practices/ operations
- Upgrading of existing products/ processing technology/ applications/ practices/ operations
Technology Development – Technical Support
- Product design and development
- Process design, development and optimization
- Testing, evaluation and validation with analysis/ conclusion of findings
Additional two ICV vouchers under productivity Solutions can be used for the implementation of recommendations obtained from consultancy project.
SMEs who wish to further upgrade their capabilities in any of the areas or do a bigger scale project may then tap on the Capability Development Grant (CDG) for support.