In the scope of supportable productivity solutions, the Innovation and Capability Voucher (ICV) scheme is designed to boost significant productivity improvements in businesses, especially Small and Medium-sized Enterprises (SMEs). Similar to the Productivity and Innovative Credit scheme, businesses can use the ICVs to upgrade and strengthen different areas in their business operations and currently businesses can use ICV grant for website integrated solutions only.
So, what exactly are ICVs and how can you utilise them to your business’ advantage? Can you still use ICV grant for website design and development services?
A special scheme developed and supported by Spring Singapore, ICVs aim to directly boost productivity improvements in SMEs. Encouraging SMEs to take the first step towards capability development, the services in which ICVs can be used for include consultancy, adoption and implementation of simple solutions to increase efficiency and productivity.
Consisting of a maximum of 8 cash vouchers valued at S$5,000 per voucher, the ICVs can be used, up to 2 vouchers per capability area and 1 voucher at a time, in the different designated areas once the application for such services is approved by Spring Singapore. The services claimable are split into 2 groups, consultancy projects and productivity solutions, and below each general section are the capability areas involved.
With effect from 1st December 2014, these are the updated capabilities area claimable: