Innovation & Capability Voucher (ICV)

Apply for a voucher worth S$5,000 to improve business efficiency and productivity through consultancy projects or simple productivity solutions.

SPRING Singapore would like to caution SMEs against websites that are misusing its logo and name.

Please note that all ICV applications will be processed within 3 weeks upon submission of all required documents. 

With effect from 22 July 2014, the scope of supportable productivity solutions under the Innovation & Capability Voucher (ICV) has been revised to help SMEs adopt solutions that bring out significant productivity improvement to their operations. The categories of “Technical Solutions” and “Professional Services” have been combined to form “Technical Solutions & Training.” The purchase of standalone consumer electronics and electrical appliances are not supportable as SMEs are encouraged to take up Integrated Solutions that can enhance productivity holistically. This could be a combination of equipment, systems and training that are scoped into easy-to-adopt packages.

  • All Singapore-registered small and medium enterprises (SMEs) with:
    • at least 30% local shareholding;
    • group annual sales not more than S$100M; or
    • group employment size not exceeding 200 employees*.
  • * Computed on a group basis, i.e. checking all levels up for corporate shareholders holding more than 50% of the total shareholding in your company and any subsequent corporate parent, and all levels down in subsidiary companies.

With effect from 22nd July 2014, SMEs may opt for integrated solutions, which are easy-to-adopt packaged solutions that combine hardware and equipment, software and/or training components. The available integrated solutions are:

Integrated Solution Description
Point-of-Sales (POS) System Automates processes in tracking of inventory and sales transactions, thereby providing insights on its customers and into the store’s best selling products
Product Display & Storage Layout (PDSL) Comprises a series of shelving and display solutions to optimise the overall layout of the entire shop space
RAS 5S Implementation Structured programme on housekeeping practices to systematically achieve organizational cleanliness, standardisation in the workplace and improves productivity among F&B service micro enterprises

SPRING Singapore is working with partners to introduce more integrated solutions in the near future. Information on the new integrated solutions will be updated here when available.

  • You can apply for up to 8 vouchers worth S$5,000 each to pay for Consultancy Projects or Productivity Solutions.
  • Consultancy Projects support the following services:
  • Innovation Productivity
    • Technology Development
    • Intellectual Property Business and Legal Diagnostic Services
    • Customer Insights
    • Quality Management - ISO 9001 and HACCP
    • SME Management Action for Results – SMART
    • Productivity Management – Diagnosis and Measurement, Productivity Improvement Projects, and Benchmarking
    • Service Excellence – Service Diagnosis, Mystery Audits, and Service Improvement
    • Energy Efficiency Audit
    Human Resources Financial Management
    • Manpower Planning
    • Recruitment & Selection
    • Compensation & Benefits
    • Performance Management
    • Career Management
    • Learning & Development
    • Planning & Budgeting
    • Cash-flow & Working Capital Management
    • Financial Controls for SMEs
    • Financial Assessment and Planning for Growth
  • Productivity Solutions cover these areas and items:
  • Categories Supportable Items Not Supported
    Equipment & hardware E.g.
    • Industrial equipment
    • Tablets only as part of an integrated solution such as Point-of-Sales (POS) / mobile menu ordering systems etc.
    Operating costs such as:
    • salary
    • rental
    • utilities cost
    • raw materials cost
    • mandatory government licensing / permit cost
    • accounting/audit or legal fees
    Technical solutions & training E.g.
    • Websites that automate business processes such as booking / scheduling of appointments
    • Training as part of an integrated solution such as training for the use of POS / mobile menu ordering systems
    Design & renovation E.g.
    • Demolition of walls or partitioning to expand space within office to build more workstations
    • Purchase of racks and cabinets for product display to optimize floor space usage
  • If the cost is more than S$5,000, you are required to top up the additional amount. No refund will be given if the cost is lower than S$5,000.
  • Each SME may be awarded up to 2 vouchers per capability area under Consultancy Projects and up to 2 vouchers for Productivity Solutions. Each SME is eligible for a total of 8 vouchers for the period.
  • You must complete the project:
    • before applying for the next voucher; and
    • within 6 months.
  • For each of the solutions or items to be purchased under the supportable cost categories, please describe in your application how they are able to achieve at least one of the following outcomes:
    1. Increase in sales through innovation; and
    2. Iimproved productivity
  • For Productivity Solutions, SPRING Singapore will reimburse funds of up to S$5,000 directly to your company bank account via GIRO. For Consultancy Projects, SPRING Singapore will make the payment of up to S$5,000 to the selected service provider.
  • If you wish to further upgrade your capabilities through a bigger scale and more complex project, please check the Capability Development Grant (CDG).
  • Documents required for productivity solutions applications:
    1. ACRA Business Profile dated within 6 months from the date of ICV application.
    2. Quotation of the listed solution(s) with detailed breakdown of each item.
    3. Training Schedule(s), Name of Trainer(s) and Name of Trainee(s) (For Technical Solutions & Training-related solutions)
    4. Photograph of pre-renovation premises (For Design & Renovation solutions).
  • Other Solutions Messages For Greater Clarity To Reduce Revisions:
    • Please note that set-up costs relating to setting up of basic business operations are not supported. The SME should have its basic business operations running before applying for the ICV.

Innovation & Capability Voucher (ICV)

FAQs on ICV Scheme (PDF)

SPRING Singapore
1 Fusionopolis Walk
#01-02 South Tower, Solaris
Singapore 138628
Tel: (65) 6898 1800
Email: enterpriseone@spring.gov.sg

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