The Innovation & Capability Voucher (ICV) replaces the old Innovation Voucher Scheme (IVS), which supported only technology innovation services. The $5,000 voucher now allows SMEs to pay for services in three more areas -- Productivity, Human Resources and Financial Management. The aim is to encourage SMEs to start upgrading in these areas to enhance their capabilities.
Technology innovation services under IVS are still supported under ICV. These include technical feasibility studies, technical support and knowledge development, which are categorised under the area of Innovation under ICV.
An SME may apply for two vouchers per area for supported services at service providers participating in the ICV scheme. SMEs which wish to further upgrade their capabilities in any of the areas may tap other assistance programmes.
Each ICV project must be completed before a new application will be considered. The duration for each project should not exceed six months.
All local SMEs can apply for ICV if they meet the following criteria :
- Physically present and registered in Singapore
- Have at least 30% local shareholding, and
- Have group annual sales of not more than $100 million or group employment size not exceeding 200 employees
ICV supports upgrading in Innovation, Productivity, Human Resources and Financial Management. Kindly refer to the list of supported services under each area in the list below :
Please click here
for a PDF copy of the full list of supported services and the project scopes.
Once you have selected a service, contact one of the participating service providers to discuss the project. The service provider must agree to undertake the project before you can submit your application online.
Apply online via the ICV Online Portal
All applications will be processed in two days upon receipt of the online application.
Successful applicants will be notified via email.
Upon project completion, both the SME applicant and service provider are required to endorse the project report before submission to SPRING.