Innovation and Capability Voucher

The business world is all about exceeding expectations and constantly improving as a company or even as an individual. Practicality is very often the key for advancement and success. What your business need to do is to gain its clients’ trust. To boost your business’s development, you need to make use of all the available schemes. Small and medium enterprises (SMEs) can get maximum benefits when they apply for the innovation and capability voucher (ICV). The ICV is known to assist SMEs in four areas of upgrading, namely, innovation, productivity, human resources and financial management. The ICV provides guidance such as assessment of new technology, training courses customised to the technology needs of the company or carry out market research on a new products. To find out more about ICV, visit SPRING official website.

Success or failure in goal accomplishment is determined by progress rate. The rate of progress differs among companies. We are never sure whether a business may advance or slip back. In terms of backwardness, we talk about inefficient implementation of goals. Hence, it is important for a business to embrace different levels with short and long term goals for improvement.

With the ICV, SMEs can obtain SGD $5,000 to enhance their capabilities. An SME is allowed to apply for two vouchers per area for supported services at service providers participating in the ICV scheme. For SMEs which wish to further upgrade their capabilities in any of the areas, they may choose other assistance programmes.

The ICV possess the capability to increase businesses’ productivity. Google search productivity, you will find out that it is is calculated by dividing average output per period by the total costs incurred or resources through that extent of time. A critical determinant of cost efficiency, it enhances SMEs’ overall performance. The ICV is basically, to put it blantly, government money for you to take advantage of.

Singapore is a country that is in its developing-developed stage. This means that a nation doesn’t stop developing. A developed country has growth, expansion, progress and improvement in economic aspect and even social aspect. The economic aspect concerns income per capita, the employment structure and employment opportunities for Singaporean workers. This consecutively brings physical comfort and happpiness for the nation’s people. With a high standard of living and good quality of life. This successively brings a high degree of satisfaction with prevailing living conditions.

With productivity, economic growth is assured. With the accumulation of material wealth, the avenue for other development goals can be provided.

By boosting productivity, not only does it brings improvement to SMEs but rather, the country as a whole. Developed countries tend to have high employment opportunities which creates the need to increase production to meet rising demands.

According to The Straits Times, The government is investing $2.5 billion over the next few years to build up an extensive continuing education and training system, including two national training centres in Paya Lebar and Jurong East. In addition, SGD $600 million has been bounded by the government out of a $2 billion National Productivity Fund to support firms’ efforts to boost productivity.

Singapore, one of the pioneer group of newly industralising economies, or NIEs to put it shortly, has enjoyed good growth and is still growing. Classification  corresponding to levels of development changes through time. As a nation advances, its decrepit label is tossed off and it becomes classified according to its economic achievement.

The ICV possess the skill and faculty to help SMEs improve and flourish. Failure is not an option, so use it to help you find solutions and answers.