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 Development 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, support and knowledge development, which are categorised as Innovation under ICV.
An SME may apply for two vouchers per area. The vouchers can be redeemed for supported services at any of the 120 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 workers