ICV is an acronym for Innovation and Capability Voucher and it is given to Small and Medium Scale Enterprises (SMEs) to help boost and expand their operations. The total sum of $5000 is awarded to give them enough leverage to expand and increase their enterprise through upgrades. The upgrade encapsulates areas like financial management, human resources, and productivity. For organizations and vendors that want to enlist as an authorized ICV vendor, the government of Singapore has enforced firmer regulations.
To get the voucher, an application has to be sent through an ICV Vendor or a service provider who is in support of the ICV project and is enlisted on the ICV section of the SPRING website. The ICV gives room for applying for two vouchers with coverage on capability and innovation. Other programs are also made available for SMEs who need assistance. It is compulsory for a beneficiary enterprise to have finished the project the ICV was collected for before requesting for another.
SMEs are to apply for the Innovation and Capability Voucher (ICV) through an online portal which takes two days to complete. Afterward, a notification email is sent to all successful applicants. However, on the sideline, a full report on the required standards put forward by Production and Innovation Board (SPRING) on the conclusion of the ICV funded project is kept pending.
Once the application process for the ICV is completed, it is very vital to ensure that the category applied for is part of the scope of projects and services that the ICV supports. For adequate information on this, communicated your preferred service area with an ICV vendor before concluding on engaging in such services. You need to do all this before submitting an ICV application on the online portal.