The Government and its partners have been going all out to launch Industry Transformation Maps for the past two years.
The roadmaps come at a time when companies need to reinvent themselves amidst rapid developments in technology and the need for new skills.
Given the lack of resources, small- and medium-sized enterprises (SMEs) might find it quite a task to be more productive and innovative.
We know, taking care of a business doesn’t come cheap. There are operating and overhead costs to consider.
Your business would need to acquire technology solutions to become more innovative and productive, and doing that can be expensive.
Thankfully, your company can tap into new and enhanced Government grants announced at this year’s Budget.
Productivity Solutions Grant (PSG)
If your SME is in the retail, food, logistics, precision engineering, wholesale or landscaping industries, you’re in luck. If you’re not, don’t worry as this grant might be extended to your industry soon.
The PSG makes it easier for you to access support to adopt technologies and productivity solutions.
This $110 million grant streamlines three existing grants into one – the Innovation & Capability Voucher (ICV) by SPRING Singapore, Landscape Productivity Grant (LPG) by National Parks Board, and the SME Go Digital Programme by Info-communications Media Development Authority.
Your company can get as much as 70 per cent funding to buy off-the-shelf productivity solutions.
Enterprise Development Grant (EDG)
If you’re a medium-sized enterprise and you think you’re ready to go international, you have the EDG by the Enterprise Singapore (merger of IE Singapore and SPRING Singapore) to back you up.
The grant, which combines the existing Global Company Partnership (GCP) grant by IE Singapore and Capability Development Grant by SPRING Singapore, was drawn up with the specific intent of helping your company innovate and internationalise.
With up to 70 per cent funding, you can market your business, develop it further, improve core functions and capabilities, and become more productive.
The Government will launch the grant in the fourth quarter of this year. In the meantime, you can continue to apply for the GCP grant and CDG through the Business Grants Portal.
The existing PACT scheme has been enhanced and broadened further to support collaborations among enterprises of all sizes, including SMEs.
With the scheme, you can develop your business working with other local and international companies to share knowledge, build capabilities, co-innovate and access overseas opportunities.
The scheme will provide funding support of up to 70 per cent for qualifying activities in areas such as capability upgrading, business development and internationalisation.
The Economic Development Board (EDB) and Enterprise Singapore will administer the enhanced PACT scheme. SMEs can start signing up for the enhanced scheme from 1 April 2018.