Singapore is a small country whose only resource is its people. With that in mind, the Government visions a Smart Nation. A nation which advances with digital technology to enhance the way we live, work, play, and interact. A society which uses technology to solve its problems and creates new opportunities.
To walk the talk, several funds are in placed to show the Government’s commitment in rationalizing the Smart Nation vision. Funds that target Small Medium Enterprises (SMEs) transform digitally to keep up with technology advances and stay in business.
1) Capability Development Grant – Build your online presence
When a consumer cannot “Google” your brand, the immediate thought would either be that you are no longer in business or your brand is too small to be listed. Such reaction is especially relevant in a city-state like Singapore with one of the highest internet penetration rate and this greatly affects your brand’s credibility.
The Capability Development Grant (CDG) attempts to provide assistance for SMEs to build capabilities across 10 key business areas. From raising service standards, adopting technology to staff training and overseas expansion, the grant helps SMEs defray up to 70 percent of the expenses of qualifying projects.
2) iSPRINT – Offering your products and services online
Think beyond having just a company website. You may also want to increase sales by offering your products and services online.
iSPRINT supports SME’s use of technology to improve productivity. For example, SMEs can implement solutions such as POS (point-of-sales) systems from the list of prequalified IDA’s vendors. This grant allows SMEs to only pay 30% of the upfront expenses, capped at $20,000. IDA would reimburse the remaining costs directly to the vendors.
3) Productivity & Innovation Credit (PIC) – Research And Development
If you are looking to patent your designs and inventions; buy or rent new equipments to automate your operations; or simply improving your business efficiency with technology, PIC would be the funding you should be looking at. Under the PIC scheme, SMEs can enjoy tax deductions or cash pay-out for investments made in any of the 6 qualifying activities.