- Singapore-registered company with at least 30% local shareholding
- Registered and operating for at least 6 months
- First-time applicant for Enterprise Singapore grants
- Project cost between S$2,143 and S$7,143
What is the Innovation & Capability Voucher (ICV)?
The Innovation & Capability Voucher was a government initiative that provided SMEs with vouchers worth S$5,000 each (up to a maximum of 8 vouchers per company) to defray costs of capability development projects. The ICV programme has been consolidated under the Enterprise Development Grant (EDG) framework, but the principles and support levels remain available through EDG's innovation and productivity improvement tracks.
Current Status
As of 2026, the ICV programme has been absorbed into the Enterprise Development Grant (EDG). Companies seeking innovation and capability development support should apply through EDG, which provides:
- Support level: Up to 50% of qualifying costs (up to 70% for SMEs during enhanced support periods)
- Coverage: Innovation projects, productivity improvements, market access initiatives
- Application: Through the Business Grants Portal (BGP)
What EDG Covers (Formerly ICV Scope)
Innovation & Productivity
- Process redesign: AI-powered workflow automation
- Technology adoption: Implementing AI solutions for business operations
- Capability development: Building in-house AI competencies
Market Access
- Overseas expansion: Market research and business development for AI services
- Branding: Positioning AI capabilities for international markets
Human Capital Development
- Training: Specialized AI and data analytics courses
- Organizational development: Change management for AI transformation
- Leadership development: Executive AI strategy programs
How to Apply Through EDG
- Assess readiness: Use the EDG self-assessment tool on the Enterprise Singapore website
- Prepare proposal: Document your innovation project scope, expected outcomes, and budget
- Engage consultants: For projects requiring external expertise, select from Enterprise Singapore's panel of approved consultants
- Submit via BGP: Create an application on the Business Grants Portal with supporting documents
- Assessment period: 8-12 weeks for evaluation
- Implementation: Upon approval, implement your project within the approved timeline (typically 12-18 months)
- Submit claims: Claim reimbursement upon completion with proof of expenditure
Combining EDG with Other Innovation Support
Companies pursuing AI innovation can stack EDG with:
- A*STAR research partnerships: For companies developing novel AI capabilities
- IMDA's Open Innovation Platform: For companies seeking AI solutions to business challenges
- AI Singapore programmes: For access to AI talent and research collaboration
- SkillsFuture subsidies: For the training component of innovation projects
Common Questions
The Innovation & Capability Voucher scheme has been consolidated into the broader Enterprise Development Grant and Productivity Solutions Grant frameworks. Businesses that previously benefited from ICV should now apply through PSG for pre-approved technology solutions or EDG for customized capability development projects. Enterprise Singapore's website provides updated guidance on transitioning from ICV to current programs.
The Productivity Solutions Grant has largely absorbed the role of the ICV for SMEs in Singapore. PSG provides funding support for pre-approved digital and productivity solutions, making it straightforward for mid-market companies to adopt technology. For more customized innovation projects, the Enterprise Development Grant offers broader support covering consultancy, technology adoption, and capability building initiatives.
References
- Productivity Solutions Grant (PSG). Enterprise Singapore (2025). View source
- Productivity Solutions Grant (PSG). GoBusiness (Singapore Government) (2025). View source
- SMEs Go Digital Programme. IMDA (2025). View source
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