The Innovation Voucher Scheme (IVS) connects public Knowledge Institutions (KI) with SMEs to encourage SMEs in adopting technology to develop their innovative ideas.
The innovation vouchers can be used to support projects or procure services from the various approved knowledge institutions. These activities should facilitate the transfer of know-how from the knowledge institution to the SMEs.
These projects or services should generally adopt technology to either enhance or develop new products, processes, applications, practices or operations, or result in new technology innovation capabilities being developed e.g acquiring new technology / upgrading staff through customised training & development courses.
View the list of knowledge transfer activities.
All SMEs with an innovative idea can apply for an innovation voucher worth S$5,000 from SPRING. These can be redeemed at participating KIs for technology-related advice and services. SMEs may approach the KIs individually or pool their vouchers (up to a maximum of 10 SMEs) for economies of scale.
All SMEs can apply for the innovation vouchers, subject to the following criteria :
- Physically present and registered in Singapore
- At least 30% local shareholding
- Company's group annual sales of not more than $100 million or Company's group employment size not more than 200 workers
Conditions for the usage of vouchers :
- can only be used at KIs approved by SPRING
- non-transferable and can only be used by the assigned SME
- not tradable or exchangeable for cash
- valid for a year from issue date
- redeemable only once at any of the approved KIs, limited to one KI per voucher usage (if cost incurred exceeds the voucher value, the SME is expected to top up the additional amount on its own. If cost incurred is lower than voucher value, the unused amount will not be refunded)
- can be used to redeem one or more project / service, up to the face-value of the voucher
- can be pooled for use at a KI if there are synergies / economies of scale (companies pooling the vouchers must not be related* to each other)
* Related companies : subsidiaries, associate companies, parent companies, other companies owned by existing shareholders,etc
SMEs must fulfill the following obligations when participating in the IVS :
- meet the SME criteria
- provide sufficient details on the application from pertaining to the expertise required and attach supporting documents (if any)
- ensure that the specified project has not commenced or is funded by SPRING’s other existing schemes (eg Technology Innovation Program) / or by another public-sector organisation at the time of application
- ensure that project/ service qualifies as a knowledge transfer activity defined by SPRING and project/ service outcome should directly benefit the applicant company and not its parent company, subsidiary or affiliated enterprises
- ensure that voucher is utilized within the validity period. SMEs who are unable to utilize the vouchers before expiry date will be barred from applying the IVS for at least 12 months from the expiry date
- select an appropriate KI approved by SPRING, engage the KI and commence the project within the 1-yr validity period of the voucher
- put up the final report either on its own or in collaboration with the KI upon completion of the project/ service and submit the report to the KI with both parties co-signing
Please take note that IVS applicants are required to approach the knowledge institute which they have indicated in the application form prior to application. All applications will only be processed upon confirmation from the knowledge institute that applicant has approached the indicated knowledge institute.
With effect from 03 October 2011 onwards, companies can send in their applications anytime after consulting the Knowledge Institute. Companies which have completed their IVS projects will not have to undergo the 1-year lock-out period for new voucher application. Companies are now able to apply for 1 IVS voucher per calendar year upon completion of their previous IVS project. Companies which have been awarded the vouchers but failed to utilise them upon expiry, are still subjected to a 1-year penalty lock-out period upon expiry of their vouchers.
To increase the chances of a successful application, the technology services required should preferably be related to your current business activities. The services should also fall within the scope of expertise available in the KIs. Therefore, you are required to enquire about the expertise and services available in the KIs prior to application.
All applications will be processed within 4 to 6 weeks upon the receipt of the application, with all necessary information provided.
Before you apply
- Ensure that you understand the following :
- IVS criteria
- Conditions of usage
- Obligations of applicant.
Click here for the details.
- Approach the KIs to enquire about expertise and services available to aid you in developing your innovative ideas.
- Read the Application Form User Guide and complete the Application Form.
- Retain a copy of the application form
- Mail the original hardcopy to the following address :
1 Fusionopolis Way,
#20-01 Connexis South
Singapore 138632
Upon successful application
- Receive Letter of Offer and voucher from SPRING
- Sign off at the back of voucher.
- Contact KI to discuss your project.
- Finalise your project with KI.
- Submit valid voucher to KI to commence project.
- Co-sign final report with KI upon completion of project
Click here to find out more.
Centres of Innovation (COI)
A*STAR Research Institutes
Institute of Technical Education
Polytechnics
Universities
Disclaimer : Nothing herein shall be interpreted or construed to mean that SPRING Singapore is endorsing any of the Knowledge Institution listed herein. SPRING Singapore does not in any way give any Guarantee or Warranty in respect of the services provided by the listed Knowledge Institution.
Click here to find out more.
Featured IVS Projects
View the
list of featured IVS projects.
FAQs on the Innovation Voucher Scheme (IVS)
Download the
FAQs on Innovation Voucher Scheme (PDF format, 190kB).
For information specific to expertise and services, please contact the relevant KIs directly.