Enterprise development grant (EDG) is introduced by Enterprise Singapore to assist local business to innovate the transform their business by growing their capabilities. The scheme fund participating companies up to 70% on the project value. Applicants are required to meet the requirement of fewer than 200 employees or less than 100 million in revenue.
This scheme started shortly after IE Singapore and SPRING Singapore merge into Enterprise Singapore. The purpose is to streamline the development of the grant and to streamline the paperwork.
Different from CDG which focus on 10 areas, EDG focus on 3 main pillars to help local enterprise.
- Core capabilities – This mainly includes working with accredited consultants to identify the gaps within a company. Recommendations would be given as a possible remedy for the current gaps. The business and consultant would also look into the strength of the company to further develop its unique competitive edge.
- Innovation and Productivity – Projects mainly includes redesigning of work processes using automation or equipment. Most of the businesses would require software or hardware embedded with technology to drive their business processes. This is the essential ingredient for digital transformation for 90% of the local business.
- Market Access – Singapore is a small market, an established business might want to enter into the global market as part of their strategic growth. This is the pillar which focuses on helping local companies to go into the global market as the next stage of their growth.
EDG is crafted to benefit local businesses with different nutrients at a different stage of growth. The grants function like nutrients and change according to the operational requirement.
Looking into the life-cycle chart above, Innovation and Productivity is a requirement in all stages. Technology is a tool for 90% of the business around the world (unless you are working in a very traditional business). At the different stage business, would require different specification of hardware and software for their technology.
Core Capabilities is only suitable for a business in their growing stage. As the employment size grow, internal and external business units would grow out of sync. At this point of time, it would be important for the business to look into the coordination between different departments to regroup, align and coordinate.
In most business life cycle, Market Access would only be taken as an alternative when the reach a maturity stage. After capitalising their growth in the local, the organisation would then consider entering into oversea market. Not many young business would consider going oversea because the market conditions and regulations are different from the local ecosystem. These cloudy conditions would signal warning signs for the business. Without having a strong financial backing and powerful reasons, most would tend not to move out of their comfort zone and stain their hands into murky waters.
This scheme is only applicable for local registered business with profitable operation in Singapore with at least 30% shareholding.
Before the application, you should obtain the quotation and proposal. Proposal available in Enterprise Singapore website is in PDF version. If you require an editable copy contact me for one.
To prepare for the application, companies are also required to have a CorpPass account, together with three years of financial statement.