Business Improvement Fund (BIF)

​Aligned to Enterprise Singapore's Enterprise Development Grant (EDG), the BIF supports projects that help tourism companies to upgrade the business or innovate, under two pillars of Core Capabilities and Innovation & Productivity

All you need to know about the Business Improvement Fund (BIF)

The Business Improvement Fund (BIF) is a grant offered by the Singapore Tourism Board (STB) to support Singapore-registered businesses in the tourism sector. The aim of the fund is to encourage technology innovation, adoption, redesign of business models, and processes in order to improve productivity and competitiveness.

Keyword here is: TOURISM Friends, you'll need to be in the tourism sector to be able to indulge in this grant, make sure your business is within this sector

Eligibility Criteria

To be eligible for the BIF grant, businesses must meet the following criteria:

1. Singapore-registered: The business must be registered and operating in Singapore.
2. Tourism sector: The business must be operating in the tourism sector, which includes attractions, cruise, hotels, meetings, incentive travel, conventions, exhibitions (MICE), tourist guides, travel agents, arts, dining, entertainment, and retail.

What is the BIF Grant Objectives?

The BIF grant aims to achieve the following objectives:

1. Technology Innovation: The fund supports businesses in implementing innovative technologies to enhance productivity and competitiveness. This can include the adoption of emerging technologies such as virtual reality, augmented reality, artificial intelligence, and automation.
2. Adoption and Redesign of Business Models and Processes: The grant encourages businesses to explore new business models and processes that can lead to increased efficiency, improved customer experience, and better business outcomes.

Grant Coverage and Funding Support

The BIF grant provides funding support for eligible projects. The funding support covers:

• Technology Adoption: The grant can be used to subsidize the costs associated with implementing new technologies. This includes the purchase of hardware, software, and necessary infrastructure. If you're looking for some really great tech platforms to drive growth for your business, check out or growth stack navigator here
• Business Model Redesign: The grant can be utilized to support the costs involved in redesigning business models and processes. This can include consultancy services, training programs, and other relevant expenses. If you need further inspiration on growth solutions, refer to our strategy services for Growth to get more insights

Application Process, here's the how to

If you're new to the BGP portal - here's a guide

To apply for the BIF grant, businesses need to follow the application process outlined by the Singapore Tourism Board. The process generally involves the following steps:

1. Familiarize yourself with the grant guidelines: Visit the Singapore Tourism Board's official website and refer to the BIF grant guidelines to understand the eligibility criteria, evaluation process, and required documents.
2. Plan your project: Clearly define the objectives of your project, including the technology innovation or business model redesign you intend to undertake. Develop a detailed project plan, timeline, and budget.
3. Prepare your application: Complete the application form provided by the Singapore Tourism Board. Ensure that you include all the necessary supporting documents such as project proposal, financial statements, and any other relevant information.
4. Submit your application: Submit your complete application along with the supporting documents to the Singapore Tourism Board within the specified deadline. Ensure that you provide accurate and comprehensive information to facilitate the evaluation process.
5. Evaluation and approval: The Singapore Tourism Board will evaluate the applications based on the eligibility criteria and the merits of the project. Successful applicants will receive notification of approval and further instructions on the disbursement of funds.

Conclusion

The Business Improvement Fund (BIF) is an exclusive grant offered by the Singapore Tourism Board to support technological innovation and business model redesign in the tourism sector. Singapore-registered businesses operating in the tourism industry can take advantage of this grant to enhance their productivity and competitiveness. By embracing new technologies and reimagining their business processes, businesses can stay ahead in a rapidly evolving industry.

For more information, including application forms, eligibility criteria, and guidelines, please visit the official Singapore Tourism Board website

Other grants relevant to this:

Certainly! In addition to the grants mentioned in the article, businesses in the tourism industry can explore the following grants and schemes provided by the Singapore Tourism Board (STB):

1. Tourism Capability Development Scheme: The Business Improvement Fund (BIF) aims to encourage technology innovation and adoption, business model redesign, and productivity improvement in the tourism sector. The BIF has been expanded to include sustainability initiatives, supporting tourism companies in their sustainability journey to build resource efficiencies, enhance competitiveness, and pursue sustainability certification.
2. Local Enterprise and Association Development Programme (LEAD): The LEAD Programme supports industry initiatives driven by Trade Associations and Chambers (TACs) in areas such as productivity, sustainability, technology, infrastructure, business collaborations, intelligence, and research.
3. Training Industry Professionals in Tourism (TIP-iT): The TIP-iT scheme supports tourism companies in employee upgrading and leadership development to enhance their capabilities and capacity.
4. Tourism Event Development Scheme: Under this scheme, there are grants available to support the development and growth of various types of events in Singapore:
5. Business Events in Singapore (BEIS): This scheme encourages the business events industry to anchor and grow quality events in Singapore, as well as catalyze innovation in event content.
6. Kickstart Fund (KF): The Kickstart Fund supports the creation and test-bedding of consumer-focused concepts and events with strong tourism potential and scalability.
7. Leisure Events Fund (LEF): The LEF supports the launch and development of world-class leisure event experiences in Singapore, which contribute to key tourism outcomes and establish Singapore as a vibrant city.
8. Tourism Product Development Scheme: This scheme supports the creation and major rejuvenation of tourism products to enhance Singapore's attractiveness as a tourist destination. Here are some grants available:
9. Cruise Development Fund (CDF): The CDF supports the deployment of cruise ships in Singapore and the development of initiatives to grow the cruise industry in Singapore.
10. Experience Step-Up Fund (ESF): The ESF supports the development and enhancement of Singapore's tourism experiences, making the destination more attractive to visitors.
11. Tourism Product Development Fund (TPDF): The TPDF supports the creation and/or major rejuvenation of tourism products, such as standalone infrastructure development or major attractions, to heighten interest in Singapore as a tourist destination.

These schemes offer various opportunities for businesses in the tourism industry to access funding and support for their initiatives. For more details and eligibility criteria, you can refer to the grants section on the STB website: STB Grants Overview

Need further inspiration on other Fast Growing Travel Companies?

In addition to the Business Improvement Fund (BIF) guide, we thought we'd do you further justice by coming all the way through the end of our article. Here is a list of some of travel startups that have made an impact in their fields:

Roadsurfer: This startup rents out customized camper vans in 13 European countries. With additional optional add-ons for each trip and inclusive insurance policies, Roadsurfer offers a unique and flexible travel experience.

SafetyWing: SafetyWing is an insurtech company focusing on catering to digital nomads. Their flagship product, "Nomad Insurance," is accepted across multiple countries, making it ideal for frequent travelers. SafetyWing also offers a B2B product called "Remote Health," providing coverage for remote teams.

Airalo: Airalo is an alternative to using multiple SIM cards while traveling. Their offering of over 190 affordable eSIMs (switchable with a few clicks) has gained popularity, especially in newer smartphone models that support this feature.

TravelPerk: TravelPerk is a travel management platform designed to simplify business travel. It offers real-time booking, expense management, and travel policy enforcement, aiming to reduce time and costs associated with business travel while providing a seamless experience for travelers.

YouLi (YouLive to Travel): YouLi is an all-in-one travel management software for organizing group trips and company retreats. With various templates for different types of itineraries and a member's area for travelers to manage and pay for their trips, YouLi streamlines the entire travel planning process.

By taking inspiration from these emerging companies, you can explore innovative strategies, technologies, and business models to enhance your own operations and leverage the opportunities available in the tourism industry.

Remember, the Business Improvement Fund (BIF) is here to support your journey towards enhancing productivity and competitiveness. Good luck with your business improvement endeavors! Feel free to reach out to us if you ever need any support on further innovation or growth for your business!

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• Improve your tech stack & growth ecosystem
• Speed up your processes and growth through automation
• Further innovate and redesign your bsuiness model