In today's competitive business landscape, accessing financial resources to fuel growth and innovation is crucial. One of the most effective ways to secure this funding is through grants. Here are the top five types of business projects that are supportable by grants in Singapore:
1. Adopt New Technologies To Enhance Operational Efficiency
Grant funding can be a game-changer when it comes to adopting new technologies. By securing financial support, your business can improve processes and productivity, automate production lines, and enhance customer engagement. This not only increases efficiency but also helps you deliver more value to your clients. Implementing new technologies can often be cost-prohibitive for many businesses, especially small and medium enterprises (SMEs). However, the EDG - Automation Grant and the Productivity Solutions Grant (PSG) provide financial assistance to help offset these costs. These grants support companies in their automation and productivity efforts, including the adoption of robotics, the implementation of Internet of Things (IoT) solutions, and the integration of customized software systems.
Relevant Grants: EDG - Automation Grant and Productivity Solutions Grant (PSG)
- EDG - Automation Grant
- Support Level: Up to 50% of qualifying project costs
- Max Funding/Cap: No cap
- More Info: EDG - Automation Grant
- Productivity Solutions Grant (PSG)
- Support Level: Up to 50% of qualifying costs
- Max Funding/Cap: Varies by solution
- More Info: Productivity Solutions Grant (PSG)
For instance, grants can cover the costs of customized software development and integration, automation equipment, and training for your staff- making it easier to integrate cutting-edge technology into your operations. Real Inbound Consulting (RIC) can guide you through the application process to optimize your funding outcomes.
2. Product Development For Commercialisation
Staying ahead of the competition requires constant innovation. Grants provide the necessary funding to develop new and innovative products for commercialization. This financial support allows you to create new revenue streams, revolutionize your business model, and establish a technological edge in your industry.Product development can be a significant investment, often requiring substantial resources in terms of time, money, and expertise. The EDG - New Product Development grant helps established companies with the costs of developing new products, from initial research and prototype creation to testing and market launch. Similarly, the Startup SG Tech grant is designed for new startups with innovative tech-based solutions, supporting them through the proof-of-concept (POC) and proof-of-value (POV) stages.
Relevant Grants: EDG - New Product Development and Startup SG Tech
- EDG - Automation Grant
- Support Level: Up to 50% of qualifying project costs
- Max Funding/Cap: No cap
- More Info: EDG - New Product Development
- Startup SG Tech
- Support Level/Max Funding/Cap: POC - up to S$250K; POV - up to S$500K
- More Info: Startup SG Tech
With grant funding, you can cover the costs associated with product development, prototype manufacturing and testing, ensuring that your new products are ready for the market. RIC can assist you in navigating these grants to ensure your innovative ideas come to fruition.
3. Expand into Overseas Markets
Expanding into new sales markets is a strategic move to diversify revenue streams and increase business resilience. Grant funding can support your business expansion efforts by covering the costs of market research, business development, and promotional activities. International expansion can open up new avenues for growth, but it also comes with its own set of challenges and expenses. The Market Readiness Assistance (MRA) Grant helps businesses defray the costs associated with expanding into overseas markets. This includes market research, participation in trade fairs, and setting up overseas offices. By reducing the financial burden of these activities, the MRA grant makes it easier for businesses to explore and establish a presence in new markets.
Relevant Grant: Market Readiness Assistance (MRA) Grant
- Support Level: Up to 50% of eligible costs
- Max Funding/Cap: Up to SG$100K of grant amount per new market, split into 3 categories: Market Promotions - S$20K; Business Development - S$50K; Market Set-up - S$30K
- More Info: MRA Grant
This financial assistance helps you establish a presence in new countries, hire local business development staff, and engage in market promotion activities. By tapping into grant funding, you can lay a solid foundation for international growth and build a robust overseas team. RIC's expertise can streamline this process, ensuring maximum funding benefits.
4. Hire Strategic Talents
Securing the right talent is essential for driving business growth. Grants can help you support the salaries of new or redeployed/reskilled Singaporean employees. This financial assistance allows you to hire strategic talents necessary for your company's growth without bearing the full financial burden. Attracting and retaining top talent can be a significant expense, particularly for smaller businesses. The Career Conversion Program (CCP) and the SGUnited Mid-Career Pathways Programme offer substantial support for hiring and training new employees. These programs provide funding to cover a significant portion of salaries and training costs, making it more feasible for businesses to bring in the expertise they need.
Relevant Programs: Career Conversion Program (CCP) and SGUnited Mid-Career Pathways Programme
- Career Conversion Program (CCP)
- Support Level: Up to 90% of monthly salary for a specified period
- Max Funding/Cap: Varies by job role and industry
- More Info: CCP
- SG Mid United Career Pathways Programme
- Support Level: Training allowances and salary support
- Max Funding/Cap: Up to 70% support based on a maximum training allowance of SG$3,800 per month
- More Info: SG Mid United Career Pathways
Grants can cover a significant portion of the salaries for a specified period, making it easier to bring in experts who can propel your business forward. RIC can assist in identifying the best programs to meet your hiring needs.
5. Engage External Consultants
Engaging external consultants can be highly advantageous for executing the above projects effectively. These professionals bring specialized expertise and unbiased perspectives that may not exist within your company. Grants can fund the engagement of certified consultants to develop business strategies, financial plans, brand development, and process redesign. External consultants can help identify areas for improvement, recommend best practices, and provide guidance on implementing new technologies. For example, a consultant could help streamline your operations by recommending specific automation tools or by devising a comprehensive R&D strategy tailored to your business needs. Engaging experts for international market expansion can provide insights into local market dynamics and help navigate regulatory requirements.
Relevant Grant: EDG - Core Capabilities Development
- Support Level: Up to 50% of qualifying project costs
- Max Funding/Cap: No cap
- More Info: EDG - Core Capabilities
Engaging external consultants can help you gain valuable insights and implement best practices that drive business growth. By leveraging grant funding, you can access high-quality consultancy services that can help you achieve breakthroughs in various aspects of your business. RIC can help you navigate the scope of consultancy services covered by these grants, ensuring you get the best advice and support.
Get Optimized Funding Outcomes
Grants offer invaluable financial assistance for key projects that can drive business growth, such as automation, R&D, and international expansion. This reduces the financial risk associated with these projects and allows you to undertake initiatives that might otherwise be unaffordable.
By securing grant funding, you can ensure that your business has the necessary resources to execute critical projects and achieve strategic objectives. Whether you are looking to enhance your digital capabilities, innovate your product line, expand into new markets, or invest in sustainable practices, there are grants available to support your growth initiatives.
To explore how your business can take full advantage of these grants, schedule a call with Devhaus. Our team of experts will guide you on implementing strategies for your business transformation projects leveraging grants. Don't miss out on the opportunity to secure funding upto 50% that can propel your business forward.
