The Enterprise Innovation Scheme (EIS) is a funding initiative in Singapore aimed at supporting local Small and Medium Enterprises (SMEs) in their efforts to innovate and grow. The scheme is administered by Enterprise Singapore, a government agency focused on supporting enterprise development and promoting innovation.
The Enterprise Innovation Scheme consists of two components:
Enterprise Development Grant (EDG): The EDG supports projects that help businesses upgrade capabilities, innovate, or internationalize. Under the EDG, eligible SMEs can receive up to 70% of qualifying project costs, including consultancy, training, certification, and equipment expenses, capped at a maximum grant amount. The grant is intended to help SMEs implement projects that improve productivity, efficiency, and competitiveness.
Enterprise Development Grant (EDG) – Innovation and Capability Voucher (ICV): The ICV component of the EDG provides a voucher worth up to S$30,000 to help SMEs access services and solutions from pre-approved service providers in areas such as innovation, productivity, and business upgrading. The voucher can offset project costs related to consultancy, training, and technology adoption.
To qualify for support under the Enterprise Innovation Scheme, SMEs must meet certain eligibility criteria, including being registered and operating in Singapore, having a minimum of 30% local shareholding, and demonstrating the ability to implement proposed projects effectively. Additionally, the proposed projects must contribute to the SMEs’ growth, competitiveness, and innovation efforts.