ENTERPRISE DEVELOPMENT GRANT
As Evolve & Adapt is an Enterprise Singapore-recognised certified management consultant, SG companies who engage us can apply for the Enterprise Development Grant (EDG), or sometimes erroneously referred to the EDG grant, to help offset consultancy-related costs (SMEs up to 80%; non-SMEs up to 50% of qualified costs).
APPLYING FOR THE ENTERPRISE DEVELOPMENT GRANT
Specific to Evolve & Adapt’s strategic marketing consultancy and digital marketing strategy, the scope of work that the EDG can cover includes:
- Diagnosis and gap analysis of your company
- Assessment of internal and external factors, such as strengths and weaknesses, and competition
- Primary or secondary research
- Recommendations and plans for implementation
The consulting project may address any of these areas:
- Development of effective brand strategy that appeals to targeted consumers and offers differentiated proposition from the competition
- Assessment of a brand’s financial value and identification of brand levers
- Development of a strategic plan to optimise marketing resources and improve customer communications
The EDG grant, as it is often erroneously called, refers to the Enterprise Development Grant awarded by Enterprise Singapore.
Enterprise Singapore (ESG) is a statutory board under the Ministry of Trade and Industry (MTI) in Singapore. ESG was formed through the merger of International Enterprise Singapore (IE) and SPRING Singapore.
ESG’s purpose is to support Singapore small and medium enterprise (SMEs) development, upgrade capabilities, innovate, transform, and internationalise. It also supports the growth of Singapore as a trading and startup hub and continues to be the national standards and accreditation body.
The goal of the EDG grant is to help Singapore companies grow and transform. The spirit of the grant is to help local companies scale-up and contribute positively to the Singapore economy and workforce.
This grant supports projects that help you upgrade your business, innovate or venture overseas, under three pillars:
Projects under Core Capabilities help businesses prepare for growth and transformation by strengthening their business foundations. These should go beyond basic functions such as sales and accounting.
Innovation and Productivity
Projects under Innovation and Productivity support companies that explore new areas of growth, or look for ways to enhance efficiency. These could include reviewing and redesigning workflow and processes. Companies could also tap into automation and technologies to make routine tasks more efficient.
Projects under Market Access support Singapore companies that are willing and ready to venture overseas. You may tap into the EDG to help defray some of the costs of expanding into overseas markets.
The grant funds up to 70% of qualifying project costs namely third-party consultancy fees, software and equipment, and internal manpower cost. This has been increased to 80% till 30 Sept 2021 due to the COVID-19 pandemic* and 90% for businesses who were completely closed down during the Circuit Breaker period.
*”Enterprise Singapore to enhance grants, loan schemes to support businesses’ COVID-19 recovery“, Channel News Asia (12 Oct 2020)
To qualify for the EDG Singapore grant, your business must:
- Be registered and operating in Singapore. EDG is open to Sole Proprietors, Limited Liability Partnerships and Pte Ltd companies.
- Have a minimum of 30% local shareholding.
- Have less than 200 employees OR have less than SGD100 million annual turnover.
- Be in a financially viable position to start and complete the project. (EDG works on a reimbursement basis and is not an upfront funding grant.)
- Not be a start-up. You should ideally be operating for at least 2 to 3 years.
- Has business activity and preferably growth in the last few years.
- Have plans to contribute to “workers’ outcomes”. i.e. You intend to increase your number of employees*, increase the salary of existing employees or provide training to upgrade existing employees.
*Officially, your business does not need to have a minimum employee headcount. But, businesses with more than one employee are generally preferred unless you can demonstrate projected growth in human resource with the success of the project.
Applications will be assessed by Enterprise Singapore based on project scope, project outcomes and competency of service provider.
Watch These EDG EXPLAINER VIDEOS
We have put together FOUR comprehensive explainer videos extracted from our recent live online seminar.
These videos are presented by Enterprise Singapore-certified management consultant and certified digital marketing strategist, J C Sum.
In Video 1, get an overview of EDG and what costs qualify for funding support.
In Video 2, find out if your company is eligible for EDG by understanding the basic and variable eligibility requirements.
In Video 3, learn how much you can expect to need to invest in an EDG marketing project.
In Video 4, go through the key considerations before applying for the EDG and learn what are the next steps to take.
Strategic Brand and Marketing Development
Specifically, if you are looking to improve the traditional or digital marketing or branding of your business in Singapore, you can apply for a EDG grant under the “Core Capabilities” pillar – Strategic Brand and Marketing Development.
This “pillar” supports a project that helps your company better capture target audiences and markets by differentiating your brand, and your products and services.
We have put together a dedicated post on this EDG project if you are looking to increase online lead generation and sales conversion for your business.
Read it here.
Enterprise Singapore-certified Management Consultant
In order to apply for an Enterprise Development Grant, you need to engage an Enterprise Singapore-certified management consultant (TR 43:2015) to support and work on your project.
Evolve & Adapt is an EDG Singapore consultant specializing in business strategy and strategic marketing. We focus on both traditional marketing management and digital marketing when developing a business or marketing plan for your organization.
We are experienced business consultants who can assist with your EDG project to:
- Increase Leads, Sales & Revenue
- Increase Brand Equity
- Build Authority & Trust in the Market
- Generate Online Traffic
- Grow Your Business
Contact us for a free consultation to discuss scope of work and options for your business.