ENTERPRISE DEVELOPMENT GRANT CONSULTANCY
Eligible SG companies who engage us may apply for the Enterprise Development Grant (EDG) to help offset consultancy-related costs (SMEs up to 70%; non-SMEs up to 50% of qualified costs till 31 Mar 2023).
From 1 Apr 2023, the support level will be reduced to 50%.
APPLYING FOR THE ENTERPRISE DEVELOPMENT GRANT
As a strategic marketing & branding consultant, Evolve & Adapt’s scope of work for approved EDG projects can cover the following:
- 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 Enterprise Development Grant (EDG), administered by the Singapore government, supports projects that help you upgrade your business, innovate or venture overseas, under three pillars:
Core Capabilities
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.
Market Access
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.
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.
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.
Read more about the branding grant here.
Certified Management Consultant
Evolve & Adapt is a Singapore consultant specialising 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 organisation.
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.
If you are a Singapore SME that is looking to expand your business overseas, the Market Assistance Readiness MRA grant will be a better fit than EDG. Learn more here.
If you are a Malaysian SME, you can also have a look at available government grants in Malaysia here.
